{"annotation_id":"835bc5f6-b059-43a0-8207-fde0a45181cb","file_hash":"3377892359336097450fbd66c25cb3897252b49ca7acf5288676e2f4a71b1a27","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"5cc92682-f6fb-4ace-b195-1b1e9b98063e","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":1,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"2159d173-0591-4d8e-a8ca-8ce2338faa4c","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":1,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"429cf677-f87e-4cd7-9b2d-39f82360fd08","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":1,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"fd05b64a-945e-463f-b1f8-1b692c79a075","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"a772b98a-ad53-4304-a6a0-2dab5f08ed02","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":1,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"832d490f-d0a5-4317-9c63-9cd56d4ebd17","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":1,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"81247c59-9c8e-4e3b-9249-c2cca8c2d8d0","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":1,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"e2adb2e2-9337-4cfb-96f9-5ae21df8de62","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":1,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"86fce072-46de-4303-b56a-fadbc3b0df95","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":1,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"5b2c03ee-2cfa-42f5-add3-adaff0aa1970","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":1,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"a979cd4b-321a-4490-bc3b-5aac7b36d992","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"7b5a6902-d571-409a-8919-808ba550c088","block_type":"box","text":"SM","page_number":1,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"429b15ed-2430-4fff-8320-0754461e47a1","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"afb4d58c-dbee-4094-b1e7-fcb8bb4a4ef9","block_type":"box","text":"BlackRock Funds III","page_number":1,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"d996a15e-991f-4ccd-a712-239fb91d4376","block_type":"box","text":"BlackRock Funds IV","page_number":1,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"82f98fcf-9007-4688-8967-0966473eee14","block_type":"box","text":"BlackRock Funds V","page_number":1,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"f41bf217-9198-4d5f-b7a8-5e4247cb3892","block_type":"box","text":"BlackRock Funds VI","page_number":1,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"c8c90b71-00c7-42e5-86d2-41cc7fb099ab","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":1,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"7c27ad7b-164e-4ecd-bb9d-726c195d20f3","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":1,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"62c60e63-efc1-4338-82c7-ba11fd543577","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":1,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"e402fd3f-ab10-4c50-b70f-52ca5120a832","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":1,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"eca7dab8-f31d-429b-a89d-5f8704662070","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":1,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"9c941ec4-301f-4767-957b-9e4d5fd4e77c","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"ccc27d01-f1c8-4fe7-9e91-e43c3455516d","block_type":"box","text":"BlackRock Liquidity Funds","page_number":1,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"40998437-7f33-4bca-b9bf-21d021d2eb31","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":1,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"751e864e-5e7d-4675-b23b-f6a29da8c58b","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":1,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"512a9ad7-9bfa-4e83-a312-40d91e246c87","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"5e34126b-b00b-4432-a1e6-7e9ee919c9ae","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":1,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"5328862a-9d63-41f9-b8e5-a1e6da1c8141","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":1,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"c6f10afa-90c6-4714-a694-2a8215ab5f1f","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":1,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"9460a707-93a9-473b-aa95-04e086d6e7c2","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":1,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"be4cdce8-e39b-41f1-bb7c-e17fd03f533d","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"4c809e58-97ea-4918-8c20-e6943958f416","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"72495b03-7575-4fcc-b92b-69032b211d4b","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":1,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"1e317aba-7e26-4dd4-bc7b-291638dd9e9f","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":1,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"bed78798-471d-4064-8c8a-1a2f2288e844","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":1,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"be9e6670-6a99-4558-8fd3-e1936b7cbea7","block_type":"box","text":"Supplement dated October 16, 2026","page_number":1,"box":{"x":372,"y":378,"width":260,"height":12}},{"id":"420557d4-1275-4fe3-9db2-1ee685f65725","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed","page_number":1,"box":{"x":221,"y":394,"width":561,"height":11}},{"id":"ff9627db-5377-4697-bdc8-fb5a6a87b71f","block_type":"box","text":"in Appendix A (each, a “Fund”), as amended from time to time.","page_number":1,"box":{"x":271,"y":409,"width":461,"height":12}},{"id":"9adb861d-df8a-452c-a461-c09084fbfa3b","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":1,"box":{"x":116,"y":436,"width":292,"height":9}},{"id":"66efa58a-c707-49c5-a211-ca28cf642e30","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":1,"box":{"x":116,"y":463,"width":722,"height":12}},{"id":"3eb6af3d-9869-4e43-beb9-0571ad80c9dc","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":1,"box":{"x":116,"y":479,"width":721,"height":12}},{"id":"19d4d413-2111-48a5-bb26-d3b1520cb4b7","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":1,"box":{"x":116,"y":494,"width":695,"height":12}},{"id":"91cf7e8f-7917-404a-9c1e-8582291cc131","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":1,"box":{"x":116,"y":510,"width":734,"height":12}},{"id":"a3b8ef7e-21ba-4189-a00c-27e6fd7207ab","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":1,"box":{"x":116,"y":525,"width":712,"height":12}},{"id":"72b98b25-a9c9-4354-987b-37f9cbffb43a","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":1,"box":{"x":116,"y":541,"width":771,"height":12}},{"id":"50d92761-4afe-48e5-987e-ce9655ffee00","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":1,"box":{"x":116,"y":556,"width":557,"height":12}},{"id":"6f4fceda-e4a5-4a54-b66e-8c7bc3798bf8","block_type":"box","text":"&Partners","page_number":1,"box":{"x":116,"y":584,"width":72,"height":9}},{"id":"df9cf7ce-44f4-43eb-be05-5503292458fb","block_type":"box","text":"AccuTech Systems Corporation","page_number":1,"box":{"x":116,"y":599,"width":219,"height":12}},{"id":"bac3ef5f-d442-414b-9a40-ce931a2b009d","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":1,"box":{"x":116,"y":615,"width":173,"height":10}},{"id":"8371f907-a4e2-4ef9-b89c-ff512d5f74c6","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":1,"box":{"x":116,"y":630,"width":215,"height":12}},{"id":"09b743f9-9cd0-4e11-bdd7-1305922a9f31","block_type":"box","text":"Advisor Group, Inc.","page_number":1,"box":{"x":116,"y":646,"width":140,"height":11}},{"id":"22cd8919-c7d7-45b3-9322-707a04bc7518","block_type":"box","text":"AE Wealth Management, LLC","page_number":1,"box":{"x":116,"y":661,"width":207,"height":12}},{"id":"1967e43e-1bda-4d10-90f6-031d4f9ee6e5","block_type":"box","text":"Alight Solutions LLC","page_number":1,"box":{"x":116,"y":677,"width":146,"height":11}},{"id":"3e095466-211a-4069-bcc2-03395e3d37ad","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":1,"box":{"x":116,"y":692,"width":250,"height":11}},{"id":"7f126f70-267c-45b8-8076-43593603f280","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":1,"box":{"x":116,"y":708,"width":314,"height":11}},{"id":"3dfefcba-ce7b-47bf-9edb-21088f1ef5c3","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":1,"box":{"x":116,"y":723,"width":345,"height":12}},{"id":"e4bfc323-8bb8-4e8e-8af9-cec18a0e0cd1","block_type":"box","text":"Altruist Financial LLC","page_number":1,"box":{"x":116,"y":739,"width":154,"height":9}},{"id":"082793a6-9161-41d2-b667-97dca4997a19","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":1,"box":{"x":116,"y":754,"width":313,"height":12}},{"id":"239b9e85-7edd-42a2-af63-1b3f465d8a2e","block_type":"box","text":"American General Life Insurance Company","page_number":1,"box":{"x":116,"y":770,"width":295,"height":11}},{"id":"9b5a9357-499e-4486-894e-9fd03fba6c77","block_type":"box","text":"American United Life Insurance Company","page_number":1,"box":{"x":116,"y":785,"width":288,"height":12}},{"id":"474c0a1a-b55a-483b-8319-a49dd5a4f9b0","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":1,"box":{"x":116,"y":801,"width":292,"height":11}},{"id":"8613ff03-8c17-4cff-882a-d999f5ad6dcf","block_type":"box","text":"Anthem Securities LLC","page_number":1,"box":{"x":116,"y":816,"width":160,"height":9}},{"id":"5d85d788-2dc3-4982-b0ab-f0815b19d734","block_type":"box","text":"Argent Institutional Trust Company","page_number":1,"box":{"x":116,"y":832,"width":246,"height":11}},{"id":"4300cb96-7a0e-4763-a1be-2ab79bb24912","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":1,"box":{"x":116,"y":847,"width":263,"height":11}},{"id":"a0b44199-68e1-4654-af8f-3473b02b6feb","block_type":"box","text":"Ascensus, Inc.","page_number":1,"box":{"x":116,"y":863,"width":102,"height":10}},{"id":"a8237c5f-1240-4f49-bca2-87855cee92c2","block_type":"box","text":"Atomic Brokerage LLC","page_number":1,"box":{"x":116,"y":878,"width":165,"height":12}},{"id":"af7e2b40-700c-446c-9b14-09a87d3de6f2","block_type":"box","text":"Avantax Investment Services, LLC","page_number":1,"box":{"x":116,"y":894,"width":242,"height":10}},{"id":"93bcf51f-cfa8-47ae-b5e1-a19a6a12008a","block_type":"box","text":"Bancroft Capital LLC","page_number":1,"box":{"x":116,"y":909,"width":147,"height":12}},{"id":"3b7125ab-a28b-40ee-a5c9-e2478e0e0823","block_type":"box","text":"Bank of America, N.A.","page_number":1,"box":{"x":520,"y":584,"width":161,"height":10}},{"id":"7efc25ae-e6df-433c-937a-f5c9a193c927","block_type":"box","text":"Bank of New York Mellon","page_number":1,"box":{"x":520,"y":599,"width":185,"height":9}},{"id":"bd3d8d40-ebad-4c0f-a0be-0fb9f67269ed","block_type":"box","text":"Barclays Capital Inc.","page_number":1,"box":{"x":520,"y":615,"width":146,"height":11}},{"id":"3c46d567-a0af-4bfc-91fd-0ca823b53b39","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":1,"box":{"x":520,"y":630,"width":295,"height":11}},{"id":"dde251c0-e2fd-4794-b9f7-f5840dde0c26","block_type":"box","text":"Benefit Trust Company","page_number":1,"box":{"x":520,"y":646,"width":163,"height":11}},{"id":"51b379e9-fbf4-4586-b293-c7d189cb8223","block_type":"box","text":"Beta Capital Securities LLC","page_number":1,"box":{"x":520,"y":661,"width":190,"height":12}},{"id":"0155c9ab-8bd4-490c-b076-23bb8acc4f7c","block_type":"box","text":"bfinance US Ltd.","page_number":1,"box":{"x":520,"y":677,"width":114,"height":9}},{"id":"0b117abe-b8b6-4bf1-8c45-ec0eb74e85e3","block_type":"box","text":"BlackRock Advisors, LLC","page_number":1,"box":{"x":520,"y":692,"width":179,"height":11}},{"id":"ab299453-4bac-41f9-9795-11a0e9c97f98","block_type":"box","text":"BMO Capital Markets Corp.","page_number":1,"box":{"x":520,"y":708,"width":191,"height":11}},{"id":"e5cb5598-2662-4946-a9b6-e3067edd6958","block_type":"box","text":"BNP Paribas","page_number":1,"box":{"x":520,"y":723,"width":85,"height":9}},{"id":"c0cdf89e-c28c-443d-9a07-d32a48f595e1","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":1,"box":{"x":520,"y":739,"width":311,"height":9}},{"id":"7702d0c7-3e3b-4851-9491-444f6bf33788","block_type":"box","text":"BNY Mellon, N.A.","page_number":1,"box":{"x":520,"y":754,"width":128,"height":11}},{"id":"14fa5967-4701-43b8-90ba-68bcfc28e9cf","block_type":"box","text":"BofA Securities, Inc.","page_number":1,"box":{"x":520,"y":770,"width":141,"height":10}},{"id":"23a76447-e34d-4e93-93bb-82f950ba084a","block_type":"box","text":"BOKF, N.A.","page_number":1,"box":{"x":520,"y":785,"width":84,"height":11}},{"id":"3ecd1139-0f3e-4a2c-8ace-276cccc06249","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":1,"box":{"x":520,"y":801,"width":253,"height":11}},{"id":"70e38d3b-870d-49c2-ad67-384c3d37856e","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":1,"box":{"x":520,"y":816,"width":300,"height":12}},{"id":"ae04f31e-e901-458e-8daf-1f3f824b5bfc","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":1,"box":{"x":520,"y":832,"width":327,"height":11}},{"id":"3dc9889b-0b26-401b-83e7-d071d39b5910","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":1,"box":{"x":520,"y":847,"width":226,"height":9}},{"id":"69d81270-b5bd-4ca5-87b0-c73e41147c02","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":1,"box":{"x":520,"y":863,"width":210,"height":11}},{"id":"fabead4c-cd84-4c58-a8d2-78894ddc4518","block_type":"box","text":"Capital One, N.A.","page_number":1,"box":{"x":520,"y":878,"width":126,"height":12}},{"id":"75bd0e17-3826-4df2-8e3b-69be9392f04d","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":1,"box":{"x":520,"y":894,"width":212,"height":9}},{"id":"4a260945-2849-4032-b485-b29277d3c39e","block_type":"box","text":"Cetera Advisors LLC","page_number":1,"box":{"x":520,"y":909,"width":144,"height":9}},{"id":"6654317e-e5c0-4b9f-8ae2-3f64788cb597","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":1,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"21762341-5eb5-46ef-9878-dcb99827c350","block_type":"box","text":"Cetera Financial Group","page_number":2,"box":{"x":116,"y":88,"width":162,"height":11}},{"id":"b240751b-d729-4ee2-80b9-653f66e03df9","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":2,"box":{"x":116,"y":103,"width":227,"height":12}},{"id":"6e3af853-2dbd-419a-a9b9-d8734b5e7b33","block_type":"box","text":"Cetera Investment Services LLC","page_number":2,"box":{"x":116,"y":119,"width":224,"height":9}},{"id":"a3468202-dc63-4244-9a3a-733ef946b950","block_type":"box","text":"CF Secured, LLC","page_number":2,"box":{"x":116,"y":134,"width":123,"height":11}},{"id":"86a0926e-b038-4005-9570-59f3d0e0c70d","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":2,"box":{"x":116,"y":150,"width":192,"height":10}},{"id":"728e922f-3722-4305-9814-5da84abe4b88","block_type":"box","text":"Charles Schwab Trust Bank","page_number":2,"box":{"x":116,"y":165,"width":192,"height":9}},{"id":"3303f9d4-df73-467f-a3e2-e3abc5aa0266","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":2,"box":{"x":116,"y":181,"width":238,"height":11}},{"id":"7dafa4f4-3ead-4102-a13a-e3c67377de7c","block_type":"box","text":"CIM Investment Management, Inc.","page_number":2,"box":{"x":116,"y":196,"width":241,"height":12}},{"id":"81d7d9b9-8e24-4891-9234-4e5deb30f49e","block_type":"box","text":"Citco Securities, LLC","page_number":2,"box":{"x":116,"y":212,"width":151,"height":10}},{"id":"e54c6d87-ad61-481f-9b2a-791e1540f5da","block_type":"box","text":"CitiBank, National Association","page_number":2,"box":{"x":116,"y":227,"width":215,"height":11}},{"id":"1d3a7dd5-d28b-466c-bc43-b0431d0d24c7","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":2,"box":{"x":116,"y":243,"width":212,"height":11}},{"id":"8190a3cc-6b1d-4c37-b337-561697a75088","block_type":"box","text":"Citizens Bank","page_number":2,"box":{"x":116,"y":258,"width":99,"height":9}},{"id":"e0ac62b0-a6f1-4048-aca7-1b3ccb52141d","block_type":"box","text":"Citizens Business Bank","page_number":2,"box":{"x":116,"y":274,"width":163,"height":9}},{"id":"79b20522-8183-4b18-9495-8072b75f85c9","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":2,"box":{"x":116,"y":289,"width":231,"height":12}},{"id":"a7c45aef-5a61-404b-9dae-357ee63aaf61","block_type":"box","text":"CMFG Life Insurance Company","page_number":2,"box":{"x":116,"y":305,"width":223,"height":11}},{"id":"ec1c06ff-5590-480f-a79d-250e05a1e7ce","block_type":"box","text":"Comerica Bank","page_number":2,"box":{"x":116,"y":320,"width":109,"height":9}},{"id":"bacb8db6-c3a0-42a8-baed-9dbeba199222","block_type":"box","text":"Commonwealth Financial Network","page_number":2,"box":{"x":116,"y":336,"width":242,"height":9}},{"id":"e83be0ad-2065-46da-be31-4432e218826a","block_type":"box","text":"Computershare Trust Company","page_number":2,"box":{"x":116,"y":351,"width":216,"height":12}},{"id":"a8c7677a-4829-478c-a03f-6560be2ca3ee","block_type":"box","text":"Conduent HR Services, LLC","page_number":2,"box":{"x":116,"y":367,"width":198,"height":10}},{"id":"d4d7183e-96db-48dd-a5b1-a79b55fa03e6","block_type":"box","text":"Delaware Life Insurance Company","page_number":2,"box":{"x":116,"y":382,"width":240,"height":12}},{"id":"bcde64d3-1e06-4360-a77d-29b09c469611","block_type":"box","text":"Delaware Trust Company","page_number":2,"box":{"x":116,"y":398,"width":178,"height":11}},{"id":"ed6d6fde-17b6-4585-a67e-dfdb2e1656cc","block_type":"box","text":"Deutsche Bank AG","page_number":2,"box":{"x":116,"y":413,"width":135,"height":9}},{"id":"793424d0-cfe2-448f-9dfd-f472f404db96","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":2,"box":{"x":116,"y":429,"width":285,"height":11}},{"id":"d11d6aa7-5d09-4bf0-baa3-2a8e294da37d","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":2,"box":{"x":116,"y":444,"width":232,"height":12}},{"id":"35c56c83-5644-40dc-b61f-2234b0cbe427","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":2,"box":{"x":116,"y":460,"width":328,"height":10}},{"id":"2b49b4e9-a15f-4d05-9e43-619b4f412437","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":2,"box":{"x":116,"y":475,"width":223,"height":12}},{"id":"4ac63b68-375e-4a03-9431-c3c0d952ee44","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":2,"box":{"x":116,"y":491,"width":200,"height":10}},{"id":"10f166e2-03cb-46d9-b00e-f8e823668a2b","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":2,"box":{"x":116,"y":506,"width":298,"height":12}},{"id":"ecaeeb13-fd7c-49ee-941a-320b7e62896c","block_type":"box","text":"Company","page_number":2,"box":{"x":116,"y":522,"width":69,"height":11}},{"id":"e829ac64-f8bc-471c-9478-166cbb7f126a","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":2,"box":{"x":116,"y":537,"width":349,"height":12}},{"id":"7c7238ce-7e23-4d80-933f-d060b8efaad9","block_type":"box","text":"Empower Financial Services, Inc.","page_number":2,"box":{"x":116,"y":553,"width":232,"height":11}},{"id":"07e00a7b-d809-4eab-9849-a97ee671db9c","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":2,"box":{"x":116,"y":568,"width":336,"height":12}},{"id":"a12d325f-6ede-47d6-bca8-ef8504a93433","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":584,"width":74,"height":9}},{"id":"e80cb425-6aa0-461f-b849-76fa7d0a6ffc","block_type":"box","text":"Empower Plan Services, LLC","page_number":2,"box":{"x":116,"y":599,"width":205,"height":12}},{"id":"2e4c47c7-7ff5-467c-b3d3-06456b76f3d3","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":2,"box":{"x":116,"y":615,"width":238,"height":11}},{"id":"fb879cba-2357-4ecd-911a-c0f48151092d","block_type":"box","text":"Equitable Advisors, LLC","page_number":2,"box":{"x":116,"y":630,"width":174,"height":12}},{"id":"305f0c81-f77f-4e90-a265-078a016dcc06","block_type":"box","text":"Equitable Life Insurance Company","page_number":2,"box":{"x":116,"y":646,"width":240,"height":11}},{"id":"3155489c-3656-4ba9-8b14-d25992fc5e07","block_type":"box","text":"E*trade Savings Bank","page_number":2,"box":{"x":116,"y":661,"width":150,"height":12}},{"id":"e9e38e63-a072-4898-81e1-4ff66b8a8ba2","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":2,"box":{"x":116,"y":677,"width":262,"height":11}},{"id":"65caa192-1c61-45a4-8cc4-c50757219dce","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":2,"box":{"x":116,"y":692,"width":223,"height":12}},{"id":"0af96dd2-47bd-49de-83a8-989f83add591","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":2,"box":{"x":116,"y":708,"width":301,"height":11}},{"id":"193db570-8361-4e22-a079-73c869b7941f","block_type":"box","text":"Company, Inc.","page_number":2,"box":{"x":116,"y":723,"width":98,"height":12}},{"id":"ade435d7-44da-4705-871e-496c726ede08","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":2,"box":{"x":116,"y":739,"width":309,"height":11}},{"id":"abae0ccd-2ca3-47f5-b460-bd8c98cd8786","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":2,"box":{"x":116,"y":754,"width":178,"height":11}},{"id":"ac76ecab-1fa8-410a-8e2c-a696c9e4eee7","block_type":"box","text":"First Allied Securities, Inc.","page_number":2,"box":{"x":116,"y":770,"width":181,"height":10}},{"id":"9a4877c5-9509-40a9-b6e1-d8f4b17c1d10","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":2,"box":{"x":116,"y":785,"width":269,"height":12}},{"id":"6db4a8c2-be85-4bc9-a7a6-9e5064424f27","block_type":"box","text":"First Hawaiian Bank","page_number":2,"box":{"x":116,"y":801,"width":139,"height":9}},{"id":"10f39fac-3508-406a-a0e0-06502badb5e7","block_type":"box","text":"First Republic Bank","page_number":2,"box":{"x":116,"y":816,"width":136,"height":12}},{"id":"1d64ef59-7231-45bf-96ca-a9d540e385f5","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":2,"box":{"x":116,"y":832,"width":339,"height":11}},{"id":"c089ff50-d534-4065-81f9-a5a4898c2f06","block_type":"box","text":"Company of New York","page_number":2,"box":{"x":116,"y":847,"width":162,"height":12}},{"id":"32be0d4d-9af5-45c6-8f7d-9914fbad96de","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":2,"box":{"x":116,"y":863,"width":348,"height":11}},{"id":"9357154f-d633-4764-ad38-92a30b3073fd","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":878,"width":74,"height":9}},{"id":"a3775750-b4ee-49e0-8c8c-2a9f08250efc","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":2,"box":{"x":116,"y":894,"width":262,"height":11}},{"id":"e3407abc-c502-4c6a-9c29-75347196cc86","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":2,"box":{"x":116,"y":909,"width":283,"height":12}},{"id":"6402885f-db70-4839-8b5e-7a1515565398","block_type":"box","text":"FNEX Capital, LLC","page_number":2,"box":{"x":520,"y":88,"width":141,"height":11}},{"id":"74a81af4-967b-4880-9e34-11ae7b15dc7d","block_type":"box","text":"Forethought Life Insurance Company","page_number":2,"box":{"x":520,"y":103,"width":258,"height":12}},{"id":"4add6bc2-950d-4f37-a249-4fb6bdf43b55","block_type":"box","text":"FSC Securities Corporation","page_number":2,"box":{"x":520,"y":119,"width":190,"height":11}},{"id":"3e17041f-e37f-4e76-869e-b7ec73eb4d9f","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":2,"box":{"x":520,"y":134,"width":331,"height":12}},{"id":"9a6d318e-d70c-438c-ad46-3b4cae3f346d","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":150,"width":336,"height":11}},{"id":"c7389ac6-e5ab-4bb3-8c7d-dafcdede99ca","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":2,"box":{"x":520,"y":165,"width":233,"height":11}},{"id":"188ac6d6-4742-4abb-8231-bf7e9f39dd91","block_type":"box","text":"Goldman Sachs & Co.","page_number":2,"box":{"x":520,"y":181,"width":156,"height":9}},{"id":"b3e96a21-5c23-46be-8e2e-9323533f96fe","block_type":"box","text":"Great Pacific Securities, LLC","page_number":2,"box":{"x":520,"y":196,"width":203,"height":11}},{"id":"ae01651b-0a91-41d8-8e0f-cdd42df2c4f7","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":2,"box":{"x":520,"y":212,"width":275,"height":11}},{"id":"b82ca619-2d81-40dc-a913-80b242797f06","block_type":"box","text":"Hancock Whitney Bank","page_number":2,"box":{"x":520,"y":227,"width":166,"height":12}},{"id":"e5d4c667-ec03-4012-9af2-2708e28ad3f4","block_type":"box","text":"Hartford Funds Management Company","page_number":2,"box":{"x":520,"y":243,"width":269,"height":11}},{"id":"ecb38109-4bfb-4d31-9759-49e21659fb89","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":2,"box":{"x":520,"y":258,"width":322,"height":12}},{"id":"d3ceb684-6fc4-480b-81d0-d091d731199a","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":2,"box":{"x":520,"y":274,"width":203,"height":10}},{"id":"ac14b69c-4530-4196-a4d7-f10bea359f66","block_type":"box","text":"Hightower Securities, Inc.","page_number":2,"box":{"x":520,"y":289,"width":181,"height":12}},{"id":"e330c3b2-b873-4c1f-814c-2af15dbb4167","block_type":"box","text":"Hilltop Securities Inc.","page_number":2,"box":{"x":520,"y":305,"width":152,"height":11}},{"id":"f99a0bdd-4139-4188-86f5-078a5c4c3f1a","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":2,"box":{"x":520,"y":320,"width":166,"height":11}},{"id":"30196101-e4cb-43cf-be87-a852aa1020bf","block_type":"box","text":"Huntington Securities, Inc.","page_number":2,"box":{"x":520,"y":336,"width":186,"height":11}},{"id":"a87f6eee-7dc8-4be1-b329-1e753bce69e4","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":2,"box":{"x":520,"y":351,"width":249,"height":11}},{"id":"0f918a45-3564-4fa3-9394-7c9d52fcec60","block_type":"box","text":"Integrity Life Insurance Company","page_number":2,"box":{"x":520,"y":367,"width":234,"height":11}},{"id":"cc00bf86-3768-4d6a-9ca9-4f0f815aabf3","block_type":"box","text":"Interactive Brokers, LLC","page_number":2,"box":{"x":520,"y":382,"width":174,"height":11}},{"id":"35c7f6be-d25a-4f52-98a5-6f5020859ff2","block_type":"box","text":"Investment Trust of California","page_number":2,"box":{"x":520,"y":398,"width":209,"height":9}},{"id":"6b6fd47c-7856-4d70-b733-36be8ada879e","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":2,"box":{"x":520,"y":413,"width":287,"height":12}},{"id":"c2a6719b-810f-47e8-90bd-e6626fd9781f","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":2,"box":{"x":520,"y":429,"width":193,"height":11}},{"id":"b5b71034-5b05-4c48-926b-2e9be299c11a","block_type":"box","text":"Jefferies LLC","page_number":2,"box":{"x":520,"y":444,"width":97,"height":9}},{"id":"91c3f7ca-2d9d-4794-b738-82705af456d8","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":2,"box":{"x":520,"y":460,"width":300,"height":11}},{"id":"cfe70c25-c750-469b-8d4e-826538618826","block_type":"box","text":"Jefferson National Life Insurance Company of New","page_number":2,"box":{"x":520,"y":475,"width":354,"height":12}},{"id":"d4670c78-32d9-485d-b8cb-dce610e03937","block_type":"box","text":"York","page_number":2,"box":{"x":520,"y":491,"width":39,"height":9}},{"id":"7df62c59-59d7-429a-9a53-f32469be7e33","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":2,"box":{"x":520,"y":506,"width":333,"height":12}},{"id":"3b845586-5009-4aa4-8946-61c8b299b591","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":522,"width":365,"height":11}},{"id":"7a86f338-b960-4936-ae17-2d6c71bd45c6","block_type":"box","text":"John Hancock Trust Company","page_number":2,"box":{"x":520,"y":537,"width":209,"height":12}},{"id":"bce763dd-6958-466d-b610-91f873e4ec09","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":2,"box":{"x":520,"y":553,"width":199,"height":11}},{"id":"51e2c5b4-f66d-459f-9245-e9fc6d6b3e4b","block_type":"box","text":"Kestra Investment Services, LLC","page_number":2,"box":{"x":520,"y":568,"width":229,"height":11}},{"id":"cc9d28e1-4c4e-4400-a8eb-dce816720ada","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":2,"box":{"x":520,"y":584,"width":274,"height":11}},{"id":"b61e440e-fd48-45ba-823f-bc1f7f8428c6","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":2,"box":{"x":520,"y":599,"width":280,"height":12}},{"id":"043128ec-68d2-4d73-9e41-30f2c82d9e10","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":2,"box":{"x":520,"y":615,"width":328,"height":11}},{"id":"8abce270-047e-4fe4-bc10-0d691cf80f87","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":2,"box":{"x":520,"y":630,"width":290,"height":12}},{"id":"f1a46ec7-a153-4810-9ff3-ea2129a5592a","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":2,"box":{"x":520,"y":646,"width":233,"height":9}},{"id":"428c8107-bf84-430b-86fd-b26a1735efef","block_type":"box","text":"Lombard International Life Assurance Company","page_number":2,"box":{"x":520,"y":661,"width":328,"height":12}},{"id":"ec6a0ee6-1b2c-46b1-addd-15d3e0d47065","block_type":"box","text":"LPL Financial LLC","page_number":2,"box":{"x":520,"y":677,"width":132,"height":9}},{"id":"c75617c8-e5f5-4a28-98f9-df7458ac198f","block_type":"box","text":"M&T Securities Inc.","page_number":2,"box":{"x":520,"y":692,"width":138,"height":9}},{"id":"93c38243-fbdf-4e69-919d-7f2d8f2bd6ef","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":2,"box":{"x":520,"y":708,"width":291,"height":11}},{"id":"bee02486-8acd-468d-9c76-ff0f2e4f300c","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":2,"box":{"x":520,"y":723,"width":321,"height":12}},{"id":"b83dbc03-1190-47ea-ab10-0636c972d357","block_type":"box","text":"Members Life Insurance Company","page_number":2,"box":{"x":520,"y":739,"width":235,"height":11}},{"id":"a292c4b8-ae85-4877-bb0b-a4e388af1b79","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":2,"box":{"x":520,"y":754,"width":353,"height":12}},{"id":"65bc7c12-7346-49a0-a2a9-422ca253d774","block_type":"box","text":"Metavante Corporation","page_number":2,"box":{"x":520,"y":770,"width":156,"height":11}},{"id":"775e7da9-be7e-4288-8230-838360a5a277","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":2,"box":{"x":520,"y":785,"width":259,"height":12}},{"id":"98bd88ed-868a-42be-b79f-7b8c02b351d1","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":2,"box":{"x":520,"y":801,"width":328,"height":11}},{"id":"bc47d355-a257-4d9a-ad2a-be5ef754d42c","block_type":"box","text":"Midland Life Insurance Company","page_number":2,"box":{"x":520,"y":816,"width":228,"height":12}},{"id":"1f4fb330-3d19-4183-be98-09f77ccabeb6","block_type":"box","text":"Minnesota Life Insurance Company","page_number":2,"box":{"x":520,"y":832,"width":247,"height":11}},{"id":"961cee7c-6b29-4366-8f91-198525e8f4d7","block_type":"box","text":"Mischler Financial Group","page_number":2,"box":{"x":520,"y":847,"width":178,"height":12}},{"id":"e84f85c4-f679-48df-ad1e-52209cd5bf24","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":2,"box":{"x":520,"y":863,"width":195,"height":9}},{"id":"6bc2285b-9483-4664-9770-d5b67ad2714a","block_type":"box","text":"MML Distributors, LLC","page_number":2,"box":{"x":520,"y":878,"width":169,"height":11}},{"id":"7b9a78d2-ccbd-4f84-84bd-cd69b0e5a082","block_type":"box","text":"MML Investors Services, LLC","page_number":2,"box":{"x":520,"y":894,"width":212,"height":10}},{"id":"9c7ee872-7e5b-4dc1-a6e7-5cb44fee9471","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":2,"box":{"x":520,"y":909,"width":189,"height":12}},{"id":"0df4f22c-76ed-4cc1-8b6d-3b63eb66cd8e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":2,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f8e36042-9201-4283-b820-cb57189992f9","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":3,"box":{"x":116,"y":88,"width":232,"height":11}},{"id":"2c96c393-6fbf-4b5e-9b53-14b8ea0a6584","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":3,"box":{"x":116,"y":103,"width":245,"height":12}},{"id":"2d4a2026-668f-4de9-baa7-fcd74f09505c","block_type":"box","text":"MUFG Union Bank, National Association","page_number":3,"box":{"x":116,"y":119,"width":289,"height":10}},{"id":"aaa57068-b5ec-4a57-912f-f5dbde87f716","block_type":"box","text":"Nassau Life Insurance Company","page_number":3,"box":{"x":116,"y":134,"width":224,"height":12}},{"id":"220d7285-7594-4cd3-aa59-6fb698e04ac1","block_type":"box","text":"National Financial Services LLC","page_number":3,"box":{"x":116,"y":150,"width":226,"height":9}},{"id":"9bb8c7f4-3879-4451-8fd1-765e5cd3b712","block_type":"box","text":"National Integrity Life Insurance Company","page_number":3,"box":{"x":116,"y":165,"width":296,"height":12}},{"id":"7d4b5eef-b4d7-4c2d-9acc-e91811fcf0f9","block_type":"box","text":"National Life Insurance Company","page_number":3,"box":{"x":116,"y":181,"width":234,"height":11}},{"id":"fcec4dbc-3f63-4426-a6ef-e45e9f2b99b8","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":3,"box":{"x":116,"y":196,"width":245,"height":11}},{"id":"8f1df82e-5522-4812-bb95-79b35b4bf8ce","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":3,"box":{"x":116,"y":212,"width":242,"height":9}},{"id":"b227b660-98eb-4167-a6c4-6dbb4f4fe2cd","block_type":"box","text":"Nationwide Retirement Solutions","page_number":3,"box":{"x":116,"y":227,"width":230,"height":9}},{"id":"24ecfd5b-2b16-44b4-9012-5d5ff5203248","block_type":"box","text":"NCB Federal Savings Bank","page_number":3,"box":{"x":116,"y":243,"width":191,"height":11}},{"id":"4dc4fa95-c3c4-4c20-90f0-34d362d9d3c2","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":3,"box":{"x":116,"y":258,"width":288,"height":12}},{"id":"fdae8b96-145b-4639-aebc-be72cae1a95b","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":3,"box":{"x":116,"y":274,"width":350,"height":11}},{"id":"1dc3cd7d-ca38-4800-872a-dbdb3435a1e3","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":3,"box":{"x":116,"y":289,"width":237,"height":12}},{"id":"018db234-8192-4e51-a6b2-2bdd6b072ca5","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":3,"box":{"x":116,"y":305,"width":249,"height":11}},{"id":"3e5707f4-f049-49bb-be6d-4fc5f63adf38","block_type":"box","text":"Northern Trust Company","page_number":3,"box":{"x":116,"y":320,"width":174,"height":12}},{"id":"ff589f24-b6d3-423f-a32d-06158029fafb","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":3,"box":{"x":116,"y":336,"width":329,"height":10}},{"id":"e9bc0b2f-21f5-429b-9186-0f19a667630f","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":3,"box":{"x":116,"y":351,"width":320,"height":12}},{"id":"2dcf17c4-b604-48c6-9743-7f650c79c11e","block_type":"box","text":"NYLife Distributors LLC","page_number":3,"box":{"x":116,"y":367,"width":177,"height":9}},{"id":"a46e7d9f-239c-415b-9d25-be4d5eeaee30","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":3,"box":{"x":116,"y":382,"width":175,"height":12}},{"id":"7bfad365-a4b1-4cb8-a208-ebfa5da02132","block_type":"box","text":"Orion Advisor Services, LLC","page_number":3,"box":{"x":116,"y":398,"width":203,"height":10}},{"id":"f4a100ee-36dd-406f-86f1-016afbd6bfa1","block_type":"box","text":"Osaic Wealth, Inc.","page_number":3,"box":{"x":116,"y":413,"width":129,"height":11}},{"id":"bbb638d4-58ec-4de6-97c1-880cda9de2de","block_type":"box","text":"Pacific Life & Annuity Company","page_number":3,"box":{"x":116,"y":429,"width":230,"height":11}},{"id":"9974c332-969c-4218-9df3-155012d5fed6","block_type":"box","text":"Pacific Life Insurance Company","page_number":3,"box":{"x":116,"y":444,"width":223,"height":12}},{"id":"ba3615af-65e9-4284-ab58-ce98abd99631","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":3,"box":{"x":116,"y":460,"width":221,"height":10}},{"id":"00830d2e-8f45-4380-bb7d-233ce3d31e8c","block_type":"box","text":"Park Avenue Securities LLC","page_number":3,"box":{"x":116,"y":475,"width":198,"height":9}},{"id":"fb0c0451-024a-45fc-be5f-488e7657f5b6","block_type":"box","text":"Penserra Securities LLC","page_number":3,"box":{"x":116,"y":491,"width":169,"height":9}},{"id":"36427f33-2dce-4bdc-b20a-57d32ccbcecb","block_type":"box","text":"Pershing LLC","page_number":3,"box":{"x":116,"y":506,"width":99,"height":12}},{"id":"b21f5daa-f151-43e6-b776-adf2eb9325c6","block_type":"box","text":"PFPC Inc.","page_number":3,"box":{"x":116,"y":522,"width":73,"height":9}},{"id":"c611b8b3-171e-42f5-bd1d-32e049b8a9b7","block_type":"box","text":"Piper Jaffray & Co.","page_number":3,"box":{"x":116,"y":537,"width":136,"height":12}},{"id":"366475ca-4350-420d-b8f1-81314f12d689","block_type":"box","text":"PNC Bank, National Association","page_number":3,"box":{"x":116,"y":553,"width":226,"height":10}},{"id":"01719b44-859f-433b-90de-f2446277c730","block_type":"box","text":"PNC Capital Markets LLC","page_number":3,"box":{"x":116,"y":568,"width":185,"height":12}},{"id":"0104ce2f-cc01-4b7f-8c5a-51e65ccf31eb","block_type":"box","text":"PNC Investments LLC","page_number":3,"box":{"x":116,"y":584,"width":158,"height":9}},{"id":"e8f61d33-3382-4e09-b604-8a1188bb1c6e","block_type":"box","text":"Principal Bank","page_number":3,"box":{"x":116,"y":599,"width":105,"height":12}},{"id":"59e6ecaf-253d-4ef5-8ee2-55fb8ccf6467","block_type":"box","text":"Principal Life Insurance Company","page_number":3,"box":{"x":116,"y":615,"width":237,"height":11}},{"id":"6a8ce117-05cf-45f7-8315-b111c195385a","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":3,"box":{"x":116,"y":630,"width":332,"height":12}},{"id":"87c5faa8-9db8-40ba-8126-a936151fe116","block_type":"box","text":"Protective Life Insurance Company","page_number":3,"box":{"x":116,"y":646,"width":244,"height":11}},{"id":"4be51889-fb89-46e2-a43a-f10e7b0f8813","block_type":"box","text":"Pruco Life Insurance Company","page_number":3,"box":{"x":116,"y":661,"width":210,"height":12}},{"id":"f1c79308-f854-483a-9f48-7ae2359f2935","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":3,"box":{"x":116,"y":677,"width":311,"height":11}},{"id":"c5d4774f-293c-415c-9f0a-39fd415a134f","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":3,"box":{"x":116,"y":692,"width":257,"height":11}},{"id":"96be8196-41a5-4902-bb5e-f996b893900e","block_type":"box","text":"Prudential Insurance Company of America","page_number":3,"box":{"x":116,"y":708,"width":289,"height":11}},{"id":"4195296d-9c80-4b0e-9c6c-172321adc83c","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":3,"box":{"x":116,"y":723,"width":237,"height":12}},{"id":"55a7510d-687e-44ca-adc0-1679400321b2","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":3,"box":{"x":116,"y":739,"width":272,"height":11}},{"id":"0637bf37-ad26-4dd7-bb9c-489df2ef64c4","block_type":"box","text":"RBC Capital Markets, LLC","page_number":3,"box":{"x":116,"y":754,"width":185,"height":12}},{"id":"435c9b9a-0091-461a-ba37-f4811c44c055","block_type":"box","text":"Regions Bank","page_number":3,"box":{"x":116,"y":770,"width":95,"height":11}},{"id":"6e3245b8-b836-4463-b662-dd547d8a4730","block_type":"box","text":"Reliance Trust Company","page_number":3,"box":{"x":116,"y":785,"width":168,"height":12}},{"id":"42b83b9f-1f27-4ba3-a1d4-1a9d38dc566b","block_type":"box","text":"Reliastar Life Insurance Company","page_number":3,"box":{"x":116,"y":801,"width":231,"height":11}},{"id":"e8e236da-02c5-44c4-99ca-a5c79061c1ec","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":3,"box":{"x":116,"y":816,"width":325,"height":12}},{"id":"16b218a5-f8db-47b7-90bc-767170aed6a1","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":3,"box":{"x":116,"y":832,"width":207,"height":10}},{"id":"5ba50a53-86d0-424c-a4fc-9593fa9f694e","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":3,"box":{"x":116,"y":847,"width":311,"height":9}},{"id":"8f7e1c8e-fd8b-4d69-8df5-ee560fc0a149","block_type":"box","text":"RiverSource Life Insurance Company","page_number":3,"box":{"x":116,"y":863,"width":260,"height":11}},{"id":"d5c1d7f7-aadd-441b-bdcd-9b8911bf7e8b","block_type":"box","text":"SagePoint Financial, Inc.","page_number":3,"box":{"x":116,"y":878,"width":173,"height":12}},{"id":"5b998d3f-3a58-4a83-8eda-46eaa4726657","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":3,"box":{"x":116,"y":894,"width":252,"height":10}},{"id":"541696e1-f22e-413f-8bb2-dc3b1d0f6568","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":3,"box":{"x":116,"y":909,"width":207,"height":12}},{"id":"ed90324d-a7d0-4068-92c8-9b76373b6319","block_type":"box","text":"Santander Bank, N.A.","page_number":3,"box":{"x":520,"y":88,"width":152,"height":10}},{"id":"e139d83c-1e19-47ee-b468-96b6749dd76f","block_type":"box","text":"Saturna Trust Company","page_number":3,"box":{"x":520,"y":103,"width":165,"height":12}},{"id":"04cb0898-14df-40b4-af16-2afb6dac31c8","block_type":"box","text":"Securities America, Inc.","page_number":3,"box":{"x":520,"y":119,"width":167,"height":10}},{"id":"8c27ba04-733b-4f92-9ed2-67e925461ae0","block_type":"box","text":"Securities Finance Trust Company","page_number":3,"box":{"x":520,"y":134,"width":238,"height":12}},{"id":"8d337d08-bd76-4f57-aa44-54e5bd928f89","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":3,"box":{"x":520,"y":150,"width":286,"height":11}},{"id":"0189d263-eed8-4931-b853-636094d8930c","block_type":"box","text":"Security Financial Resources, Inc.","page_number":3,"box":{"x":520,"y":165,"width":235,"height":12}},{"id":"9b903dab-a7fe-4ad1-824b-045bacc9a8bc","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":3,"box":{"x":520,"y":181,"width":304,"height":11}},{"id":"0efc3b68-ab39-4e1e-a383-80475427b883","block_type":"box","text":"SEI Private Trust Company","page_number":3,"box":{"x":520,"y":196,"width":191,"height":12}},{"id":"2a5e1267-621f-4bbd-8c37-c4a3014013a4","block_type":"box","text":"SG Americas Securities, LLC","page_number":3,"box":{"x":520,"y":212,"width":205,"height":10}},{"id":"458a1187-ee1d-4a6e-ac90-6316a156e648","block_type":"box","text":"Silicon Valley Bank","page_number":3,"box":{"x":520,"y":227,"width":141,"height":12}},{"id":"dd1bffae-1f22-4ecf-b0e1-d0778aba847e","block_type":"box","text":"Standard Insurance Company","page_number":3,"box":{"x":520,"y":243,"width":203,"height":11}},{"id":"3b2f6cf6-b012-41f4-941f-238da0b4d9db","block_type":"box","text":"Standard Retirement Services, Inc.","page_number":3,"box":{"x":520,"y":258,"width":239,"height":11}},{"id":"96d7e386-e02b-480f-8e2f-be28eb6ea35d","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":3,"box":{"x":520,"y":274,"width":347,"height":11}},{"id":"1e05edae-e2d3-4258-9097-7f0af62217d1","block_type":"box","text":"State Farm Life Insurance Company","page_number":3,"box":{"x":520,"y":289,"width":249,"height":12}},{"id":"34d13827-626e-42fb-9eb8-33835d1e6398","block_type":"box","text":"State Farm VP Management Corp.","page_number":3,"box":{"x":520,"y":305,"width":237,"height":11}},{"id":"3c216341-52cf-4a55-890b-913f55da208e","block_type":"box","text":"State Street Bank and Trust Company","page_number":3,"box":{"x":520,"y":320,"width":259,"height":12}},{"id":"8233f6d0-861b-4976-9c59-21b26f89fd99","block_type":"box","text":"State Street Global Markets, LLC","page_number":3,"box":{"x":520,"y":336,"width":231,"height":10}},{"id":"95ef3560-113b-4fa8-9928-58915ebd9a52","block_type":"box","text":"Stern Brothers & Co.","page_number":3,"box":{"x":520,"y":351,"width":147,"height":9}},{"id":"c8a35720-7604-4bcc-9b26-6c47c03769db","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":3,"box":{"x":520,"y":367,"width":290,"height":11}},{"id":"780a4dce-dd7d-410c-b05a-db79a4a45e2d","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":3,"box":{"x":520,"y":382,"width":227,"height":12}},{"id":"7e74aa12-f1a1-4c3e-b4ec-05d12eaaae83","block_type":"box","text":"SVB Asset Management","page_number":3,"box":{"x":520,"y":398,"width":170,"height":11}},{"id":"f455cb4a-08a9-46ae-bafe-af55275b5197","block_type":"box","text":"Symetra Life Insurance Company","page_number":3,"box":{"x":520,"y":413,"width":232,"height":12}},{"id":"eddd2952-b666-43dc-959c-17dbb5538937","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":3,"box":{"x":520,"y":429,"width":200,"height":11}},{"id":"47caeb22-cad1-4d9f-bc80-b526bd2d3956","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":3,"box":{"x":520,"y":444,"width":310,"height":11}},{"id":"ebfea400-dd93-4e27-8850-960566312602","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":3,"box":{"x":520,"y":460,"width":319,"height":11}},{"id":"3b80b2aa-4eee-411e-9455-d71ec5a923d3","block_type":"box","text":"Company","page_number":3,"box":{"x":520,"y":475,"width":69,"height":12}},{"id":"f50c0bff-f1f7-4a37-98dc-2335488cd1e1","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":3,"box":{"x":520,"y":491,"width":301,"height":11}},{"id":"f8bb835b-23f9-47fa-b24b-fb3440714d11","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":3,"box":{"x":520,"y":506,"width":204,"height":12}},{"id":"b5270f39-7306-40aa-8fb2-500798639ecb","block_type":"box","text":"TD Ameritrade, Inc.","page_number":3,"box":{"x":520,"y":522,"width":141,"height":10}},{"id":"6826d09b-b736-4493-ac27-72db3e82f679","block_type":"box","text":"TD Prime Services (US) LLC","page_number":3,"box":{"x":520,"y":537,"width":205,"height":11}},{"id":"c235c2d7-8389-4172-b7f3-da0f03104d0e","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":3,"box":{"x":520,"y":553,"width":325,"height":11}},{"id":"1cebc666-04b4-4dd7-98ef-ce11005ec08a","block_type":"box","text":"America","page_number":3,"box":{"x":520,"y":568,"width":62,"height":9}},{"id":"966dc9be-9d35-4082-bffa-7646d3bcdeef","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":3,"box":{"x":520,"y":584,"width":220,"height":11}},{"id":"c1c11f75-09ed-4d04-b8e2-a83ed579772a","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":3,"box":{"x":520,"y":599,"width":335,"height":12}},{"id":"180034cf-4f75-4a5c-9798-736a456c9f8c","block_type":"box","text":"Transamerica Life Insurance Company","page_number":3,"box":{"x":520,"y":615,"width":268,"height":11}},{"id":"3c85a8ca-e329-4612-b3c6-ac64149049bf","block_type":"box","text":"Treasury Brokerage","page_number":3,"box":{"x":520,"y":630,"width":138,"height":12}},{"id":"da1d476f-0880-4281-afc5-7d447dffcb0a","block_type":"box","text":"Triad Advisors, LLC","page_number":3,"box":{"x":520,"y":646,"width":146,"height":10}},{"id":"8315de50-5f4b-4e25-ae8e-c710fbbf5777","block_type":"box","text":"Truist Bank","page_number":3,"box":{"x":520,"y":661,"width":80,"height":9}},{"id":"fe25c6fe-72a7-4b46-8390-83017309da41","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":3,"box":{"x":520,"y":677,"width":210,"height":11}},{"id":"414403a7-7b20-428b-9ada-59b17d59fcf1","block_type":"box","text":"U.S. Bank, National Association","page_number":3,"box":{"x":520,"y":692,"width":219,"height":11}},{"id":"d459dd8e-6300-479f-a24e-b05d7560aaea","block_type":"box","text":"UBATCO & Co.","page_number":3,"box":{"x":520,"y":708,"width":113,"height":9}},{"id":"57095d21-3234-4416-9547-f5d8f60224e1","block_type":"box","text":"UBS Financial Services, Inc.","page_number":3,"box":{"x":520,"y":723,"width":194,"height":11}},{"id":"ff8f116f-f522-4141-9b18-c856fa2829fe","block_type":"box","text":"UBS Securities LLC","page_number":3,"box":{"x":520,"y":739,"width":139,"height":9}},{"id":"bad114ba-1042-45ed-a571-76b9e85a80d1","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":3,"box":{"x":520,"y":754,"width":200,"height":11}},{"id":"fef53aa2-ea52-421a-8b2d-25d09a8937e8","block_type":"box","text":"UMB Bank, National Association","page_number":3,"box":{"x":520,"y":770,"width":228,"height":10}},{"id":"67fb8a71-0fa6-413b-b3be-a9680f90f319","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":3,"box":{"x":520,"y":785,"width":356,"height":12}},{"id":"650c5dfd-d83b-4d3b-b4bd-d3991d8718f9","block_type":"box","text":"New York","page_number":3,"box":{"x":520,"y":801,"width":70,"height":9}},{"id":"ded59392-7fca-4ceb-9355-e0995a31acf3","block_type":"box","text":"VALIC Retirement Services Company","page_number":3,"box":{"x":520,"y":816,"width":261,"height":12}},{"id":"bd1ba142-ee3a-4a82-8069-7e30d8e7dc0a","block_type":"box","text":"Vanguard Group, Inc.","page_number":3,"box":{"x":520,"y":832,"width":152,"height":11}},{"id":"6ff31549-c784-46c3-b600-20cf5777e9f8","block_type":"box","text":"Vanguard Marketing Corporation","page_number":3,"box":{"x":520,"y":847,"width":230,"height":12}},{"id":"a85a5543-f218-409d-aa7f-acc65e648848","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":3,"box":{"x":520,"y":863,"width":207,"height":11}},{"id":"87cbc34b-c74b-4a0d-90e0-250a3fd7d57d","block_type":"box","text":"Voya Financial Partners, LLC","page_number":3,"box":{"x":520,"y":878,"width":207,"height":12}},{"id":"ea8ea556-5967-46b2-85fa-88b611a114bb","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":3,"box":{"x":520,"y":894,"width":262,"height":11}},{"id":"0a04f468-1d38-4b7a-acf2-d43d5e10d126","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":3,"box":{"x":520,"y":909,"width":263,"height":12}},{"id":"f6a14acf-2d86-4cf9-9bbb-9a91b7bbf140","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":3,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6434ac23-639c-45b5-9987-b8a68d0742d1","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":4,"box":{"x":116,"y":88,"width":245,"height":11}},{"id":"6d7992e6-fb0c-4557-9ac5-c12947543be4","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":4,"box":{"x":116,"y":103,"width":347,"height":12}},{"id":"a07a4772-e47f-4156-9446-4d04c3005c5f","block_type":"box","text":"Waddell & Reed, Inc.","page_number":4,"box":{"x":116,"y":119,"width":151,"height":10}},{"id":"dab7d1b5-eca1-4e7a-b1a0-cfff90bfb3b3","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":4,"box":{"x":116,"y":134,"width":192,"height":12}},{"id":"b5a2a7ff-ee0c-4a73-812f-33c7cfccf2d0","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":4,"box":{"x":116,"y":150,"width":322,"height":11}},{"id":"4ae19b2d-3d7b-4d6e-9270-065e8df60a67","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":4,"box":{"x":116,"y":165,"width":168,"height":12}},{"id":"43a47c4a-c80a-4476-9b06-d82f64defab6","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":4,"box":{"x":520,"y":88,"width":251,"height":11}},{"id":"6587a2af-3f24-42ae-b142-ebd63d6be3b0","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":4,"box":{"x":520,"y":103,"width":213,"height":12}},{"id":"70aca5d3-83ed-46b4-9ce9-2add99c02627","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":4,"box":{"x":520,"y":119,"width":198,"height":11}},{"id":"85f2aab4-5920-4461-a4fe-e52c629dcd0d","block_type":"box","text":"Wilmington Trust, National Association","page_number":4,"box":{"x":520,"y":134,"width":275,"height":12}},{"id":"91ed830f-5965-430b-bc6e-3e502b11d421","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":4,"box":{"x":520,"y":150,"width":238,"height":11}},{"id":"338f3bad-5d40-4765-9d72-987b32e8dfa0","block_type":"box","text":"ZB, National Association","page_number":4,"box":{"x":520,"y":165,"width":176,"height":11}},{"id":"ffbbd856-9df6-4453-97c5-f98942efb948","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":4,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7fbadb66-540b-4160-8f50-86d10b25cfab","block_type":"box","text":"Appendix A","page_number":5,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"0e91e0d7-7622-4d66-bc7b-a240c228a494","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":5,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"b4c67daf-37c3-406c-9f77-a309c46798ea","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":5,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"783f2fea-3c80-4d5c-b713-35edaab49669","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":5,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"2cc2a797-f59b-4ecd-a036-d46280f9458d","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":5,"box":{"x":150,"y":196,"width":267,"height":9}},{"id":"f0b1ab8f-e40d-4ef5-8e01-216a02aef129","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":5,"box":{"x":150,"y":212,"width":304,"height":11}},{"id":"d49c61fb-af26-4ecd-bf24-e7c8452c90f2","block_type":"box","text":"BATS: High Income Municipal Series","page_number":5,"box":{"x":150,"y":227,"width":263,"height":12}},{"id":"56e34a03-5a47-4efc-ad09-4f6bad63b353","block_type":"box","text":"BATS: High Income Taxable Series","page_number":5,"box":{"x":150,"y":243,"width":248,"height":11}},{"id":"8e7d2c4a-ccab-4be0-a357-af24f5a4a995","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":5,"box":{"x":150,"y":258,"width":256,"height":12}},{"id":"d572162b-e96e-4eec-80c4-bfea303af0c6","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":5,"box":{"x":150,"y":274,"width":235,"height":11}},{"id":"82d867f3-4b9c-445c-85be-a861f491bb40","block_type":"box","text":"BATS: Short Duration Taxable Total","page_number":5,"box":{"x":150,"y":289,"width":254,"height":9}},{"id":"f8cadd51-df71-425d-8010-595632e36a5e","block_type":"box","text":"Return Series","page_number":5,"box":{"x":150,"y":305,"width":95,"height":9}},{"id":"b1c87e43-849b-4f45-bf0a-3e3752930215","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":5,"box":{"x":150,"y":320,"width":306,"height":12}},{"id":"a1a52f8b-21c1-4b31-8bef-5a1246794a38","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":5,"box":{"x":116,"y":351,"width":232,"height":11}},{"id":"7dfcce73-11f0-47a6-862b-9e853dae58df","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":5,"box":{"x":116,"y":382,"width":203,"height":11}},{"id":"abbe8280-1a98-446a-ae8c-908e75285f79","block_type":"box","text":"BlackRock Total Return Fund","page_number":5,"box":{"x":150,"y":398,"width":207,"height":9}},{"id":"3276cfc8-0584-45c9-a886-d2b1efc1f668","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":5,"box":{"x":116,"y":429,"width":331,"height":11}},{"id":"3e54711d-30fe-4b09-b201-be34260b40a0","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":5,"box":{"x":150,"y":444,"width":321,"height":12}},{"id":"18cc83d8-eb0b-4c95-94f8-41169bc228f6","block_type":"box","text":"Fund","page_number":5,"box":{"x":150,"y":460,"width":38,"height":9}},{"id":"c849264c-3601-4d7c-9d88-82ec5ede50fc","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":5,"box":{"x":116,"y":491,"width":317,"height":11}},{"id":"232b3358-452e-478e-8e79-07ba3b258c90","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":5,"box":{"x":116,"y":522,"width":301,"height":11}},{"id":"17ab1548-ffb3-4723-8f38-a34e74077448","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":5,"box":{"x":116,"y":553,"width":248,"height":11}},{"id":"eff1bbbe-4f74-47e8-93c1-7d1c6609f6d5","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":5,"box":{"x":116,"y":584,"width":332,"height":9}},{"id":"d41d54d6-5c79-4425-8ee0-6864f873d0e4","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":5,"box":{"x":150,"y":599,"width":278,"height":9}},{"id":"7f114b9f-f0b0-452d-81db-eecb76a5f78b","block_type":"box","text":"BlackRock Funds","page_number":5,"box":{"x":116,"y":630,"width":127,"height":9}},{"id":"31d02e7d-bae0-493f-ae04-6bb5eb958d30","block_type":"box","text":"SM","page_number":5,"box":{"x":244,"y":630,"width":15,"height":6}},{"id":"d210a4c5-5e14-4e8b-af3d-fde699a7ea64","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":5,"box":{"x":150,"y":646,"width":325,"height":11}},{"id":"6befa764-0a1b-4ebc-8373-8c0e1bc8cb3a","block_type":"box","text":"BlackRock Advantage International Fund","page_number":5,"box":{"x":150,"y":661,"width":281,"height":12}},{"id":"023984d4-7812-40a1-9bf2-870b8eaa3440","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":5,"box":{"x":150,"y":677,"width":320,"height":11}},{"id":"349db3ae-fd3b-4760-96ab-63be41a23ff2","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":5,"box":{"x":150,"y":692,"width":302,"height":12}},{"id":"163126f9-b5fd-480b-9680-dce240cdaef2","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":5,"box":{"x":150,"y":708,"width":321,"height":11}},{"id":"ab9387bc-31af-4673-9aa2-2dbbfa6c2f7d","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":5,"box":{"x":150,"y":723,"width":271,"height":12}},{"id":"acd8ce4d-7bfe-4ecf-9ee0-342774d4e268","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":5,"box":{"x":150,"y":739,"width":268,"height":11}},{"id":"472f4dd3-3ba0-4574-a2d6-4b9a54aaf427","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":5,"box":{"x":150,"y":754,"width":288,"height":12}},{"id":"c4d05b6b-d9e5-412a-a535-67ef3c2ee3d0","block_type":"box","text":"Reserve Vehicle","page_number":5,"box":{"x":150,"y":770,"width":110,"height":9}},{"id":"24fe623b-1449-4f93-b0f2-7439d6c44cdd","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":5,"box":{"x":150,"y":785,"width":294,"height":12}},{"id":"428a9390-d101-424f-8877-acba0ba588f4","block_type":"box","text":"Markets Fund","page_number":5,"box":{"x":150,"y":801,"width":93,"height":9}},{"id":"155b31ff-3c33-41bb-81da-e16c3a6b0d4b","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":5,"box":{"x":150,"y":816,"width":309,"height":12}},{"id":"ecc22ecb-42f2-4dbf-af21-e9cd3af0e1dc","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":5,"box":{"x":150,"y":832,"width":267,"height":11}},{"id":"68e9d0a7-3f97-454b-b749-4c1f70dfe5c8","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":5,"box":{"x":150,"y":847,"width":213,"height":12}},{"id":"4a66820b-1bd2-4b98-aeec-07c8818c7bde","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":5,"box":{"x":150,"y":863,"width":324,"height":11}},{"id":"0c6f990f-1716-4ad1-866d-3d75616c4a71","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":5,"box":{"x":150,"y":878,"width":288,"height":12}},{"id":"f3238f6e-f651-46be-a1ed-cdef4c3128d1","block_type":"box","text":"Portfolio","page_number":5,"box":{"x":150,"y":894,"width":63,"height":9}},{"id":"6fdf549a-ef76-4a8b-9c45-bf1f51df16a9","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":5,"box":{"x":150,"y":909,"width":255,"height":12}},{"id":"8522c1d0-f442-4502-a5fa-18026239571e","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":5,"box":{"x":554,"y":119,"width":312,"height":11}},{"id":"21a36229-a08d-4dad-b787-51ac74470399","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":5,"box":{"x":554,"y":134,"width":269,"height":9}},{"id":"1aa34819-24eb-4cee-a3ad-12dc6d7d15d1","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":5,"box":{"x":554,"y":150,"width":241,"height":11}},{"id":"4a12e7c9-c76a-469b-b28b-d0499b2c0173","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":5,"box":{"x":554,"y":165,"width":287,"height":12}},{"id":"4f72edf0-bea8-4adb-a4e5-9486d3074afe","block_type":"box","text":"Emerging Markets Equity Fund","page_number":5,"box":{"x":554,"y":181,"width":218,"height":11}},{"id":"d4698ab9-c509-41db-ac82-6fefcca2d906","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":5,"box":{"x":554,"y":196,"width":330,"height":12}},{"id":"6ad3e1da-c802-43d3-b88d-c92aa12b8ff0","block_type":"box","text":"Cap Core Fund","page_number":5,"box":{"x":554,"y":212,"width":106,"height":11}},{"id":"fb78701e-00fc-4b48-980c-9d77ecb782c0","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":5,"box":{"x":554,"y":227,"width":273,"height":12}},{"id":"0e7c9bb3-98eb-4039-8532-28db2828d675","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":5,"box":{"x":554,"y":243,"width":299,"height":11}},{"id":"d4009db3-85e1-4ce4-8c52-4ec0415c9f35","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":5,"box":{"x":554,"y":258,"width":298,"height":12}},{"id":"bb92c9ad-419b-4be5-86d7-d6e92a4e7568","block_type":"box","text":"Aware Fund","page_number":5,"box":{"x":554,"y":274,"width":87,"height":9}},{"id":"5972d12a-a7e1-4ca2-8c7d-2f1b81ecd900","block_type":"box","text":"Circle Reserve Fund","page_number":5,"box":{"x":554,"y":289,"width":142,"height":9}},{"id":"a9f78cf7-9540-461f-b50f-caf9460d66f2","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":5,"box":{"x":554,"y":305,"width":292,"height":11}},{"id":"02e2288e-8db0-4796-b26a-338cb90c91d2","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":5,"box":{"x":554,"y":320,"width":280,"height":9}},{"id":"b917b2d1-49af-4e4a-946d-811523f277a6","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":5,"box":{"x":554,"y":336,"width":322,"height":11}},{"id":"b1062f44-f8d2-4bab-99cc-a047d70d4f4e","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":351,"width":38,"height":9}},{"id":"a142409e-40c8-49d5-8a17-2bdaebe1f7cf","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":5,"box":{"x":554,"y":367,"width":249,"height":11}},{"id":"2f837117-1d93-4760-89b0-bc3e94708d00","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":382,"width":254,"height":12}},{"id":"97b107e1-e779-4efa-85da-4a3773a3ed72","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":398,"width":298,"height":11}},{"id":"1d47040b-51e1-4f80-b289-342a24ca0db9","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":5,"box":{"x":554,"y":413,"width":297,"height":9}},{"id":"fe7853c5-e34a-40ca-9199-c358152fb751","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":5,"box":{"x":554,"y":429,"width":304,"height":9}},{"id":"59ef61d4-c72f-4230-8936-db969ef4d3c9","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":5,"box":{"x":554,"y":444,"width":306,"height":9}},{"id":"e49cc02b-538f-4aa4-aaa9-c0336abe3976","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"ae59418a-5cc0-4a62-a987-7f3e708555d6","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":5,"box":{"x":554,"y":475,"width":306,"height":9}},{"id":"0e91558b-028f-4181-adf4-99ee6bc5d802","block_type":"box","text":"Index Fund","page_number":5,"box":{"x":554,"y":491,"width":81,"height":9}},{"id":"a542375e-99d6-4a09-919b-d7b64ace3109","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":5,"box":{"x":554,"y":506,"width":296,"height":12}},{"id":"c53cd073-3b24-4ef6-8fe1-03b5fde92462","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":5,"box":{"x":554,"y":522,"width":299,"height":11}},{"id":"2640df22-1ad1-49ad-a6ba-7cdb21d7edc6","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":537,"width":38,"height":9}},{"id":"c313c004-3c25-4633-9d94-62431bd8fe2f","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":5,"box":{"x":554,"y":553,"width":290,"height":9}},{"id":"42b5e41a-02fc-41e0-bcff-d25319e3ebcb","block_type":"box","text":"BlackRock Funds II","page_number":5,"box":{"x":520,"y":584,"width":149,"height":9}},{"id":"0da49b85-f938-48a8-a0f0-bc2d909093e3","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":5,"box":{"x":554,"y":599,"width":283,"height":12}},{"id":"89dbbacf-36b0-4910-8b2b-17920ee8bd7a","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":5,"box":{"x":554,"y":615,"width":283,"height":11}},{"id":"56652971-f62e-4625-8b33-fb13f95dbcb7","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":5,"box":{"x":554,"y":630,"width":283,"height":12}},{"id":"5403fe0a-b611-42fb-8bec-4a331db8043c","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":5,"box":{"x":554,"y":646,"width":283,"height":11}},{"id":"c77a390b-f72b-45ac-9187-c25d15c0e027","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":5,"box":{"x":554,"y":661,"width":296,"height":12}},{"id":"adb35121-d2c4-40b5-9509-d49b3616f9ec","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":5,"box":{"x":554,"y":677,"width":255,"height":9}},{"id":"7d0f456b-993d-4afa-80bd-caea92eb4788","block_type":"box","text":"BlackRock Managed Income Fund","page_number":5,"box":{"x":554,"y":692,"width":235,"height":12}},{"id":"735d3c50-df6a-47c5-ae99-b18350e96c89","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":5,"box":{"x":554,"y":708,"width":277,"height":9}},{"id":"ff315719-b7eb-49e8-a5d1-338e59e509e6","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":5,"box":{"x":554,"y":723,"width":285,"height":9}},{"id":"d3431b67-ae23-4ade-920c-33797a903d14","block_type":"box","text":"BlackRock Funds III","page_number":5,"box":{"x":520,"y":754,"width":151,"height":9}},{"id":"7da17802-7e26-414e-a012-8b014598e029","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":5,"box":{"x":554,"y":770,"width":247,"height":9}},{"id":"d3b18369-f61e-420e-a684-74ae865c91aa","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":5,"box":{"x":554,"y":785,"width":226,"height":12}},{"id":"fda0020b-484d-4f64-9ce6-588109673aca","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":5,"box":{"x":554,"y":801,"width":288,"height":11}},{"id":"daa1eb0b-1bc4-486d-bf78-158447cf702c","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":5,"box":{"x":554,"y":816,"width":290,"height":9}},{"id":"a84f1275-3137-4665-bdb9-ebfebf8eab27","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"ec82f4ad-f53f-4df2-a6ec-40eb20d8a56f","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"36fb3b53-276e-4613-9066-bf66135a5b7f","block_type":"box","text":"Dynamic Retirement","page_number":5,"box":{"x":700,"y":832,"width":149,"height":11}},{"id":"ec0ce5ce-df64-432a-a33f-b4cdc5c548d2","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":847,"width":38,"height":9}},{"id":"1faf27de-5b08-411e-a611-db3761a62875","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"186a37dc-06d9-4811-8be4-30b0c12b0c7c","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"ef6bf732-611d-4e33-8dfe-7a81dff48dde","block_type":"box","text":"Dynamic 2030 Fund","page_number":5,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"c638dea9-d4ad-4c16-b709-5e088208c0fa","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"91b92a95-14d1-4605-969d-ead7a5dafb43","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"fc55ef1d-d0eb-4354-b7ae-10ae47d62a55","block_type":"box","text":"Dynamic 2035 Fund","page_number":5,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"ae1a428c-6889-49e1-a47e-86d30af255e7","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"bfc43ad5-29cf-4e2f-a6d7-352c19604f3b","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"abe154e3-da83-41d2-aed1-ca620fe24bb0","block_type":"box","text":"Dynamic 2040 Fund","page_number":5,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"92f137ed-b1ed-45e2-accb-210511507055","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"38be3694-4bbb-4956-9a61-788b0799402a","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"593d48ff-34ae-4dd0-bfc4-49778bd6d62c","block_type":"box","text":"Dynamic 2045 Fund","page_number":5,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"dd1ca8db-6e9a-4113-a351-0132e2e0bd75","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":5,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1a565bc1-7acb-4414-a194-5e7a9b2f01e8","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"1e11979a-134c-420e-a450-c54197e50eaa","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"f83e7c75-a4a8-451e-b051-e67517a504fd","block_type":"box","text":"Dynamic 2050 Fund","page_number":6,"box":{"x":296,"y":88,"width":147,"height":11}},{"id":"04743c4c-39ac-4918-81f9-4cbc16e50bac","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":103,"width":136,"height":9}},{"id":"1d37468a-7b8a-40ad-b37c-9438b3d3d771","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":102,"width":9,"height":7}},{"id":"96b674ec-757d-4e5b-aa6e-015bc559453d","block_type":"box","text":"Dynamic 2055 Fund","page_number":6,"box":{"x":296,"y":103,"width":147,"height":12}},{"id":"2219a7d1-40af-4a24-9f30-6cf757241a00","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"aa4aba17-cd7f-48d7-b435-4c96ec742c69","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"0662646d-08eb-47e0-88b7-f452635146d8","block_type":"box","text":"Dynamic 2060 Fund","page_number":6,"box":{"x":296,"y":119,"width":147,"height":11}},{"id":"76c96900-ee28-4a8b-a281-61656cd798b1","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"0ad1d381-d255-402b-82b4-d1e3ab202791","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"3aebe61b-56de-47dd-8721-720600adf711","block_type":"box","text":"Dynamic 2065 Fund","page_number":6,"box":{"x":296,"y":134,"width":147,"height":12}},{"id":"e7c88b1f-e6e4-4116-af4f-d08d7dc91155","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"cc5687a1-6598-4843-abcf-7dd5034c7e73","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"3d3bcf8a-6a08-454c-9241-7bbc683a314d","block_type":"box","text":"Dynamic 2070 Fund","page_number":6,"box":{"x":296,"y":150,"width":147,"height":11}},{"id":"5b0106d7-4788-401c-a3bd-dd028630c4e9","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"e41f2d9e-c39a-466a-a975-7741ab0742cd","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"ebfe71b7-9e4e-46e9-90e1-711ec689a6bf","block_type":"box","text":"Index Retirement Fund","page_number":6,"box":{"x":296,"y":165,"width":165,"height":9}},{"id":"26c9aed4-5efb-4ba9-b22c-441eef0101cc","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"ee5d6e4b-728c-45a4-bf8e-7dc59182ab83","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"545f7904-e150-488d-853c-a9c44b4af8c1","block_type":"box","text":"Index 2030 Fund","page_number":6,"box":{"x":296,"y":181,"width":124,"height":9}},{"id":"b8a3064b-0537-48c6-96b0-dc13e879ef8a","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"e5492ae8-80d5-406d-a68e-f28c469fda12","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"68759abc-7345-47fb-a327-fa4fb324ad89","block_type":"box","text":"Index 2035 Fund","page_number":6,"box":{"x":296,"y":196,"width":124,"height":9}},{"id":"ed07027a-e884-4de2-8808-9323aacc7dab","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"2502c0a4-df49-4df0-a5b0-4b0292a9098a","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"737110d2-4c6f-4c65-9b66-ee7aa2938e45","block_type":"box","text":"Index 2040 Fund","page_number":6,"box":{"x":296,"y":212,"width":124,"height":9}},{"id":"451fc5c2-3069-44d2-8bb8-b1eb3d4a3f24","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"2c937dd4-7e13-44b9-b6f2-1aa933fa7b01","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"2a00c72b-54bf-4ee0-8c17-c17d87799baf","block_type":"box","text":"Index 2045 Fund","page_number":6,"box":{"x":296,"y":227,"width":124,"height":9}},{"id":"811de0bf-3a68-439b-b0fd-4ba0c5746a1b","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"b7c76a81-e119-4822-ab5f-dc2692618940","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"dbe4dc2e-bccc-484f-9cc0-ff9e5f1df036","block_type":"box","text":"Index 2050 Fund","page_number":6,"box":{"x":296,"y":243,"width":124,"height":9}},{"id":"2a14304c-09a0-417c-b773-d61a9b897f5d","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"0578576d-ab57-4537-ac28-3d3d8b893204","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"1a8fc5cf-5423-479d-b793-ec9a6ae95673","block_type":"box","text":"Index 2055 Fund","page_number":6,"box":{"x":296,"y":258,"width":124,"height":9}},{"id":"65861a94-b45c-45ac-8fff-0e767d91e050","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"f35d2eea-41c7-4496-8e46-a67f55131215","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"6be0cf14-17be-4b6e-b12b-6b93c5daf247","block_type":"box","text":"Index 2060 Fund","page_number":6,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"e2230a83-e403-493b-a31a-26e61a9bcc3e","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"6fcbc496-f996-430c-9fc9-e087bdf5893e","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"be009538-762d-4911-b0a9-a896cb46ff83","block_type":"box","text":"Index 2065 Fund","page_number":6,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"ea35a222-ecd7-4b99-92b9-d1a587eec6ac","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"972b5528-17a2-4501-ae1e-1addfd0c60bb","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"b37adaac-ff29-46ab-ad7c-32b2444d9de1","block_type":"box","text":"Index 2070 Fund","page_number":6,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"4db7eec8-823e-4171-9816-deba45deffb7","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":6,"box":{"x":150,"y":320,"width":310,"height":9}},{"id":"35a8988d-0bce-4619-9ac8-0b92f3f8f270","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":6,"box":{"x":150,"y":336,"width":303,"height":11}},{"id":"fd9c7b29-43ff-4d1a-918f-65b313f5a55a","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":6,"box":{"x":150,"y":351,"width":200,"height":9}},{"id":"c00c6a57-4a4b-43de-bf52-ae5a8ae32b50","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":6,"box":{"x":150,"y":367,"width":284,"height":11}},{"id":"bffda57d-51b3-4e22-87c4-f284606b99d1","block_type":"box","text":"BlackRock Funds IV","page_number":6,"box":{"x":116,"y":398,"width":154,"height":9}},{"id":"f846150e-0040-4bf1-9f09-6d05d0201419","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":6,"box":{"x":150,"y":413,"width":268,"height":9}},{"id":"fe721378-b019-4a44-9777-dda51d4324b8","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":6,"box":{"x":150,"y":429,"width":299,"height":11}},{"id":"57110441-8ad5-4c45-8bee-446a04eb74e2","block_type":"box","text":"BlackRock Funds V","page_number":6,"box":{"x":116,"y":460,"width":148,"height":9}},{"id":"bf7c75c7-047c-4131-8edf-745c4633c0a2","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":6,"box":{"x":150,"y":475,"width":220,"height":9}},{"id":"2936c9d4-0ddb-48c6-a5aa-151f46cb1ec2","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":6,"box":{"x":150,"y":491,"width":293,"height":11}},{"id":"20f96913-4be6-4309-bed2-1864eb2a62f3","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":150,"y":506,"width":222,"height":12}},{"id":"637b8eef-ba2d-4b28-b3b5-c6b9b06d75ba","block_type":"box","text":"BlackRock Income Fund","page_number":6,"box":{"x":150,"y":522,"width":172,"height":9}},{"id":"2b91ad56-3d8f-40d9-adc5-c1b19a7c17d7","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":6,"box":{"x":150,"y":537,"width":313,"height":9}},{"id":"e6607d06-e3cb-47fb-8d7c-4531b9f616b6","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":6,"box":{"x":150,"y":553,"width":282,"height":9}},{"id":"6e684585-7649-49a4-a35a-93faad90809a","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":6,"box":{"x":150,"y":568,"width":294,"height":12}},{"id":"e6a2b1fe-5dc4-4d20-8d00-aaa695fa1af9","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":150,"y":584,"width":63,"height":9}},{"id":"4fd426bb-ee62-457c-a378-b8556bb45e0c","block_type":"box","text":"BlackRock Funds VI","page_number":6,"box":{"x":116,"y":615,"width":154,"height":9}},{"id":"79e65933-a751-414f-9097-bc0efaf53d2a","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":6,"box":{"x":150,"y":630,"width":313,"height":12}},{"id":"b3ee42c2-98fc-479f-a58c-82d64bd743c6","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":6,"box":{"x":116,"y":661,"width":287,"height":11}},{"id":"26bb9ef0-d3b5-4a1a-94b7-0d2a79098e99","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":6,"box":{"x":116,"y":692,"width":208,"height":11}},{"id":"4cdb6d58-f220-4b6b-97c5-75065d5cd491","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":6,"box":{"x":150,"y":708,"width":312,"height":9}},{"id":"8274bc6b-6cad-46f8-884d-f639da8f12d3","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":6,"box":{"x":150,"y":723,"width":298,"height":12}},{"id":"7343fcd9-746a-4cd2-a224-a6432c621127","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":6,"box":{"x":116,"y":754,"width":319,"height":12}},{"id":"4d405cfb-aee3-4a27-bd6c-c4aa9908b062","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":6,"box":{"x":116,"y":785,"width":344,"height":12}},{"id":"46518f47-4048-44c6-872d-a5bc15646552","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":6,"box":{"x":116,"y":816,"width":330,"height":12}},{"id":"cbae2a62-96eb-450f-8ca0-d11b182cbe6a","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":6,"box":{"x":116,"y":847,"width":296,"height":12}},{"id":"29f8e9ae-65ec-4398-a200-772809d1943a","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":6,"box":{"x":150,"y":863,"width":306,"height":11}},{"id":"b449ebaa-447e-41b1-b861-ce37a6d96afb","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":6,"box":{"x":150,"y":878,"width":314,"height":12}},{"id":"157bfd91-13f5-4c6a-8634-38e8d52734a6","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":6,"box":{"x":150,"y":894,"width":261,"height":11}},{"id":"f22ac6fc-6714-4ba7-9f4e-b1c0d9986a0a","block_type":"box","text":"BlackRock Liquidity Funds","page_number":6,"box":{"x":520,"y":87,"width":203,"height":12}},{"id":"af1be058-1690-4889-b420-1f4e8e39d864","block_type":"box","text":"FedFund","page_number":6,"box":{"x":554,"y":103,"width":63,"height":9}},{"id":"e19dd501-ad62-4f8c-9484-a7e4139e0024","block_type":"box","text":"MuniCash","page_number":6,"box":{"x":554,"y":119,"width":74,"height":9}},{"id":"034287ba-5527-4088-91dd-37fb64f164d2","block_type":"box","text":"TempCash","page_number":6,"box":{"x":554,"y":134,"width":77,"height":12}},{"id":"1cd42fbc-a87a-4dcc-80ce-398327d6da0e","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":6,"box":{"x":554,"y":150,"width":300,"height":11}},{"id":"7075779d-318a-4a84-be0d-d9d837cd07ef","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":165,"width":38,"height":9}},{"id":"cfa9b8dd-afae-4e80-aaf4-38239b920909","block_type":"box","text":"T-Fund","page_number":6,"box":{"x":554,"y":181,"width":54,"height":9}},{"id":"84cb540b-cd7b-4d9b-8aaf-9da2e1e7cd02","block_type":"box","text":"Treasury Trust Fund","page_number":6,"box":{"x":554,"y":196,"width":142,"height":12}},{"id":"740ed4aa-afc0-4f36-a2ef-e00a0031c9fa","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":6,"box":{"x":520,"y":227,"width":282,"height":12}},{"id":"f4971e48-dbf0-4d3b-ad6f-ab618aba9c4f","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":6,"box":{"x":554,"y":243,"width":227,"height":11}},{"id":"d3c052bb-791b-4428-8fe1-d3fae4e02a49","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":6,"box":{"x":520,"y":274,"width":339,"height":11}},{"id":"0ba72f54-b244-403d-b85f-882de56a208e","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":6,"box":{"x":554,"y":289,"width":314,"height":12}},{"id":"dcd778e8-ae58-4476-a885-58b988f10f38","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":6,"box":{"x":554,"y":305,"width":324,"height":11}},{"id":"5ed1404d-c0f6-45a2-9fb2-44efb8c778fb","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":320,"width":38,"height":9}},{"id":"b884bd7f-5ae8-44af-a6a0-811916e81b44","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":6,"box":{"x":554,"y":336,"width":326,"height":11}},{"id":"76c8726d-7209-4850-b59a-38c27209b863","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":367,"width":282,"height":11}},{"id":"d81fbb30-57a7-4241-9c1e-e7f070b26b4a","block_type":"box","text":"BlackRock National Municipal Fund","page_number":6,"box":{"x":554,"y":382,"width":253,"height":12}},{"id":"d86470c1-e746-4d39-bbca-aeecb8857a68","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":6,"box":{"x":554,"y":398,"width":263,"height":9}},{"id":"4e748cc2-7221-4b1f-933f-9a4036a5650c","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":6,"box":{"x":520,"y":429,"width":252,"height":11}},{"id":"e2db9345-83cb-4d70-b369-152eec791b5d","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":6,"box":{"x":554,"y":444,"width":313,"height":12}},{"id":"ca7c9661-4f52-40a2-946d-433ec4463a0d","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"56796714-c022-446b-a71a-f8c8e01481bf","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":6,"box":{"x":520,"y":491,"width":264,"height":9}},{"id":"10225151-0f64-40d5-bfcd-b34683332997","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":6,"box":{"x":520,"y":522,"width":208,"height":11}},{"id":"3f559146-b425-41ea-837c-e73746293f14","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":6,"box":{"x":554,"y":537,"width":331,"height":12}},{"id":"d78363db-d4db-46a1-b061-ba771f02ba49","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":6,"box":{"x":554,"y":553,"width":209,"height":9}},{"id":"4770a595-14f5-4cf3-a842-e0efba3932ea","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":6,"box":{"x":554,"y":568,"width":288,"height":12}},{"id":"291241aa-e703-4835-a720-f250c96024a4","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":6,"box":{"x":554,"y":584,"width":268,"height":9}},{"id":"61d682b6-6895-4e2d-9394-b7549d236e6d","block_type":"box","text":"BlackRock Government Money Market","page_number":6,"box":{"x":554,"y":599,"width":272,"height":12}},{"id":"5fa28dc3-68b5-4262-8120-9c9edf776c3a","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":554,"y":615,"width":63,"height":9}},{"id":"808ef4ae-659e-40f7-9749-f067f2839240","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":6,"box":{"x":520,"y":646,"width":226,"height":11}},{"id":"ef2e2713-efb4-453c-b4b1-4dee699e27c7","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":554,"y":661,"width":217,"height":12}},{"id":"4e11c8ef-0c26-41fa-be9c-f7d5be98874c","block_type":"box","text":"BlackRock Series, Inc.","page_number":6,"box":{"x":520,"y":692,"width":161,"height":11}},{"id":"550b1a96-f3f9-4c17-bfd0-74a4b70fb29f","block_type":"box","text":"BlackRock International Fund","page_number":6,"box":{"x":554,"y":708,"width":203,"height":9}},{"id":"8155cda5-4aea-4b5e-bfe9-2f6c04646ea9","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":739,"width":320,"height":11}},{"id":"e0abf943-4de2-485b-9c5d-be1a05e76d2f","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":6,"box":{"x":520,"y":770,"width":283,"height":11}},{"id":"b4bbc5d2-827b-4a58-957d-6e3f34ddc6ac","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":6,"box":{"x":520,"y":801,"width":277,"height":11}},{"id":"0d9827cd-e72d-4755-b229-7a39b1eba778","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":6,"box":{"x":554,"y":816,"width":304,"height":12}},{"id":"fd269712-ec49-4907-bbb0-b2a4adf47acb","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":832,"width":38,"height":9}},{"id":"851d8b65-2da0-4ee3-86bf-01c09b7e665c","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":6,"box":{"x":554,"y":847,"width":298,"height":12}},{"id":"51807d24-a269-4ee4-aec8-a4c07cd85522","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":863,"width":38,"height":9}},{"id":"bd75f783-2756-4d43-8f76-640595756ff8","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":6,"box":{"x":554,"y":878,"width":305,"height":12}},{"id":"cb80aa62-d1ba-44e5-8fac-590516123c9b","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":894,"width":38,"height":9}},{"id":"8859414d-49c3-4386-b884-31445d8cf44b","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":6,"box":{"x":554,"y":909,"width":298,"height":12}},{"id":"3f6bfb63-1f0f-48db-b2b9-4f5aeb3c328a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":6,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3c85b6d4-259e-461c-b906-9443175c93b6","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":7,"box":{"x":150,"y":88,"width":234,"height":9}},{"id":"d1257697-a361-4ee7-88b5-3ce1b745fe68","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":7,"box":{"x":150,"y":103,"width":293,"height":12}},{"id":"4ef774db-eb41-4315-8246-8d0b9b33b678","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":7,"box":{"x":150,"y":119,"width":264,"height":11}},{"id":"3fdb987d-ef12-48a4-a65d-7de2f7fa1c4c","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":7,"box":{"x":150,"y":134,"width":273,"height":9}},{"id":"46dab7d0-1dda-4640-b470-3a044f88edfd","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":7,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"ccad88cc-7660-4fb0-a402-7337494493de","block_type":"box","text":"Fund","page_number":7,"box":{"x":150,"y":165,"width":38,"height":9}},{"id":"ad70b7aa-e676-498b-9cb5-d378b41a21bf","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":7,"box":{"x":150,"y":181,"width":281,"height":9}},{"id":"b76bf6ce-6921-4470-a108-6fad32b62114","block_type":"box","text":"BlackRock International V.I. Fund","page_number":7,"box":{"x":150,"y":196,"width":238,"height":9}},{"id":"01602102-63c4-4bed-bbf9-f8c8605f51bc","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":7,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"b3bf56f7-3554-4f60-9184-7938f22692c0","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":7,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"bd75dd6b-c060-4e2f-aff8-3aaeb354f689","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":7,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"a245a410-d01f-4301-906d-01ba4fa0ec58","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":7,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"3aa3a8f9-d643-4660-991b-a8c02cf9b508","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":7,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"abf97cbd-80a2-455e-aa4f-8edd225912be","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":7,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"593933b4-343d-49d0-a7fe-052ecb6a0b95","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":7,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"51258a76-59f2-48cc-9864-e2268736c8c7","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":7,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"5f398fab-4e48-40c7-a1f7-c6f4844db3e2","block_type":"box","text":"SAI-GLOBAL-1026SUP","page_number":7,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"e1ab220e-5a2b-49e0-ab36-dfaccb3d8ee7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":7,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ce291dd2-692a-4f27-bacf-b8f41beab1cc","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":8,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"4935533c-c0d5-4d41-a8e9-dac5bbd029f2","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":8,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"87c3656f-7c1f-4909-9efa-59ad1ce6f988","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":8,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"25016b2b-3ff0-418d-b687-397fc0ac436c","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":8,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"149b2e7b-fc34-478f-a0f2-9ec12f8a5637","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":8,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"1884e3f8-1848-488e-a8bb-7509a9ce94a4","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":8,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"6b52aaa4-caa7-4044-888f-d9c951e2f02d","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":8,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"db6fc495-d7de-4b2c-a7c1-b5c919e7450d","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":8,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"dad2492e-0349-4100-9f46-bbe8dee53e9d","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":8,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"3b353e80-5f47-4b07-beee-ca655f2e3757","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":8,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"58101959-d4ef-42e6-9c2e-13cd6d349ace","block_type":"box","text":"BlackRock Funds","page_number":8,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"5365e71c-183b-4c65-97aa-6d072a3d234f","block_type":"box","text":"SM","page_number":8,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"16f639e4-2659-432f-b2c2-f935b1b97038","block_type":"box","text":"BlackRock Funds II","page_number":8,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"ac90ecc9-7fef-4315-9b58-d9ac1a087195","block_type":"box","text":"BlackRock Funds III","page_number":8,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"ef4f0d26-d845-4cc0-be6e-8b9c69b8de3b","block_type":"box","text":"BlackRock Funds IV","page_number":8,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"fceeca1d-f5a1-4662-bf6a-d1309ca3e8f2","block_type":"box","text":"BlackRock Funds V","page_number":8,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"c4ba51ba-fe60-4d2f-a27d-7a30b75e6c63","block_type":"box","text":"BlackRock Funds VI","page_number":8,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"d3e5b12d-cae1-41e3-8e47-bdee8caaea57","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":8,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"f0e35c9c-ea4a-4d15-89ee-4e592ed1e0ae","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":8,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"4e4cb71f-a323-4da3-8ccc-f95d859c0d1b","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":8,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"127c00e9-a8eb-4ed1-937b-aed969089d7f","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":8,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"b6d9af2c-44f1-4b8c-9b0b-ec97271bead5","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":8,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"a03e580a-52fa-4a5f-a388-82666c59758e","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":8,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"b8d61d15-38d5-40ae-b8a8-dff6033b8fe5","block_type":"box","text":"BlackRock Liquidity Funds","page_number":8,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"346b090f-97e8-443a-b781-f66e3a86feb7","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":8,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"f98afd63-97e0-4b90-956e-b9612625117e","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":8,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"82958bbb-feed-4ae6-9a7d-215231114ddb","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"1cd52d56-3b97-4046-899e-6435f47791d4","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":8,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"8de54839-d264-41c4-88b1-d15a62ef95f6","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":8,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"0c95c844-a93a-4a89-a605-61a92f3c02b8","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":8,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"89e32116-406b-4fde-bf93-4a5ad93983ef","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":8,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"bea789a1-4bb8-4833-9465-6d5ff95dbb47","block_type":"box","text":"BlackRock Series, Inc.","page_number":8,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"7c45bc93-8445-4ccb-9e4c-43882db83808","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"f3180809-7774-4023-9a9c-f772da861c56","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":8,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"317af0c9-4744-42c6-9c3a-bed1081131ac","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":8,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"2b1cf664-1d08-457a-ab7e-b4970df48040","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":8,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"ed1838f0-b7a3-43ab-8a25-8f1771667676","block_type":"box","text":"Supplement dated September 11, 2026","page_number":8,"box":{"x":362,"y":382,"width":280,"height":12}},{"id":"7f03a032-099d-4775-9da2-1ed2b7da3132","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed in Appendix A (each, a","page_number":8,"box":{"x":137,"y":398,"width":729,"height":11}},{"id":"00cb9d29-22d3-4b27-843b-1bf8665905e7","block_type":"box","text":"“Fund”), as amended from time to time.","page_number":8,"box":{"x":356,"y":413,"width":292,"height":11}},{"id":"8eea61a8-207e-4ec3-a28c-b8660b8fbf42","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":8,"box":{"x":116,"y":444,"width":292,"height":9}},{"id":"15c678f4-7ebd-4438-824e-a3f17e14eed1","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":8,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"aa6d64f2-e5f6-4bb3-9631-828cbaaca3b6","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":8,"box":{"x":116,"y":491,"width":721,"height":11}},{"id":"c2464a0e-3bec-49ec-a70d-fb6970b52825","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":8,"box":{"x":116,"y":506,"width":695,"height":12}},{"id":"43c8e975-9bf8-4918-a8b4-0b1744d9000f","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":8,"box":{"x":116,"y":522,"width":734,"height":11}},{"id":"377667ca-dd61-433d-a993-e5301b8a5905","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":8,"box":{"x":116,"y":537,"width":712,"height":12}},{"id":"cb4fb5e0-a22b-4088-accc-59eaff3f5eef","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":8,"box":{"x":116,"y":553,"width":771,"height":11}},{"id":"6240a69a-5851-4d10-b7b2-be5580e51797","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":8,"box":{"x":116,"y":568,"width":557,"height":12}},{"id":"caa3c98f-ebed-458c-8dc7-db9b33b46b04","block_type":"box","text":"&Partners","page_number":8,"box":{"x":116,"y":599,"width":72,"height":9}},{"id":"7e0b8185-54a8-4936-8332-38c6a6125481","block_type":"box","text":"AccuTech Systems Corporation","page_number":8,"box":{"x":116,"y":615,"width":219,"height":11}},{"id":"16a990ad-76c5-4a77-aba5-0da495257bf9","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":8,"box":{"x":116,"y":630,"width":173,"height":11}},{"id":"da72f046-dde7-4053-8bee-7c9753aaf4db","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":8,"box":{"x":116,"y":646,"width":215,"height":11}},{"id":"ad0d7567-e71c-4330-984e-57d33420fdc0","block_type":"box","text":"Advisor Group, Inc.","page_number":8,"box":{"x":116,"y":661,"width":134,"height":12}},{"id":"25bfc910-899e-44fc-ae05-75e1fdcc2fde","block_type":"box","text":"AE Wealth Management, LLC","page_number":8,"box":{"x":116,"y":677,"width":207,"height":11}},{"id":"5b21c429-4aa6-4352-b95b-71c26718a8ab","block_type":"box","text":"Alight Solutions LLC","page_number":8,"box":{"x":116,"y":692,"width":146,"height":12}},{"id":"32a7474d-4b36-45d1-bf9b-75ac84c3d4ca","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":8,"box":{"x":116,"y":708,"width":250,"height":10}},{"id":"b459c43d-3d39-4ec4-a208-0a8e92d26810","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":8,"box":{"x":116,"y":723,"width":314,"height":12}},{"id":"5a63ac44-ca62-434e-847f-2cad113f99a8","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":8,"box":{"x":116,"y":739,"width":345,"height":11}},{"id":"68d281b8-2a93-45fd-be5b-5bbfa1c757fc","block_type":"box","text":"Altruist Financial LLC","page_number":8,"box":{"x":116,"y":754,"width":154,"height":9}},{"id":"64802551-4ca8-4ede-abbd-92e68e810bf2","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":8,"box":{"x":116,"y":770,"width":313,"height":11}},{"id":"1154c121-8770-42c9-9e4a-0d1164482182","block_type":"box","text":"American General Life Insurance Company","page_number":8,"box":{"x":116,"y":785,"width":295,"height":12}},{"id":"3c9d3696-3132-4cc2-94e2-f4ac65387a1a","block_type":"box","text":"American United Life Insurance Company","page_number":8,"box":{"x":116,"y":801,"width":288,"height":11}},{"id":"89031fb5-793f-47e0-bd42-0a72dc7cbf29","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":8,"box":{"x":116,"y":816,"width":292,"height":12}},{"id":"d7750f8d-cab6-431c-8435-f1551311d9ce","block_type":"box","text":"Anthem Securities LLC","page_number":8,"box":{"x":116,"y":832,"width":165,"height":9}},{"id":"af345723-1895-43b1-aca9-4f65843a2f22","block_type":"box","text":"Argent Institutional Trust Company","page_number":8,"box":{"x":116,"y":847,"width":246,"height":12}},{"id":"37d460e0-e56a-4597-8dfe-576b11113ad5","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":8,"box":{"x":116,"y":863,"width":263,"height":10}},{"id":"06766e64-1620-4da7-a37b-fd9a9e055c1b","block_type":"box","text":"Ascensus, Inc.","page_number":8,"box":{"x":116,"y":878,"width":102,"height":11}},{"id":"5ef72eb0-886c-4f4b-9a41-5dcec0f17800","block_type":"box","text":"Atomic Brokerage LLC","page_number":8,"box":{"x":116,"y":894,"width":165,"height":11}},{"id":"1e3ea232-cce1-466a-a056-362583d389e0","block_type":"box","text":"Avantax Investment Services, LLC","page_number":8,"box":{"x":116,"y":909,"width":237,"height":11}},{"id":"bc862724-0464-4ba6-8d52-512986248749","block_type":"box","text":"Bancroft Capital LLC","page_number":8,"box":{"x":520,"y":599,"width":152,"height":12}},{"id":"cb6ca533-7053-47fb-a25c-3d943c0ef827","block_type":"box","text":"Bank of America, N.A.","page_number":8,"box":{"x":520,"y":615,"width":161,"height":10}},{"id":"391d9e20-b7ec-4909-808f-1b88b8b361ac","block_type":"box","text":"Bank of New York Mellon","page_number":8,"box":{"x":520,"y":630,"width":185,"height":9}},{"id":"3a1807ef-5983-42fc-8651-34992faa7ea2","block_type":"box","text":"Barclays Capital Inc.","page_number":8,"box":{"x":520,"y":646,"width":146,"height":11}},{"id":"ab802bb3-4953-4fcf-b105-7c83d339ec64","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":8,"box":{"x":520,"y":661,"width":290,"height":11}},{"id":"0487cc50-6b14-4f2d-83c2-d3991e86006f","block_type":"box","text":"Benefit Trust Company","page_number":8,"box":{"x":520,"y":677,"width":158,"height":11}},{"id":"e70c9f63-5eec-45af-9ea3-4cde4cbc4221","block_type":"box","text":"Beta Capital Securities LLC","page_number":8,"box":{"x":520,"y":692,"width":190,"height":12}},{"id":"ebb1976a-dd48-484b-829e-5f415ff43969","block_type":"box","text":"bfinance US Ltd.","page_number":8,"box":{"x":520,"y":708,"width":114,"height":9}},{"id":"c56390fc-b7ce-4fb2-9bbb-339682b50d3c","block_type":"box","text":"BlackRock Advisors, LLC","page_number":8,"box":{"x":520,"y":723,"width":179,"height":11}},{"id":"65f77a97-4506-4a8d-a12f-1472364b9900","block_type":"box","text":"BMO Capital Markets Corp.","page_number":8,"box":{"x":520,"y":739,"width":191,"height":11}},{"id":"ac3e059a-4b28-4d80-b668-48d1a058cae5","block_type":"box","text":"BNP Paribas","page_number":8,"box":{"x":520,"y":754,"width":85,"height":9}},{"id":"b87f6214-dd06-487e-a203-6c0007f992b3","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":8,"box":{"x":520,"y":770,"width":311,"height":9}},{"id":"99715d61-ad81-4b47-95ba-8f6bcc7615d3","block_type":"box","text":"BNY Mellon, N.A.","page_number":8,"box":{"x":520,"y":785,"width":128,"height":11}},{"id":"4ff4e50f-b98a-4950-9dd2-62f020328303","block_type":"box","text":"BofA Securities, Inc.","page_number":8,"box":{"x":520,"y":801,"width":141,"height":10}},{"id":"1c6048c1-5362-4ce5-9163-e0dda6af001b","block_type":"box","text":"BOKF, N.A.","page_number":8,"box":{"x":520,"y":816,"width":84,"height":11}},{"id":"b91845e2-96d7-42fa-a10c-a3ce04c93f51","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":8,"box":{"x":520,"y":832,"width":258,"height":11}},{"id":"1298a99d-628f-4e63-983f-1d7a69615aa2","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":8,"box":{"x":520,"y":847,"width":305,"height":12}},{"id":"ba3f9ab6-695a-468f-a693-40a82b494b97","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":8,"box":{"x":520,"y":863,"width":327,"height":11}},{"id":"ded59c1a-b9b4-48a6-96a4-9787af29a24c","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":8,"box":{"x":520,"y":878,"width":226,"height":9}},{"id":"ec335a56-d991-40ae-a8be-7b8b4a2ce8e4","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":8,"box":{"x":520,"y":894,"width":210,"height":11}},{"id":"8c30af68-5b01-4c73-badc-8ec5b13e5d22","block_type":"box","text":"Capital One, N.A.","page_number":8,"box":{"x":520,"y":909,"width":121,"height":12}},{"id":"1a2362aa-974e-4cbc-8af4-65c4391ee343","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":8,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"247320ee-0b18-46ff-8af3-9d96d8e3eb5c","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":9,"box":{"x":116,"y":88,"width":212,"height":9}},{"id":"eb80a142-46a7-4133-b23a-095e26f40be2","block_type":"box","text":"Cetera Advisors LLC","page_number":9,"box":{"x":116,"y":103,"width":149,"height":9}},{"id":"c35daf55-ec86-4a56-bc2a-02d8f1bb07a2","block_type":"box","text":"Cetera Financial Group","page_number":9,"box":{"x":116,"y":119,"width":162,"height":11}},{"id":"f0460379-6fb1-48bc-aceb-e123e4ef533b","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":9,"box":{"x":116,"y":134,"width":227,"height":12}},{"id":"48345591-e9d2-4d35-b389-3e01102db684","block_type":"box","text":"Cetera Investment Services LLC","page_number":9,"box":{"x":116,"y":150,"width":224,"height":9}},{"id":"40681b94-7910-4054-adc4-38441a5b8683","block_type":"box","text":"CF Secured, LLC","page_number":9,"box":{"x":116,"y":165,"width":123,"height":11}},{"id":"3a0fd108-9dda-460d-a6ed-53d033022970","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":9,"box":{"x":116,"y":181,"width":192,"height":10}},{"id":"20fd8467-e5ed-4747-99e3-ab0ac2200d96","block_type":"box","text":"Charles Schwab Trust Bank","page_number":9,"box":{"x":116,"y":196,"width":192,"height":9}},{"id":"a4833084-d78e-423f-8916-b48b0f74e866","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":9,"box":{"x":116,"y":212,"width":238,"height":11}},{"id":"88cf40d1-e130-4756-a5b0-7c013a20f995","block_type":"box","text":"CIM Investment Management, Inc.","page_number":9,"box":{"x":116,"y":227,"width":241,"height":12}},{"id":"2549b2dd-7d65-40e5-bf89-d075dd340935","block_type":"box","text":"Citco Securities, LLC","page_number":9,"box":{"x":116,"y":243,"width":151,"height":10}},{"id":"e25fe909-e83b-4865-b499-eece8766a5ad","block_type":"box","text":"CitiBank, National Association","page_number":9,"box":{"x":116,"y":258,"width":215,"height":11}},{"id":"70a96a34-2804-4954-b9f1-50988457a548","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":9,"box":{"x":116,"y":274,"width":212,"height":11}},{"id":"ad7ac072-8696-4ebb-a2e6-7394fe38f73f","block_type":"box","text":"Citizens Bank","page_number":9,"box":{"x":116,"y":289,"width":99,"height":9}},{"id":"5d39a2a0-8b67-4458-b4fa-223969aec56d","block_type":"box","text":"Citizens Business Bank","page_number":9,"box":{"x":116,"y":305,"width":163,"height":9}},{"id":"37cbdcbf-8020-4c07-a431-66f5ba9f32cf","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":9,"box":{"x":116,"y":320,"width":231,"height":12}},{"id":"4ada91ea-cce7-48d2-8e3e-54c3e3662dc5","block_type":"box","text":"CMFG Life Insurance Company","page_number":9,"box":{"x":116,"y":336,"width":223,"height":11}},{"id":"7b9790ca-7297-4650-930d-9179d38cf4d6","block_type":"box","text":"Comerica Bank","page_number":9,"box":{"x":116,"y":351,"width":109,"height":9}},{"id":"0533f86d-5eab-4e3b-a7bf-2ff5b29c0526","block_type":"box","text":"Commonwealth Financial Network","page_number":9,"box":{"x":116,"y":367,"width":242,"height":9}},{"id":"57e3589c-4ccd-48c8-9bac-9d70de243ce6","block_type":"box","text":"Computershare Trust Company","page_number":9,"box":{"x":116,"y":382,"width":216,"height":12}},{"id":"6b23ed17-e797-4ce2-b5c5-69ff99b3d384","block_type":"box","text":"Conduent HR Services, LLC","page_number":9,"box":{"x":116,"y":398,"width":198,"height":10}},{"id":"114fd7f4-8346-44df-875a-16c9c4c0e55c","block_type":"box","text":"Delaware Life Insurance Company","page_number":9,"box":{"x":116,"y":413,"width":240,"height":12}},{"id":"5ac66390-e1c5-4322-a715-c69e89bf64cc","block_type":"box","text":"Delaware Trust Company","page_number":9,"box":{"x":116,"y":429,"width":178,"height":11}},{"id":"e19f2699-626c-4249-ab7d-05e9a946ed34","block_type":"box","text":"Deutsche Bank AG","page_number":9,"box":{"x":116,"y":444,"width":135,"height":9}},{"id":"658aecdd-494a-4903-a12a-47b9d9ab5636","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":9,"box":{"x":116,"y":460,"width":285,"height":11}},{"id":"1634c01b-c0c6-4dbf-b787-9baabe1af0b4","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":9,"box":{"x":116,"y":475,"width":232,"height":12}},{"id":"c2f47bdf-8a05-405a-b120-808b6ed84a74","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":9,"box":{"x":116,"y":491,"width":328,"height":10}},{"id":"9144aa0b-9be1-43f6-926d-a01c4ec6e825","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":9,"box":{"x":116,"y":506,"width":223,"height":12}},{"id":"2171f775-e06d-40e7-be37-d59c2c440748","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":9,"box":{"x":116,"y":522,"width":200,"height":10}},{"id":"50a164ad-da8d-474c-8027-d05a517a89a9","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":9,"box":{"x":116,"y":537,"width":298,"height":12}},{"id":"fdb37a9e-81af-434a-8fce-c5ef353c26c3","block_type":"box","text":"Company","page_number":9,"box":{"x":116,"y":553,"width":69,"height":11}},{"id":"56378e47-e135-44a9-bf73-8971c3fe90e4","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":9,"box":{"x":116,"y":568,"width":349,"height":12}},{"id":"52824de8-ae06-4edc-80cd-4df683d33968","block_type":"box","text":"Empower Financial Services, Inc.","page_number":9,"box":{"x":116,"y":584,"width":232,"height":11}},{"id":"3135e001-eecb-47e2-b241-d6bb4a174f0d","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":9,"box":{"x":116,"y":599,"width":336,"height":12}},{"id":"6193abb8-09a5-4018-a14d-c1d51362097d","block_type":"box","text":"New York","page_number":9,"box":{"x":116,"y":615,"width":74,"height":9}},{"id":"36822bb5-0dfa-4aea-b5fa-5e8fbf780432","block_type":"box","text":"Empower Plan Services, LLC","page_number":9,"box":{"x":116,"y":630,"width":205,"height":12}},{"id":"6e28ca51-7103-413b-9b4b-306a017be30b","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":9,"box":{"x":116,"y":646,"width":238,"height":11}},{"id":"b6086b30-76a5-4f84-9335-174b079514db","block_type":"box","text":"Equitable Advisors, LLC","page_number":9,"box":{"x":116,"y":661,"width":169,"height":12}},{"id":"ed0a2ac4-605c-473a-8bc5-1d5db85d86be","block_type":"box","text":"Equitable Life Insurance Company","page_number":9,"box":{"x":116,"y":677,"width":236,"height":11}},{"id":"59993dbb-067e-4090-9398-800160e34989","block_type":"box","text":"E*trade Savings Bank","page_number":9,"box":{"x":116,"y":692,"width":150,"height":12}},{"id":"54006321-7040-47a3-be6c-4f0f97f52a13","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":9,"box":{"x":116,"y":708,"width":262,"height":11}},{"id":"47756308-22a4-48b3-93ef-e1b0713879ad","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":9,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"18138037-692d-4bcb-a3ab-4cd7df3d7ba6","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":9,"box":{"x":116,"y":739,"width":301,"height":11}},{"id":"354cb91b-ca8e-4c2f-9759-d30ffad101a1","block_type":"box","text":"Company, Inc.","page_number":9,"box":{"x":116,"y":754,"width":98,"height":12}},{"id":"35bd8d1a-b311-4d58-b6c0-c6478e781a42","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":9,"box":{"x":116,"y":770,"width":309,"height":11}},{"id":"67577639-ebbd-437f-944f-33632d6db450","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":9,"box":{"x":116,"y":785,"width":178,"height":11}},{"id":"f77401f1-5c28-42b9-91b9-78875d7dc9f2","block_type":"box","text":"First Allied Securities, Inc.","page_number":9,"box":{"x":116,"y":801,"width":181,"height":10}},{"id":"c5b496e9-32ef-4183-a539-77436789e441","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":9,"box":{"x":116,"y":816,"width":269,"height":12}},{"id":"681215db-bba8-40e0-a837-a9b7e9a66727","block_type":"box","text":"First Hawaiian Bank","page_number":9,"box":{"x":116,"y":832,"width":143,"height":9}},{"id":"f4850e35-023c-4385-a835-eb085b91487e","block_type":"box","text":"First Republic Bank","page_number":9,"box":{"x":116,"y":847,"width":140,"height":12}},{"id":"d7ca8c94-2ac3-4a45-8d0a-b8dbc80f49ef","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":9,"box":{"x":116,"y":863,"width":339,"height":11}},{"id":"5049e03d-931a-4ccd-926f-05e95147abb2","block_type":"box","text":"Company of New York","page_number":9,"box":{"x":116,"y":878,"width":162,"height":12}},{"id":"dbe35d76-f461-41d4-a88a-0c02cca050b1","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":9,"box":{"x":520,"y":88,"width":348,"height":11}},{"id":"ee159f77-9b31-43d6-8a97-8e0cd5cede81","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":103,"width":74,"height":9}},{"id":"66b78008-12c0-4535-9eca-d61468685a55","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":9,"box":{"x":520,"y":119,"width":262,"height":11}},{"id":"9672e035-dd70-43e4-afed-929ebb6b9a90","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":9,"box":{"x":520,"y":134,"width":288,"height":12}},{"id":"d05cb86d-8a84-47a7-99fb-61ba0a72ac1d","block_type":"box","text":"FNEX Capital, LLC","page_number":9,"box":{"x":520,"y":150,"width":141,"height":11}},{"id":"3eb547ba-75c3-4689-8149-16e8af23a524","block_type":"box","text":"Forethought Life Insurance Company","page_number":9,"box":{"x":520,"y":165,"width":258,"height":12}},{"id":"fe487113-f526-4eb8-9c61-c4c96f3d6105","block_type":"box","text":"FSC Securities Corporation","page_number":9,"box":{"x":520,"y":181,"width":190,"height":11}},{"id":"faf57152-af38-4028-a88e-004e2e6de819","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":9,"box":{"x":520,"y":196,"width":331,"height":12}},{"id":"26a7f355-7f06-4a43-b707-396d30e09acf","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":212,"width":336,"height":11}},{"id":"ca975262-f2ea-45fe-a34e-4e64896bf678","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":9,"box":{"x":520,"y":227,"width":233,"height":11}},{"id":"ea37da8e-38ca-46e5-ab76-d7e801eb7f73","block_type":"box","text":"Goldman Sachs & Co.","page_number":9,"box":{"x":520,"y":243,"width":156,"height":9}},{"id":"fbd61492-7fa0-49bb-b18a-e58c52669090","block_type":"box","text":"Great Pacific Securities, LLC","page_number":9,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"1e665ec2-33c8-4254-8322-9cf0f90d6212","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":9,"box":{"x":520,"y":274,"width":275,"height":11}},{"id":"bfd922ae-a106-4035-959d-1705e8178853","block_type":"box","text":"Hancock Whitney Bank","page_number":9,"box":{"x":520,"y":289,"width":166,"height":12}},{"id":"d55a31c8-8c06-4a27-8ce8-9115343cb4a4","block_type":"box","text":"Hartford Funds Management Company","page_number":9,"box":{"x":520,"y":305,"width":269,"height":11}},{"id":"866de481-ea73-4ae1-ba49-11e4b8e0bfe3","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":9,"box":{"x":520,"y":320,"width":322,"height":12}},{"id":"8766cb4c-1535-4c64-b219-8a1e02f7f3ec","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":9,"box":{"x":520,"y":336,"width":203,"height":10}},{"id":"b960d57f-5543-4106-a53f-197f51c5d1ed","block_type":"box","text":"Hightower Securities, Inc.","page_number":9,"box":{"x":520,"y":351,"width":181,"height":12}},{"id":"9a21fbc4-047e-4c6e-9558-ee2bee18f401","block_type":"box","text":"Hilltop Securities Inc.","page_number":9,"box":{"x":520,"y":367,"width":152,"height":11}},{"id":"d114e934-47e1-4c2f-a601-cb29be009cd1","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":9,"box":{"x":520,"y":382,"width":166,"height":11}},{"id":"521ca3d1-5bd6-4fd8-b8f4-b4712db8d7c0","block_type":"box","text":"Huntington Securities, Inc.","page_number":9,"box":{"x":520,"y":398,"width":186,"height":11}},{"id":"1d69cd72-40d6-4782-8863-5e5ed2797534","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":9,"box":{"x":520,"y":413,"width":249,"height":11}},{"id":"8b7d450a-0c74-44a2-9138-b434d7a458ab","block_type":"box","text":"Integrity Life Insurance Company","page_number":9,"box":{"x":520,"y":429,"width":234,"height":11}},{"id":"2d0278a1-d2ce-4154-a499-b8f9e08dc6b3","block_type":"box","text":"Interactive Brokers, LLC","page_number":9,"box":{"x":520,"y":444,"width":174,"height":11}},{"id":"d616bedc-89b2-4123-bfec-c417506387bc","block_type":"box","text":"Investment Trust of California","page_number":9,"box":{"x":520,"y":460,"width":209,"height":9}},{"id":"611d3ad0-1fa1-41ec-9304-a8777ae6cdf6","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":9,"box":{"x":520,"y":475,"width":287,"height":12}},{"id":"15eadae1-71fa-4735-9401-6250e5181ed8","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":9,"box":{"x":520,"y":491,"width":193,"height":11}},{"id":"65283754-e110-48c5-a3bf-34f701b17876","block_type":"box","text":"Jefferies LLC","page_number":9,"box":{"x":520,"y":506,"width":97,"height":9}},{"id":"a6294d3b-0f24-462b-a683-f1189f1e3785","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":9,"box":{"x":520,"y":522,"width":300,"height":11}},{"id":"788e0125-d41b-490c-a6c2-cf3fe7503cc9","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":9,"box":{"x":520,"y":537,"width":318,"height":12}},{"id":"54cee8a2-4c7e-4c6c-a2a7-005df0c89bdf","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":553,"width":74,"height":9}},{"id":"9480e9be-68d7-4361-9b40-b36bd058c484","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":9,"box":{"x":520,"y":568,"width":333,"height":12}},{"id":"16440e1e-5163-4fe6-824e-9a8193078efc","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":584,"width":365,"height":11}},{"id":"9ecc1dc9-5c64-4c53-a097-6f048f656242","block_type":"box","text":"John Hancock Trust Company","page_number":9,"box":{"x":520,"y":599,"width":209,"height":12}},{"id":"1016deac-513c-4b73-b03e-e5f1f1e7e8ee","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":9,"box":{"x":520,"y":615,"width":199,"height":11}},{"id":"96e31843-a67c-4950-ac0e-8d47a022d0cf","block_type":"box","text":"Kestra Investment Services, LLC","page_number":9,"box":{"x":520,"y":630,"width":229,"height":11}},{"id":"693c096b-2e28-4c98-ab61-9cf23c8ef954","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":9,"box":{"x":520,"y":646,"width":274,"height":11}},{"id":"68514340-de12-482c-8f55-d9d118cd5a18","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":9,"box":{"x":520,"y":661,"width":275,"height":12}},{"id":"a213fc3f-a706-4127-9447-39636cad422c","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":9,"box":{"x":520,"y":677,"width":324,"height":11}},{"id":"cc6f95a3-feb0-4b76-ac46-55b53106e371","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":9,"box":{"x":520,"y":692,"width":286,"height":12}},{"id":"416defd4-c7ea-4628-ba2d-35de6435d122","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":9,"box":{"x":520,"y":708,"width":228,"height":9}},{"id":"39a0efec-79d8-45cf-90b1-18fb96051dbe","block_type":"box","text":"Lombard International Life Assurance Company","page_number":9,"box":{"x":520,"y":723,"width":328,"height":12}},{"id":"6d3ccc18-8519-4363-8e7c-8d629fae2fa1","block_type":"box","text":"LPL Financial LLC","page_number":9,"box":{"x":520,"y":739,"width":132,"height":9}},{"id":"e5894c87-46ef-48c9-af63-01bd8b2ddea9","block_type":"box","text":"M&T Securities Inc.","page_number":9,"box":{"x":520,"y":754,"width":138,"height":9}},{"id":"d066ac00-0ad4-4190-9b05-3c1feb8fbb8a","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":9,"box":{"x":520,"y":770,"width":291,"height":11}},{"id":"bf760445-00b1-45e1-8b62-157bc1f4d72c","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":9,"box":{"x":520,"y":785,"width":321,"height":12}},{"id":"846eed52-0bbb-46f7-99c2-cce0e6863bc9","block_type":"box","text":"Members Life Insurance Company","page_number":9,"box":{"x":520,"y":801,"width":235,"height":11}},{"id":"ad4294c1-5fad-4cfa-b84f-7eacf1a7688d","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":9,"box":{"x":520,"y":816,"width":353,"height":12}},{"id":"96138b86-4b9b-4de5-9bda-392a30f6ab1a","block_type":"box","text":"Metavante Corporation","page_number":9,"box":{"x":520,"y":832,"width":161,"height":11}},{"id":"180604ca-eb51-402b-be35-75cf26d5c2dd","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":9,"box":{"x":520,"y":847,"width":264,"height":12}},{"id":"f5fd4a7b-eb73-4519-868a-7e8b7257126f","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":9,"box":{"x":520,"y":863,"width":332,"height":11}},{"id":"3030aa34-b0f4-42e6-99c2-42c829ed663e","block_type":"box","text":"Midland Life Insurance Company","page_number":9,"box":{"x":520,"y":878,"width":233,"height":12}},{"id":"8128b5b6-faee-4b5c-b4f3-282643932d32","block_type":"box","text":"2","page_number":9,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"ee8d9aa8-6b91-4688-87a8-e001e3dd81f6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":9,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5ba7d529-87e4-45d7-92ae-e74c9774c7d3","block_type":"box","text":"Minnesota Life Insurance Company","page_number":10,"box":{"x":116,"y":88,"width":247,"height":11}},{"id":"1aed4154-610c-4311-b05d-a77785faed93","block_type":"box","text":"Mischler Financial Group","page_number":10,"box":{"x":116,"y":103,"width":178,"height":12}},{"id":"7586f948-8409-4615-98ae-c43e2f9061be","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":10,"box":{"x":116,"y":119,"width":195,"height":9}},{"id":"dcce0dd0-f700-4185-977f-a2b94e4cbf9b","block_type":"box","text":"MML Distributors, LLC","page_number":10,"box":{"x":116,"y":134,"width":169,"height":11}},{"id":"abccb2f0-8754-4951-add4-4cbb359c11ad","block_type":"box","text":"MML Investors Services, LLC","page_number":10,"box":{"x":116,"y":150,"width":212,"height":10}},{"id":"834782cf-4c09-47c7-953e-bc358ff3547b","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":10,"box":{"x":116,"y":165,"width":193,"height":12}},{"id":"5bc2212d-26c7-4163-af26-d50bf9cb2398","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":10,"box":{"x":116,"y":181,"width":232,"height":11}},{"id":"2342a3c7-53c6-4a58-8d67-d584c3bd9507","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":10,"box":{"x":116,"y":196,"width":245,"height":12}},{"id":"390a0618-bf59-443d-a2e3-e7a8418737c4","block_type":"box","text":"MUFG Union Bank, National Association","page_number":10,"box":{"x":116,"y":212,"width":289,"height":10}},{"id":"d9b92cb4-9094-4b96-be5d-6866eaf05467","block_type":"box","text":"Nassau Life Insurance Company","page_number":10,"box":{"x":116,"y":227,"width":224,"height":12}},{"id":"71b387ba-a49a-4b3e-a2f3-ab26867c4681","block_type":"box","text":"National Financial Services LLC","page_number":10,"box":{"x":116,"y":243,"width":226,"height":9}},{"id":"7bbcd07f-7659-4512-a8b8-b1de4c2db18c","block_type":"box","text":"National Integrity Life Insurance Company","page_number":10,"box":{"x":116,"y":258,"width":296,"height":12}},{"id":"2e4a6c18-6114-4715-912c-89f01e28617f","block_type":"box","text":"National Life Insurance Company","page_number":10,"box":{"x":116,"y":274,"width":234,"height":11}},{"id":"b7bc3760-c9c4-47b6-ab67-9503cded36a8","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":10,"box":{"x":116,"y":289,"width":245,"height":11}},{"id":"2bf9fe3f-329b-4d77-8dc6-14aaab44c337","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":10,"box":{"x":116,"y":305,"width":242,"height":9}},{"id":"c668d7ea-165a-4246-b6d8-5ba8b04e8c25","block_type":"box","text":"Nationwide Retirement Solutions","page_number":10,"box":{"x":116,"y":320,"width":230,"height":9}},{"id":"e0d6f9e0-0c81-461e-94f3-a4e9a8fbaffc","block_type":"box","text":"NCB Federal Savings Bank","page_number":10,"box":{"x":116,"y":336,"width":191,"height":11}},{"id":"d3bb715f-a499-4ff2-928e-389b6d9753d9","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":10,"box":{"x":116,"y":351,"width":288,"height":12}},{"id":"cc0822c4-ccd3-4591-be77-d1b57e1148be","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":10,"box":{"x":116,"y":367,"width":350,"height":11}},{"id":"d088b22d-2214-40ab-b165-bac24e017e54","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":10,"box":{"x":116,"y":382,"width":237,"height":12}},{"id":"f655320a-21ba-463a-9960-fa66723f11cb","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":10,"box":{"x":116,"y":398,"width":249,"height":11}},{"id":"af262d8e-8a61-4861-ad2b-e82c90656d89","block_type":"box","text":"Northern Trust Company","page_number":10,"box":{"x":116,"y":413,"width":174,"height":12}},{"id":"75d01072-d3ff-4a39-bead-36c7c68c09ef","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":10,"box":{"x":116,"y":429,"width":329,"height":10}},{"id":"468e903a-31d1-43e7-95cb-6160e169e203","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":10,"box":{"x":116,"y":444,"width":320,"height":12}},{"id":"1736a219-de66-4341-ba18-a417d259bbb0","block_type":"box","text":"NYLife Distributors LLC","page_number":10,"box":{"x":116,"y":460,"width":177,"height":9}},{"id":"43cfbd3e-58a0-4e5d-9318-4feb575b15a3","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":10,"box":{"x":116,"y":475,"width":175,"height":12}},{"id":"636fc11f-98ab-4c7b-8673-0fed7894f82b","block_type":"box","text":"Orion Advisor Services, LLC","page_number":10,"box":{"x":116,"y":491,"width":203,"height":10}},{"id":"98794c90-e52b-4a0d-800d-8e70c32abf34","block_type":"box","text":"Osaic Wealth, Inc.","page_number":10,"box":{"x":116,"y":506,"width":129,"height":11}},{"id":"a2d89c80-c369-4a34-a8a3-40730646e674","block_type":"box","text":"Pacific Life & Annuity Company","page_number":10,"box":{"x":116,"y":522,"width":230,"height":11}},{"id":"73c69b93-e09c-4553-bd0b-cee0fa325201","block_type":"box","text":"Pacific Life Insurance Company","page_number":10,"box":{"x":116,"y":537,"width":223,"height":12}},{"id":"135bf5d2-d014-4560-9f38-dae75cd99967","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":10,"box":{"x":116,"y":553,"width":221,"height":10}},{"id":"d945c9e7-e9db-4811-9ab9-33a5361bdb05","block_type":"box","text":"Park Avenue Securities LLC","page_number":10,"box":{"x":116,"y":568,"width":198,"height":9}},{"id":"e0b59db5-e6e7-4de4-86df-90d896d9a8cf","block_type":"box","text":"Penserra Securities LLC","page_number":10,"box":{"x":116,"y":584,"width":169,"height":9}},{"id":"ecf298f7-0c92-473b-81af-be9ee4a0fac0","block_type":"box","text":"Pershing LLC","page_number":10,"box":{"x":116,"y":599,"width":99,"height":12}},{"id":"d3eab6d1-fea3-47b8-8017-08ea7ba6f283","block_type":"box","text":"PFPC Inc.","page_number":10,"box":{"x":116,"y":615,"width":73,"height":9}},{"id":"e8e873a2-a5a4-4fdb-a16f-c39547bb4d81","block_type":"box","text":"Piper Jaffray & Co.","page_number":10,"box":{"x":116,"y":630,"width":136,"height":12}},{"id":"9bf130f0-a856-4517-be4b-42be54f658ae","block_type":"box","text":"PNC Bank, National Association","page_number":10,"box":{"x":116,"y":646,"width":226,"height":10}},{"id":"8445b45e-a4cc-42a7-86c8-2d90b92c8632","block_type":"box","text":"PNC Capital Markets LLC","page_number":10,"box":{"x":116,"y":661,"width":180,"height":12}},{"id":"222dd84c-0856-4304-b3ae-c2a25ae98226","block_type":"box","text":"PNC Investments LLC","page_number":10,"box":{"x":116,"y":677,"width":154,"height":9}},{"id":"3cdf563e-d855-44be-8be0-533262602728","block_type":"box","text":"Principal Bank","page_number":10,"box":{"x":116,"y":692,"width":100,"height":12}},{"id":"7c68042d-b243-4d91-af5b-c4793fb4d784","block_type":"box","text":"Principal Life Insurance Company","page_number":10,"box":{"x":116,"y":708,"width":232,"height":11}},{"id":"166d40f0-df7f-4713-a58e-89c30c804c03","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":10,"box":{"x":116,"y":723,"width":327,"height":12}},{"id":"41b5c053-ae74-410c-88f6-871b1db8d6dd","block_type":"box","text":"Protective Life Insurance Company","page_number":10,"box":{"x":116,"y":739,"width":239,"height":11}},{"id":"11025001-2cdd-4ec4-b505-8e991e3012fb","block_type":"box","text":"Pruco Life Insurance Company","page_number":10,"box":{"x":116,"y":754,"width":210,"height":12}},{"id":"f484a4bb-4593-49a4-82dd-2515b9e75269","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":10,"box":{"x":116,"y":770,"width":311,"height":11}},{"id":"f4de0769-c514-4385-810e-2c0e81ea9744","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":10,"box":{"x":116,"y":785,"width":257,"height":11}},{"id":"0fcd2579-5e86-411d-8a9a-af26da665d39","block_type":"box","text":"Prudential Insurance Company of America","page_number":10,"box":{"x":116,"y":801,"width":289,"height":11}},{"id":"abdacfb9-582c-402c-80f9-e0f1c9b688d0","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":10,"box":{"x":116,"y":816,"width":237,"height":12}},{"id":"65f2d651-8677-4491-bcae-a1776b504e42","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":10,"box":{"x":116,"y":832,"width":277,"height":11}},{"id":"843a02ce-af60-40ff-a844-c0b0144f96a2","block_type":"box","text":"RBC Capital Markets, LLC","page_number":10,"box":{"x":116,"y":847,"width":190,"height":12}},{"id":"a215c748-7a34-4330-afd0-f168f7f50cce","block_type":"box","text":"Regions Bank","page_number":10,"box":{"x":116,"y":863,"width":99,"height":11}},{"id":"a0cea51f-5aed-4d05-9b0c-e6fc436dc0d4","block_type":"box","text":"Reliance Trust Company","page_number":10,"box":{"x":116,"y":878,"width":172,"height":12}},{"id":"71d90461-1a2e-490a-bbad-7df847eac167","block_type":"box","text":"Reliastar Life Insurance Company","page_number":10,"box":{"x":520,"y":88,"width":236,"height":11}},{"id":"92e22769-e640-4fd1-9f71-d8e619da0a51","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":10,"box":{"x":520,"y":103,"width":329,"height":12}},{"id":"6d8d32f1-0105-4f74-a62a-6dda3c88a665","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":10,"box":{"x":520,"y":119,"width":207,"height":10}},{"id":"38ecda30-6aed-4dce-815f-d8ec950c6ac7","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":10,"box":{"x":520,"y":134,"width":311,"height":9}},{"id":"2007f2dd-a24c-411c-88e5-1ae777c974f4","block_type":"box","text":"RiverSource Life Insurance Company","page_number":10,"box":{"x":520,"y":150,"width":260,"height":11}},{"id":"cac611e2-7301-46e0-b0c4-5e0c731249bc","block_type":"box","text":"SagePoint Financial, Inc.","page_number":10,"box":{"x":520,"y":165,"width":173,"height":12}},{"id":"fb6012f7-082a-4eb6-b1c3-89dca7e754f5","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":10,"box":{"x":520,"y":181,"width":252,"height":10}},{"id":"dface7d3-d5d5-4b04-b33d-b15b3dc38e87","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":10,"box":{"x":520,"y":196,"width":212,"height":12}},{"id":"3367d551-98cf-4f6b-bec7-4611c5205a44","block_type":"box","text":"Santander Bank, N.A.","page_number":10,"box":{"x":520,"y":212,"width":152,"height":10}},{"id":"f4321c2b-3dac-4ce7-8715-960574b6cdec","block_type":"box","text":"Saturna Trust Company","page_number":10,"box":{"x":520,"y":227,"width":165,"height":12}},{"id":"96463acb-e953-4d64-90d1-e3825d470b9e","block_type":"box","text":"Securities America, Inc.","page_number":10,"box":{"x":520,"y":243,"width":167,"height":10}},{"id":"8bfdbf08-2c31-49a4-b591-1509276d8f15","block_type":"box","text":"Securities Finance Trust Company","page_number":10,"box":{"x":520,"y":258,"width":238,"height":12}},{"id":"1bfdaad7-fb31-4037-93b4-987dbb9f5036","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":10,"box":{"x":520,"y":274,"width":286,"height":11}},{"id":"e0d1abe2-2c17-4bc1-9d5a-2468f8eca8ab","block_type":"box","text":"Security Financial Resources, Inc.","page_number":10,"box":{"x":520,"y":289,"width":235,"height":12}},{"id":"71751058-a241-4c14-b0f5-aa8329e36f9b","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":10,"box":{"x":520,"y":305,"width":304,"height":11}},{"id":"e7f3eb88-6576-49c5-8d00-02b0a7daad2a","block_type":"box","text":"SEI Private Trust Company","page_number":10,"box":{"x":520,"y":320,"width":191,"height":12}},{"id":"58a19cba-9d00-4dc1-aa99-f2595923ebf8","block_type":"box","text":"SG Americas Securities, LLC","page_number":10,"box":{"x":520,"y":336,"width":205,"height":10}},{"id":"cbdf5345-c006-4be7-a4ba-aa9012d302e3","block_type":"box","text":"Silicon Valley Bank","page_number":10,"box":{"x":520,"y":351,"width":141,"height":12}},{"id":"bfab1bad-cd5b-41b4-a8b8-f23cee64bce2","block_type":"box","text":"Standard Insurance Company","page_number":10,"box":{"x":520,"y":367,"width":203,"height":11}},{"id":"0ce4edb4-9869-4391-9ff5-6296faecf404","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":10,"box":{"x":520,"y":382,"width":347,"height":12}},{"id":"b5aa2363-4e56-45dc-85c6-e50cc82fc222","block_type":"box","text":"State Farm Life Insurance Company","page_number":10,"box":{"x":520,"y":398,"width":249,"height":11}},{"id":"d4203357-df7f-45a6-9f38-24facdfacddc","block_type":"box","text":"State Farm VP Management Corp.","page_number":10,"box":{"x":520,"y":413,"width":237,"height":12}},{"id":"b2b98dc6-d0ee-45ad-b64e-f5daa53f6407","block_type":"box","text":"State Street Bank and Trust Company","page_number":10,"box":{"x":520,"y":429,"width":259,"height":11}},{"id":"e32ad505-405c-4ea0-a4ab-edaf24bb968e","block_type":"box","text":"State Street Global Markets, LLC","page_number":10,"box":{"x":520,"y":444,"width":231,"height":11}},{"id":"c8a87ca8-39f5-41ee-a581-3829db267a41","block_type":"box","text":"Stern Brothers & Co.","page_number":10,"box":{"x":520,"y":460,"width":147,"height":9}},{"id":"1a867d62-edbf-4e00-8f06-621b06d89999","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":10,"box":{"x":520,"y":475,"width":290,"height":12}},{"id":"796aa45c-a247-446c-9d8d-44077c3a06c5","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":10,"box":{"x":520,"y":491,"width":227,"height":11}},{"id":"cf58600e-bce1-4c19-99ee-ab74d1ae67ad","block_type":"box","text":"SVB Asset Management","page_number":10,"box":{"x":520,"y":506,"width":170,"height":12}},{"id":"60bc6827-26bb-4751-bf5f-130dc5787d4a","block_type":"box","text":"Symetra Life Insurance Company","page_number":10,"box":{"x":520,"y":522,"width":232,"height":11}},{"id":"5dd19df9-bae6-411d-b500-b40c21a070d2","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":10,"box":{"x":520,"y":537,"width":200,"height":12}},{"id":"14f8053d-155b-4c15-a8e6-09dbf83ac25f","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":10,"box":{"x":520,"y":553,"width":310,"height":10}},{"id":"d4bca6e6-3ae7-4ae2-a6c8-418c69497f2b","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":10,"box":{"x":520,"y":568,"width":319,"height":12}},{"id":"15542ce0-80a2-44e9-9f98-6a5f221565cb","block_type":"box","text":"Company","page_number":10,"box":{"x":520,"y":584,"width":69,"height":11}},{"id":"c3cdd7cf-a1cc-4a5b-9929-1a642db9a233","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":10,"box":{"x":520,"y":599,"width":301,"height":12}},{"id":"7fac0c97-3e17-461d-8742-a156c1087457","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":10,"box":{"x":520,"y":615,"width":204,"height":11}},{"id":"76943796-e7cb-44fd-9428-d6be845bd39e","block_type":"box","text":"TD Ameritrade, Inc.","page_number":10,"box":{"x":520,"y":630,"width":141,"height":11}},{"id":"b66d5646-acba-4207-81a3-7d8e8b20c1bd","block_type":"box","text":"TD Prime Services (US) LLC","page_number":10,"box":{"x":520,"y":646,"width":205,"height":11}},{"id":"0399ba9b-f83f-4c07-9b40-b22d999bbbfe","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":10,"box":{"x":520,"y":661,"width":321,"height":12}},{"id":"418fc203-eb17-48bc-ba65-04b1ac8838d3","block_type":"box","text":"America","page_number":10,"box":{"x":520,"y":677,"width":58,"height":9}},{"id":"751ba106-253e-4795-9950-f84b0c65fd98","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":10,"box":{"x":520,"y":692,"width":216,"height":12}},{"id":"470a2693-c191-410f-9ec8-0cbeee04bf26","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":10,"box":{"x":520,"y":708,"width":330,"height":11}},{"id":"c30caf42-9f36-4f54-8d81-626eabccc888","block_type":"box","text":"Transamerica Life Insurance Company","page_number":10,"box":{"x":520,"y":723,"width":263,"height":12}},{"id":"60d641ea-ca33-46fb-96e7-c2dfb94216cb","block_type":"box","text":"Treasury Brokerage","page_number":10,"box":{"x":520,"y":739,"width":134,"height":11}},{"id":"3bb42c6e-0091-4c19-9a9a-b67830c31698","block_type":"box","text":"Triad Advisors, LLC","page_number":10,"box":{"x":520,"y":754,"width":141,"height":11}},{"id":"4535ecdf-44f2-4524-9047-224c29c3c961","block_type":"box","text":"Truist Bank","page_number":10,"box":{"x":520,"y":770,"width":80,"height":9}},{"id":"1d4949c1-3801-4140-aa89-681bfb31f959","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":10,"box":{"x":520,"y":785,"width":210,"height":12}},{"id":"2926adab-d5c2-4d37-bdb8-91b70ad5eb34","block_type":"box","text":"U.S. Bank, National Association","page_number":10,"box":{"x":520,"y":801,"width":219,"height":10}},{"id":"7151399d-d4ee-4659-8372-808d5f6a8fb2","block_type":"box","text":"UBATCO & Co.","page_number":10,"box":{"x":520,"y":816,"width":113,"height":9}},{"id":"af169a5e-cc7d-475f-b907-eae85c3de6ff","block_type":"box","text":"UBS Financial Services, Inc.","page_number":10,"box":{"x":520,"y":832,"width":199,"height":10}},{"id":"b7896ed5-01fd-4785-b51b-fdf0fb98849f","block_type":"box","text":"UBS Securities LLC","page_number":10,"box":{"x":520,"y":847,"width":143,"height":9}},{"id":"e358dac6-b6d2-42d4-9aab-d2490e2d68fa","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":10,"box":{"x":520,"y":863,"width":205,"height":10}},{"id":"7e346709-7251-4012-973c-e545aaeed0a4","block_type":"box","text":"UMB Bank, National Association","page_number":10,"box":{"x":520,"y":878,"width":232,"height":11}},{"id":"99e59c2a-854e-4c60-b4af-e901452b931b","block_type":"box","text":"3","page_number":10,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"aeb0a0a0-2e23-4581-89d9-43f3714617d9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":10,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3be3d6e2-546a-4e11-979e-e8eee1e5114d","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":11,"box":{"x":116,"y":88,"width":360,"height":11}},{"id":"d6ec72f0-81a9-4ccd-8171-6f9b87e5f683","block_type":"box","text":"New York","page_number":11,"box":{"x":116,"y":103,"width":74,"height":9}},{"id":"c4599629-b2d2-4cef-bfbb-ad1c22522372","block_type":"box","text":"VALIC Retirement Services Company","page_number":11,"box":{"x":116,"y":119,"width":265,"height":11}},{"id":"fc5b832d-c0f8-4ec6-8ba4-1d98d46bcbb7","block_type":"box","text":"Vanguard Group, Inc.","page_number":11,"box":{"x":116,"y":134,"width":152,"height":12}},{"id":"95e00ed2-862e-48de-8724-4b48f8c03430","block_type":"box","text":"Vanguard Marketing Corporation","page_number":11,"box":{"x":116,"y":150,"width":230,"height":11}},{"id":"74e91514-2f40-42d4-8193-e93843365b80","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":11,"box":{"x":116,"y":165,"width":207,"height":12}},{"id":"f4b7ef71-1f16-44f7-9c33-a8b497e64b6d","block_type":"box","text":"Voya Financial Partners, LLC","page_number":11,"box":{"x":116,"y":181,"width":207,"height":11}},{"id":"83b1d6b3-a481-48a1-8b95-c33e81d919c6","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":11,"box":{"x":116,"y":196,"width":262,"height":12}},{"id":"4d5d43e7-662e-4b29-bca1-b632f96aa7b3","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":212,"width":268,"height":11}},{"id":"6fe5b203-121e-4d7e-8627-3bb7570d8c1f","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":11,"box":{"x":116,"y":227,"width":245,"height":12}},{"id":"5fdc1bfc-55f2-4b6d-869a-860cdf14ac9e","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":243,"width":347,"height":11}},{"id":"4d136229-ca74-4232-a2be-21685569879c","block_type":"box","text":"Waddell & Reed, Inc.","page_number":11,"box":{"x":520,"y":88,"width":151,"height":10}},{"id":"51779fa7-b9df-47fe-a96b-53382ac90bb3","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":11,"box":{"x":520,"y":103,"width":192,"height":12}},{"id":"b1607230-e3f5-40da-b497-e387aa27ea5a","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":11,"box":{"x":520,"y":119,"width":322,"height":11}},{"id":"c1e2789c-e664-4f85-be20-c7a7880b860f","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":11,"box":{"x":520,"y":134,"width":168,"height":12}},{"id":"c92c1f69-5252-4121-b1cd-c2ef83383bf1","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":11,"box":{"x":520,"y":150,"width":251,"height":11}},{"id":"c7c37688-8730-4c2b-9744-e4ecd1f67656","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":11,"box":{"x":520,"y":165,"width":213,"height":12}},{"id":"d9b6457c-ed33-4228-a496-99505c0c1b65","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":11,"box":{"x":520,"y":181,"width":198,"height":11}},{"id":"b60b1170-0bea-4163-9556-2df7d1062cac","block_type":"box","text":"Wilmington Trust, National Association","page_number":11,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"11b6de2e-1c90-433d-8425-e252194a1c32","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":11,"box":{"x":520,"y":212,"width":238,"height":11}},{"id":"75639f4d-6bc7-435b-b8d7-a5babf92481c","block_type":"box","text":"ZB, National Association","page_number":11,"box":{"x":520,"y":227,"width":176,"height":11}},{"id":"79cd6fa7-8247-4a86-a934-33ed2b437543","block_type":"box","text":"4","page_number":11,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"a28de3bd-c13c-465e-ae86-2919f34968d6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":11,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7fdf3442-57bd-4afc-8007-99da1053e42d","block_type":"box","text":"Appendix A","page_number":12,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"5d3ce36f-3657-4a22-8c94-18b0a07be1e9","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":12,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"2a54b398-b51f-478e-8159-5565f5d9e28b","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":12,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"13008e58-057c-4141-b4e6-c78c8ab18cdf","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":12,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"567aa756-065d-48c1-9d67-f40c866f84d8","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":12,"box":{"x":133,"y":196,"width":267,"height":9}},{"id":"ed23f5bc-cb54-41a1-aa36-0af07aab2521","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":12,"box":{"x":133,"y":212,"width":305,"height":11}},{"id":"eeb03d40-1663-4fbe-a696-217cb0cbf66c","block_type":"box","text":"BATS: High Income Municipal Series","page_number":12,"box":{"x":133,"y":227,"width":263,"height":12}},{"id":"b7ca5b54-6552-47d4-8134-6f2def81b65b","block_type":"box","text":"BATS: High Income Taxable Series","page_number":12,"box":{"x":133,"y":243,"width":248,"height":11}},{"id":"74d0b342-938e-496b-8633-40db85f66ae6","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":12,"box":{"x":133,"y":258,"width":256,"height":12}},{"id":"4945d53d-8ba9-45ea-b7d3-964c36e07d87","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":12,"box":{"x":133,"y":274,"width":235,"height":11}},{"id":"143bb541-9f41-4775-8cdc-1352c152ed96","block_type":"box","text":"BATS: Short Duration Taxable Total Return Series","page_number":12,"box":{"x":133,"y":289,"width":350,"height":9}},{"id":"07829147-3cd6-47b8-93f1-1ddaee0b55fa","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":12,"box":{"x":133,"y":305,"width":307,"height":11}},{"id":"61e7bf7b-e409-4d35-a7a2-0d5bc32ddb2d","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":12,"box":{"x":116,"y":336,"width":232,"height":11}},{"id":"b5ef229b-6f4e-42bd-9312-9ab237942cbb","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":12,"box":{"x":116,"y":367,"width":203,"height":11}},{"id":"3f243ebc-ad37-487b-9cb8-69e623d2fd08","block_type":"box","text":"BlackRock Total Return Fund","page_number":12,"box":{"x":133,"y":382,"width":207,"height":9}},{"id":"51d69d51-67c0-4d34-b62d-4df306563134","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":12,"box":{"x":116,"y":413,"width":331,"height":12}},{"id":"651e595b-e7b8-4424-816f-068d43401ec3","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":12,"box":{"x":133,"y":429,"width":322,"height":11}},{"id":"bd4268e8-f224-428b-96ea-6859e4f733ed","block_type":"box","text":"Fund","page_number":12,"box":{"x":133,"y":444,"width":38,"height":9}},{"id":"5a6faa7c-b7e8-48f9-b69a-a9f9946c8f0b","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":12,"box":{"x":116,"y":475,"width":317,"height":12}},{"id":"357bd573-fe1e-41a2-b247-a3117a17c560","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":12,"box":{"x":116,"y":506,"width":301,"height":12}},{"id":"bf3938ae-b933-49c4-ab2c-ddc83e0f07ae","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":12,"box":{"x":116,"y":537,"width":248,"height":12}},{"id":"a2cdcb50-1211-4d39-acb1-8e0d45a66164","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":12,"box":{"x":116,"y":568,"width":332,"height":9}},{"id":"191aa90f-f252-4d60-ae12-144fd3e13e31","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":12,"box":{"x":133,"y":584,"width":278,"height":9}},{"id":"fc41dd15-b0bf-46fe-ac74-dcfd930c25cd","block_type":"box","text":"BlackRock Funds","page_number":12,"box":{"x":116,"y":615,"width":127,"height":9}},{"id":"d6975aaa-6bd2-4264-aa6e-9e0e7c5c8643","block_type":"box","text":"SM","page_number":12,"box":{"x":244,"y":614,"width":15,"height":6}},{"id":"8f4caa70-ff4c-4fe1-8c71-052dcef21267","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":12,"box":{"x":133,"y":630,"width":325,"height":12}},{"id":"ecb3bf1b-7b84-4df0-b5d3-36e5c869e853","block_type":"box","text":"BlackRock Advantage International Fund","page_number":12,"box":{"x":133,"y":646,"width":285,"height":11}},{"id":"86ff3603-1ac8-4ba0-ae06-40dba0c2fcc8","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":12,"box":{"x":133,"y":661,"width":321,"height":12}},{"id":"af9727fc-b1ad-4726-9de5-c97c708b2318","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":12,"box":{"x":133,"y":677,"width":302,"height":11}},{"id":"050610dc-3752-417c-8b78-0a29a279e3ee","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":12,"box":{"x":133,"y":692,"width":321,"height":12}},{"id":"a526f73c-f26a-467b-a45c-2820e27ca40d","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":12,"box":{"x":133,"y":708,"width":271,"height":11}},{"id":"7d698fc7-7049-499c-b497-e8747068149a","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":12,"box":{"x":133,"y":723,"width":269,"height":12}},{"id":"93cb42ee-782f-4515-b5f7-56e93433a9e8","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":12,"box":{"x":133,"y":739,"width":288,"height":11}},{"id":"5c2fe68a-2633-4826-866c-89f0e64c365f","block_type":"box","text":"Reserve Vehicle","page_number":12,"box":{"x":133,"y":754,"width":110,"height":9}},{"id":"4e0c2a91-1db4-4400-84bd-6e6bf0ef1690","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":12,"box":{"x":133,"y":770,"width":294,"height":11}},{"id":"f502ff3a-adbf-46b5-9040-6666a6ecb8a7","block_type":"box","text":"Markets Fund","page_number":12,"box":{"x":133,"y":785,"width":93,"height":9}},{"id":"d09d6563-c8bf-477f-9214-a390a99d4139","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":12,"box":{"x":133,"y":801,"width":309,"height":11}},{"id":"3ca1b3ba-6611-4c74-b8c3-c50d56c566bc","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":12,"box":{"x":133,"y":816,"width":263,"height":12}},{"id":"1413dc11-74f0-45e7-9131-21117d4f2a74","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":12,"box":{"x":133,"y":832,"width":213,"height":11}},{"id":"5c2bb486-2d52-4cbd-a4cf-4053a242bfd6","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":12,"box":{"x":133,"y":847,"width":324,"height":12}},{"id":"c6f614b1-1a3c-4059-84ee-504cd766921d","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":12,"box":{"x":133,"y":863,"width":288,"height":11}},{"id":"87882e90-c4b0-4071-a3b9-c1d19bd09f0d","block_type":"box","text":"Portfolio","page_number":12,"box":{"x":133,"y":878,"width":64,"height":9}},{"id":"8b24e621-3ab1-4f3b-9611-4e2e945db1b8","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":12,"box":{"x":537,"y":119,"width":259,"height":11}},{"id":"19f2b90c-a81c-4d66-be9a-f87dcf7318e4","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":12,"box":{"x":537,"y":134,"width":313,"height":12}},{"id":"1eea281f-2bcb-4fbb-9779-43aad7fea6d6","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":12,"box":{"x":537,"y":150,"width":269,"height":9}},{"id":"0bfa9f63-2689-4682-8196-614acbb69382","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":12,"box":{"x":537,"y":165,"width":241,"height":12}},{"id":"043cbe02-7ce9-47ce-afda-680a7d339d57","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":12,"box":{"x":537,"y":181,"width":287,"height":11}},{"id":"814de5b4-3f68-41c3-80dd-919b2b052264","block_type":"box","text":"Emerging Markets Equity Fund","page_number":12,"box":{"x":537,"y":196,"width":218,"height":12}},{"id":"20cf9a02-805b-44b2-ba00-5a5d84b48078","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":12,"box":{"x":537,"y":212,"width":330,"height":11}},{"id":"25c28b89-c4a5-4dd1-b624-6dc27d802643","block_type":"box","text":"Cap Core Fund","page_number":12,"box":{"x":537,"y":227,"width":107,"height":12}},{"id":"4a28668c-afd5-437c-9f60-0f9d1520f9f3","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":12,"box":{"x":537,"y":243,"width":273,"height":11}},{"id":"58f0f75e-b89e-4cf9-a2d8-8a9a6a34548a","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":12,"box":{"x":537,"y":258,"width":299,"height":12}},{"id":"bebef931-dcbc-4eef-9e74-c160c98b35be","block_type":"box","text":"BlackRock Wealth Liquid Environmentally Aware","page_number":12,"box":{"x":537,"y":274,"width":347,"height":11}},{"id":"36a98ccb-93e3-4058-86f7-aa42bb634ef2","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":289,"width":38,"height":9}},{"id":"d76dc08a-a212-4230-9bb7-6fdbe41bbafe","block_type":"box","text":"Circle Reserve Fund","page_number":12,"box":{"x":537,"y":305,"width":142,"height":9}},{"id":"dee6edec-128b-4c7c-a265-92780bdf7fe0","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":12,"box":{"x":537,"y":320,"width":293,"height":12}},{"id":"ced5e8b7-ecae-40cf-9144-cb96860f9f1e","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":12,"box":{"x":537,"y":336,"width":280,"height":9}},{"id":"f6018b43-e4a6-495e-b333-0ef9f83c9ba0","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":12,"box":{"x":537,"y":351,"width":322,"height":12}},{"id":"5683ad9a-b476-427b-9d05-5755ae05311f","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":367,"width":38,"height":9}},{"id":"f5f7e32b-fb64-401e-bf67-4262ed4fb131","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":12,"box":{"x":537,"y":382,"width":249,"height":12}},{"id":"f87864af-4941-4a5f-891c-45edc2deb4db","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":398,"width":254,"height":11}},{"id":"6fe26e5a-05c7-4b31-9055-1e1d45e90496","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":413,"width":298,"height":12}},{"id":"415c948d-da15-4e5a-bc4f-e1f1f9ee6ece","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":12,"box":{"x":537,"y":429,"width":297,"height":9}},{"id":"9819d7de-eed7-4068-9eb0-d96902feca90","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":12,"box":{"x":537,"y":444,"width":304,"height":9}},{"id":"ffd39d53-a864-44c9-af6d-580e4fed8047","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":460,"width":346,"height":9}},{"id":"d35399f3-4af5-4a19-81cd-7288d455a7c7","block_type":"box","text":"iShares U.S. Intermediate Government Bond Index","page_number":12,"box":{"x":537,"y":475,"width":349,"height":9}},{"id":"9f97920c-dfe8-4a0d-84e9-355084551a86","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":491,"width":38,"height":9}},{"id":"2957a96b-662f-4763-aa05-c3b222b28b96","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":506,"width":296,"height":12}},{"id":"7706bc02-b2eb-4265-a221-b108b8a4c8d1","block_type":"box","text":"iShares U.S. Long Government Bond Index Fund","page_number":12,"box":{"x":537,"y":522,"width":338,"height":11}},{"id":"62612bc0-5958-4d89-a056-e03f3f80ef67","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":12,"box":{"x":537,"y":537,"width":290,"height":9}},{"id":"498d81f0-8760-4cb4-bdb6-8e9266361ae4","block_type":"box","text":"BlackRock Funds II","page_number":12,"box":{"x":520,"y":568,"width":149,"height":9}},{"id":"ff500226-81d3-4258-ac19-8b1a58febbe4","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":12,"box":{"x":537,"y":584,"width":284,"height":11}},{"id":"aaf92ed4-9a5d-45d4-96c5-722892737299","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":12,"box":{"x":537,"y":599,"width":284,"height":12}},{"id":"79a38f69-bd5b-4ade-8304-d9c98a00f362","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":12,"box":{"x":537,"y":615,"width":284,"height":11}},{"id":"b2d39200-5709-4d71-aaac-9a3a5da56b32","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":12,"box":{"x":537,"y":630,"width":284,"height":12}},{"id":"0863c1ea-cfe5-4a61-be20-050b4092f435","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":12,"box":{"x":537,"y":646,"width":301,"height":11}},{"id":"7fa001b9-b348-4757-9c96-bee9a1f6390a","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":12,"box":{"x":537,"y":661,"width":255,"height":9}},{"id":"9177e0c3-e3b0-4ace-86ca-73fcff374a77","block_type":"box","text":"BlackRock Managed Income Fund","page_number":12,"box":{"x":537,"y":677,"width":235,"height":11}},{"id":"366e1737-e85f-4563-8d64-33d4ea0ad553","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":12,"box":{"x":537,"y":692,"width":278,"height":9}},{"id":"430bdca3-7fa3-4d86-a91d-0e3157a32ac7","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":12,"box":{"x":537,"y":708,"width":285,"height":9}},{"id":"45c28db7-e251-46fc-804d-f1f3e02a8734","block_type":"box","text":"BlackRock Funds III","page_number":12,"box":{"x":520,"y":739,"width":151,"height":9}},{"id":"c942e340-262c-4624-b277-daee424727ce","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":12,"box":{"x":537,"y":754,"width":248,"height":9}},{"id":"04ba9f20-e4d8-4a0c-85ec-e60d4c09c7f6","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":12,"box":{"x":537,"y":770,"width":226,"height":11}},{"id":"863d9c4d-f5f8-4ab3-8714-a3e4c143ee50","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":12,"box":{"x":537,"y":785,"width":288,"height":12}},{"id":"e3bd888d-eea6-4355-b688-ed87465b4987","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":12,"box":{"x":537,"y":801,"width":291,"height":9}},{"id":"c0268fe4-1d85-4bae-a204-f1f12eac7797","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":816,"width":136,"height":9}},{"id":"62f879fb-6a93-4851-84f9-8cf5c4714cad","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":815,"width":9,"height":7}},{"id":"86332af7-e244-4c91-92cf-89f5fd03e44b","block_type":"box","text":"Dynamic Retirement Fund","page_number":12,"box":{"x":688,"y":816,"width":179,"height":12}},{"id":"27e7d84f-e382-48e1-bb70-fcdf37134b77","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":832,"width":136,"height":9}},{"id":"1ce8e076-b93b-49de-9c40-cfe3b99a53e4","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":831,"width":9,"height":6}},{"id":"5b5be8bd-b483-4fa7-89ce-b63eb30d6227","block_type":"box","text":"Dynamic 2030 Fund","page_number":12,"box":{"x":683,"y":832,"width":147,"height":11}},{"id":"a4914c9c-0250-4123-9437-f225dacc2ada","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":847,"width":136,"height":9}},{"id":"a7f79bd3-de01-4cfb-97a8-d9d1786975fd","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":846,"width":9,"height":7}},{"id":"2e3d9dba-88d4-4328-91ec-408b5889e9c5","block_type":"box","text":"Dynamic 2035 Fund","page_number":12,"box":{"x":683,"y":847,"width":147,"height":12}},{"id":"2f1cd691-521c-4d4d-9148-87cec17b2cb4","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":863,"width":136,"height":9}},{"id":"f6d9a696-82ce-49d5-b780-f0aaea582229","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":862,"width":9,"height":6}},{"id":"d1d24844-337e-4803-a41b-4ce77a59c322","block_type":"box","text":"Dynamic 2040 Fund","page_number":12,"box":{"x":683,"y":863,"width":147,"height":11}},{"id":"56e380a3-df82-4ba8-a54c-bc5aed806a09","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":878,"width":136,"height":9}},{"id":"40db53a5-88c9-4da1-825d-d1051e986cc6","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":877,"width":9,"height":7}},{"id":"5b3f33dd-17ed-4732-ae70-e12eced8d044","block_type":"box","text":"Dynamic 2045 Fund","page_number":12,"box":{"x":683,"y":878,"width":147,"height":12}},{"id":"9074e641-34bf-42ca-9287-3920d4c73ad5","block_type":"box","text":"5","page_number":12,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"875a8f2d-3d53-4534-a13f-4e343f25f3dc","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":12,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"76a6d519-248a-4e4b-aaba-c8e37e6673d9","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":88,"width":136,"height":9}},{"id":"b8628d83-010e-42f3-b979-a3009c88fa4b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":87,"width":9,"height":6}},{"id":"a4f8e15c-8399-4ea0-81bb-17dccf5ca8f8","block_type":"box","text":"Dynamic 2050 Fund","page_number":13,"box":{"x":279,"y":88,"width":147,"height":11}},{"id":"1e315d12-ba5e-4ef0-b5d7-4a05cf8471e7","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":103,"width":136,"height":9}},{"id":"a53baa36-f7f7-40f8-b300-5f2c34a58263","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":102,"width":9,"height":7}},{"id":"e53f8ba4-d966-4b2f-8a3b-100bdadb8a9e","block_type":"box","text":"Dynamic 2055 Fund","page_number":13,"box":{"x":279,"y":103,"width":147,"height":12}},{"id":"605d213b-1552-42d5-abdc-7a0a7a8354ce","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":119,"width":136,"height":9}},{"id":"d04afaa0-5650-4e7d-ba13-393fad38a947","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":118,"width":9,"height":6}},{"id":"0bbe1ff9-ee59-4a51-bfd8-bbd8478ba981","block_type":"box","text":"Dynamic 2060 Fund","page_number":13,"box":{"x":279,"y":119,"width":147,"height":11}},{"id":"3695fbaf-522e-4563-ad19-877b5e976d64","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":134,"width":136,"height":9}},{"id":"8fea9df2-3dee-4577-91d8-27db029e1f9b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":133,"width":9,"height":7}},{"id":"ebaf74e4-1d44-42c2-be4f-fc1cb0d047c7","block_type":"box","text":"Dynamic 2065 Fund","page_number":13,"box":{"x":279,"y":134,"width":147,"height":12}},{"id":"6f0f3c3c-3cb6-40c2-9806-ab0532df4870","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":150,"width":136,"height":9}},{"id":"005c430f-6e65-42f3-ada1-dfbd81580cd8","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":149,"width":9,"height":6}},{"id":"f29d8134-7c69-4fc2-9206-df03192faef6","block_type":"box","text":"Dynamic 2070 Fund","page_number":13,"box":{"x":279,"y":150,"width":147,"height":11}},{"id":"2b65fde3-e6b6-4f46-b0e7-4a6e1947edb1","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":165,"width":136,"height":9}},{"id":"637af46f-82e8-4832-b358-89e82721b1ba","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":164,"width":9,"height":7}},{"id":"00649347-6449-4053-beee-c2fed8b0ad54","block_type":"box","text":"ESG Index Retirement Fund","page_number":13,"box":{"x":279,"y":165,"width":201,"height":9}},{"id":"3126f6f8-2fe1-48f7-9957-e54fdeb4646a","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":181,"width":136,"height":9}},{"id":"daffd7b9-2a8e-4dfa-9eb0-c045eed18342","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":180,"width":9,"height":6}},{"id":"29ef5e11-5476-4da0-9cee-ad8444c55275","block_type":"box","text":"ESG Index 2030 Fund","page_number":13,"box":{"x":279,"y":181,"width":160,"height":9}},{"id":"401975b7-cff6-4164-8e65-873b14987ab0","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":196,"width":136,"height":9}},{"id":"1881953a-448e-4182-9033-686c212250ef","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":195,"width":9,"height":7}},{"id":"e0a30529-5e4c-47a1-ab5e-be27a7b55f59","block_type":"box","text":"ESG Index 2035 Fund","page_number":13,"box":{"x":279,"y":196,"width":160,"height":9}},{"id":"ef370fcf-9f95-453a-989b-efddd18c5e1d","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":212,"width":136,"height":9}},{"id":"d0259408-9b30-4ea5-9cb8-a6773326d655","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":211,"width":9,"height":6}},{"id":"ea8704ea-4c7a-4a75-8b12-7db89c8f1717","block_type":"box","text":"ESG Index 2040 Fund","page_number":13,"box":{"x":279,"y":212,"width":160,"height":9}},{"id":"59378086-763a-45b1-9ad5-2ca113a2081d","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":227,"width":136,"height":9}},{"id":"b2224c74-355a-45e2-82d8-3bf3b479369b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":226,"width":9,"height":7}},{"id":"bc146a51-b9c3-4bda-9140-5cc038c001ad","block_type":"box","text":"ESG Index 2045 Fund","page_number":13,"box":{"x":279,"y":227,"width":160,"height":9}},{"id":"a9f06ba7-92a8-42e9-8902-39e87abbdd13","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":243,"width":136,"height":9}},{"id":"bfdf5d50-6aed-4af8-be0e-f0c1016a634a","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":242,"width":9,"height":6}},{"id":"827594c3-341c-40e8-9253-b09688666e12","block_type":"box","text":"ESG Index 2050 Fund","page_number":13,"box":{"x":279,"y":243,"width":160,"height":9}},{"id":"94a51289-4071-4a54-a3c6-c34b790c9e06","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":258,"width":136,"height":9}},{"id":"199b5f0d-a327-4107-9251-1672eb6e1d72","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":257,"width":9,"height":7}},{"id":"40bdf323-a9f6-40fd-931e-bb19ae0ac338","block_type":"box","text":"ESG Index 2055 Fund","page_number":13,"box":{"x":279,"y":258,"width":160,"height":9}},{"id":"5905ec5b-068b-4e46-a2ce-38718cad2889","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":274,"width":136,"height":9}},{"id":"c2ddf5a5-dd8a-4239-9280-d0434ca8c79b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":273,"width":9,"height":6}},{"id":"f3bbdba4-213e-4513-be79-dea999e7dab3","block_type":"box","text":"ESG Index 2060 Fund","page_number":13,"box":{"x":279,"y":274,"width":160,"height":9}},{"id":"15085371-feb7-427b-9236-378c717e6a32","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":289,"width":136,"height":9}},{"id":"2e0c4650-fb10-4d72-8039-da23df5105d3","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":288,"width":9,"height":7}},{"id":"ccbe2640-806d-4114-acff-1308b7a15431","block_type":"box","text":"ESG Index 2065 Fund","page_number":13,"box":{"x":279,"y":289,"width":160,"height":9}},{"id":"1692f409-1adb-4151-8c7d-d84b15b38753","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":305,"width":136,"height":9}},{"id":"b38cb1a2-7016-4d9e-8a16-6326f818ade4","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":304,"width":9,"height":6}},{"id":"de0d716d-7a3a-4586-b210-b4593e21b0ff","block_type":"box","text":"ESG Index 2070 Fund","page_number":13,"box":{"x":279,"y":305,"width":160,"height":9}},{"id":"d4cd489a-eace-4573-bbe3-8b8ee6f467a2","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":320,"width":136,"height":9}},{"id":"3ff8bae0-c481-48d1-ae30-1ca68859bd90","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":319,"width":9,"height":7}},{"id":"2120f901-df99-496a-af6d-7ce71fe4f727","block_type":"box","text":"Index Retirement Fund","page_number":13,"box":{"x":279,"y":320,"width":165,"height":9}},{"id":"b51f938a-9d49-4b78-8564-18b044b03e92","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":336,"width":136,"height":9}},{"id":"a1a878e1-2293-4206-89dd-b311e6238aa1","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":335,"width":9,"height":6}},{"id":"e38c09e7-912b-4fdd-ad66-91d6da159b9f","block_type":"box","text":"Index 2030 Fund","page_number":13,"box":{"x":279,"y":336,"width":124,"height":9}},{"id":"c53d6bff-0740-40a0-9e78-265e12bf98a4","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":351,"width":136,"height":9}},{"id":"840f773d-fb5b-4c6f-8621-94dbdd2b6822","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":350,"width":9,"height":7}},{"id":"ea1d3a30-7af0-4aec-99bb-1e6a4dea1dbe","block_type":"box","text":"Index 2035 Fund","page_number":13,"box":{"x":279,"y":351,"width":124,"height":9}},{"id":"f89153a1-5c3a-48b3-9ab7-b4933021d7b9","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":367,"width":136,"height":9}},{"id":"18885f43-22ef-4de9-a399-e9eddda9394d","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":366,"width":9,"height":6}},{"id":"4c21ef68-023b-4a5e-aac1-5c550db80a80","block_type":"box","text":"Index 2040 Fund","page_number":13,"box":{"x":279,"y":367,"width":124,"height":9}},{"id":"38d739bb-64b3-4fb7-b8b0-4e57ba9f5294","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":382,"width":136,"height":9}},{"id":"9028be46-744f-404c-841d-7d3be4835b35","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":381,"width":9,"height":7}},{"id":"043bf62a-37a8-4cc9-9103-c08a4500d9ea","block_type":"box","text":"Index 2045 Fund","page_number":13,"box":{"x":279,"y":382,"width":124,"height":9}},{"id":"6cc094a2-ba92-464d-86a6-dd98d2cfb7d2","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":398,"width":136,"height":9}},{"id":"23a71cc4-2adc-465b-9888-15073582c9f4","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":397,"width":9,"height":6}},{"id":"b3efd6bb-1867-4723-bf9b-3e2c89287bb6","block_type":"box","text":"Index 2050 Fund","page_number":13,"box":{"x":279,"y":398,"width":124,"height":9}},{"id":"f554cdc2-9e1e-4c27-a550-d1162b589666","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":413,"width":136,"height":9}},{"id":"3b678213-6474-4d05-a2d5-48d4b87eeac5","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":412,"width":9,"height":7}},{"id":"03c21f70-61a6-43bb-b1f3-2b05d7ba322e","block_type":"box","text":"Index 2055 Fund","page_number":13,"box":{"x":279,"y":413,"width":124,"height":9}},{"id":"02dfadd3-a81a-4755-9894-7c04ac5aeb3e","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":429,"width":136,"height":9}},{"id":"9f13f3ac-696c-42cc-b31a-c8cb252a3fda","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":428,"width":9,"height":6}},{"id":"e8e3a24c-49c6-4fb4-81ac-7026af2a5250","block_type":"box","text":"Index 2060 Fund","page_number":13,"box":{"x":279,"y":429,"width":124,"height":9}},{"id":"90898b3b-f468-45af-8521-17a8b4292f6f","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":444,"width":136,"height":9}},{"id":"5059e84e-113e-4f6f-99d2-75e795739d41","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":443,"width":9,"height":7}},{"id":"58c3efe1-45a8-4dcd-a406-4b7b952f2d87","block_type":"box","text":"Index 2065 Fund","page_number":13,"box":{"x":279,"y":444,"width":124,"height":9}},{"id":"d69776f7-da59-4f37-af65-92825e0ec487","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":460,"width":136,"height":9}},{"id":"49a2da07-d22d-44f5-b2f5-a8fadcbcb712","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":459,"width":9,"height":6}},{"id":"7987ac35-ebb4-41ed-8c7d-e431e9b29809","block_type":"box","text":"Index 2070 Fund","page_number":13,"box":{"x":279,"y":460,"width":124,"height":9}},{"id":"5e070bdb-29f3-4545-8a5d-c565906e74cb","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":13,"box":{"x":133,"y":475,"width":310,"height":9}},{"id":"9a97db28-77a7-4fc8-8dac-81aba0affe51","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":13,"box":{"x":133,"y":491,"width":303,"height":11}},{"id":"c67aa128-d65b-49bf-b5de-a9120c81c529","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":13,"box":{"x":133,"y":506,"width":200,"height":9}},{"id":"2718d639-9693-4fff-9ac9-2f8664704c9b","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":13,"box":{"x":133,"y":522,"width":284,"height":11}},{"id":"dbfc6fb2-7d08-4117-abe2-30b19188e217","block_type":"box","text":"BlackRock Funds IV","page_number":13,"box":{"x":116,"y":553,"width":154,"height":9}},{"id":"f7d11afd-ad47-4d6a-8c48-79d43d7937db","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":13,"box":{"x":133,"y":568,"width":269,"height":9}},{"id":"5190c537-dde3-4a87-8c55-4c05f1d225bd","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":13,"box":{"x":133,"y":584,"width":299,"height":11}},{"id":"955147d1-a473-4b57-8cbd-b0f70eef8e1e","block_type":"box","text":"BlackRock Funds V","page_number":13,"box":{"x":116,"y":615,"width":148,"height":9}},{"id":"3fb71fd6-d071-4ad6-8c4c-e1533e99180d","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":13,"box":{"x":133,"y":630,"width":220,"height":9}},{"id":"c63f032e-c682-4442-a59a-09aa6e56612b","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":13,"box":{"x":133,"y":646,"width":293,"height":11}},{"id":"60f9232e-f5f3-4095-b2a9-dd0e26200d6f","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":133,"y":661,"width":217,"height":12}},{"id":"123067dd-6adb-469f-b2a2-848e749543ee","block_type":"box","text":"BlackRock Income Fund","page_number":13,"box":{"x":133,"y":677,"width":168,"height":9}},{"id":"8b40e325-44a9-4463-8d7d-70f3bdb8d62b","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":13,"box":{"x":133,"y":692,"width":309,"height":9}},{"id":"9ffaa87c-871d-422e-8a78-042d24d98655","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":13,"box":{"x":133,"y":708,"width":278,"height":9}},{"id":"57296bae-d9d2-46e4-8c0f-37cd026783ea","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":13,"box":{"x":133,"y":723,"width":289,"height":12}},{"id":"5c6ab359-7050-40fa-b165-d25545c71332","block_type":"box","text":"Portfolio","page_number":13,"box":{"x":133,"y":739,"width":59,"height":9}},{"id":"5ceec208-e225-4a05-bb67-7b36855f1e77","block_type":"box","text":"BlackRock Funds VI","page_number":13,"box":{"x":116,"y":770,"width":150,"height":9}},{"id":"00211579-6337-4ecd-9c72-69be0bf8dd87","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":13,"box":{"x":133,"y":785,"width":309,"height":12}},{"id":"d5ae1a34-ca52-489b-aebb-385322eac2e2","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":13,"box":{"x":116,"y":816,"width":287,"height":11}},{"id":"da4a831c-d416-4ff7-8e4c-003a47d601be","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":13,"box":{"x":116,"y":847,"width":213,"height":11}},{"id":"c48eef74-b980-411c-bbe6-396896f74ba3","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":13,"box":{"x":133,"y":863,"width":317,"height":9}},{"id":"24903d9b-263d-4eca-9c8e-5c836b56ce67","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":13,"box":{"x":133,"y":878,"width":303,"height":12}},{"id":"f6a0eabf-1ec4-475f-8db0-ebc1c018e059","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":13,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"b5e77ee5-1a0a-4c93-ac47-4441c15f258a","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":13,"box":{"x":520,"y":118,"width":349,"height":12}},{"id":"82d73a69-559e-4d64-840d-20db28c07cc2","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":13,"box":{"x":520,"y":149,"width":335,"height":12}},{"id":"751c8807-acad-4e81-bdbc-961ad88d602c","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":13,"box":{"x":520,"y":180,"width":296,"height":12}},{"id":"5fc3d487-216a-4b99-91df-87139d43dbe4","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":13,"box":{"x":537,"y":196,"width":306,"height":12}},{"id":"82925063-2a3c-45ec-8326-8f528e5ee5f7","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":13,"box":{"x":537,"y":212,"width":314,"height":11}},{"id":"d20b9081-09fb-4e20-a7ca-465f82b20f1d","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":13,"box":{"x":537,"y":227,"width":261,"height":12}},{"id":"80aa672c-075b-4bf7-8e61-8411ca2fffb9","block_type":"box","text":"BlackRock Liquidity Funds","page_number":13,"box":{"x":520,"y":258,"width":203,"height":12}},{"id":"f7ec50ba-9ae6-4328-8e15-a348a6f22bb2","block_type":"box","text":"FedFund","page_number":13,"box":{"x":537,"y":274,"width":64,"height":9}},{"id":"a2a20d47-1e07-4f83-a34f-a8c2d4d968b0","block_type":"box","text":"MuniCash","page_number":13,"box":{"x":537,"y":289,"width":74,"height":9}},{"id":"a354ebb5-fa45-4f05-acfa-847d259c11d5","block_type":"box","text":"TempCash","page_number":13,"box":{"x":537,"y":305,"width":77,"height":11}},{"id":"cfe6dcae-64ac-4449-9338-d1603fd65131","block_type":"box","text":"BlackRock Select Treasury Based Liquidity Fund","page_number":13,"box":{"x":537,"y":320,"width":339,"height":12}},{"id":"7ea89c7e-907d-42f7-800e-da47f7d659ee","block_type":"box","text":"T-Fund","page_number":13,"box":{"x":537,"y":336,"width":54,"height":9}},{"id":"706771f0-3ee9-4ea2-8fc0-49a98cd03d34","block_type":"box","text":"Treasury Trust Fund","page_number":13,"box":{"x":537,"y":351,"width":142,"height":12}},{"id":"6be49b33-12f0-44af-8d77-8a3fcdb7db16","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":13,"box":{"x":520,"y":382,"width":282,"height":12}},{"id":"09435aaa-f22c-4940-9c15-1b9a17cb7d1e","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":13,"box":{"x":537,"y":398,"width":227,"height":11}},{"id":"cd62f0fd-8ced-4d1b-bcf8-dbe103a70814","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":13,"box":{"x":520,"y":429,"width":339,"height":11}},{"id":"8062b27d-3488-46c9-8283-e0f42036d7c4","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":13,"box":{"x":537,"y":444,"width":314,"height":12}},{"id":"fc24fe1e-0c85-4c6b-a73d-88e332642dcd","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":13,"box":{"x":537,"y":460,"width":324,"height":11}},{"id":"a376528f-2b66-49c8-815b-eb49ba512141","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":475,"width":38,"height":9}},{"id":"e638eec2-dcaa-4b75-b2d2-50b74b44c9e0","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":13,"box":{"x":537,"y":491,"width":326,"height":11}},{"id":"54071188-1120-4378-8707-f182fdf32fa4","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":522,"width":282,"height":11}},{"id":"cfef2fcf-bd94-44d8-abb2-b9356193efcc","block_type":"box","text":"BlackRock National Municipal Fund","page_number":13,"box":{"x":537,"y":537,"width":253,"height":12}},{"id":"56bebac5-e40f-41d5-986d-ef29c3165a77","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":13,"box":{"x":537,"y":553,"width":263,"height":9}},{"id":"1f99e403-75a4-4a9e-afc3-ef62f42cb9e5","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":13,"box":{"x":520,"y":584,"width":252,"height":11}},{"id":"1e982cc1-e4eb-49d6-ae3a-df7286b74873","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":13,"box":{"x":537,"y":599,"width":313,"height":12}},{"id":"05b7c076-87d3-4660-a4f5-60a3eeb24466","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":615,"width":38,"height":9}},{"id":"68cc6e42-9d1c-4a8c-8c0d-afb4309a195f","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":13,"box":{"x":520,"y":646,"width":264,"height":9}},{"id":"983d7a9d-9293-40d1-8665-adc246f6e031","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":13,"box":{"x":520,"y":677,"width":203,"height":11}},{"id":"95e19873-2312-441d-873b-a769212ac513","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":13,"box":{"x":537,"y":692,"width":327,"height":12}},{"id":"5c8796f6-e71f-496e-b76e-af0e86f1c276","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":13,"box":{"x":537,"y":708,"width":205,"height":9}},{"id":"4e98a4ae-0245-4308-9aaf-e19911cbaf0f","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":13,"box":{"x":537,"y":723,"width":283,"height":12}},{"id":"f03f02d8-e8dd-4878-a072-0b3b31a04d54","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":13,"box":{"x":537,"y":739,"width":263,"height":9}},{"id":"f57b80ca-1993-4ceb-9464-cb0c71b65ad5","block_type":"box","text":"BlackRock Government Money Market Portfolio","page_number":13,"box":{"x":537,"y":754,"width":331,"height":12}},{"id":"8eaece40-2f34-4043-9bff-bfb299e0e37a","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":13,"box":{"x":520,"y":785,"width":221,"height":11}},{"id":"8d1eb09d-29d0-4bd2-a3ee-e01334eafb69","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":537,"y":801,"width":217,"height":11}},{"id":"cfdc632b-ac62-4b3a-97a2-b20b683cea21","block_type":"box","text":"BlackRock Series, Inc.","page_number":13,"box":{"x":520,"y":832,"width":166,"height":11}},{"id":"035d3a98-4920-442a-a0fb-464afd523369","block_type":"box","text":"BlackRock International Fund","page_number":13,"box":{"x":537,"y":847,"width":208,"height":9}},{"id":"383fdadf-33f0-48d0-a1d9-5d18c2edc78a","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":878,"width":325,"height":12}},{"id":"7336166e-19e2-41d1-9919-bd46bb6b6714","block_type":"box","text":"6","page_number":13,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"04b38253-d77f-43a2-b558-2b70f4642906","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":13,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c80df707-e3f8-4dac-8b12-9432e5f6979b","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":14,"box":{"x":116,"y":87,"width":288,"height":12}},{"id":"6e4e7b0d-3d9d-4bc5-afad-b7b42b155353","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":14,"box":{"x":116,"y":118,"width":282,"height":12}},{"id":"0e10cde3-b504-4141-a245-3a4428f5b0e1","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I. Fund","page_number":14,"box":{"x":133,"y":134,"width":348,"height":12}},{"id":"37076ac8-256a-4530-ad0a-6c3dd7242f19","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I. Fund","page_number":14,"box":{"x":133,"y":150,"width":337,"height":11}},{"id":"9bcfb849-8baa-4b61-9a98-5f557618095f","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I. Fund","page_number":14,"box":{"x":133,"y":165,"width":344,"height":12}},{"id":"33d08225-fc63-4cd1-b70b-3e54fbbe3cd0","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":14,"box":{"x":133,"y":181,"width":303,"height":11}},{"id":"e141d908-5979-4b4c-8722-a3938055419f","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":14,"box":{"x":133,"y":196,"width":234,"height":9}},{"id":"fe4ebe8a-9c3a-4a87-94aa-d66af4c5c5de","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":14,"box":{"x":133,"y":212,"width":293,"height":11}},{"id":"2c9391df-c0b9-4f21-afd0-bbb5d92ddf9f","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":14,"box":{"x":133,"y":227,"width":264,"height":12}},{"id":"639a77a1-f712-49a7-b1e0-7751065a3958","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":14,"box":{"x":133,"y":243,"width":273,"height":9}},{"id":"4c86c403-5316-4d57-b25b-ea8946dea240","block_type":"box","text":"BlackRock Government Money Market V.I. Fund","page_number":14,"box":{"x":537,"y":88,"width":341,"height":11}},{"id":"c044bf98-3f89-4aa7-88d7-5f54302cbda4","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":14,"box":{"x":537,"y":103,"width":281,"height":9}},{"id":"f17e7bbf-28ee-45ee-bf7d-e6bedfb4c7b9","block_type":"box","text":"BlackRock International V.I. Fund","page_number":14,"box":{"x":537,"y":119,"width":238,"height":9}},{"id":"814f4c74-7f80-4db7-a881-850ff22ece9f","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":14,"box":{"x":537,"y":134,"width":323,"height":12}},{"id":"28301861-1336-42b6-87f6-f0aca69339bf","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":14,"box":{"x":537,"y":150,"width":284,"height":11}},{"id":"6a0bb278-47c2-4e82-8bce-721255137a13","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":14,"box":{"x":537,"y":165,"width":256,"height":9}},{"id":"2c44f6b9-ff89-4411-ab0a-b1bac741ebb7","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":14,"box":{"x":537,"y":181,"width":265,"height":11}},{"id":"c6fde8a1-0512-4bee-8e87-7a98cbf32e0b","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":14,"box":{"x":520,"y":211,"width":299,"height":12}},{"id":"9d40dc5e-1476-4667-bd54-5ad50a8dcb97","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":14,"box":{"x":537,"y":227,"width":227,"height":12}},{"id":"10112908-aff0-41d7-b5e5-f7ec77d68125","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":14,"box":{"x":537,"y":243,"width":238,"height":9}},{"id":"37e366d5-3b36-47d9-8680-8371c1ea7b2a","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":14,"box":{"x":267,"y":274,"width":470,"height":11}},{"id":"aad0eae8-af51-4a00-ada5-138754a9f5ed","block_type":"box","text":"SAI-GLOBAL-0926SUP","page_number":14,"box":{"x":116,"y":305,"width":175,"height":9}},{"id":"ed10ef48-212b-4fff-8c9a-4985b9ea9d99","block_type":"box","text":"7","page_number":14,"box":{"x":496,"y":910,"width":7,"height":8}},{"id":"36f7ac72-892b-4415-99c9-21ce20e7d8ce","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":14,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bbfe9e74-3e51-403f-8758-16213e2d8873","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":15,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"74b4dc8f-9fe0-4495-a2b3-3c9d2280ed52","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":15,"box":{"x":116,"y":117,"width":325,"height":12}},{"id":"44c59288-fc44-46f4-ae0a-19ed04f493ae","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":15,"box":{"x":116,"y":146,"width":266,"height":12}},{"id":"77a5d06e-8065-403c-858b-e7dfe6d5c5af","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":15,"box":{"x":150,"y":162,"width":267,"height":9}},{"id":"44f33c62-32c2-4e5d-b7ef-642f1ce6ea66","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":15,"box":{"x":150,"y":177,"width":304,"height":12}},{"id":"a18610e2-c9ff-47c0-8004-51e0ccc99dd8","block_type":"box","text":"BATS: High Income Municipal Series","page_number":15,"box":{"x":150,"y":193,"width":263,"height":12}},{"id":"8105e0b3-6a88-4f2e-8177-35ec5c45d29e","block_type":"box","text":"BATS: High Income Taxable Series","page_number":15,"box":{"x":150,"y":209,"width":248,"height":11}},{"id":"71e892bd-a46c-46c5-918f-873379d52fbf","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":15,"box":{"x":150,"y":224,"width":256,"height":12}},{"id":"d05b4a23-e320-46a8-a4b0-c416c050ab27","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":15,"box":{"x":150,"y":240,"width":235,"height":11}},{"id":"284b05da-e2eb-4692-835e-32867043ff03","block_type":"box","text":"BATS: Short Duration Taxable Total Return","page_number":15,"box":{"x":150,"y":255,"width":304,"height":9}},{"id":"773ed392-22ad-4eb6-a5ea-4c3d1dd09cbd","block_type":"box","text":"Series","page_number":15,"box":{"x":150,"y":271,"width":45,"height":9}},{"id":"840f0c81-7e8e-4c48-b30d-6777a9aca7eb","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":15,"box":{"x":150,"y":286,"width":306,"height":12}},{"id":"fb90747a-c301-45f7-817d-6abe436adbd4","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":15,"box":{"x":116,"y":316,"width":232,"height":11}},{"id":"789562af-783a-475f-a05b-0932157d10e6","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":15,"box":{"x":116,"y":345,"width":203,"height":11}},{"id":"f95cab1d-7019-4202-8f9e-678a54ef5bd6","block_type":"box","text":"BlackRock Total Return Fund","page_number":15,"box":{"x":150,"y":360,"width":207,"height":9}},{"id":"2a9011ca-2edc-42fa-9f51-270dbe8605a9","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":15,"box":{"x":116,"y":390,"width":331,"height":11}},{"id":"0866e981-a786-42a3-ad55-7c1893d16b7c","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":15,"box":{"x":150,"y":405,"width":321,"height":12}},{"id":"07425caf-1945-4ec0-8273-c7f846c3b32b","block_type":"box","text":"Fund","page_number":15,"box":{"x":150,"y":421,"width":38,"height":9}},{"id":"94fc6215-343b-442f-bed1-38ffe16433a0","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":15,"box":{"x":116,"y":450,"width":317,"height":12}},{"id":"52141785-a58b-4d18-af01-7a856883498b","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":15,"box":{"x":116,"y":480,"width":301,"height":11}},{"id":"63f96ac7-1e42-43f5-a192-7d47a8e61a92","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":15,"box":{"x":116,"y":509,"width":248,"height":12}},{"id":"372758c5-f602-498f-a3fa-40eb859502aa","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":15,"box":{"x":116,"y":539,"width":332,"height":9}},{"id":"93c3cc5e-0bec-4c49-934d-2ce78c3e14f8","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":15,"box":{"x":150,"y":554,"width":278,"height":9}},{"id":"a5562e36-5acd-4338-8b9d-dc2a2bd7753c","block_type":"box","text":"BlackRock Funds","page_number":15,"box":{"x":116,"y":584,"width":127,"height":9}},{"id":"df3076c5-1f40-409d-85b1-99b066631313","block_type":"box","text":"SM","page_number":15,"box":{"x":244,"y":583,"width":15,"height":6}},{"id":"ca02deba-9d5c-4a47-adc4-c151ca5ec542","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":15,"box":{"x":150,"y":599,"width":325,"height":12}},{"id":"3e7afc50-fc33-4f35-9caa-2d7518312312","block_type":"box","text":"BlackRock Advantage International Fund","page_number":15,"box":{"x":150,"y":615,"width":285,"height":11}},{"id":"ded5e98c-eb83-4de1-af4d-59810a9144c4","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":15,"box":{"x":150,"y":630,"width":325,"height":12}},{"id":"5399d1cb-c0b8-4b4b-9e12-9e3703965533","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":15,"box":{"x":150,"y":646,"width":306,"height":11}},{"id":"136de794-215a-4b1b-9d3c-e678d803bc30","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":15,"box":{"x":150,"y":661,"width":321,"height":12}},{"id":"7aec9784-118c-420e-9049-4a295d14f318","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":15,"box":{"x":150,"y":677,"width":271,"height":11}},{"id":"1c1787a7-0f3b-4d8a-a44f-718837597ed2","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":15,"box":{"x":150,"y":692,"width":268,"height":12}},{"id":"b37f0854-1288-49bf-9b8e-53e00d21b588","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":15,"box":{"x":150,"y":708,"width":294,"height":11}},{"id":"590da8ec-5ab1-490a-9a6b-6ec23786ba28","block_type":"box","text":"Markets Fund","page_number":15,"box":{"x":150,"y":723,"width":93,"height":9}},{"id":"a69e474d-e9d7-4dee-a1c9-19ff880f3ad1","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":15,"box":{"x":150,"y":739,"width":309,"height":11}},{"id":"94cde560-dbf0-452c-b57d-7f0e87bd305a","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":15,"box":{"x":150,"y":754,"width":263,"height":12}},{"id":"19128d2f-f415-416e-812e-2dfa962f752d","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":15,"box":{"x":150,"y":770,"width":208,"height":11}},{"id":"fcbcba10-59d0-4eb4-8ea8-567365c9c23d","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":15,"box":{"x":150,"y":785,"width":320,"height":12}},{"id":"e8a24499-d913-4509-b4e5-d312a485d9c6","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":15,"box":{"x":150,"y":801,"width":283,"height":11}},{"id":"c058c25f-035e-44e2-a9c5-b3498469748c","block_type":"box","text":"Portfolio","page_number":15,"box":{"x":150,"y":816,"width":59,"height":9}},{"id":"85ae131f-1ce1-488d-921d-3e447885570a","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":15,"box":{"x":150,"y":832,"width":259,"height":11}},{"id":"f370954f-e4ab-43cb-b5b3-35769dc19670","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":15,"box":{"x":150,"y":847,"width":312,"height":12}},{"id":"5b27a66d-34fb-4946-9722-1edd889203c4","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":15,"box":{"x":150,"y":863,"width":269,"height":9}},{"id":"7f049490-a8bb-40ed-85c8-f74749c853e7","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":15,"box":{"x":150,"y":878,"width":241,"height":12}},{"id":"46a1bba9-a41a-4744-a54f-7d094b5ce20e","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":15,"box":{"x":150,"y":894,"width":287,"height":11}},{"id":"f1389d84-2640-42d3-9a65-f749bf4d5190","block_type":"box","text":"Emerging Markets Equity Fund","page_number":15,"box":{"x":150,"y":909,"width":213,"height":12}},{"id":"313973df-2547-488b-b03e-41d02172a39c","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":15,"box":{"x":554,"y":88,"width":287,"height":11}},{"id":"82e43d0d-3e7d-4145-8be4-e370dbfc3421","block_type":"box","text":"International Equity Fund","page_number":15,"box":{"x":554,"y":103,"width":178,"height":12}},{"id":"3fc912b0-23a0-447b-aaf6-8b4ba59f265e","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":15,"box":{"x":554,"y":119,"width":330,"height":11}},{"id":"ff18c997-00ba-4236-bbf0-6a806bd8ab57","block_type":"box","text":"Cap Core Fund","page_number":15,"box":{"x":554,"y":134,"width":106,"height":12}},{"id":"f0a37db7-cebb-4829-8996-1a53de86b2bc","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":15,"box":{"x":554,"y":150,"width":273,"height":11}},{"id":"2b8931f5-2b61-4253-a806-1f34f3dd989f","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":15,"box":{"x":554,"y":165,"width":299,"height":12}},{"id":"02805317-db33-4618-b2e8-e47ad93316b2","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":15,"box":{"x":554,"y":181,"width":298,"height":11}},{"id":"a5fa2704-ae93-42e3-895d-f58742ecef53","block_type":"box","text":"Aware Fund","page_number":15,"box":{"x":554,"y":196,"width":87,"height":9}},{"id":"91abe32d-83d4-473a-8aa1-22ffc36bacca","block_type":"box","text":"Circle Reserve Fund","page_number":15,"box":{"x":554,"y":212,"width":142,"height":9}},{"id":"fb409a0b-1e76-436b-8d37-0d7a484aa275","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":15,"box":{"x":554,"y":227,"width":292,"height":12}},{"id":"e7a7028d-4052-45c3-a6f9-cc91950065d9","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":15,"box":{"x":554,"y":243,"width":280,"height":9}},{"id":"a9496fd9-b0ff-4487-842b-e8ca91baea90","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":15,"box":{"x":554,"y":258,"width":322,"height":12}},{"id":"d1b570c8-32dd-4efb-bc95-f1318963fbfd","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":274,"width":38,"height":9}},{"id":"da2ae2b1-1e31-442b-8717-ee2208f791f8","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":15,"box":{"x":554,"y":289,"width":249,"height":12}},{"id":"9acac0a9-bfcd-4d84-89e4-d5666d00517c","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":15,"box":{"x":554,"y":305,"width":254,"height":11}},{"id":"c091f326-d762-459d-ac76-acba86cba820","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":15,"box":{"x":554,"y":320,"width":298,"height":12}},{"id":"2753c761-be1b-4fb8-9c28-d28afbb480b4","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":15,"box":{"x":554,"y":336,"width":297,"height":9}},{"id":"821a408c-dac7-4ab4-8b70-9f1f5917d338","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":15,"box":{"x":554,"y":351,"width":304,"height":9}},{"id":"59ee48ac-76bf-4beb-9e2c-a67ec68964c8","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":15,"box":{"x":554,"y":367,"width":306,"height":9}},{"id":"59796624-185f-4dbe-806c-74763b7a8cbd","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":382,"width":38,"height":9}},{"id":"9a4a57fa-a9e9-4f09-b301-38dc15dacf2e","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":15,"box":{"x":554,"y":398,"width":306,"height":9}},{"id":"b08665c2-9dab-4287-b1a4-5844047981ca","block_type":"box","text":"Index Fund","page_number":15,"box":{"x":554,"y":413,"width":81,"height":9}},{"id":"515d2c79-93fb-4df2-8cbb-d9eba329a2e5","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":15,"box":{"x":554,"y":429,"width":296,"height":11}},{"id":"e3eb0045-8267-4873-8650-0f1a76a5e432","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":15,"box":{"x":554,"y":444,"width":299,"height":12}},{"id":"12be5619-9d2f-4f79-b406-fedec46b3a40","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"4f7dcbbe-cfb5-485a-a12a-d355c7ed0d37","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":15,"box":{"x":554,"y":475,"width":290,"height":9}},{"id":"92944b63-67e4-4647-90a9-22b22fdc97d4","block_type":"box","text":"BlackRock Funds II","page_number":15,"box":{"x":520,"y":506,"width":149,"height":9}},{"id":"c1c2ea06-5e4d-4b8c-918d-6a62f11b7b64","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":15,"box":{"x":554,"y":522,"width":283,"height":11}},{"id":"8db339e1-9f9b-4147-9468-f5f018943286","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":15,"box":{"x":554,"y":537,"width":283,"height":12}},{"id":"891b673e-fa19-4153-83cc-d5b6f3d60f06","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":15,"box":{"x":554,"y":553,"width":283,"height":11}},{"id":"23c61ee0-5bca-4251-8965-b98c4e224847","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":15,"box":{"x":554,"y":568,"width":283,"height":12}},{"id":"28e0d9b9-d052-45f6-b731-61c801404bb8","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":15,"box":{"x":554,"y":584,"width":301,"height":11}},{"id":"845896bf-283e-4e05-8a68-c76eb42758a2","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":15,"box":{"x":554,"y":599,"width":259,"height":9}},{"id":"ee4cbb4f-5c7f-4883-8ec3-474c99d5c0df","block_type":"box","text":"BlackRock Managed Income Fund","page_number":15,"box":{"x":554,"y":615,"width":239,"height":11}},{"id":"022bef09-f7ed-4e4c-bb07-131af74563b6","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":15,"box":{"x":554,"y":630,"width":282,"height":9}},{"id":"61d365f6-a4ae-4ad1-b4e5-0ced80809899","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":15,"box":{"x":554,"y":646,"width":289,"height":9}},{"id":"db7f4fc1-47cd-4e0b-a356-16256cee9e1c","block_type":"box","text":"BlackRock Funds III","page_number":15,"box":{"x":520,"y":677,"width":151,"height":9}},{"id":"f2ebf8b7-5737-473d-8721-ae7e36ca0b99","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":15,"box":{"x":554,"y":692,"width":247,"height":9}},{"id":"0f967fe6-f922-4ac5-a2df-566159cd91dc","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":15,"box":{"x":554,"y":708,"width":226,"height":11}},{"id":"30cb7433-eb9c-4add-9d1a-9944aa956661","block_type":"box","text":"BlackRock Diversified Equity Fund","page_number":15,"box":{"x":554,"y":723,"width":242,"height":12}},{"id":"4ceaf553-abf7-4874-9ca5-11b3e9f073bc","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":15,"box":{"x":554,"y":739,"width":290,"height":9}},{"id":"a4c74af3-04a4-4db8-bf1d-1e7c2ddd9431","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":754,"width":136,"height":9}},{"id":"c9f83d35-cdab-45dd-9a13-4b6643ec0f2e","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":753,"width":9,"height":7}},{"id":"353ce5fa-4fba-482b-84c9-97f741e15395","block_type":"box","text":"Dynamic Retirement","page_number":15,"box":{"x":705,"y":754,"width":140,"height":12}},{"id":"b5a69e75-52b5-4740-be51-183613f52aa0","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":770,"width":34,"height":9}},{"id":"7e471aec-f8e0-4f7d-9d63-f60897c50dc8","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":785,"width":136,"height":9}},{"id":"7c33397e-0180-46a4-af4e-efe7be90ee39","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":784,"width":9,"height":7}},{"id":"10ff9e96-b282-494c-b423-d9c25cefa57a","block_type":"box","text":"Dynamic 2030 Fund","page_number":15,"box":{"x":705,"y":785,"width":138,"height":12}},{"id":"d2a86529-ad3b-44c0-92f5-d47dab626e0a","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":801,"width":136,"height":9}},{"id":"9ef61bd3-495f-45c3-a753-c8a8b3a2d2e6","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":800,"width":9,"height":6}},{"id":"520211c4-e5bd-4dda-b7dd-e0b133002f64","block_type":"box","text":"Dynamic 2035 Fund","page_number":15,"box":{"x":705,"y":801,"width":138,"height":11}},{"id":"62599d4a-5cc4-40f1-96ad-61e54a29ce62","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":816,"width":136,"height":9}},{"id":"27ae33f6-99e8-47a4-96c6-54d717f5ebd6","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":815,"width":9,"height":7}},{"id":"515b12c5-00e3-473b-9f8b-8f26f02e3302","block_type":"box","text":"Dynamic 2040 Fund","page_number":15,"box":{"x":705,"y":816,"width":138,"height":12}},{"id":"ffc569c1-1935-40b8-96aa-31c34f76929e","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"39718207-996c-40fd-901b-f29b50ddd088","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"b7abd56c-91b9-4493-b2ba-aac32fc3bca0","block_type":"box","text":"Dynamic 2045 Fund","page_number":15,"box":{"x":700,"y":832,"width":147,"height":11}},{"id":"7cc6d8ae-9a6d-437d-a96c-c7bf34fea8b6","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":847,"width":136,"height":9}},{"id":"d60679b6-283c-4d71-a8a3-717c87f9bcf9","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":846,"width":9,"height":7}},{"id":"82258687-b5d1-45fa-82ce-22e857f49637","block_type":"box","text":"Dynamic 2050 Fund","page_number":15,"box":{"x":700,"y":847,"width":147,"height":12}},{"id":"6044a75c-573c-419e-b23c-bc177ad7a7b9","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"e18befb5-780b-4dee-a15c-3972d95181a8","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"36ab29f2-e605-48bb-a9aa-a852974a210b","block_type":"box","text":"Dynamic 2055 Fund","page_number":15,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"283d1403-cfd7-4177-b7ee-2e1bcd8527d0","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"031826ac-ef3f-4938-9231-bb54ef7c0314","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"62303d8a-7812-4dd3-a61b-cf75487f1ca2","block_type":"box","text":"Dynamic 2060 Fund","page_number":15,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"128f5c5b-a826-4b86-8ec2-adc54b0fc589","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"e2a2e05e-d18d-4b7e-8524-16df53aba3b1","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"59967478-e8d9-49a9-a268-732be9b0925c","block_type":"box","text":"Dynamic 2065 Fund","page_number":15,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"dab3b23e-62c0-4e18-8f97-3bb793b8e998","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"f3f76b86-a24a-4c31-b069-716db3ab2923","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"d4f10203-0906-4c1e-b3d0-c810a75d0c28","block_type":"box","text":"Dynamic 2070 Fund","page_number":15,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"081f86e5-5318-454b-86be-eeab62a9be9a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":15,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"98544b42-59e2-4903-849d-a02268ba8d8a","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"6b93b79e-d638-4cc4-bd4c-d2c6d8e82916","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"60388b89-c5cb-490c-b3fe-dd0835fc7f4d","block_type":"box","text":"ESG Index Retirement","page_number":16,"box":{"x":296,"y":88,"width":162,"height":9}},{"id":"9c5cf839-33d7-46c5-a5c5-6bea15c11c9e","block_type":"box","text":"Fund","page_number":16,"box":{"x":150,"y":103,"width":38,"height":9}},{"id":"72b5ac83-b2a2-4934-a835-d1c83975a518","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"f0b79041-7785-4b18-bfa7-693f1e198e54","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"da0bd319-4cd3-45e5-8ad7-6d2f8dd4eb9a","block_type":"box","text":"ESG Index 2030 Fund","page_number":16,"box":{"x":296,"y":119,"width":159,"height":9}},{"id":"48eebd84-821a-41e2-9036-ca00e719379d","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"1c64a9b2-8e00-4eaf-9d5d-5ef9882fae59","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"274e3f81-7829-4839-a308-e06e9fc22599","block_type":"box","text":"ESG Index 2035 Fund","page_number":16,"box":{"x":296,"y":134,"width":159,"height":9}},{"id":"bdc116a2-901b-44ab-a7cf-91ea2d9564fb","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"d58bb302-6c41-407f-a5ac-5b337a2b7bd7","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"ea9e39a9-4d5b-4ecd-b10e-62491f9dc3a3","block_type":"box","text":"ESG Index 2040 Fund","page_number":16,"box":{"x":296,"y":150,"width":159,"height":9}},{"id":"e441a50f-3d07-4a30-a1e2-388b2a1ef4cf","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"97ea3a4b-69ce-4a2d-9b41-46a9a70b4375","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"30307630-7112-4a1e-bc8f-dd4082db51ae","block_type":"box","text":"ESG Index 2045 Fund","page_number":16,"box":{"x":296,"y":165,"width":159,"height":9}},{"id":"58e2dcd5-89a3-4664-af40-60c8d8629c6a","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"53fa952a-89a0-44ea-ba91-5dccb5b8b760","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"a0e108fe-9f38-43ad-9f1e-b6f21eda6b32","block_type":"box","text":"ESG Index 2050 Fund","page_number":16,"box":{"x":296,"y":181,"width":159,"height":9}},{"id":"a9c6a8d1-f82b-47f3-87b5-4e403eb1289a","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"bfd2d7f0-54ae-4e8c-9680-e849f5418f08","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"c747240a-ce1c-47aa-959a-d8043108f611","block_type":"box","text":"ESG Index 2055 Fund","page_number":16,"box":{"x":296,"y":196,"width":159,"height":9}},{"id":"2851f9f6-2d85-447c-a728-f1697d5145c3","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"5456411b-ef86-4438-9055-2908b042473c","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"0fb0eee0-0dd2-4011-b3ab-1e9c7fcbeeef","block_type":"box","text":"ESG Index 2060 Fund","page_number":16,"box":{"x":296,"y":212,"width":159,"height":9}},{"id":"fc21bd27-0a38-4a2d-9297-824eace8c881","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"10ac6951-8476-4234-a1bf-5b1ff1faf647","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"d2bc6420-0521-4861-a0ab-f398686dc97a","block_type":"box","text":"ESG Index 2065 Fund","page_number":16,"box":{"x":296,"y":227,"width":159,"height":9}},{"id":"5c054c34-8dde-44bc-b1d0-f6cd674e8aa4","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"1fcd5cf5-0358-46e9-97fe-a364bfbeaf46","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"c65e6a4f-5831-489f-b38d-4339cd4497d7","block_type":"box","text":"ESG Index 2070 Fund","page_number":16,"box":{"x":296,"y":243,"width":159,"height":9}},{"id":"5153dffc-9fd1-4107-9d79-441ca5436b40","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"d2b35fa9-a7c0-4580-b298-009ea29d26ed","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"958b6d4e-2230-4cfb-b4f7-8d547382ae05","block_type":"box","text":"Index Retirement Fund","page_number":16,"box":{"x":296,"y":258,"width":165,"height":9}},{"id":"9eb871dd-fca6-4656-9649-8ee207a206f3","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"0a9c3cc2-559b-4f07-8a30-a2810816dd72","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"7183c172-1eb1-4fa0-a594-000a42d4e734","block_type":"box","text":"Index 2030 Fund","page_number":16,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"90bd6a48-4c55-4c96-a6a3-dcf72ac9f9e4","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"6d06dce1-8803-4be1-b524-4f99d63e625e","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"20428ae0-0dae-4595-a0f8-2199c5b44370","block_type":"box","text":"Index 2035 Fund","page_number":16,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"ef38d3e0-c7db-4c68-b79d-8bd2f3d58e98","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"db7f6bd2-42e4-4fc2-9869-e68acc2d9c17","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"ed9ff32d-913e-42b4-a4fa-8afb8beaff66","block_type":"box","text":"Index 2040 Fund","page_number":16,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"e04502db-0d24-4c12-9a4e-28d913b7b21a","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":320,"width":136,"height":9}},{"id":"5a7042f7-3fba-4964-802d-22fe7464f049","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":319,"width":9,"height":7}},{"id":"2911ca30-d9c1-43ee-a26a-554772785bd7","block_type":"box","text":"Index 2045 Fund","page_number":16,"box":{"x":296,"y":320,"width":124,"height":9}},{"id":"7bb6bdce-616c-4040-850e-7e916462ca22","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":336,"width":136,"height":9}},{"id":"54ba5616-fa6c-445e-af94-6b201a397456","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":335,"width":9,"height":6}},{"id":"7c6ce8ae-3f0a-432e-9d0f-2ea05dcd8733","block_type":"box","text":"Index 2050 Fund","page_number":16,"box":{"x":296,"y":336,"width":124,"height":9}},{"id":"65f11245-a565-4af9-b748-f2e4f6cc81fe","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":351,"width":136,"height":9}},{"id":"a96141a7-7d91-46e7-9a75-deca4dd42895","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":350,"width":9,"height":7}},{"id":"c84fda2f-135b-43f0-b5fc-ef172d7a2c99","block_type":"box","text":"Index 2055 Fund","page_number":16,"box":{"x":296,"y":351,"width":124,"height":9}},{"id":"2fb3da66-c0b8-4aa5-a487-2ab1d53937dd","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":367,"width":136,"height":9}},{"id":"99441d56-312a-45c4-a567-9fd30c240905","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":366,"width":9,"height":6}},{"id":"b8203579-bef7-4d40-88e6-da60499f9fd5","block_type":"box","text":"Index 2060 Fund","page_number":16,"box":{"x":296,"y":367,"width":124,"height":9}},{"id":"f1f3e19e-9770-4ea4-b753-5cc5448d0575","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":382,"width":136,"height":9}},{"id":"1f88414e-ce4d-42e7-b657-880251f99768","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":381,"width":9,"height":7}},{"id":"5186463d-9484-47a2-8482-f7257f1adceb","block_type":"box","text":"Index 2065 Fund","page_number":16,"box":{"x":296,"y":382,"width":124,"height":9}},{"id":"890689fd-da4f-441a-a8cb-5052db4a88f5","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":398,"width":136,"height":9}},{"id":"4fb5e447-1160-4d6c-b0bb-9e124aa15a17","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":397,"width":9,"height":6}},{"id":"f9eb6984-36bd-4a75-9387-c65a51735afe","block_type":"box","text":"Index 2070 Fund","page_number":16,"box":{"x":296,"y":398,"width":124,"height":9}},{"id":"f3151689-0833-4a84-9ded-9b8ccda64c20","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":16,"box":{"x":150,"y":413,"width":310,"height":9}},{"id":"8a4d400c-4056-4bd5-83f7-7b5232536f7b","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":16,"box":{"x":150,"y":429,"width":303,"height":11}},{"id":"174faa5b-a06c-4da2-a2bb-b21ad0256c33","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":16,"box":{"x":150,"y":444,"width":200,"height":9}},{"id":"8d84c496-0f32-42c0-bb9e-ea5bf660c55d","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":16,"box":{"x":150,"y":460,"width":284,"height":11}},{"id":"3d987448-8036-4b0e-96b2-81c02ec8feef","block_type":"box","text":"BlackRock Funds IV","page_number":16,"box":{"x":116,"y":487,"width":154,"height":9}},{"id":"23607492-d589-4e98-b333-08f17a2e3fb6","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":16,"box":{"x":150,"y":502,"width":268,"height":9}},{"id":"4f05d26d-8070-4053-8e12-3e5e0a649add","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":16,"box":{"x":150,"y":518,"width":299,"height":11}},{"id":"cf8bc865-976f-4088-aced-d63a71fbada9","block_type":"box","text":"BlackRock Funds V","page_number":16,"box":{"x":116,"y":545,"width":148,"height":9}},{"id":"78dc0aee-ebc4-4742-9fd1-344e54cc3074","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":16,"box":{"x":150,"y":560,"width":220,"height":9}},{"id":"477713dc-ae3f-4346-904a-e8718925f32b","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":16,"box":{"x":150,"y":576,"width":293,"height":12}},{"id":"c1e2adb5-1874-427c-a8b1-b34ac66ee158","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":16,"box":{"x":150,"y":591,"width":222,"height":12}},{"id":"f56cd348-1513-49f9-9c4f-ffb9f614b033","block_type":"box","text":"BlackRock Income Fund","page_number":16,"box":{"x":150,"y":607,"width":172,"height":9}},{"id":"b4ad336f-59cb-4401-b62e-e9e8391cd90d","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":16,"box":{"x":150,"y":622,"width":313,"height":9}},{"id":"5188f711-cc1f-4bab-bb13-3b675b863267","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":16,"box":{"x":150,"y":638,"width":282,"height":9}},{"id":"8a950b23-c2c4-4f23-9ab4-9f3aba84d6fd","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":16,"box":{"x":150,"y":653,"width":294,"height":12}},{"id":"e2c394ee-6777-4272-9a73-b0249013b90d","block_type":"box","text":"Portfolio","page_number":16,"box":{"x":150,"y":669,"width":59,"height":9}},{"id":"4dd6e6f4-e53c-4d0f-9028-f3ccac37dcc5","block_type":"box","text":"BlackRock Funds VI","page_number":16,"box":{"x":116,"y":696,"width":150,"height":9}},{"id":"4ea35cec-426b-4709-b6cf-f132726c39b2","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":16,"box":{"x":150,"y":712,"width":309,"height":11}},{"id":"ef9f2bd4-de6c-4d5c-9da6-cd58685da714","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":16,"box":{"x":116,"y":739,"width":287,"height":11}},{"id":"7d039a80-d424-4c2b-82e1-41983523cb13","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":16,"box":{"x":116,"y":766,"width":208,"height":11}},{"id":"fb7a7e7b-94db-41fb-93f9-7e5be0e7a1e0","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":16,"box":{"x":150,"y":781,"width":312,"height":9}},{"id":"69a68362-cd0a-4c6c-843a-19732ea6d239","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":16,"box":{"x":150,"y":797,"width":298,"height":11}},{"id":"884a227d-a5a1-4bbe-88be-ab37042a1425","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":16,"box":{"x":116,"y":824,"width":319,"height":11}},{"id":"6e71c3ea-034f-4ab1-899e-42038aa30cb4","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":16,"box":{"x":116,"y":851,"width":349,"height":12}},{"id":"ed8e1257-8d8c-4da4-afb4-dd6e63cbc3e7","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":16,"box":{"x":116,"y":878,"width":335,"height":12}},{"id":"6367f276-0406-4573-b404-0cb7c71a3251","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":16,"box":{"x":520,"y":87,"width":296,"height":12}},{"id":"3778bff3-356b-492c-8358-034ee0b66242","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":16,"box":{"x":554,"y":103,"width":306,"height":12}},{"id":"8d79116a-febf-4def-b543-4f3476799483","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":16,"box":{"x":554,"y":119,"width":314,"height":11}},{"id":"66d323ad-2249-4c5a-b93e-4097630794e4","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":16,"box":{"x":554,"y":134,"width":261,"height":12}},{"id":"a02a4d24-27fe-4766-9e8c-c9f29e1b783f","block_type":"box","text":"BlackRock Liquidity Funds","page_number":16,"box":{"x":520,"y":162,"width":203,"height":12}},{"id":"d2f0a37f-a908-4062-92fc-60774fc562d1","block_type":"box","text":"FedFund","page_number":16,"box":{"x":554,"y":178,"width":63,"height":9}},{"id":"f7aca348-758b-45bf-8eeb-235fd7161c4d","block_type":"box","text":"MuniCash","page_number":16,"box":{"x":554,"y":193,"width":74,"height":9}},{"id":"8b4fb191-0bd2-43fa-a81f-e22b89bdeaa4","block_type":"box","text":"TempCash","page_number":16,"box":{"x":554,"y":209,"width":77,"height":12}},{"id":"b0ce3525-e3b0-4234-8f85-6816a2e3e1af","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":16,"box":{"x":554,"y":224,"width":300,"height":12}},{"id":"968a4bbd-6fe3-41bf-aab0-b0e041cc8ab4","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":240,"width":38,"height":9}},{"id":"19b054f5-cc9f-45f7-8693-6d52ebbbaae2","block_type":"box","text":"T-Fund","page_number":16,"box":{"x":554,"y":255,"width":54,"height":9}},{"id":"f71d3c71-0b4f-4d21-b0e6-5a146e7947dc","block_type":"box","text":"Treasury Trust Fund","page_number":16,"box":{"x":554,"y":271,"width":142,"height":12}},{"id":"9a788bae-6765-40a7-8541-3d64b9be628a","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":16,"box":{"x":520,"y":299,"width":282,"height":12}},{"id":"298e0434-93b9-4985-bfd4-be48ff4db6f1","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":16,"box":{"x":554,"y":315,"width":227,"height":11}},{"id":"565ad8db-8b9e-4c9c-9f98-ff2c9ba1af80","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":16,"box":{"x":520,"y":343,"width":339,"height":12}},{"id":"1ec80c8a-69c4-4e61-a1ca-d40056a9c98f","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":16,"box":{"x":554,"y":359,"width":314,"height":11}},{"id":"2161ebc5-c88c-444e-bfcf-66caef710386","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":16,"box":{"x":554,"y":374,"width":324,"height":12}},{"id":"d17b6f4f-979b-4285-bc0d-ce44163f5427","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":390,"width":38,"height":9}},{"id":"c9134c09-1583-4898-8c1c-1c0cf3ca6bc0","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":16,"box":{"x":554,"y":405,"width":326,"height":12}},{"id":"d484db18-4a23-4e7b-b8b8-985c45a1e97e","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":16,"box":{"x":520,"y":433,"width":282,"height":12}},{"id":"e4938be1-e57d-4639-a957-c17f82133dbb","block_type":"box","text":"BlackRock National Municipal Fund","page_number":16,"box":{"x":554,"y":449,"width":253,"height":12}},{"id":"91ca7f14-43cb-43cf-b8f2-e0fc0d9ca756","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":16,"box":{"x":554,"y":465,"width":263,"height":9}},{"id":"f391eb75-0ee5-4a63-a0c9-1c90a758a527","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":16,"box":{"x":520,"y":493,"width":252,"height":11}},{"id":"aff4793f-8f66-406a-876d-34bf289e3945","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":16,"box":{"x":554,"y":508,"width":313,"height":12}},{"id":"820780f1-7a68-44bb-b96a-88aaa38bf172","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":524,"width":38,"height":9}},{"id":"2607f234-4ab7-42be-8358-5c319e5fd9c5","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":16,"box":{"x":520,"y":552,"width":264,"height":9}},{"id":"7a6ea36a-15f0-49d1-b18e-52cc4286e08b","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":16,"box":{"x":520,"y":581,"width":208,"height":11}},{"id":"2ca21520-7dc1-435f-8902-a90a3004d576","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":16,"box":{"x":554,"y":596,"width":331,"height":12}},{"id":"ef2c3565-5ce4-4fa7-a827-5d3243d314b8","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":16,"box":{"x":554,"y":612,"width":209,"height":9}},{"id":"3deb454c-9499-4a3f-9519-932207ca0cca","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":16,"box":{"x":554,"y":627,"width":288,"height":12}},{"id":"531d6781-898b-46fd-89af-2871143e3522","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":16,"box":{"x":554,"y":643,"width":268,"height":9}},{"id":"5b62cf61-4e4e-4fff-bbcb-92b38e964cc2","block_type":"box","text":"BlackRock Government Money Market","page_number":16,"box":{"x":554,"y":658,"width":272,"height":12}},{"id":"d8e5e0fc-dbf8-4d89-9ff9-aa98acca88a7","block_type":"box","text":"Portfolio","page_number":16,"box":{"x":554,"y":674,"width":59,"height":9}},{"id":"46183b71-cd2c-4df5-9f12-82a40db57f35","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":16,"box":{"x":520,"y":702,"width":221,"height":11}},{"id":"c33ea729-c2a1-4c88-83d6-a5b6c611f9e3","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":16,"box":{"x":554,"y":718,"width":217,"height":11}},{"id":"0753e5fc-feff-4476-9936-ade375fffaf8","block_type":"box","text":"BlackRock Series, Inc.","page_number":16,"box":{"x":520,"y":746,"width":161,"height":11}},{"id":"8e6d07ff-156d-4cd1-88ba-1265fe7708d3","block_type":"box","text":"BlackRock International Fund","page_number":16,"box":{"x":554,"y":761,"width":203,"height":9}},{"id":"bcd55694-c071-4afe-a3dc-e4e019c91a1a","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":16,"box":{"x":520,"y":790,"width":320,"height":11}},{"id":"bf61522b-45dc-42b6-9889-569bf16a7d7a","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":16,"box":{"x":520,"y":818,"width":283,"height":12}},{"id":"c3a466fa-32f8-478f-89fe-e5f58c733445","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":16,"box":{"x":520,"y":846,"width":282,"height":12}},{"id":"f34f07f9-dfa6-47ff-989d-7c7197996c6f","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":16,"box":{"x":554,"y":862,"width":309,"height":12}},{"id":"0450b34a-e68d-4232-b37c-83c99ccb7b82","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":877,"width":38,"height":9}},{"id":"c9f10047-ef24-4785-84c7-c4c3f394e08d","block_type":"box","text":"2","page_number":16,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"d07126be-a5f0-40de-b7d0-798d0a9281a5","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":16,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8952e16c-4f21-42ce-9b24-41e8b9f25b34","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":17,"box":{"x":150,"y":88,"width":298,"height":11}},{"id":"b754b71e-64b8-4868-a10b-f6729df044fd","block_type":"box","text":"Fund","page_number":17,"box":{"x":150,"y":103,"width":38,"height":9}},{"id":"07b49c93-5c78-4941-a997-0faf11ce3a87","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":17,"box":{"x":150,"y":119,"width":305,"height":11}},{"id":"3cf23ace-dc81-40ed-9a28-2bae11ca11f0","block_type":"box","text":"Fund","page_number":17,"box":{"x":150,"y":134,"width":38,"height":9}},{"id":"6b8a5785-d026-4c7b-ac11-91179ed26892","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":17,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"4f176b76-9c56-4df2-897a-827eef156e0c","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":17,"box":{"x":150,"y":165,"width":234,"height":9}},{"id":"7b6afeb8-3465-4546-949c-96e17f86d040","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":17,"box":{"x":150,"y":181,"width":293,"height":11}},{"id":"445adb00-5917-48dc-b39c-4729b8ea64fc","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":17,"box":{"x":150,"y":196,"width":264,"height":12}},{"id":"7c664273-570a-4156-88e4-e9dd1efe41fd","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":17,"box":{"x":150,"y":212,"width":273,"height":9}},{"id":"bf78ad3b-0acc-4108-8210-5c455156e1db","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":17,"box":{"x":150,"y":227,"width":302,"height":12}},{"id":"10c7ebf8-6d23-4e4a-9d83-1627b545461d","block_type":"box","text":"Fund","page_number":17,"box":{"x":150,"y":243,"width":38,"height":9}},{"id":"fbae3962-242e-47c0-bc11-742070017009","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":17,"box":{"x":150,"y":258,"width":281,"height":9}},{"id":"eee952cb-7036-47cf-a929-dd1cad81949d","block_type":"box","text":"BlackRock International V.I. Fund","page_number":17,"box":{"x":150,"y":274,"width":238,"height":9}},{"id":"65e0d4f7-9df6-4641-90a4-f0d68a85813a","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":17,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"b33fb46d-7824-4f7e-9c87-d90fb80e05d4","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":17,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"d9789031-7bdd-40a2-884b-7de7f42b035c","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":17,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"b8f1c047-637f-46aa-9fcd-ba99f80d22e7","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":17,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"6f561472-0707-4f7a-8029-2ae1d0f02081","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":17,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"e6acc3be-f5b5-424b-8620-559ad64c44ef","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":17,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"d851c6f0-16d1-4fae-b87e-62ebb71e2eef","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":17,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"b99ca1a7-781e-4bad-871d-4c3933966b6c","block_type":"box","text":"Managed Account Series","page_number":17,"box":{"x":520,"y":227,"width":183,"height":12}},{"id":"faa454aa-ba8c-4305-a172-50ae1cea68be","block_type":"box","text":"BlackRock GA Disciplined Volatility Equity","page_number":17,"box":{"x":554,"y":243,"width":307,"height":11}},{"id":"d5f01b33-5574-4466-bcb8-345931b45013","block_type":"box","text":"Fund","page_number":17,"box":{"x":554,"y":258,"width":38,"height":9}},{"id":"25ea1278-c9a2-4a9b-8150-ae7a65147e6d","block_type":"box","text":"BlackRock GA Dynamic Equity Fund","page_number":17,"box":{"x":554,"y":274,"width":261,"height":11}},{"id":"12a7bab1-895c-4bc0-8a71-3351b995ac65","block_type":"box","text":"(each, a “Fund” and collectively, the “Funds”)","page_number":17,"box":{"x":334,"y":304,"width":336,"height":12}},{"id":"b24e3d2c-4ebb-485c-9cd7-26ffc481fadd","block_type":"box","text":"Supplement dated March 6, 2026 to the Statement of Additional Information (“SAI”) of each Fund, as","page_number":17,"box":{"x":133,"y":335,"width":737,"height":12}},{"id":"9fa820e8-4bce-4a0c-8f76-ae43d3f31b06","block_type":"box","text":"amended from time to time.","page_number":17,"box":{"x":400,"y":351,"width":204,"height":9}},{"id":"f9f9a58f-593a-4cb4-881b-c04bcac052e0","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":17,"box":{"x":116,"y":382,"width":292,"height":9}},{"id":"2e5dfd9d-b40a-4456-8b27-32d84cde006c","block_type":"box","text":"The list in the section entitled “Purchase of Shares — Additional Payments by BlackRock — D. Service","page_number":17,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"557d94af-1a17-4b01-96a4-f4afe294aa50","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous —","page_number":17,"box":{"x":116,"y":429,"width":732,"height":11}},{"id":"8fe1cecd-7896-49c7-8165-ebba9aa295fb","block_type":"box","text":"Additional Payments by BlackRock — D. Service Organizations Receiving Additional Payments,”","page_number":17,"box":{"x":116,"y":444,"width":707,"height":12}},{"id":"559c4f2f-32b8-4c11-a8e5-60e0f20c68ea","block_type":"box","text":"“Investment Advisory Arrangements — Additional Payments by BlackRock — D. Service Organizations","page_number":17,"box":{"x":116,"y":460,"width":756,"height":11}},{"id":"4808e3f8-c5f9-4789-af0f-daaaf26943a9","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers — Additional","page_number":17,"box":{"x":116,"y":475,"width":723,"height":12}},{"id":"2f3de72c-570d-4433-8d7c-f1558e10c3f2","block_type":"box","text":"Payments by BlackRock — D. Service Organizations Receiving Additional Payments,” as applicable, of","page_number":17,"box":{"x":116,"y":491,"width":746,"height":11}},{"id":"70caca2f-b4eb-45f5-aa03-3ba0032dffbd","block_type":"box","text":"each Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":17,"box":{"x":116,"y":506,"width":594,"height":12}},{"id":"10d96644-596d-4dbf-aef9-686d402d69f5","block_type":"box","text":"&Partners","page_number":17,"box":{"x":116,"y":537,"width":72,"height":9}},{"id":"fdd03f02-4946-4ac7-aa46-ced3d673ae35","block_type":"box","text":"AccuTech Systems Corporation","page_number":17,"box":{"x":116,"y":553,"width":219,"height":11}},{"id":"a737d38e-12de-4293-b1ce-e9d0e21f208e","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":17,"box":{"x":116,"y":568,"width":173,"height":11}},{"id":"39bf6610-8f56-46be-85d0-c3af8db42211","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":17,"box":{"x":116,"y":584,"width":215,"height":11}},{"id":"20c5a216-9e7c-496f-93e4-72b75b4a7a8f","block_type":"box","text":"Advisor Group, Inc.","page_number":17,"box":{"x":116,"y":599,"width":140,"height":12}},{"id":"3722782c-00e7-48d7-acc4-0f38a85912e8","block_type":"box","text":"AE Wealth Management, LLC","page_number":17,"box":{"x":116,"y":615,"width":212,"height":11}},{"id":"00b6ba95-33ac-4fdf-a617-89d6a9fb6b47","block_type":"box","text":"Alight Solutions LLC","page_number":17,"box":{"x":116,"y":630,"width":151,"height":12}},{"id":"841f52a4-70f5-4a5d-b11e-e8abf99223f5","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":17,"box":{"x":116,"y":646,"width":254,"height":10}},{"id":"7823e4e0-fdd7-4114-8b87-c4ab0459a0e8","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":17,"box":{"x":116,"y":661,"width":314,"height":12}},{"id":"540ce68e-14a7-4f5e-b1c5-2c8ba1fa7318","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":17,"box":{"x":116,"y":677,"width":345,"height":11}},{"id":"ff601ccd-cb5a-4449-b187-be29f9f3a1ac","block_type":"box","text":"Altruist Financial LLC","page_number":17,"box":{"x":116,"y":692,"width":154,"height":9}},{"id":"8566970d-25fd-4050-9dc4-21c66c8562e7","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":17,"box":{"x":116,"y":708,"width":313,"height":11}},{"id":"0c4d2955-3fc2-47bc-b393-ed439ea9bc51","block_type":"box","text":"American General Life Insurance Company","page_number":17,"box":{"x":116,"y":723,"width":295,"height":12}},{"id":"529913c9-17e5-44fd-8cbc-15b99dfccc42","block_type":"box","text":"American United Life Insurance Company","page_number":17,"box":{"x":116,"y":739,"width":288,"height":11}},{"id":"9259ee4a-5752-484f-ab74-d0748c49f50a","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":17,"box":{"x":116,"y":754,"width":292,"height":12}},{"id":"d356f615-1035-4414-9874-a4e247db5403","block_type":"box","text":"Argent Institutional Trust Company","page_number":17,"box":{"x":116,"y":770,"width":241,"height":11}},{"id":"87050374-e767-4750-a4a9-050272920714","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":17,"box":{"x":116,"y":785,"width":258,"height":11}},{"id":"80fc99e2-3e00-464f-97fa-ea8b63274a8d","block_type":"box","text":"Ascensus, Inc.","page_number":17,"box":{"x":116,"y":801,"width":96,"height":10}},{"id":"6aaee5be-d095-4348-b16b-235979070197","block_type":"box","text":"Atomic Brokerage LLC","page_number":17,"box":{"x":116,"y":816,"width":160,"height":12}},{"id":"9043d6a7-eaaf-4f78-beb1-3609c39ed949","block_type":"box","text":"Avantax Investment Services, LLC","page_number":17,"box":{"x":116,"y":832,"width":242,"height":10}},{"id":"b5da147a-6c9b-4e6b-bf8c-1cb6cb98bac2","block_type":"box","text":"Bancroft Capital LLC","page_number":17,"box":{"x":116,"y":847,"width":152,"height":12}},{"id":"a99b1b2b-2366-4ade-95d5-36e91b2e3a3c","block_type":"box","text":"Bank of America, N.A.","page_number":17,"box":{"x":116,"y":863,"width":161,"height":10}},{"id":"3b0fa12e-00d4-44e7-9e36-c5b3d2bf3de2","block_type":"box","text":"Bank of New York Mellon","page_number":17,"box":{"x":116,"y":878,"width":185,"height":9}},{"id":"5cd6c5d5-c795-4b2b-9b89-3eb43b3e5583","block_type":"box","text":"Barclays Capital Inc.","page_number":17,"box":{"x":520,"y":537,"width":146,"height":12}},{"id":"689efb7a-2852-4560-a5a8-a6ef2d4fd32a","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":17,"box":{"x":520,"y":553,"width":295,"height":10}},{"id":"42f8c3ff-ef44-49da-8604-6fc750c63517","block_type":"box","text":"Benefit Trust Company","page_number":17,"box":{"x":520,"y":568,"width":163,"height":12}},{"id":"914f027b-cb6f-4819-ba89-9e56a2865d8e","block_type":"box","text":"Beta Capital Securities LLC","page_number":17,"box":{"x":520,"y":584,"width":195,"height":11}},{"id":"3818ecc5-63aa-481c-b689-66396a3d8cba","block_type":"box","text":"bfinance US Ltd.","page_number":17,"box":{"x":520,"y":599,"width":119,"height":9}},{"id":"8b2298d1-b09e-4d99-bb2b-80878fc68479","block_type":"box","text":"BlackRock Advisors, LLC","page_number":17,"box":{"x":520,"y":615,"width":184,"height":10}},{"id":"0a155b3f-f9e2-493c-9154-38b934c39739","block_type":"box","text":"BMO Capital Markets Corp.","page_number":17,"box":{"x":520,"y":630,"width":197,"height":12}},{"id":"6d67aae6-14a0-43c1-bb0e-8a62e17b8c5a","block_type":"box","text":"BNP Paribas","page_number":17,"box":{"x":520,"y":646,"width":90,"height":9}},{"id":"1029f02d-1cac-4df7-ad48-a996c3f21c50","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":17,"box":{"x":520,"y":661,"width":311,"height":9}},{"id":"30d4c4fb-65e1-4c21-bb03-3b9433cb4fb8","block_type":"box","text":"BNY Mellon, N.A.","page_number":17,"box":{"x":520,"y":677,"width":128,"height":10}},{"id":"c78c03f1-d9a3-42d3-8f38-120b33ff5a30","block_type":"box","text":"BofA Securities, Inc.","page_number":17,"box":{"x":520,"y":692,"width":141,"height":11}},{"id":"00c8baca-9d8b-4bf0-90cf-9c5373ece541","block_type":"box","text":"BOKF, N.A.","page_number":17,"box":{"x":520,"y":708,"width":84,"height":10}},{"id":"aee1d923-089e-4f4d-8bfd-94b480f6381a","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":17,"box":{"x":520,"y":723,"width":253,"height":12}},{"id":"98aca949-3fae-40c8-9684-2d1100aba2ca","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":17,"box":{"x":520,"y":739,"width":300,"height":11}},{"id":"f95f6179-42d2-4efd-b324-c88d344dc9e4","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":17,"box":{"x":520,"y":754,"width":323,"height":12}},{"id":"88277179-852a-4d1f-9477-762af129d419","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":17,"box":{"x":520,"y":770,"width":221,"height":9}},{"id":"8c6a911d-8371-483a-9fcc-bc2b8af35db2","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":17,"box":{"x":520,"y":785,"width":205,"height":12}},{"id":"34a5e4c7-b782-4b44-9066-cbe90411c626","block_type":"box","text":"Capital One, N.A.","page_number":17,"box":{"x":520,"y":801,"width":121,"height":11}},{"id":"8916f852-da19-408b-8be1-f8d04ded3c4a","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":17,"box":{"x":520,"y":816,"width":207,"height":9}},{"id":"aa4c0e39-91e3-42cc-b403-5532d3d50d05","block_type":"box","text":"Cetera Advisors LLC","page_number":17,"box":{"x":520,"y":832,"width":149,"height":9}},{"id":"5ba1493f-c53f-4b9a-a820-d337cdd776a1","block_type":"box","text":"Cetera Financial Group","page_number":17,"box":{"x":520,"y":847,"width":162,"height":12}},{"id":"cfed5688-9fba-4592-bc9d-2bcdf05dc04d","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":17,"box":{"x":520,"y":863,"width":227,"height":11}},{"id":"546bdd1f-6823-4b9c-8e10-5ae993606e11","block_type":"box","text":"Cetera Investment Services LLC","page_number":17,"box":{"x":520,"y":878,"width":225,"height":9}},{"id":"a819a6a2-5e96-4a55-ad78-b637ca347d05","block_type":"box","text":"3","page_number":17,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"fecf5d44-24a8-476a-b6d7-742f8d5ab846","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":17,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3c4985ec-6fd3-4fa9-a331-c293ee61c463","block_type":"box","text":"CF Secured, LLC","page_number":18,"box":{"x":116,"y":88,"width":123,"height":10}},{"id":"e7462075-1177-4d3d-b4e3-dd64e1ac2ef8","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":18,"box":{"x":116,"y":103,"width":192,"height":11}},{"id":"fdec4c02-2f24-4d5e-b765-f8bddcbaf7b5","block_type":"box","text":"Charles Schwab Trust Bank","page_number":18,"box":{"x":116,"y":119,"width":192,"height":9}},{"id":"40dbb947-aa46-4ac6-9dda-5685b61b27a8","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":18,"box":{"x":116,"y":134,"width":238,"height":12}},{"id":"7ae6662f-62b8-46f9-81d5-3dea766de00c","block_type":"box","text":"CIM Investment Management, Inc.","page_number":18,"box":{"x":116,"y":150,"width":241,"height":11}},{"id":"dc6874ea-02d0-4f6d-8743-86483325eb86","block_type":"box","text":"Citco Securities, LLC","page_number":18,"box":{"x":116,"y":165,"width":151,"height":11}},{"id":"4503a3f3-894e-491a-b8eb-06fe6ba999e8","block_type":"box","text":"CitiBank, National Association","page_number":18,"box":{"x":116,"y":181,"width":215,"height":10}},{"id":"4aa99f2e-daa4-4fc2-b76a-5aa3535ce6cb","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":18,"box":{"x":116,"y":196,"width":212,"height":12}},{"id":"4ca45a99-7f3e-4a43-9b85-9775de6fda9e","block_type":"box","text":"Citizens Bank","page_number":18,"box":{"x":116,"y":212,"width":99,"height":9}},{"id":"3f5e8be5-fe16-4458-9950-8fa349d69c1c","block_type":"box","text":"Citizens Business Bank","page_number":18,"box":{"x":116,"y":227,"width":163,"height":9}},{"id":"e8cad7e0-c3cf-49c0-8420-c44ad07ba6c1","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":18,"box":{"x":116,"y":243,"width":231,"height":11}},{"id":"8840cd81-a973-4bf4-b60d-942dd9dda426","block_type":"box","text":"CMFG Life Insurance Company","page_number":18,"box":{"x":116,"y":258,"width":223,"height":12}},{"id":"8595d46b-e180-443e-8fb0-a814176888c9","block_type":"box","text":"Comerica Bank","page_number":18,"box":{"x":116,"y":274,"width":109,"height":9}},{"id":"30505a04-7770-41a7-89fd-9359ded777a9","block_type":"box","text":"Commonwealth Financial Network","page_number":18,"box":{"x":116,"y":289,"width":242,"height":9}},{"id":"ff3076af-c249-4cf4-a450-c6f10b30bfd6","block_type":"box","text":"Computershare Trust Company","page_number":18,"box":{"x":116,"y":305,"width":216,"height":11}},{"id":"1ada9346-c575-4f7d-ad10-83ca25328c8d","block_type":"box","text":"Conduent HR Services, LLC","page_number":18,"box":{"x":116,"y":320,"width":198,"height":11}},{"id":"bf7da76c-50f2-4bdb-a450-cea9deb011a3","block_type":"box","text":"Delaware Life Insurance Company","page_number":18,"box":{"x":116,"y":336,"width":240,"height":11}},{"id":"fe7e37f9-cc73-4ad0-a22b-df942f1ad174","block_type":"box","text":"Delaware Trust Company","page_number":18,"box":{"x":116,"y":351,"width":178,"height":12}},{"id":"aace3e4f-1bc2-41e5-add1-9f7a4c6b3db1","block_type":"box","text":"Deutsche Bank AG","page_number":18,"box":{"x":116,"y":367,"width":135,"height":9}},{"id":"7ee10c93-71e6-405c-823f-35be353a8875","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":18,"box":{"x":116,"y":382,"width":285,"height":12}},{"id":"af4d1f65-0533-4e2f-a0cf-97cfae8ab1e1","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":18,"box":{"x":116,"y":398,"width":232,"height":11}},{"id":"15856d4f-8070-41bf-91f8-b45be1d58a17","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":18,"box":{"x":116,"y":413,"width":328,"height":11}},{"id":"fcf8fa82-94a7-4585-a143-e0d08073d9e9","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":18,"box":{"x":116,"y":429,"width":223,"height":11}},{"id":"905778f7-8991-4baf-872d-0561df2ffaf6","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":18,"box":{"x":116,"y":444,"width":200,"height":11}},{"id":"5e0d91bd-613c-4e3b-9ba3-ad35b1f9bedc","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":18,"box":{"x":116,"y":460,"width":298,"height":11}},{"id":"02aa3948-a46f-4e32-b709-c8756a9db9f5","block_type":"box","text":"Company","page_number":18,"box":{"x":116,"y":475,"width":69,"height":12}},{"id":"bd86a809-d7ff-4c66-943b-e3b5125e39c2","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":18,"box":{"x":116,"y":491,"width":349,"height":11}},{"id":"e7867754-9e8a-4982-b9d3-ec37d0376e1b","block_type":"box","text":"Empower Financial Services, Inc.","page_number":18,"box":{"x":116,"y":506,"width":232,"height":12}},{"id":"35e66f6c-afbc-4ad5-9c5d-bdf84964d7af","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":18,"box":{"x":116,"y":522,"width":336,"height":11}},{"id":"06feaed1-7837-4733-8671-61f2909b1e54","block_type":"box","text":"New York","page_number":18,"box":{"x":116,"y":537,"width":74,"height":9}},{"id":"c88a1375-801b-4b1e-98a3-73b6cf44135e","block_type":"box","text":"Empower Plan Services, LLC","page_number":18,"box":{"x":116,"y":553,"width":205,"height":11}},{"id":"a9ea7242-2462-4808-be55-4e56e47cb0bd","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":18,"box":{"x":116,"y":568,"width":238,"height":12}},{"id":"96787458-541d-4ba6-8b18-42ae2cecf127","block_type":"box","text":"Equitable Advisors, LLC","page_number":18,"box":{"x":116,"y":584,"width":174,"height":11}},{"id":"f0279109-350a-4286-840e-8dae92055362","block_type":"box","text":"Equitable Life Insurance Company","page_number":18,"box":{"x":116,"y":599,"width":240,"height":12}},{"id":"c3939af7-9953-4222-a6a6-3385ea32c799","block_type":"box","text":"E*trade Savings Bank","page_number":18,"box":{"x":116,"y":615,"width":154,"height":11}},{"id":"9b7eea62-9ae2-4ef0-b9b3-20e20bca6880","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":18,"box":{"x":116,"y":630,"width":266,"height":12}},{"id":"386e7d2f-2535-4e3b-9e84-b2250367fdfe","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":18,"box":{"x":116,"y":646,"width":228,"height":11}},{"id":"9bfa7b55-edde-4d57-98cf-12257439d285","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":18,"box":{"x":116,"y":661,"width":301,"height":12}},{"id":"6b0a39bf-dabb-4d59-bc26-ee38eeedf6c4","block_type":"box","text":"Company, Inc.","page_number":18,"box":{"x":116,"y":677,"width":98,"height":11}},{"id":"1c7abea3-2f52-46d5-9689-3593a9d4f91e","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":18,"box":{"x":116,"y":692,"width":309,"height":12}},{"id":"44c5929d-72ce-4ad6-b3e2-b2df759798fe","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":18,"box":{"x":116,"y":708,"width":178,"height":10}},{"id":"543bab8b-dbe2-4fe7-9241-5727a97ef809","block_type":"box","text":"First Allied Securities, Inc.","page_number":18,"box":{"x":116,"y":723,"width":181,"height":11}},{"id":"55905a9f-5ae2-4927-b5cc-0d393d2c8edd","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":18,"box":{"x":116,"y":739,"width":269,"height":11}},{"id":"b1a10cd9-25ff-4843-94b4-22d1b59210d8","block_type":"box","text":"First Hawaiian Bank","page_number":18,"box":{"x":116,"y":754,"width":139,"height":9}},{"id":"fb982380-7786-4c57-becf-274257cc585c","block_type":"box","text":"First Republic Bank","page_number":18,"box":{"x":116,"y":770,"width":136,"height":11}},{"id":"af04b7da-5a61-4e1e-b723-b0d205719cc6","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":18,"box":{"x":116,"y":785,"width":335,"height":12}},{"id":"f46a47c0-90d2-4873-b4d3-c04f5474d9a8","block_type":"box","text":"Company of New York","page_number":18,"box":{"x":116,"y":801,"width":158,"height":11}},{"id":"7eef582d-1eaf-44cb-9dd2-78f7462230bd","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":18,"box":{"x":116,"y":816,"width":344,"height":12}},{"id":"a43a605f-aa81-44cf-b933-fb61db6b21cd","block_type":"box","text":"New York","page_number":18,"box":{"x":116,"y":832,"width":74,"height":9}},{"id":"59baa30b-cc61-43e5-8993-10e9f7560630","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":18,"box":{"x":116,"y":847,"width":262,"height":12}},{"id":"f595a357-662f-42e5-a08a-f00ea5dbc865","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":18,"box":{"x":116,"y":863,"width":288,"height":11}},{"id":"2555b877-731f-48e4-a7e0-e8f3fee4c1b5","block_type":"box","text":"FNEX Capital, LLC","page_number":18,"box":{"x":116,"y":878,"width":141,"height":12}},{"id":"80a28b42-bffc-4701-a326-07026d8b0fce","block_type":"box","text":"Forethought Life Insurance Company","page_number":18,"box":{"x":520,"y":88,"width":258,"height":11}},{"id":"48066802-9291-42d6-b0f9-5819e133f307","block_type":"box","text":"FSC Securities Corporation","page_number":18,"box":{"x":520,"y":103,"width":190,"height":12}},{"id":"aef6e69d-0f58-4889-978f-d904b4b2811e","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":18,"box":{"x":520,"y":119,"width":331,"height":11}},{"id":"87418a14-ac1d-4312-8368-dba4a2096233","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":18,"box":{"x":520,"y":134,"width":336,"height":12}},{"id":"c86d9464-da00-493d-ba56-18399d78c3f7","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":18,"box":{"x":520,"y":150,"width":233,"height":10}},{"id":"9852abba-10f0-4221-81b6-fa9b6ec3f7ec","block_type":"box","text":"Goldman Sachs & Co.","page_number":18,"box":{"x":520,"y":165,"width":156,"height":9}},{"id":"c18bfe6f-bb1c-4f88-b5b2-4d0cd2fd8553","block_type":"box","text":"Great Pacific Securities, LLC","page_number":18,"box":{"x":520,"y":181,"width":203,"height":10}},{"id":"dd30bb84-11e8-4d71-b69f-24e96c083fa8","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":18,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"5dfae859-45e1-403c-8fe0-91abc3885f45","block_type":"box","text":"Hancock Whitney Bank","page_number":18,"box":{"x":520,"y":212,"width":166,"height":11}},{"id":"e50c275f-872e-43d5-b89b-5925126444a2","block_type":"box","text":"Hartford Funds Management Company","page_number":18,"box":{"x":520,"y":227,"width":269,"height":12}},{"id":"49fc99f7-8275-40b3-a3b6-a8ee0179a2ca","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":18,"box":{"x":520,"y":243,"width":322,"height":11}},{"id":"dbd28033-4835-48f7-bb80-192ff9aac5cc","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":18,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"e79e8b1d-6102-4131-a362-6ea4e60a639d","block_type":"box","text":"Hightower Securities, Inc.","page_number":18,"box":{"x":520,"y":274,"width":181,"height":11}},{"id":"ee61a9e8-22c8-4832-84af-de6e9622936e","block_type":"box","text":"Hilltop Securities Inc.","page_number":18,"box":{"x":520,"y":289,"width":152,"height":12}},{"id":"f7a4c3ac-5747-46ce-80ab-6bcae5cc02ba","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":18,"box":{"x":520,"y":305,"width":166,"height":10}},{"id":"6f08b037-d2a7-49fe-a54c-a81d734e7876","block_type":"box","text":"Huntington Securities, Inc.","page_number":18,"box":{"x":520,"y":320,"width":186,"height":12}},{"id":"5ba080e4-cb16-46df-bea4-77e2b273b8af","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":18,"box":{"x":520,"y":336,"width":249,"height":10}},{"id":"4269a520-fb54-402f-a19f-8848d187210d","block_type":"box","text":"Integrity Life Insurance Company","page_number":18,"box":{"x":520,"y":351,"width":234,"height":12}},{"id":"6a12a018-097d-40af-bc6d-62c1b3d0eda1","block_type":"box","text":"Interactive Brokers, LLC","page_number":18,"box":{"x":520,"y":367,"width":174,"height":10}},{"id":"99c93c99-f126-4ed8-87ba-ff99af9007c6","block_type":"box","text":"Investment Trust of California","page_number":18,"box":{"x":520,"y":382,"width":209,"height":9}},{"id":"c145337d-72c8-4279-b4e8-f625cffcd021","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":18,"box":{"x":520,"y":398,"width":287,"height":11}},{"id":"66770d6c-c63b-4fad-ae0e-ddd6787c1542","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":18,"box":{"x":520,"y":413,"width":193,"height":12}},{"id":"6f5ab61a-132f-478f-82f2-cf0540f79027","block_type":"box","text":"Jefferies LLC","page_number":18,"box":{"x":520,"y":429,"width":97,"height":9}},{"id":"2f2efc7a-fb6a-46b5-a528-a01e254caa36","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":18,"box":{"x":520,"y":444,"width":300,"height":12}},{"id":"c264069c-1e50-424c-a5a9-f1d5c83fa277","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":18,"box":{"x":520,"y":460,"width":318,"height":11}},{"id":"7be9b4f7-1e1b-4b99-a671-356ec2a0649a","block_type":"box","text":"New York","page_number":18,"box":{"x":520,"y":475,"width":74,"height":9}},{"id":"3dbd26d3-6aa9-4d0c-b4e0-93a740818cea","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":18,"box":{"x":520,"y":491,"width":333,"height":11}},{"id":"d255a71f-c3b6-4337-b0e4-aae35784a7cd","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":18,"box":{"x":520,"y":506,"width":365,"height":12}},{"id":"1bc6709c-13e1-404f-b85d-15a4505f2f6d","block_type":"box","text":"John Hancock Trust Company","page_number":18,"box":{"x":520,"y":522,"width":209,"height":11}},{"id":"409ec85a-51cf-4f93-90bf-995e40d106a9","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":18,"box":{"x":520,"y":537,"width":199,"height":12}},{"id":"eb48f89c-41c8-4638-adb8-41aed0cb7bf2","block_type":"box","text":"Kestra Investment Services, LLC","page_number":18,"box":{"x":520,"y":553,"width":229,"height":10}},{"id":"9d264201-1a69-42f0-bd26-aba38c5a836a","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":18,"box":{"x":520,"y":568,"width":274,"height":12}},{"id":"b5bd6a4f-5cf2-4d3e-a9ce-48bb48a36b3d","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":18,"box":{"x":520,"y":584,"width":280,"height":11}},{"id":"62dfcde5-cd93-4eff-aa42-482546085d6f","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":18,"box":{"x":520,"y":599,"width":328,"height":12}},{"id":"28da94a0-55c1-414c-97da-f8c56ec55dd2","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":18,"box":{"x":520,"y":615,"width":290,"height":11}},{"id":"f953381b-5100-4e9d-a237-1353f49cbccb","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":18,"box":{"x":520,"y":630,"width":233,"height":9}},{"id":"c1dbce9b-a10c-4136-996a-59d9fcd905d9","block_type":"box","text":"Lombard International Life Assurance Company","page_number":18,"box":{"x":520,"y":646,"width":333,"height":11}},{"id":"0452fa56-ec85-4ab3-8c9b-bd0e77871801","block_type":"box","text":"LPL Financial LLC","page_number":18,"box":{"x":520,"y":661,"width":132,"height":9}},{"id":"abd9d352-38b0-4fef-a77f-3ef330644cfa","block_type":"box","text":"M&T Securities Inc.","page_number":18,"box":{"x":520,"y":677,"width":138,"height":9}},{"id":"5f6cbeab-7b23-4856-b2fb-a9daf30bcf3a","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":18,"box":{"x":520,"y":692,"width":291,"height":12}},{"id":"3726a384-5481-482c-9465-d7c00ad4d86c","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":18,"box":{"x":520,"y":708,"width":321,"height":11}},{"id":"40d3d928-530d-4b25-b3b7-d02f67f4b431","block_type":"box","text":"Members Life Insurance Company","page_number":18,"box":{"x":520,"y":723,"width":235,"height":12}},{"id":"a27b2e06-e204-4a53-8d03-42808e9849a4","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":18,"box":{"x":520,"y":739,"width":353,"height":11}},{"id":"015c13ef-9d13-4105-80c9-28b6502ece27","block_type":"box","text":"Metavante Corporation","page_number":18,"box":{"x":520,"y":754,"width":156,"height":12}},{"id":"94a2fbc4-726f-465d-a0ea-6cd80d1c2133","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":18,"box":{"x":520,"y":770,"width":259,"height":11}},{"id":"2d093538-11dc-470a-adad-a0561fe64319","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":18,"box":{"x":520,"y":785,"width":328,"height":12}},{"id":"0c16ce2f-e50b-4f06-9298-2253b7a345dd","block_type":"box","text":"Midland Life Insurance Company","page_number":18,"box":{"x":520,"y":801,"width":228,"height":11}},{"id":"dec761af-5658-4064-81c0-a17fab2b4526","block_type":"box","text":"Minnesota Life Insurance Company","page_number":18,"box":{"x":520,"y":816,"width":242,"height":12}},{"id":"2f9e3fe5-1a11-44c0-9ea0-0bf9e814ada2","block_type":"box","text":"Mischler Financial Group","page_number":18,"box":{"x":520,"y":832,"width":178,"height":11}},{"id":"92e44f65-6bdb-49ec-9b3e-23cb17daa96e","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":18,"box":{"x":520,"y":847,"width":195,"height":9}},{"id":"bc00a52c-f3aa-4e5b-90ff-1f371b62f2d6","block_type":"box","text":"MML Distributors, LLC","page_number":18,"box":{"x":520,"y":863,"width":169,"height":10}},{"id":"8fee4735-16c8-420b-9370-9a0af0d4fbbc","block_type":"box","text":"MML Investors Services, LLC","page_number":18,"box":{"x":520,"y":878,"width":212,"height":11}},{"id":"31fdac95-c04b-4c6d-840a-41bc3bf4ab6c","block_type":"box","text":"4","page_number":18,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"1eb2a5f3-029a-4da0-9d74-05345f5c91aa","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":18,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6bb2f842-7786-4469-b9c5-bade809764da","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":19,"box":{"x":116,"y":88,"width":193,"height":11}},{"id":"b3aff46b-0f06-4f36-9047-d7edcd294a25","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":19,"box":{"x":116,"y":103,"width":232,"height":12}},{"id":"ed016392-0d0b-499b-8a79-21911a5e098e","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":19,"box":{"x":116,"y":119,"width":245,"height":11}},{"id":"a470a4f0-4b15-424e-ae0f-8f61b33108f4","block_type":"box","text":"MUFG Union Bank, National Association","page_number":19,"box":{"x":116,"y":134,"width":289,"height":11}},{"id":"d0cb4d7b-7338-4b46-a227-74217d2b7750","block_type":"box","text":"Nassau Life Insurance Company","page_number":19,"box":{"x":116,"y":150,"width":224,"height":11}},{"id":"ada9582f-03d2-4303-84bc-a5205d69f767","block_type":"box","text":"National Financial Services LLC","page_number":19,"box":{"x":116,"y":165,"width":226,"height":9}},{"id":"445c07e4-6792-4f38-a565-8727c9ebb9f9","block_type":"box","text":"National Integrity Life Insurance Company","page_number":19,"box":{"x":116,"y":181,"width":296,"height":11}},{"id":"81374ef7-3619-4f6d-8280-cc3be04104a4","block_type":"box","text":"National Life Insurance Company","page_number":19,"box":{"x":116,"y":196,"width":234,"height":12}},{"id":"e1109be0-c06a-42ce-b653-9204dea388da","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":19,"box":{"x":116,"y":212,"width":245,"height":10}},{"id":"b855f9ba-7b7a-4e16-a25f-fec4de8a2b8c","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":19,"box":{"x":116,"y":227,"width":242,"height":9}},{"id":"42d23178-120f-47ea-bf92-d39fc609da66","block_type":"box","text":"Nationwide Retirement Solutions","page_number":19,"box":{"x":116,"y":243,"width":230,"height":9}},{"id":"a4247cd2-bb1f-4f05-a628-14424d6f6b51","block_type":"box","text":"NCB Federal Savings Bank","page_number":19,"box":{"x":116,"y":258,"width":191,"height":12}},{"id":"e48f8357-a01d-4132-af6d-8151923928b7","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":19,"box":{"x":116,"y":274,"width":288,"height":11}},{"id":"86589335-815d-468c-8de9-4313508deb4f","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":19,"box":{"x":116,"y":289,"width":350,"height":12}},{"id":"d3745a12-b37b-45a9-b3b1-8726c31cecd1","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":19,"box":{"x":116,"y":305,"width":237,"height":11}},{"id":"53534d37-6494-4df0-a5d5-55457876cd1d","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":19,"box":{"x":116,"y":320,"width":249,"height":12}},{"id":"16ae7111-253c-4960-94b4-f31774272163","block_type":"box","text":"Northern Trust Company","page_number":19,"box":{"x":116,"y":336,"width":174,"height":11}},{"id":"25c4bd64-5081-4095-9d07-3f3fefb6966d","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":19,"box":{"x":116,"y":351,"width":329,"height":11}},{"id":"45b9e90d-3795-4686-b3c0-d5cbed19312e","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":19,"box":{"x":116,"y":367,"width":320,"height":11}},{"id":"f44d5583-b65b-41c0-9e21-dce7c9151653","block_type":"box","text":"NYLife Distributors LLC","page_number":19,"box":{"x":116,"y":382,"width":177,"height":9}},{"id":"b7b919c3-3687-4af5-a42e-8d42e6a16b09","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":19,"box":{"x":116,"y":398,"width":175,"height":11}},{"id":"4bbff053-3e31-4167-afb1-42f37cdfc601","block_type":"box","text":"Orion Advisor Services, LLC","page_number":19,"box":{"x":116,"y":413,"width":203,"height":11}},{"id":"dad8d37a-5973-4723-bc24-a4cac7b05dea","block_type":"box","text":"Osaic Wealth, Inc.","page_number":19,"box":{"x":116,"y":429,"width":129,"height":10}},{"id":"caacc455-e6a3-461e-90cc-1de61937d965","block_type":"box","text":"Pacific Life & Annuity Company","page_number":19,"box":{"x":116,"y":444,"width":230,"height":12}},{"id":"973355c0-93ab-47e6-9b53-7000dea81c24","block_type":"box","text":"Pacific Life Insurance Company","page_number":19,"box":{"x":116,"y":460,"width":223,"height":11}},{"id":"b78a86fa-d4f4-4422-a01b-cef2e614574f","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":19,"box":{"x":116,"y":475,"width":221,"height":11}},{"id":"67d0c84d-e59e-49ea-9ba7-a511b4a957e2","block_type":"box","text":"Park Avenue Securities LLC","page_number":19,"box":{"x":116,"y":491,"width":198,"height":9}},{"id":"b12778c3-5fde-48f2-94da-97e2876c8b8c","block_type":"box","text":"Penserra Securities LLC","page_number":19,"box":{"x":116,"y":506,"width":169,"height":9}},{"id":"7e784a89-81c9-4c30-ba88-48f139845291","block_type":"box","text":"Pershing LLC","page_number":19,"box":{"x":116,"y":522,"width":99,"height":11}},{"id":"07c98245-038c-44f5-89b1-72e356d0684a","block_type":"box","text":"PFPC Inc.","page_number":19,"box":{"x":116,"y":537,"width":73,"height":9}},{"id":"895d801f-6090-479c-959c-cdfe6859ec3b","block_type":"box","text":"Piper Jaffray & Co.","page_number":19,"box":{"x":116,"y":553,"width":136,"height":11}},{"id":"94994fb7-60d0-48c3-bea4-37e4622697b9","block_type":"box","text":"PNC Bank, National Association","page_number":19,"box":{"x":116,"y":568,"width":226,"height":11}},{"id":"8e51031f-8e83-4688-9c4d-ed664e125d5a","block_type":"box","text":"PNC Capital Markets LLC","page_number":19,"box":{"x":116,"y":584,"width":185,"height":11}},{"id":"cf5d8c5c-9015-4f9c-87a2-a535ccb169b4","block_type":"box","text":"PNC Investments LLC","page_number":19,"box":{"x":116,"y":599,"width":158,"height":9}},{"id":"7ec346d8-1605-4bc0-988c-1263340b8b12","block_type":"box","text":"Principal Bank","page_number":19,"box":{"x":116,"y":615,"width":105,"height":11}},{"id":"8e1947d4-c7d2-4dab-a84e-a0787b5fb5c3","block_type":"box","text":"Principal Life Insurance Company","page_number":19,"box":{"x":116,"y":630,"width":237,"height":12}},{"id":"d1b7685a-762a-422d-b231-72ca588ebc93","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":19,"box":{"x":116,"y":646,"width":332,"height":11}},{"id":"2cf8e2a6-a838-4f70-9397-c807f491b3c4","block_type":"box","text":"Protective Life Insurance Company","page_number":19,"box":{"x":116,"y":661,"width":239,"height":12}},{"id":"a1286702-4607-4ae9-85c0-9c91910392cd","block_type":"box","text":"Pruco Life Insurance Company","page_number":19,"box":{"x":116,"y":677,"width":210,"height":11}},{"id":"612b1044-5b4b-45ef-b21c-522263748210","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":19,"box":{"x":116,"y":692,"width":311,"height":12}},{"id":"865fa0ae-ed18-46c8-ace2-d944663252d5","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":19,"box":{"x":116,"y":708,"width":257,"height":10}},{"id":"b74b9071-b47f-46b1-824e-9a1ca1a3cf4b","block_type":"box","text":"Prudential Insurance Company of America","page_number":19,"box":{"x":116,"y":723,"width":289,"height":12}},{"id":"478abded-8540-46b2-a845-1d985b7fb826","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":19,"box":{"x":116,"y":739,"width":237,"height":11}},{"id":"164904ab-79db-4686-80ee-2931899e9159","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":19,"box":{"x":116,"y":754,"width":272,"height":12}},{"id":"7ac61751-e8c5-4e30-ac40-d7eef7dba815","block_type":"box","text":"RBC Capital Markets, LLC","page_number":19,"box":{"x":116,"y":770,"width":185,"height":11}},{"id":"8bca2299-a2a3-4d73-bb39-778a70084b13","block_type":"box","text":"Regions Bank","page_number":19,"box":{"x":116,"y":785,"width":95,"height":12}},{"id":"882f1ffb-8d46-4280-a961-8d4324540535","block_type":"box","text":"Reliance Trust Company","page_number":19,"box":{"x":116,"y":801,"width":168,"height":11}},{"id":"c9b76ffc-966a-4d8f-9b03-5ca728f6c767","block_type":"box","text":"Reliastar Life Insurance Company","page_number":19,"box":{"x":116,"y":816,"width":231,"height":12}},{"id":"2a4e29c0-b9db-44f1-9d34-eec04276fbf9","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":19,"box":{"x":116,"y":832,"width":329,"height":11}},{"id":"9fa688e7-5d50-4c1c-8527-d754a55a04f7","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":19,"box":{"x":116,"y":847,"width":207,"height":11}},{"id":"12ad98df-aad9-4641-ab07-4957bea4da3a","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":19,"box":{"x":116,"y":863,"width":311,"height":9}},{"id":"b74976f6-23cf-42c9-83ec-4987d8d21396","block_type":"box","text":"RiverSource Life Insurance Company","page_number":19,"box":{"x":116,"y":878,"width":260,"height":12}},{"id":"b144cf11-effa-48f2-987d-3c52d86b3029","block_type":"box","text":"SagePoint Financial, Inc.","page_number":19,"box":{"x":520,"y":88,"width":173,"height":11}},{"id":"ed69cc94-4334-45d3-ba64-17177ad8d9f7","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":19,"box":{"x":520,"y":103,"width":252,"height":11}},{"id":"42baaa79-659a-4f5a-9907-3cba5c79d7e2","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":19,"box":{"x":520,"y":119,"width":212,"height":11}},{"id":"23f46dff-080b-418b-b73a-db130f6bd5c1","block_type":"box","text":"Santander Bank, N.A.","page_number":19,"box":{"x":520,"y":134,"width":152,"height":11}},{"id":"ad47aa12-728b-440b-ab8c-1747c609efa2","block_type":"box","text":"Saturna Trust Company","page_number":19,"box":{"x":520,"y":150,"width":165,"height":11}},{"id":"c4ff02bd-2883-4fa0-9e8e-e2b0cd406dd5","block_type":"box","text":"Securities America, Inc.","page_number":19,"box":{"x":520,"y":165,"width":167,"height":11}},{"id":"5d7865e8-12f5-4b86-a7cc-fb5352d23dae","block_type":"box","text":"Securities Finance Trust Company","page_number":19,"box":{"x":520,"y":181,"width":238,"height":11}},{"id":"8cbe759c-d879-4a0f-ae84-422a9c0f54aa","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":19,"box":{"x":520,"y":196,"width":286,"height":12}},{"id":"0ea1696d-017b-4871-b82e-20ac02654446","block_type":"box","text":"Security Financial Resources, Inc.","page_number":19,"box":{"x":520,"y":212,"width":235,"height":11}},{"id":"6e5c4ff4-28ab-44d1-888b-17d604ecfdcf","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":19,"box":{"x":520,"y":227,"width":304,"height":12}},{"id":"283b673a-a4b1-46a3-b093-a7c9c59b92ab","block_type":"box","text":"SEI Private Trust Company","page_number":19,"box":{"x":520,"y":243,"width":191,"height":11}},{"id":"b2109146-61a5-4d6b-bc02-2ad2be169111","block_type":"box","text":"SG Americas Securities, LLC","page_number":19,"box":{"x":520,"y":258,"width":205,"height":11}},{"id":"32bdac66-7579-4213-8282-17c98e26cd36","block_type":"box","text":"Silicon Valley Bank","page_number":19,"box":{"x":520,"y":274,"width":141,"height":11}},{"id":"4d986589-aa6f-4e52-8fbe-076fa7349e4d","block_type":"box","text":"Standard Insurance Company","page_number":19,"box":{"x":520,"y":289,"width":203,"height":12}},{"id":"0f3863f1-5be6-4377-8283-a76997d979d2","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":19,"box":{"x":520,"y":305,"width":347,"height":11}},{"id":"c107da8d-a18e-4787-9f68-449995403562","block_type":"box","text":"State Farm Life Insurance Company","page_number":19,"box":{"x":520,"y":320,"width":249,"height":12}},{"id":"4e079513-e86e-4ed8-b3f5-b8bdf122deb4","block_type":"box","text":"State Farm VP Management Corp.","page_number":19,"box":{"x":520,"y":336,"width":237,"height":11}},{"id":"009ff98f-ef2f-4136-b6d6-32370badd18e","block_type":"box","text":"State Street Bank and Trust Company","page_number":19,"box":{"x":520,"y":351,"width":259,"height":12}},{"id":"639af49a-91b3-4103-b3b0-f65c9873436d","block_type":"box","text":"State Street Global Markets, LLC","page_number":19,"box":{"x":520,"y":367,"width":231,"height":10}},{"id":"d50392a3-697b-452e-af7b-e5d89da7adea","block_type":"box","text":"Stern Brothers & Co.","page_number":19,"box":{"x":520,"y":382,"width":147,"height":9}},{"id":"a2e76bc0-acb6-491c-a85e-3e7254951419","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":19,"box":{"x":520,"y":398,"width":290,"height":11}},{"id":"06b7bb9f-dcb9-4a5e-900a-747dcf00faef","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":19,"box":{"x":520,"y":413,"width":227,"height":12}},{"id":"c458410a-7f5d-47f3-b7b8-9af3c0fe8b34","block_type":"box","text":"SVB Asset Management","page_number":19,"box":{"x":520,"y":429,"width":170,"height":11}},{"id":"09fe7bbe-5df0-4e2a-849d-7a05894a0b62","block_type":"box","text":"Symetra Life Insurance Company","page_number":19,"box":{"x":520,"y":444,"width":232,"height":12}},{"id":"fc0333bc-dac0-4a09-b0eb-315af1e156e2","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":19,"box":{"x":520,"y":460,"width":200,"height":11}},{"id":"8b581e3e-6054-412f-8d53-ce274ac3061c","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":19,"box":{"x":520,"y":475,"width":310,"height":11}},{"id":"8784994b-1657-4b34-a85f-d65ec72b3410","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":19,"box":{"x":520,"y":491,"width":319,"height":11}},{"id":"3863223d-8b55-4d04-8640-0b6b2b410d86","block_type":"box","text":"Company","page_number":19,"box":{"x":520,"y":506,"width":69,"height":12}},{"id":"29e00c8a-a388-41c0-91ec-13898dbd5294","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":19,"box":{"x":520,"y":522,"width":301,"height":11}},{"id":"70955f0b-3171-4ae0-97da-977990770188","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":19,"box":{"x":520,"y":537,"width":204,"height":12}},{"id":"4719f83a-47a6-41ac-a947-4d11407c5f6e","block_type":"box","text":"TD Ameritrade, Inc.","page_number":19,"box":{"x":520,"y":553,"width":141,"height":10}},{"id":"a7f1c5fc-27b2-416a-bc8e-a72e16477960","block_type":"box","text":"TD Prime Services (US) LLC","page_number":19,"box":{"x":520,"y":568,"width":205,"height":11}},{"id":"09599c56-343a-46ef-8706-b3675bb89b53","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":19,"box":{"x":520,"y":584,"width":325,"height":11}},{"id":"b06f6901-a292-4000-b206-601090e83f99","block_type":"box","text":"America","page_number":19,"box":{"x":520,"y":599,"width":62,"height":9}},{"id":"64a5f389-24fa-4999-b896-8a1239ab430d","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":19,"box":{"x":520,"y":615,"width":220,"height":11}},{"id":"4969e53c-c887-4f04-9b8b-f6ece5f61578","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":19,"box":{"x":520,"y":630,"width":335,"height":12}},{"id":"b072645b-6c5b-4eab-a087-8c0130342870","block_type":"box","text":"Transamerica Life Insurance Company","page_number":19,"box":{"x":520,"y":646,"width":268,"height":11}},{"id":"91717bbb-8c32-4cf3-8c7c-12992da94ff4","block_type":"box","text":"Treasury Brokerage","page_number":19,"box":{"x":520,"y":661,"width":134,"height":12}},{"id":"2d731986-4205-4aa3-9cf7-436b3241839b","block_type":"box","text":"Triad Advisors, LLC","page_number":19,"box":{"x":520,"y":677,"width":141,"height":10}},{"id":"acf80e9f-4a39-488f-bd88-b33b6dcd6655","block_type":"box","text":"Truist Bank","page_number":19,"box":{"x":520,"y":692,"width":80,"height":9}},{"id":"e27168c0-03cd-4856-8447-9784c3270dfb","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":19,"box":{"x":520,"y":708,"width":210,"height":11}},{"id":"9a8b3be9-de52-41b5-bae6-52d1caf11708","block_type":"box","text":"U.S. Bank, National Association","page_number":19,"box":{"x":520,"y":723,"width":219,"height":11}},{"id":"07b822b4-d0bb-4524-8155-33133f1ffc5a","block_type":"box","text":"UBATCO & Co.","page_number":19,"box":{"x":520,"y":739,"width":113,"height":9}},{"id":"556308b5-3c16-4b08-8b9a-08d6832da7fa","block_type":"box","text":"UBS Financial Services, Inc.","page_number":19,"box":{"x":520,"y":754,"width":194,"height":11}},{"id":"10a8717a-61a4-40ca-8f4c-ad67677e7d34","block_type":"box","text":"UBS Securities LLC","page_number":19,"box":{"x":520,"y":770,"width":139,"height":9}},{"id":"374b6f8d-ccfb-49b9-9cff-970ea6167517","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":19,"box":{"x":520,"y":785,"width":200,"height":11}},{"id":"67db5414-5ead-4cdd-a106-ff6a941ee276","block_type":"box","text":"UMB Bank, National Association","page_number":19,"box":{"x":520,"y":801,"width":228,"height":10}},{"id":"fef0bead-72f0-4740-986d-1eeb27f4fb34","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":19,"box":{"x":520,"y":816,"width":356,"height":12}},{"id":"eac6a5ee-1f14-41cc-b5ca-5e7c3130c024","block_type":"box","text":"New York","page_number":19,"box":{"x":520,"y":832,"width":74,"height":9}},{"id":"a2dbc01e-5f80-4ce7-816f-ee15819396b8","block_type":"box","text":"VALIC Retirement Services Company","page_number":19,"box":{"x":520,"y":847,"width":266,"height":12}},{"id":"b4b54f16-e995-4434-8d9e-9d86a845ff5a","block_type":"box","text":"Vanguard Group, Inc.","page_number":19,"box":{"x":520,"y":863,"width":152,"height":11}},{"id":"3c29e161-6bb3-4975-8e7c-b518e988f4e7","block_type":"box","text":"Vanguard Marketing Corporation","page_number":19,"box":{"x":520,"y":878,"width":230,"height":12}},{"id":"c53e5afa-16d2-4c03-82eb-180d6572feff","block_type":"box","text":"5","page_number":19,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"b48a6d8b-0201-43ab-856e-4d60d529e596","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":19,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e97bdb90-3490-494e-837c-f44cf64eb225","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":20,"box":{"x":116,"y":88,"width":207,"height":11}},{"id":"f9f50217-4c50-4e1c-92e4-7e309540b87d","block_type":"box","text":"Voya Financial Partners, LLC","page_number":20,"box":{"x":116,"y":103,"width":207,"height":12}},{"id":"8dd205dc-ee78-4423-b283-8e7be8295865","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":20,"box":{"x":116,"y":119,"width":262,"height":11}},{"id":"a2e0e47e-44fc-4c00-8d15-d06b45d2c406","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":20,"box":{"x":116,"y":134,"width":268,"height":12}},{"id":"ed4f5557-e12d-4e7b-abb6-85c2fd836423","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":20,"box":{"x":116,"y":150,"width":245,"height":11}},{"id":"4419bf87-d462-452d-b6e3-3af63b9b3814","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":20,"box":{"x":116,"y":165,"width":347,"height":12}},{"id":"5902134b-447b-4ea4-b8af-9fea53b3735e","block_type":"box","text":"Waddell & Reed, Inc.","page_number":20,"box":{"x":116,"y":181,"width":151,"height":10}},{"id":"6deeff38-9b6b-488f-9dc5-e0804375120d","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":20,"box":{"x":116,"y":196,"width":192,"height":12}},{"id":"53579442-fc8e-47f8-8547-b54de5102e7c","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":20,"box":{"x":520,"y":88,"width":322,"height":11}},{"id":"2a6acf94-3d32-4afe-a046-6ce81145cab6","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":20,"box":{"x":520,"y":103,"width":168,"height":12}},{"id":"182cbbde-1fd2-4376-b36a-fa9eb6a562a5","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":20,"box":{"x":520,"y":119,"width":251,"height":11}},{"id":"88a1d377-2868-437b-88e4-b9cacd2682f4","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":20,"box":{"x":520,"y":134,"width":213,"height":12}},{"id":"b858d50c-3cb2-4e6d-bd8f-a6c7f6fce778","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":20,"box":{"x":520,"y":150,"width":198,"height":11}},{"id":"3661daf0-0131-43b7-aba4-006693265b92","block_type":"box","text":"Wilmington Trust, National Association","page_number":20,"box":{"x":520,"y":165,"width":275,"height":12}},{"id":"7e983c95-ba08-4f65-9e63-1523fe5ca358","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":20,"box":{"x":520,"y":181,"width":238,"height":11}},{"id":"bf568985-d291-40b0-b720-8da67e03baf0","block_type":"box","text":"ZB, National Association","page_number":20,"box":{"x":520,"y":196,"width":176,"height":11}},{"id":"d6041e6f-b922-45ec-a9c8-3dc1b09e8850","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":20,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"16a4bde7-40da-498c-80b7-1d0fa718d9f2","block_type":"box","text":"SAI-GLOBAL-0326SUP","page_number":20,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"b6f3b056-a33f-4473-9c48-687b9be8a4f9","block_type":"box","text":"6","page_number":20,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"9184e39e-9021-4c14-936b-b7385cdee4e0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":20,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b9651ba3-0019-456a-9b08-2fdf07ac6ab2","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":21,"box":{"x":116,"y":103,"width":296,"height":12}},{"id":"99bef65f-db27-4f53-8cca-32f49b2b806e","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":21,"box":{"x":116,"y":131,"width":325,"height":11}},{"id":"034ae7c4-7144-4c41-a479-dff0391f7710","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":21,"box":{"x":116,"y":159,"width":266,"height":11}},{"id":"3732b108-99c1-452e-b53f-15df4c86b6ce","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":21,"box":{"x":150,"y":174,"width":267,"height":9}},{"id":"2ce06872-f365-4633-a243-e33d694319cb","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":21,"box":{"x":150,"y":190,"width":304,"height":12}},{"id":"6151eda1-4fad-4479-b5bc-0f310aabb9dd","block_type":"box","text":"BATS: High Income Municipal Series","page_number":21,"box":{"x":150,"y":205,"width":263,"height":12}},{"id":"234e2879-fd73-4ff5-97fb-3420d3313006","block_type":"box","text":"BATS: High Income Taxable Series","page_number":21,"box":{"x":150,"y":221,"width":248,"height":12}},{"id":"2f1b47fa-b07f-48de-97ac-d2311ed30a0a","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":21,"box":{"x":150,"y":236,"width":256,"height":12}},{"id":"7f9744ec-0467-45cd-8040-6a367747ae97","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":21,"box":{"x":150,"y":252,"width":235,"height":12}},{"id":"6e1a3437-9f17-4b55-aae2-8afe17ea655f","block_type":"box","text":"BATS: Short Duration Taxable Total Return","page_number":21,"box":{"x":150,"y":267,"width":304,"height":9}},{"id":"85941aaf-247c-4f96-b3e9-7ed2390a1d54","block_type":"box","text":"Series","page_number":21,"box":{"x":150,"y":283,"width":45,"height":9}},{"id":"5a59cbc7-df1d-4a3b-8a9a-d4ebdb914bbf","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":21,"box":{"x":150,"y":298,"width":306,"height":12}},{"id":"54396855-ee44-47db-a6ac-653bec2aaf7e","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":21,"box":{"x":116,"y":326,"width":232,"height":11}},{"id":"8365d844-2b08-4c7d-a42b-b21faae8851c","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":21,"box":{"x":116,"y":354,"width":203,"height":11}},{"id":"7c88aab3-2f3b-48a2-b9e4-fa9c790c349f","block_type":"box","text":"BlackRock Total Return Fund","page_number":21,"box":{"x":150,"y":370,"width":207,"height":9}},{"id":"98a34be9-e78e-412d-baa7-511d8d983d70","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":21,"box":{"x":116,"y":398,"width":331,"height":11}},{"id":"c21a565e-8a2e-4e07-9435-6a40fcabd1ff","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":21,"box":{"x":150,"y":413,"width":321,"height":12}},{"id":"283120e1-683e-4e3d-8b7c-c221a4a1cce5","block_type":"box","text":"Fund","page_number":21,"box":{"x":150,"y":429,"width":38,"height":9}},{"id":"0061c825-d017-43cd-8514-e8a8f0e11ffc","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":21,"box":{"x":116,"y":456,"width":317,"height":12}},{"id":"dd1a5305-e9cf-4b0f-ba47-9c5def76d57f","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":21,"box":{"x":116,"y":484,"width":301,"height":12}},{"id":"60f6690e-2e00-4565-a375-489e6c2359ec","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":21,"box":{"x":116,"y":512,"width":248,"height":12}},{"id":"09f8ea78-3ba4-4659-bc1c-b3b0c960d634","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":21,"box":{"x":116,"y":540,"width":332,"height":9}},{"id":"a1ae4ad4-fd5f-40d6-b20d-f7d0434b1beb","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":21,"box":{"x":150,"y":556,"width":278,"height":9}},{"id":"e96d5088-692e-488b-84cb-cc569d0826b1","block_type":"box","text":"BlackRock Funds","page_number":21,"box":{"x":116,"y":584,"width":127,"height":9}},{"id":"7bea5c0d-d35a-4890-9186-b48036929c3e","block_type":"box","text":"SM","page_number":21,"box":{"x":244,"y":583,"width":15,"height":6}},{"id":"3a6de46d-4d51-4379-b3a5-ae6c5a4ad7e5","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":21,"box":{"x":150,"y":599,"width":325,"height":12}},{"id":"76b34760-a140-4517-b015-6397fe1c0547","block_type":"box","text":"BlackRock Advantage International Fund","page_number":21,"box":{"x":150,"y":615,"width":285,"height":11}},{"id":"531ec8b5-08b8-4a53-9625-19ca43a68638","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":21,"box":{"x":150,"y":630,"width":325,"height":12}},{"id":"7390204c-946b-4951-8cf9-9379a73f72e8","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":21,"box":{"x":150,"y":646,"width":306,"height":11}},{"id":"2ded386d-1d85-439a-bf19-4499e411ab28","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":21,"box":{"x":150,"y":661,"width":321,"height":12}},{"id":"4929985b-d072-4461-902b-e2c6364c3f11","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":21,"box":{"x":150,"y":677,"width":271,"height":11}},{"id":"dba6ab99-0b8d-44ad-b6b2-6a394366d556","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":21,"box":{"x":150,"y":692,"width":268,"height":12}},{"id":"87c459a1-7fa2-45a2-a627-9c8f94b4e893","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":21,"box":{"x":150,"y":708,"width":294,"height":11}},{"id":"51fbccbf-f72d-4bd2-811d-64852ed20d59","block_type":"box","text":"Markets Fund","page_number":21,"box":{"x":150,"y":723,"width":93,"height":9}},{"id":"051076cb-5b0b-49ac-85af-98c13965d4d2","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":21,"box":{"x":150,"y":739,"width":309,"height":11}},{"id":"e6bfb7a8-abfd-41d2-8cc7-ad64b644c5cd","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":21,"box":{"x":150,"y":754,"width":263,"height":12}},{"id":"11a08d54-e19f-4304-b2ba-895bbabe9493","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":21,"box":{"x":150,"y":770,"width":208,"height":11}},{"id":"f1d3ea16-be30-4ea9-a7b7-67b4505a905b","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":21,"box":{"x":150,"y":785,"width":320,"height":12}},{"id":"172c235e-da25-4c61-a2e9-1c605bac935a","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":21,"box":{"x":150,"y":801,"width":283,"height":11}},{"id":"fe547213-0f34-42a7-826b-70599a29db7e","block_type":"box","text":"Portfolio","page_number":21,"box":{"x":150,"y":816,"width":59,"height":9}},{"id":"2095ebe7-a9c8-4a09-8641-5710d4a44a1d","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":21,"box":{"x":150,"y":832,"width":259,"height":11}},{"id":"e70443ca-6256-4713-bd59-3a015b38efbf","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":21,"box":{"x":150,"y":847,"width":312,"height":12}},{"id":"f3041acd-97fd-4f05-90a7-1f6fb6015870","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":21,"box":{"x":150,"y":863,"width":269,"height":9}},{"id":"7b50c950-0ec6-4480-a46d-b032eea146c8","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":21,"box":{"x":150,"y":878,"width":287,"height":12}},{"id":"c44ed7d1-5041-4b28-854b-2f3b41bbef38","block_type":"box","text":"Emerging Markets Equity Fund","page_number":21,"box":{"x":150,"y":894,"width":218,"height":11}},{"id":"781986f0-8e1f-47f8-b473-164ad01ae0b7","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":21,"box":{"x":554,"y":103,"width":287,"height":12}},{"id":"2dce069c-fb01-452c-9b30-aef536de1925","block_type":"box","text":"International Equity Fund","page_number":21,"box":{"x":554,"y":119,"width":178,"height":11}},{"id":"b3272ca8-512c-4453-84e5-6ccf2ffeb721","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":21,"box":{"x":554,"y":134,"width":330,"height":12}},{"id":"45757851-0411-43b0-9e5c-084e00edb5b9","block_type":"box","text":"Cap Core Fund","page_number":21,"box":{"x":554,"y":150,"width":106,"height":11}},{"id":"4164eeb4-86b2-4db0-bbdb-0d5d7fcda8bf","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":21,"box":{"x":554,"y":165,"width":273,"height":12}},{"id":"92c3e8e0-267a-4cb1-a87c-b3d040edd149","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":21,"box":{"x":554,"y":181,"width":299,"height":11}},{"id":"05caac45-e49c-4292-b8f6-63baa4674ab3","block_type":"box","text":"BlackRock U.S. Insights Long/Short Equity","page_number":21,"box":{"x":554,"y":196,"width":300,"height":12}},{"id":"e800633d-9bdb-4032-b3b8-fbb26d5b767b","block_type":"box","text":"Fund","page_number":21,"box":{"x":554,"y":212,"width":38,"height":9}},{"id":"7b02f2b8-02ba-4e3b-a823-3cf1c094a58b","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":21,"box":{"x":554,"y":227,"width":298,"height":12}},{"id":"112ac771-4e52-477b-beb5-051134f8171a","block_type":"box","text":"Aware Fund","page_number":21,"box":{"x":554,"y":243,"width":87,"height":9}},{"id":"1a3c78a0-a9c8-487f-afa3-6ef978f56e25","block_type":"box","text":"Circle Reserve Fund","page_number":21,"box":{"x":554,"y":258,"width":142,"height":9}},{"id":"8c175106-6c66-4840-9eeb-3eef81e25c7f","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":21,"box":{"x":554,"y":274,"width":292,"height":11}},{"id":"650395ff-629a-4114-9f47-6c7ce67d2669","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":21,"box":{"x":554,"y":289,"width":280,"height":9}},{"id":"ce73e159-97f0-443b-8257-1006a39d2666","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":21,"box":{"x":554,"y":305,"width":322,"height":11}},{"id":"8109b531-67f7-4741-8f4e-8689282e148f","block_type":"box","text":"Fund","page_number":21,"box":{"x":554,"y":320,"width":38,"height":9}},{"id":"857352c1-3234-45b0-9ac7-b4383357b9ba","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":21,"box":{"x":554,"y":336,"width":249,"height":11}},{"id":"42bcd814-c343-4b57-8dc9-49edcc5f27b0","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":21,"box":{"x":554,"y":351,"width":297,"height":9}},{"id":"c88f4003-8d0f-4a8f-9568-0471f9683514","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":21,"box":{"x":554,"y":367,"width":306,"height":9}},{"id":"552d5c96-c374-4d6e-806c-be1248eef5c3","block_type":"box","text":"Fund","page_number":21,"box":{"x":554,"y":382,"width":38,"height":9}},{"id":"d9dff582-f250-4433-a023-b147dc04611f","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":21,"box":{"x":554,"y":398,"width":306,"height":9}},{"id":"247be862-cea3-4f7f-affe-c1fe19c4a476","block_type":"box","text":"Index Fund","page_number":21,"box":{"x":554,"y":413,"width":81,"height":9}},{"id":"42ba3aa1-7f49-429c-96b1-954a62f131d6","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":21,"box":{"x":554,"y":429,"width":296,"height":11}},{"id":"fd237b25-672a-49a4-b89d-3e7c221b4095","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":21,"box":{"x":554,"y":444,"width":299,"height":12}},{"id":"37e5b2d7-690b-4206-b2a8-d5a1419fa350","block_type":"box","text":"Fund","page_number":21,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"84202d10-334e-4c3a-9373-c7fef6939654","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":21,"box":{"x":554,"y":475,"width":290,"height":9}},{"id":"501f547e-e395-450d-8e06-00a352f9927e","block_type":"box","text":"BlackRock Funds II","page_number":21,"box":{"x":520,"y":506,"width":149,"height":9}},{"id":"4fe0e876-b908-4632-90c0-d79ab39216ec","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":21,"box":{"x":554,"y":522,"width":283,"height":11}},{"id":"a0277011-4fc4-43d3-ab5c-e2795a0fcd1f","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":21,"box":{"x":554,"y":537,"width":283,"height":12}},{"id":"112024ed-751c-4460-9636-384c2eaafbb4","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":21,"box":{"x":554,"y":553,"width":283,"height":11}},{"id":"433b35a8-a9ee-4574-bae7-d34002ac6e77","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":21,"box":{"x":554,"y":568,"width":283,"height":12}},{"id":"91173fe3-4333-455e-b53a-86385f1ce1ed","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":21,"box":{"x":554,"y":584,"width":259,"height":9}},{"id":"583aa9b2-eb81-4217-952c-fb943ae62129","block_type":"box","text":"BlackRock Managed Income Fund","page_number":21,"box":{"x":554,"y":599,"width":239,"height":12}},{"id":"6cd52b44-d247-4fc2-a164-b32d77b42e74","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":21,"box":{"x":554,"y":615,"width":289,"height":9}},{"id":"7eed6bc7-d34f-4427-afe2-51812266dd90","block_type":"box","text":"BlackRock Funds III","page_number":21,"box":{"x":520,"y":646,"width":155,"height":9}},{"id":"9ecc01b6-9b69-451c-b498-69154f1ee6cf","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":21,"box":{"x":554,"y":661,"width":247,"height":9}},{"id":"0460670a-7c9d-45f6-abcd-2afe9614cb21","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":21,"box":{"x":554,"y":677,"width":226,"height":11}},{"id":"73ab7659-f611-4736-a34c-bbbfc32c415d","block_type":"box","text":"BlackRock Diversified Equity Fund","page_number":21,"box":{"x":554,"y":692,"width":242,"height":12}},{"id":"f3e8e9b3-02ad-4f19-bff7-19b082308398","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":21,"box":{"x":554,"y":708,"width":290,"height":9}},{"id":"44333029-e2b8-4311-bdac-c4da40265eb2","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":723,"width":136,"height":9}},{"id":"eab76041-d682-4c14-8698-417af32b53fb","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":722,"width":9,"height":7}},{"id":"02300add-6335-4b71-a9f3-ec166cf614f5","block_type":"box","text":"Dynamic Retirement","page_number":21,"box":{"x":705,"y":723,"width":140,"height":12}},{"id":"41a660c5-b978-4df7-86cc-f9b240d4f4c1","block_type":"box","text":"Fund","page_number":21,"box":{"x":554,"y":739,"width":34,"height":9}},{"id":"d70e3b13-6f94-45ea-9f95-f5a8e296b6c0","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":754,"width":136,"height":9}},{"id":"d720684c-c97d-4150-87fc-fa4c2c61b0f2","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":753,"width":9,"height":7}},{"id":"dc91d84e-81ee-43e6-ad0e-b34bd808f7e5","block_type":"box","text":"Dynamic 2030 Fund","page_number":21,"box":{"x":705,"y":754,"width":138,"height":12}},{"id":"401438c0-9f3f-4ed3-afa0-dc4a58a650e2","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":770,"width":136,"height":9}},{"id":"e5d5c9fb-99a7-4b04-9972-5db22bf15122","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":769,"width":9,"height":6}},{"id":"5fa5d668-0aa9-481e-a59a-21836641be22","block_type":"box","text":"Dynamic 2035 Fund","page_number":21,"box":{"x":705,"y":770,"width":138,"height":11}},{"id":"950c7032-d987-4512-9eb9-c82d0d19f02c","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":785,"width":136,"height":9}},{"id":"7c158373-73e2-4584-81e7-be824a65140e","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":784,"width":9,"height":7}},{"id":"20c2142d-a7c2-4de6-8481-c9fa20d46afe","block_type":"box","text":"Dynamic 2040 Fund","page_number":21,"box":{"x":705,"y":785,"width":138,"height":12}},{"id":"0d1ac9b4-8179-428a-81ef-d412a70272b6","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":801,"width":136,"height":9}},{"id":"d4a7f5c6-3d89-4d65-b76e-186d40405307","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":800,"width":9,"height":6}},{"id":"db2a5fff-52ac-456c-a3aa-8f15d3a97d4a","block_type":"box","text":"Dynamic 2045 Fund","page_number":21,"box":{"x":705,"y":801,"width":138,"height":11}},{"id":"b3f41a0d-b541-4353-a634-3dc1ddf306d3","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":816,"width":136,"height":9}},{"id":"3deece17-f9a0-4edf-81b9-e82278773bf1","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":815,"width":9,"height":7}},{"id":"8b84dfaa-f5d2-4f8c-b62c-211db8e8089b","block_type":"box","text":"Dynamic 2050 Fund","page_number":21,"box":{"x":705,"y":816,"width":138,"height":12}},{"id":"cacf81bc-3fe2-4755-84dd-eecffc6c38af","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"64ef204f-f7cc-4da2-8d9d-ccc1eb864e24","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"e4b01be0-989f-48b1-a98b-6a00c2002432","block_type":"box","text":"Dynamic 2055 Fund","page_number":21,"box":{"x":700,"y":832,"width":147,"height":11}},{"id":"3f3aa972-7181-4290-87e7-98ba1f189dfd","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":847,"width":136,"height":9}},{"id":"c9ebd494-03f7-412d-96dd-9d1f2336c17e","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":846,"width":9,"height":7}},{"id":"9fb91b70-2d45-4142-94d1-100bc5ce7dc1","block_type":"box","text":"Dynamic 2060 Fund","page_number":21,"box":{"x":700,"y":847,"width":147,"height":12}},{"id":"7203f3a7-f9a4-4631-abb0-d8588fdd4ff8","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"ebba141f-7bb1-4825-be33-dfb53ea90dca","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"62651648-f592-4d46-8847-6833200ab4da","block_type":"box","text":"Dynamic 2065 Fund","page_number":21,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"24553c8d-ab6d-4243-bd4e-e57a80c18c6a","block_type":"box","text":"BlackRock LifePath","page_number":21,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"0205a9c3-3e9c-43f6-9048-9fb25e9a0271","block_type":"box","text":"®","page_number":21,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"1c9b08d1-7c8e-48bb-8390-6b001d805482","block_type":"box","text":"Dynamic 2070 Fund","page_number":21,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"331aafe3-c498-4b89-bb06-bcc21e7b8e32","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":21,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"89d680a2-5850-4b2e-a4b4-68c974ffccb3","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"79f75f78-1efd-415b-bf82-621b1f9e3ec9","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"67febf08-c741-4d9f-8372-ac04f6030dd5","block_type":"box","text":"ESG Index Retirement","page_number":22,"box":{"x":296,"y":88,"width":162,"height":9}},{"id":"2376d618-5973-4144-b231-ab0438ebff64","block_type":"box","text":"Fund","page_number":22,"box":{"x":150,"y":103,"width":38,"height":9}},{"id":"e2fa4d9d-d153-429e-a999-0f9d350bb81b","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"62a19871-73cc-42fd-94cb-7371d5dcc305","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"c813b4fa-5de0-4141-b6fb-3a698882b421","block_type":"box","text":"ESG Index 2030 Fund","page_number":22,"box":{"x":296,"y":119,"width":159,"height":9}},{"id":"25ffcc08-5164-485e-aeb6-0d9c0ab015ef","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"da30332a-6de3-4de0-b0ab-0e1d77b2477e","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"46da83f0-d4bb-4a60-a606-b344bbc5de20","block_type":"box","text":"ESG Index 2035 Fund","page_number":22,"box":{"x":296,"y":134,"width":159,"height":9}},{"id":"e75cc709-44b5-4954-84d5-0300d616e323","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"a51d809e-6af3-4bee-9a5b-48e4c5ec0dc6","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"f87e4e8e-fa7b-4e8c-ab8f-1b12ebc2ebda","block_type":"box","text":"ESG Index 2040 Fund","page_number":22,"box":{"x":296,"y":150,"width":159,"height":9}},{"id":"dba361b3-4ac3-48b1-b4da-42829b88ceda","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"e7a39cc5-0677-471b-ba25-5512490a7860","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"fbf84104-a08a-47cf-9046-9c75d0b0242e","block_type":"box","text":"ESG Index 2045 Fund","page_number":22,"box":{"x":296,"y":165,"width":159,"height":9}},{"id":"8d94f1b6-b113-444b-9723-5eb63dd73ae1","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"3e4b6d26-106d-4ca6-be33-2603f99a7e95","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"32f40621-6fbb-4130-aabb-d336748be787","block_type":"box","text":"ESG Index 2050 Fund","page_number":22,"box":{"x":296,"y":181,"width":159,"height":9}},{"id":"62ab80b8-56a2-4e00-becc-ef23ecafa008","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"f32f758f-0e93-4569-8e35-2e7cae3a3774","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"e8505ba1-adda-48b6-a710-725bbdf43a41","block_type":"box","text":"ESG Index 2055 Fund","page_number":22,"box":{"x":296,"y":196,"width":159,"height":9}},{"id":"8212a664-1a33-4b0e-9d81-b689a4e36a48","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"2ccbe513-f22c-46fc-a9b6-8c309d15e990","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"6e2b035a-4994-4441-880d-c6b43597a653","block_type":"box","text":"ESG Index 2060 Fund","page_number":22,"box":{"x":296,"y":212,"width":159,"height":9}},{"id":"accb17b7-0ea0-4454-8c4d-126d9ac50bbf","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"87e71f02-fe0d-44ca-a611-da5401025244","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"a70f6f62-798e-4fd9-8dd9-df62e230c55f","block_type":"box","text":"ESG Index 2065 Fund","page_number":22,"box":{"x":296,"y":227,"width":159,"height":9}},{"id":"afd8a76b-c6d8-456d-bab3-8dbae501ee7e","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"5976d271-3613-44d5-88c7-f73e5da19a12","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"865a78b1-755e-4420-8c4b-abe8c48bfab1","block_type":"box","text":"ESG Index 2070 Fund","page_number":22,"box":{"x":296,"y":243,"width":159,"height":9}},{"id":"e1f29fb9-be5b-4038-a457-15b560e6ed16","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"1f8bea1d-2aa8-44e7-992c-618afea16a63","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"ababdaae-7876-4ed9-8a5a-07d1637a434c","block_type":"box","text":"Index Retirement Fund","page_number":22,"box":{"x":296,"y":258,"width":165,"height":9}},{"id":"dd722753-7f21-416e-a985-5606ab61ea03","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"85f5f999-af59-4415-a1b3-6c4a0227092b","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"31205867-84e0-4763-802d-fd45b33dccb0","block_type":"box","text":"Index 2030 Fund","page_number":22,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"567e89a5-55ae-4060-904e-3e9e1f3688aa","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"e0b1c839-900e-4cb0-84ec-cd77156ef296","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"203532f6-f599-4c01-aee9-0303482dc0ed","block_type":"box","text":"Index 2035 Fund","page_number":22,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"4a08cac2-9809-4ba0-878d-bd929412eed4","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"8b650a92-1302-420b-ade0-8045a3428240","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"a7699528-2654-48da-9ced-aa16f5898fe1","block_type":"box","text":"Index 2040 Fund","page_number":22,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"de53d37d-ad62-4971-892f-fb230fab7afe","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":320,"width":136,"height":9}},{"id":"a5fe4d96-b62c-48ee-8fc5-2cfee9de03de","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":319,"width":9,"height":7}},{"id":"b868a3c8-362a-4637-a48d-236b6a0986fa","block_type":"box","text":"Index 2045 Fund","page_number":22,"box":{"x":296,"y":320,"width":124,"height":9}},{"id":"729921e4-bfef-47d3-aa69-72ceca7f60f1","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":336,"width":136,"height":9}},{"id":"806c7cbe-ba35-41d7-b48b-9fb5c226082c","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":335,"width":9,"height":6}},{"id":"8c675532-3be8-4e62-99bb-63b03578e03b","block_type":"box","text":"Index 2050 Fund","page_number":22,"box":{"x":296,"y":336,"width":124,"height":9}},{"id":"737fb94d-f096-426f-88f4-6099e18fe0be","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":351,"width":136,"height":9}},{"id":"2a9f4b40-2d63-4c14-8b97-6fd653196350","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":350,"width":9,"height":7}},{"id":"9182431c-3124-44d6-89fb-dba525c2c2be","block_type":"box","text":"Index 2055 Fund","page_number":22,"box":{"x":296,"y":351,"width":124,"height":9}},{"id":"176d5f82-9a5b-495c-bd64-65a3f7083fe9","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":367,"width":136,"height":9}},{"id":"a1b7d788-d36b-4768-97f6-6336d7608701","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":366,"width":9,"height":6}},{"id":"9a0b9fc4-6e61-48eb-bddd-dadea410ffbb","block_type":"box","text":"Index 2060 Fund","page_number":22,"box":{"x":296,"y":367,"width":124,"height":9}},{"id":"50895589-b620-434d-983b-44e8c086e61a","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":382,"width":136,"height":9}},{"id":"da8f39a9-e7e4-4a45-918d-46faa13025d9","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":381,"width":9,"height":7}},{"id":"93f9e62d-09f5-4f2a-909b-eea348dd84ab","block_type":"box","text":"Index 2065 Fund","page_number":22,"box":{"x":296,"y":382,"width":124,"height":9}},{"id":"47cfbc4e-e532-4020-a9be-93b86279e653","block_type":"box","text":"BlackRock LifePath","page_number":22,"box":{"x":150,"y":398,"width":136,"height":9}},{"id":"212bea16-3186-4b9f-a85f-e59270ff0f73","block_type":"box","text":"®","page_number":22,"box":{"x":287,"y":397,"width":9,"height":6}},{"id":"250aefd9-3e58-4776-8dc2-d3fe740cbd41","block_type":"box","text":"Index 2070 Fund","page_number":22,"box":{"x":296,"y":398,"width":124,"height":9}},{"id":"5d56f6c8-f21d-4414-9d43-dc01ef227608","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":22,"box":{"x":150,"y":413,"width":310,"height":9}},{"id":"4f56da35-5b48-41a5-9f76-bb80fb5f378e","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":22,"box":{"x":150,"y":429,"width":303,"height":11}},{"id":"a8ecda1e-73c8-4d62-89af-8afc3c0dc832","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":22,"box":{"x":150,"y":444,"width":200,"height":9}},{"id":"9725a401-c3b8-4ab5-8f80-8245aabc389e","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":22,"box":{"x":150,"y":460,"width":284,"height":11}},{"id":"e147892e-b4b1-4f53-b1d0-a4b37b23f126","block_type":"box","text":"BlackRock Funds IV","page_number":22,"box":{"x":116,"y":491,"width":154,"height":9}},{"id":"b06b5e51-61ab-43e2-b307-c49471107eb2","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":22,"box":{"x":150,"y":506,"width":299,"height":12}},{"id":"3bd8f92c-2d05-43d4-a4cc-7c7db4566614","block_type":"box","text":"BlackRock Funds V","page_number":22,"box":{"x":116,"y":537,"width":148,"height":9}},{"id":"ef032d03-3e70-4aa3-a197-d80e7df8c15a","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":22,"box":{"x":150,"y":553,"width":220,"height":9}},{"id":"a0e19300-ff4f-4ebd-b86f-8f8b91dfd7de","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":22,"box":{"x":150,"y":568,"width":222,"height":12}},{"id":"4ed368bb-ce18-44bc-805f-34624ec27904","block_type":"box","text":"BlackRock Income Fund","page_number":22,"box":{"x":150,"y":584,"width":172,"height":9}},{"id":"df3a4bc4-7b02-49b8-a489-f21979f8561a","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":22,"box":{"x":150,"y":599,"width":313,"height":9}},{"id":"4e2e5497-a4a1-49ab-9d2e-df940c1ee4ee","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":22,"box":{"x":150,"y":615,"width":282,"height":9}},{"id":"8c5181bf-4f0b-4dab-ab5c-d663111c5255","block_type":"box","text":"BlackRock Mortgage-Backed Securities Fund","page_number":22,"box":{"x":150,"y":630,"width":314,"height":12}},{"id":"712bd32a-c871-47d5-9dad-64ede25b5ab0","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":22,"box":{"x":150,"y":646,"width":294,"height":11}},{"id":"5ee0475d-110c-456f-b3c2-f2fea533dd6f","block_type":"box","text":"Portfolio","page_number":22,"box":{"x":150,"y":661,"width":59,"height":9}},{"id":"de356b15-7deb-4082-8379-93fab2f5c9e0","block_type":"box","text":"BlackRock Sustainable High Yield Bond Fund","page_number":22,"box":{"x":150,"y":677,"width":315,"height":11}},{"id":"8f60b03b-51e0-4df6-88a9-1bb81dbb5c66","block_type":"box","text":"BlackRock Funds VI","page_number":22,"box":{"x":116,"y":708,"width":150,"height":9}},{"id":"b78f0fa5-e226-4d16-a4c6-33602b793ace","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":22,"box":{"x":150,"y":723,"width":309,"height":12}},{"id":"d527246e-ea22-4420-80d4-3f27a8854d96","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":22,"box":{"x":116,"y":754,"width":287,"height":11}},{"id":"8984dcfe-1573-494f-9282-9d75402b3fc1","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":22,"box":{"x":116,"y":785,"width":208,"height":11}},{"id":"b904116c-1023-4e11-a0c4-fde72de538bf","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":22,"box":{"x":150,"y":801,"width":312,"height":9}},{"id":"60d10fd7-de1e-4311-91e4-2cc2f613bdea","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":22,"box":{"x":150,"y":816,"width":298,"height":12}},{"id":"0e6edec6-16cc-4b7b-9e48-f26973b8fe1b","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":22,"box":{"x":116,"y":847,"width":324,"height":12}},{"id":"8c16cf75-ecaf-4732-bf62-f149cc0546e0","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":22,"box":{"x":116,"y":878,"width":349,"height":12}},{"id":"2d4ec58a-ee5d-4fa1-9aee-7bf4f55958a3","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":22,"box":{"x":520,"y":87,"width":335,"height":12}},{"id":"0ec02476-78bd-4251-9295-20e4fef6e4cf","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":22,"box":{"x":520,"y":118,"width":296,"height":12}},{"id":"15020045-4925-446a-804f-fb4a18aed825","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":22,"box":{"x":554,"y":134,"width":306,"height":12}},{"id":"22fcc34d-d376-4bc8-9d7d-79cabd7fd72d","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":22,"box":{"x":554,"y":150,"width":314,"height":11}},{"id":"687da7ce-84ba-42ea-99c6-f8edb7173ee2","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":22,"box":{"x":554,"y":165,"width":261,"height":12}},{"id":"f43a8cf6-f7e0-4365-bfae-6af7bfcf160c","block_type":"box","text":"BlackRock Liquidity Funds","page_number":22,"box":{"x":520,"y":196,"width":203,"height":12}},{"id":"1b99ccb8-ea43-4951-919f-f1231a62a8f5","block_type":"box","text":"FedFund","page_number":22,"box":{"x":554,"y":212,"width":63,"height":9}},{"id":"31ac346d-2b0b-4864-b052-f645ee9871e4","block_type":"box","text":"MuniCash","page_number":22,"box":{"x":554,"y":227,"width":74,"height":9}},{"id":"3621a046-16ca-4a3c-a1f8-bc3db56fdace","block_type":"box","text":"TempCash","page_number":22,"box":{"x":554,"y":243,"width":77,"height":11}},{"id":"757b9a93-2d24-439f-9395-5812b38e8c4e","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":22,"box":{"x":554,"y":258,"width":300,"height":12}},{"id":"1b1d670c-0cf5-4eb0-b818-47eae03eabd8","block_type":"box","text":"Fund","page_number":22,"box":{"x":554,"y":274,"width":38,"height":9}},{"id":"87fa5829-2f39-4bbd-8a52-567e449d0563","block_type":"box","text":"T-Fund","page_number":22,"box":{"x":554,"y":289,"width":54,"height":9}},{"id":"a4aef1bf-1b79-48ca-b640-e869b99a26c7","block_type":"box","text":"Treasury Trust Fund","page_number":22,"box":{"x":554,"y":305,"width":142,"height":11}},{"id":"391dfd78-4a54-4e2a-994c-45d40fcb604b","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":22,"box":{"x":520,"y":336,"width":282,"height":11}},{"id":"64a0b992-3ae2-4775-a786-c4b6d4d4c06d","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":22,"box":{"x":554,"y":351,"width":227,"height":12}},{"id":"e4a3260b-c0bb-4ef2-ba42-440ef21f6d75","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":22,"box":{"x":520,"y":382,"width":339,"height":12}},{"id":"652979b0-9a1b-4c9c-b8cc-451ea94bfc12","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":22,"box":{"x":554,"y":398,"width":314,"height":11}},{"id":"bbc15dab-5cfb-4874-8ef1-b48bb646b398","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":22,"box":{"x":554,"y":413,"width":324,"height":12}},{"id":"3bdd96ed-fa77-4ad6-b6bb-093a72c6a50d","block_type":"box","text":"Fund","page_number":22,"box":{"x":554,"y":429,"width":38,"height":9}},{"id":"47397148-7ace-428d-8da6-31dc24cb3c77","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":22,"box":{"x":554,"y":444,"width":326,"height":12}},{"id":"bfe7173e-879e-440f-9db4-dc8152d5c350","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":22,"box":{"x":520,"y":475,"width":282,"height":12}},{"id":"9dfa410f-8d66-4de9-9bd9-ecd5cde799ba","block_type":"box","text":"BlackRock National Municipal Fund","page_number":22,"box":{"x":554,"y":491,"width":253,"height":11}},{"id":"a50952cc-6e17-4cf1-80e3-bf033bc48df3","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":22,"box":{"x":554,"y":506,"width":263,"height":9}},{"id":"01d38487-c144-49c8-8e47-69b35bc6634a","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":22,"box":{"x":520,"y":537,"width":252,"height":12}},{"id":"18d68fb9-2756-449e-9f7a-9e3879b04c62","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":22,"box":{"x":554,"y":553,"width":313,"height":11}},{"id":"d7d5b6dd-2722-4c59-b368-c0988d5195a3","block_type":"box","text":"Fund","page_number":22,"box":{"x":554,"y":568,"width":38,"height":9}},{"id":"7fcfc9df-9fcd-4199-8bea-b83dd04d0364","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":22,"box":{"x":520,"y":599,"width":264,"height":9}},{"id":"36eaa730-85a4-404f-9c46-7397f5547ff3","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":22,"box":{"x":520,"y":630,"width":208,"height":11}},{"id":"fa821b80-e2a2-4a51-9d06-ff837965ee0e","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":22,"box":{"x":554,"y":646,"width":331,"height":11}},{"id":"4942aeb2-4d10-49f6-b528-6b8d732c6dc7","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":22,"box":{"x":554,"y":661,"width":205,"height":9}},{"id":"0d34a726-6d02-439f-8ae3-9081f5f8d1c6","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":22,"box":{"x":554,"y":677,"width":283,"height":11}},{"id":"12b68442-e18a-4ba5-8440-0dc79cad065e","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":22,"box":{"x":554,"y":692,"width":263,"height":9}},{"id":"25b292fa-e3da-41a9-bba6-edd0f04e22b0","block_type":"box","text":"BlackRock Government Money Market","page_number":22,"box":{"x":554,"y":708,"width":267,"height":11}},{"id":"d5aab9a8-c81e-43c7-bbd7-c66edd6f2892","block_type":"box","text":"Portfolio","page_number":22,"box":{"x":554,"y":723,"width":59,"height":9}},{"id":"b8140762-b6ac-4512-a667-80d15ce83ae1","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":22,"box":{"x":520,"y":754,"width":221,"height":11}},{"id":"a063eed3-0cd9-402a-8109-7a70925b49a4","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":22,"box":{"x":554,"y":770,"width":217,"height":11}},{"id":"d80834ed-13f2-498a-9b5c-26b277307084","block_type":"box","text":"BlackRock Series, Inc.","page_number":22,"box":{"x":520,"y":801,"width":161,"height":11}},{"id":"ea7e39a5-84a0-4f65-bb94-2528103069e1","block_type":"box","text":"BlackRock International Fund","page_number":22,"box":{"x":554,"y":816,"width":203,"height":9}},{"id":"a61b2857-9d9d-4e60-900b-d6feaed8b6a0","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":22,"box":{"x":520,"y":847,"width":325,"height":12}},{"id":"90dd0fcd-5343-4fbf-ad92-450e1a24b81a","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":22,"box":{"x":520,"y":878,"width":288,"height":12}},{"id":"8d4511bc-be86-4890-a165-24182668063a","block_type":"box","text":"2","page_number":22,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"fbbfca82-8391-4ceb-8230-97c352eff3a1","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":22,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"05a7f11e-3876-4d19-a519-56bb647d3167","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":23,"box":{"x":116,"y":87,"width":282,"height":12}},{"id":"04ac321a-6491-45a5-9a4d-2362422e782c","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":23,"box":{"x":150,"y":103,"width":309,"height":12}},{"id":"b07ff873-d709-44a2-9cfc-ba8e092c5e5d","block_type":"box","text":"Fund","page_number":23,"box":{"x":150,"y":119,"width":38,"height":9}},{"id":"8e5d5ffb-9f77-4936-9ce4-8eb3c184c903","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":23,"box":{"x":150,"y":134,"width":298,"height":12}},{"id":"95fdb65c-23c2-417d-a6df-a6631548db91","block_type":"box","text":"Fund","page_number":23,"box":{"x":150,"y":150,"width":38,"height":9}},{"id":"3a060cab-1a64-42f5-be18-96766d3294b7","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":23,"box":{"x":150,"y":165,"width":305,"height":12}},{"id":"e37b6cf3-93c0-4402-83f8-5126fd823a9c","block_type":"box","text":"Fund","page_number":23,"box":{"x":150,"y":181,"width":38,"height":9}},{"id":"851676a0-922a-49d8-826d-dc93a6df7a75","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":23,"box":{"x":150,"y":196,"width":302,"height":12}},{"id":"92889545-0e0a-4b07-b9e7-09f9ca4d9da7","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":23,"box":{"x":150,"y":212,"width":234,"height":9}},{"id":"c2df9575-2880-4eee-afb1-782e2fb4250f","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":23,"box":{"x":150,"y":227,"width":293,"height":12}},{"id":"6c19beac-cd73-4730-a3ca-72bd7a0bcc26","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":23,"box":{"x":150,"y":243,"width":264,"height":11}},{"id":"3707ec44-33ef-4159-842f-2e8c69b60545","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":23,"box":{"x":150,"y":258,"width":273,"height":9}},{"id":"08211e66-97cf-4797-9416-f71f43e72ab5","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":23,"box":{"x":150,"y":274,"width":302,"height":11}},{"id":"a15ba889-1320-48fd-ba53-1b13bc6703f1","block_type":"box","text":"Fund","page_number":23,"box":{"x":150,"y":289,"width":38,"height":9}},{"id":"3d1e5d6c-3831-4cf1-ba06-2a150d43a063","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":23,"box":{"x":150,"y":305,"width":281,"height":9}},{"id":"f7422c99-7faf-4755-b302-934c2fe00909","block_type":"box","text":"BlackRock International V.I. Fund","page_number":23,"box":{"x":150,"y":320,"width":238,"height":9}},{"id":"7d944c24-0d92-4193-97e3-1e81abd4cb22","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":23,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"a28e653b-e3a0-4125-8162-1469403d4538","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":23,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"ea2cc6a3-48e2-48d1-ab09-e798d705d0a1","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":23,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"2945f226-9fda-430f-8692-fa7f0aabbc19","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":23,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"2866f7e4-b6bb-4250-bbf6-bf37688d89f4","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":23,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"536231cd-cf36-4a1a-8699-a2079fd01f53","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":23,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"3516378d-a36c-43c9-9164-7c8af84a7510","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":23,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"50dfaed1-2ac2-45fc-8183-4f6755759634","block_type":"box","text":"Managed Account Series","page_number":23,"box":{"x":520,"y":227,"width":183,"height":12}},{"id":"495084a3-74a4-4f9b-9db4-673c4dfbddf0","block_type":"box","text":"BlackRock GA Disciplined Volatility Equity","page_number":23,"box":{"x":554,"y":243,"width":307,"height":11}},{"id":"d613b320-9545-4867-adf4-6486f9191b78","block_type":"box","text":"Fund","page_number":23,"box":{"x":554,"y":258,"width":38,"height":9}},{"id":"f4e57c75-0023-4efa-b5e2-c27990f4010d","block_type":"box","text":"BlackRock GA Dynamic Equity Fund","page_number":23,"box":{"x":554,"y":274,"width":261,"height":11}},{"id":"4aa1282f-4908-4f55-9aa1-b652e7d2e464","block_type":"box","text":"Managed Account Series II","page_number":23,"box":{"x":520,"y":305,"width":200,"height":11}},{"id":"8c332fd0-ecd4-491b-850e-d0016a272d7e","block_type":"box","text":"BlackRock Securitized Income Fund","page_number":23,"box":{"x":554,"y":320,"width":252,"height":9}},{"id":"0a73f37b-68ca-43f4-87a9-efd4ec226b52","block_type":"box","text":"(each, a “Fund” and collectively, the “Funds”)","page_number":23,"box":{"x":334,"y":351,"width":336,"height":12}},{"id":"24e5f638-d576-485d-a490-fb06e59d6f5f","block_type":"box","text":"Supplement dated December 2, 2025 to the Statement of Additional Information (“SAI”) of each Fund, as","page_number":23,"box":{"x":121,"y":382,"width":761,"height":12}},{"id":"190c7122-aa19-4f98-a72b-d96eee6bc2e1","block_type":"box","text":"amended from time to time.","page_number":23,"box":{"x":400,"y":398,"width":204,"height":9}},{"id":"26a52540-1c69-4a87-8a02-78b6bd2f7c26","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":23,"box":{"x":116,"y":429,"width":292,"height":9}},{"id":"6e410c73-b209-4aae-93f7-742c72babadb","block_type":"box","text":"The list in the section entitled “Purchase of Shares — Additional Payments by BlackRock — D. Service","page_number":23,"box":{"x":116,"y":460,"width":745,"height":11}},{"id":"a31c6d25-f2e2-42ba-8575-9e6d87a919c0","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous —","page_number":23,"box":{"x":116,"y":475,"width":732,"height":12}},{"id":"8e20d08c-5051-4a11-8dd3-59517a7959cd","block_type":"box","text":"Additional Payments by BlackRock — D. Service Organizations Receiving Additional Payments,”","page_number":23,"box":{"x":116,"y":491,"width":707,"height":11}},{"id":"e80a5ab3-d88d-4f69-aafd-9a308b44ca17","block_type":"box","text":"“Investment Advisory Arrangements — Additional Payments by BlackRock — D. Service Organizations","page_number":23,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"b86935c5-0811-4e7a-8d99-9c0348645245","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers — Additional","page_number":23,"box":{"x":116,"y":522,"width":723,"height":11}},{"id":"7bee4613-7d19-4e88-8a37-48d057d64d45","block_type":"box","text":"Payments by BlackRock — D. Service Organizations Receiving Additional Payments,” as applicable, of","page_number":23,"box":{"x":116,"y":537,"width":746,"height":12}},{"id":"1f501b21-6c7e-4131-a8b8-018a5d04a6c9","block_type":"box","text":"each Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":23,"box":{"x":116,"y":553,"width":594,"height":11}},{"id":"e3852684-17c1-4f19-a9e4-069fa4dbc3e9","block_type":"box","text":"&Partners","page_number":23,"box":{"x":116,"y":584,"width":72,"height":9}},{"id":"d2ac33de-b4d1-4d31-abab-c7af66c7a169","block_type":"box","text":"AccuTech Systems Corporation","page_number":23,"box":{"x":116,"y":599,"width":219,"height":12}},{"id":"8b2cd1f4-4637-4edd-aaf3-e196d438e0a5","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":23,"box":{"x":116,"y":615,"width":173,"height":10}},{"id":"4b5f993b-9786-41d4-8a10-f275d63da3c3","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":23,"box":{"x":116,"y":630,"width":215,"height":12}},{"id":"f5fc2ee8-5483-4efd-ad29-e19aed450f9c","block_type":"box","text":"Advisor Group, Inc.","page_number":23,"box":{"x":116,"y":646,"width":140,"height":11}},{"id":"ecd2f3e7-e88f-4895-b03f-045be790963c","block_type":"box","text":"AE Wealth Management, LLC","page_number":23,"box":{"x":116,"y":661,"width":207,"height":12}},{"id":"9d099500-b979-443c-a33e-5633ce803330","block_type":"box","text":"Alight Solutions LLC","page_number":23,"box":{"x":116,"y":677,"width":146,"height":11}},{"id":"1d7cf6a7-0096-47e3-8cd8-e10599850d49","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":23,"box":{"x":116,"y":692,"width":250,"height":11}},{"id":"3f87a2a7-db09-4686-9f28-011de6806b9c","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":23,"box":{"x":116,"y":708,"width":314,"height":11}},{"id":"70c0f79b-203f-4960-b06e-efc5e5cc7e05","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":23,"box":{"x":116,"y":723,"width":345,"height":12}},{"id":"b9a334ad-205c-4e23-905b-974795f92a74","block_type":"box","text":"Altruist Financial LLC","page_number":23,"box":{"x":116,"y":739,"width":154,"height":9}},{"id":"c3701207-670b-43c1-aad5-6fa2c03d7b84","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":23,"box":{"x":116,"y":754,"width":313,"height":12}},{"id":"872b2b8f-733b-4a88-b3f3-040bda51f35f","block_type":"box","text":"American General Life Insurance Company","page_number":23,"box":{"x":116,"y":770,"width":295,"height":11}},{"id":"5d7e4e4b-5590-481b-8b9f-8abdba25a857","block_type":"box","text":"American United Life Insurance Company","page_number":23,"box":{"x":116,"y":785,"width":288,"height":12}},{"id":"ff5250cc-2588-477e-90cb-3deaaa0f70c9","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":23,"box":{"x":116,"y":801,"width":292,"height":11}},{"id":"6948c340-8885-428d-a7a1-77154beffbc5","block_type":"box","text":"Argent Institutional Trust Company","page_number":23,"box":{"x":116,"y":816,"width":241,"height":12}},{"id":"888fd5f8-6b9e-46dd-97d4-9947333ae6a0","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":23,"box":{"x":116,"y":832,"width":263,"height":10}},{"id":"39cca823-f049-4dac-9156-8b9761cacff0","block_type":"box","text":"Ascensus, Inc.","page_number":23,"box":{"x":116,"y":847,"width":102,"height":11}},{"id":"c6f9d467-c882-4337-8060-f79f132550c1","block_type":"box","text":"Atomic Brokerage LLC","page_number":23,"box":{"x":116,"y":863,"width":165,"height":11}},{"id":"9d79420a-5546-41ad-8f77-340607b5744f","block_type":"box","text":"Avantax Investment Services, LLC","page_number":23,"box":{"x":116,"y":878,"width":242,"height":11}},{"id":"bae68c20-3ca9-4b4c-a991-631488f5d000","block_type":"box","text":"Bancroft Capital LLC","page_number":23,"box":{"x":520,"y":584,"width":152,"height":11}},{"id":"26e93cbe-ebb6-4684-b7f7-c0f6bb014795","block_type":"box","text":"Bank of America, N.A.","page_number":23,"box":{"x":520,"y":599,"width":161,"height":11}},{"id":"26585705-b55d-4afc-a683-430d5aa113f3","block_type":"box","text":"Bank of New York Mellon","page_number":23,"box":{"x":520,"y":615,"width":185,"height":9}},{"id":"4e2139e1-4dfd-4c4f-883e-63ab919865fb","block_type":"box","text":"Barclays Capital Inc.","page_number":23,"box":{"x":520,"y":630,"width":146,"height":12}},{"id":"4273c18c-c5c8-43f1-bf02-db96b8efc5b5","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":23,"box":{"x":520,"y":646,"width":295,"height":10}},{"id":"aef94146-a24f-45a8-b9b6-54b169302253","block_type":"box","text":"Benefit Trust Company","page_number":23,"box":{"x":520,"y":661,"width":158,"height":12}},{"id":"314cb3ed-7ef8-42da-8eee-6f6d8149e70b","block_type":"box","text":"Beta Capital Securities LLC","page_number":23,"box":{"x":520,"y":677,"width":190,"height":11}},{"id":"ac9e2d2e-1266-4398-8e97-22ec975a0c34","block_type":"box","text":"BlackRock Advisors, LLC","page_number":23,"box":{"x":520,"y":692,"width":179,"height":11}},{"id":"d8bb1159-991d-4421-9982-13dcc9544cea","block_type":"box","text":"BMO Capital Markets Corp.","page_number":23,"box":{"x":520,"y":708,"width":191,"height":11}},{"id":"0e52c8ec-3d91-4cfe-9f99-b54692c7f20a","block_type":"box","text":"BNP Paribas","page_number":23,"box":{"x":520,"y":723,"width":85,"height":9}},{"id":"3a7a7b85-40c6-4de2-9ac8-103a78b42011","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":23,"box":{"x":520,"y":739,"width":311,"height":9}},{"id":"01949974-24fb-4d50-877b-5933e7525043","block_type":"box","text":"BNY Mellon, N.A.","page_number":23,"box":{"x":520,"y":754,"width":128,"height":11}},{"id":"768388fa-1798-4aa4-8ad5-e1f988e43c66","block_type":"box","text":"BofA Securities, Inc.","page_number":23,"box":{"x":520,"y":770,"width":141,"height":10}},{"id":"3675a243-31c4-491d-afa4-42d429b728d5","block_type":"box","text":"BOKF, N.A.","page_number":23,"box":{"x":520,"y":785,"width":84,"height":11}},{"id":"42107826-3fc2-4cc8-82b6-543eda4a6e72","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":23,"box":{"x":520,"y":801,"width":253,"height":11}},{"id":"487bcd61-3a76-4d22-9ee5-5e7b1527877a","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":23,"box":{"x":520,"y":816,"width":300,"height":12}},{"id":"5093a3e5-f6d3-4b52-8c7b-090055cc29a4","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":23,"box":{"x":520,"y":832,"width":327,"height":11}},{"id":"74df0c45-18b0-4b52-b1d9-9ffac3061046","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":23,"box":{"x":520,"y":847,"width":226,"height":9}},{"id":"d4703dc9-d3d4-4843-8ba3-45279485c1ab","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":23,"box":{"x":520,"y":863,"width":210,"height":11}},{"id":"632a7307-a02e-45df-84bb-440587c9631d","block_type":"box","text":"Capital One, N.A.","page_number":23,"box":{"x":520,"y":878,"width":126,"height":12}},{"id":"4e3a0235-d5a4-4cb2-ae20-c00146b83a5a","block_type":"box","text":"3","page_number":23,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"5a87a971-d732-4909-8ef3-eb7aa9309ff0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":23,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"23a995df-d41d-4ec2-9d22-b685ec537e9d","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":24,"box":{"x":116,"y":88,"width":212,"height":9}},{"id":"60abe407-2df9-4194-9466-a0d65d36e312","block_type":"box","text":"Cetera Advisors LLC","page_number":24,"box":{"x":116,"y":103,"width":149,"height":9}},{"id":"34a2f95b-6322-4112-9e75-ac093dac6b29","block_type":"box","text":"Cetera Financial Group","page_number":24,"box":{"x":116,"y":119,"width":162,"height":11}},{"id":"43d43fc2-9a2e-4f5c-8372-b20d1bd6d6ad","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":24,"box":{"x":116,"y":134,"width":227,"height":12}},{"id":"ab7fc811-829d-46e1-aca2-750928c942fe","block_type":"box","text":"Cetera Investment Services LLC","page_number":24,"box":{"x":116,"y":150,"width":224,"height":9}},{"id":"4b2de7bc-61f5-4ddd-8ad1-5867cfb1aab0","block_type":"box","text":"CF Secured, LLC","page_number":24,"box":{"x":116,"y":165,"width":123,"height":11}},{"id":"09c21695-eae6-438c-9d6a-36ee56ab404e","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":24,"box":{"x":116,"y":181,"width":192,"height":10}},{"id":"b899e0a1-6b1e-4f33-b481-eea2b67995c1","block_type":"box","text":"Charles Schwab Trust Bank","page_number":24,"box":{"x":116,"y":196,"width":192,"height":9}},{"id":"0238debe-9d3b-497a-86c7-b2c60e89b96b","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":24,"box":{"x":116,"y":212,"width":238,"height":11}},{"id":"df95a26e-db12-41f7-b8f7-240f2cdd7c07","block_type":"box","text":"CIM Investment Management, Inc.","page_number":24,"box":{"x":116,"y":227,"width":241,"height":12}},{"id":"6767de06-ca47-4dd3-954c-d689d6a1dd67","block_type":"box","text":"Citco Securities, LLC","page_number":24,"box":{"x":116,"y":243,"width":151,"height":10}},{"id":"0bfa0b83-03a3-4fae-8662-640c9d7dbff8","block_type":"box","text":"CitiBank, National Association","page_number":24,"box":{"x":116,"y":258,"width":215,"height":11}},{"id":"adc230a3-fa6e-4e81-86c4-5767f4d3c9d7","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":24,"box":{"x":116,"y":274,"width":212,"height":11}},{"id":"7a1867c9-634e-488f-ace2-a4f35f472bdc","block_type":"box","text":"Citizens Bank","page_number":24,"box":{"x":116,"y":289,"width":99,"height":9}},{"id":"2bedabdb-f6e7-4c67-81d2-eccd5c986845","block_type":"box","text":"Citizens Business Bank","page_number":24,"box":{"x":116,"y":305,"width":163,"height":9}},{"id":"1f69e50a-0d34-4956-ae48-2b822eaf02dc","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":24,"box":{"x":116,"y":320,"width":231,"height":12}},{"id":"daaf3197-f8f5-4082-9190-e98b019a0a1f","block_type":"box","text":"CMFG Life Insurance Company","page_number":24,"box":{"x":116,"y":336,"width":223,"height":11}},{"id":"608703c4-404c-44f1-b42a-ca61e495186b","block_type":"box","text":"Comerica Bank","page_number":24,"box":{"x":116,"y":351,"width":109,"height":9}},{"id":"821fcf41-e9b5-4bdf-afcc-80a9c0132965","block_type":"box","text":"Commonwealth Financial Network","page_number":24,"box":{"x":116,"y":367,"width":242,"height":9}},{"id":"8a811a1b-097f-4c37-bf67-64e7425434b1","block_type":"box","text":"Computershare Trust Company","page_number":24,"box":{"x":116,"y":382,"width":216,"height":12}},{"id":"143a312a-d1f6-4d54-ab79-93feb00ba2f3","block_type":"box","text":"Conduent HR Services, LLC","page_number":24,"box":{"x":116,"y":398,"width":198,"height":10}},{"id":"633c3dd5-db7d-4d3a-97b2-974c83e0a540","block_type":"box","text":"Delaware Life Insurance Company","page_number":24,"box":{"x":116,"y":413,"width":240,"height":12}},{"id":"35f88a32-2f6a-4dd7-8d4c-c12f7654f1d2","block_type":"box","text":"Delaware Trust Company","page_number":24,"box":{"x":116,"y":429,"width":178,"height":11}},{"id":"fd548654-3c2c-4892-8a32-043e36897e62","block_type":"box","text":"Deutsche Bank AG","page_number":24,"box":{"x":116,"y":444,"width":135,"height":9}},{"id":"4a0e7a90-5456-4725-b0c7-d603b3af294a","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":24,"box":{"x":116,"y":460,"width":285,"height":11}},{"id":"72a81295-c492-44df-b33c-5a7a0fdc9c02","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":24,"box":{"x":116,"y":475,"width":232,"height":12}},{"id":"29177921-56e9-48ab-82de-6915a66da25e","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":24,"box":{"x":116,"y":491,"width":328,"height":10}},{"id":"d690aae0-ddd4-41bc-962f-b47ec813bb8b","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":24,"box":{"x":116,"y":506,"width":223,"height":12}},{"id":"04b88a35-0527-43dd-8528-f26799f215c6","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":24,"box":{"x":116,"y":522,"width":200,"height":10}},{"id":"673abe8f-18fb-4fd4-a834-18762c378436","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":24,"box":{"x":116,"y":537,"width":298,"height":12}},{"id":"e1bc2f87-da16-4878-b5ae-840d6cd00e6b","block_type":"box","text":"Company","page_number":24,"box":{"x":116,"y":553,"width":69,"height":11}},{"id":"ad50f88b-1de0-4c36-af5b-57e85adb637f","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":24,"box":{"x":116,"y":568,"width":349,"height":12}},{"id":"79ff9a56-c1fd-4394-a54a-582a83422316","block_type":"box","text":"Empower Financial Services, Inc.","page_number":24,"box":{"x":116,"y":584,"width":232,"height":11}},{"id":"166e2f10-2f06-4633-a856-06937b0d1088","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":24,"box":{"x":116,"y":599,"width":336,"height":12}},{"id":"e7612359-59bb-4ac7-8694-628c7395fbdc","block_type":"box","text":"New York","page_number":24,"box":{"x":116,"y":615,"width":74,"height":9}},{"id":"3e199d36-0374-4bc7-9c3b-064417749f1a","block_type":"box","text":"Empower Plan Services, LLC","page_number":24,"box":{"x":116,"y":630,"width":205,"height":12}},{"id":"b19843ce-6554-45fe-b9e5-d3c2edb87c35","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":24,"box":{"x":116,"y":646,"width":238,"height":11}},{"id":"62a251ac-bb2d-4b33-9e01-836b9a26b2fb","block_type":"box","text":"Equitable Advisors, LLC","page_number":24,"box":{"x":116,"y":661,"width":169,"height":12}},{"id":"c858458f-3c54-4f31-847a-a16fa48f48f5","block_type":"box","text":"Equitable Life Insurance Company","page_number":24,"box":{"x":116,"y":677,"width":236,"height":11}},{"id":"1d9a0578-bbd7-4d0f-be95-2d6621277376","block_type":"box","text":"E*trade Savings Bank","page_number":24,"box":{"x":116,"y":692,"width":150,"height":12}},{"id":"112564fd-1866-4ad8-ace7-1433282fa551","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":24,"box":{"x":116,"y":708,"width":262,"height":11}},{"id":"bb47a8d5-016d-44ed-aaa9-92bdbcdf9adb","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":24,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"2aec4f75-2a86-4b25-9a3a-d95aac7d4fd0","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":24,"box":{"x":116,"y":739,"width":301,"height":11}},{"id":"0d33f84d-faf2-4c67-b1b9-b629f9c3c2cb","block_type":"box","text":"Company, Inc.","page_number":24,"box":{"x":116,"y":754,"width":98,"height":12}},{"id":"943bdb17-24e1-4526-8168-da41cb9e87f3","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":24,"box":{"x":116,"y":770,"width":309,"height":11}},{"id":"7d8c11cf-0be0-4809-b100-da2b9b81e417","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":24,"box":{"x":116,"y":785,"width":178,"height":11}},{"id":"b426ce36-be10-475d-b92c-2cdca8477e70","block_type":"box","text":"First Allied Securities, Inc.","page_number":24,"box":{"x":116,"y":801,"width":181,"height":10}},{"id":"1c38bbb2-f85e-4751-8622-64bcf5c283c8","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":24,"box":{"x":116,"y":816,"width":269,"height":12}},{"id":"b95d93e0-a999-4a55-86df-9cb38cbd2723","block_type":"box","text":"First Hawaiian Bank","page_number":24,"box":{"x":116,"y":832,"width":143,"height":9}},{"id":"3b87b24c-1848-4ca2-89b3-7c931272909e","block_type":"box","text":"First Republic Bank","page_number":24,"box":{"x":116,"y":847,"width":140,"height":12}},{"id":"3aebf0b2-d359-488d-ae9e-10e8e0e4fecd","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":24,"box":{"x":116,"y":863,"width":339,"height":11}},{"id":"0db474f1-3451-4189-8e87-a5e74b12e904","block_type":"box","text":"Company of New York","page_number":24,"box":{"x":116,"y":878,"width":162,"height":12}},{"id":"b625aa85-d291-4fec-8b85-363f5abe9b3b","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":24,"box":{"x":520,"y":88,"width":348,"height":11}},{"id":"2b1889c5-c658-46cd-af0b-efc279db3beb","block_type":"box","text":"New York","page_number":24,"box":{"x":520,"y":103,"width":74,"height":9}},{"id":"4ef29845-85f5-4da9-883b-f803c996de74","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":24,"box":{"x":520,"y":119,"width":262,"height":11}},{"id":"741d7ef6-c73c-4d80-b25e-fa529f947823","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":24,"box":{"x":520,"y":134,"width":288,"height":12}},{"id":"08205b53-b464-4df1-a26c-05dffb4630ca","block_type":"box","text":"FNEX Capital, LLC","page_number":24,"box":{"x":520,"y":150,"width":141,"height":11}},{"id":"4d31397e-645a-474b-944d-d782b4acb3de","block_type":"box","text":"Forethought Life Insurance Company","page_number":24,"box":{"x":520,"y":165,"width":258,"height":12}},{"id":"8fa8429d-e8ce-4810-a411-a0021223c545","block_type":"box","text":"FSC Securities Corporation","page_number":24,"box":{"x":520,"y":181,"width":190,"height":11}},{"id":"9222b4e7-22a3-4827-b51a-33463fb4a882","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":24,"box":{"x":520,"y":196,"width":331,"height":12}},{"id":"3c3a4b56-ea4f-4e95-9965-c13197c0e7ea","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":24,"box":{"x":520,"y":212,"width":336,"height":11}},{"id":"80220f17-e193-49ed-b5ae-37b7dd890c3b","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":24,"box":{"x":520,"y":227,"width":233,"height":11}},{"id":"084ef7fa-0efc-40d7-aa61-2650cb8a2553","block_type":"box","text":"Goldman Sachs & Co.","page_number":24,"box":{"x":520,"y":243,"width":156,"height":9}},{"id":"5701be13-1060-4d45-b661-571b2d9d29df","block_type":"box","text":"Great Pacific Securities, LLC","page_number":24,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"31587036-54c9-41c4-9007-6c4cd6ff4aab","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":24,"box":{"x":520,"y":274,"width":275,"height":11}},{"id":"8ced4cdd-3568-4f2f-866f-646b7f233fe8","block_type":"box","text":"Hancock Whitney Bank","page_number":24,"box":{"x":520,"y":289,"width":166,"height":12}},{"id":"fc788138-30e1-42c9-9dcd-21b528159101","block_type":"box","text":"Hartford Funds Management Company","page_number":24,"box":{"x":520,"y":305,"width":269,"height":11}},{"id":"1216ac75-4d43-4871-af21-8659facdc7f6","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":24,"box":{"x":520,"y":320,"width":322,"height":12}},{"id":"6463af31-d350-4ed9-9735-6376bd014d4d","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":24,"box":{"x":520,"y":336,"width":203,"height":10}},{"id":"77f3f468-33b3-48d5-9bf7-e9901faae5ab","block_type":"box","text":"Hightower Securities, Inc.","page_number":24,"box":{"x":520,"y":351,"width":181,"height":12}},{"id":"0e7a7cf5-08b9-40bd-a69f-236f0f8842f5","block_type":"box","text":"Hilltop Securities Inc.","page_number":24,"box":{"x":520,"y":367,"width":152,"height":11}},{"id":"cca1da79-0803-4a78-a3b7-205a303bb6ce","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":24,"box":{"x":520,"y":382,"width":166,"height":11}},{"id":"436ea5e8-fd81-424a-802a-a40a6ec16c55","block_type":"box","text":"Huntington Securities, Inc.","page_number":24,"box":{"x":520,"y":398,"width":186,"height":11}},{"id":"ef28d11c-f1bf-4842-8092-f748c0c69ec5","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":24,"box":{"x":520,"y":413,"width":249,"height":11}},{"id":"942ab367-f384-45e8-84da-61b920eb01cb","block_type":"box","text":"Integrity Life Insurance Company","page_number":24,"box":{"x":520,"y":429,"width":234,"height":11}},{"id":"f987f3b8-4055-4b09-b747-f37622a832dc","block_type":"box","text":"Interactive Brokers, LLC","page_number":24,"box":{"x":520,"y":444,"width":174,"height":11}},{"id":"f8c8a850-f4e1-44ee-bb2e-09231527521b","block_type":"box","text":"Investment Trust of California","page_number":24,"box":{"x":520,"y":460,"width":209,"height":9}},{"id":"5f67f2dd-e55f-4fdc-adbe-62b3d84310cd","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":24,"box":{"x":520,"y":475,"width":287,"height":12}},{"id":"9c83c699-12aa-48eb-8be5-464829878895","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":24,"box":{"x":520,"y":491,"width":193,"height":11}},{"id":"1e198ad7-612c-4a53-9463-e1021b401b71","block_type":"box","text":"Jefferies LLC","page_number":24,"box":{"x":520,"y":506,"width":97,"height":9}},{"id":"0f78a3a4-4210-4d37-94a8-13ca7ef76483","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":24,"box":{"x":520,"y":522,"width":300,"height":11}},{"id":"d8e34757-226c-453b-942d-05b9a385aec8","block_type":"box","text":"Jefferson National Life Insurance Company of New","page_number":24,"box":{"x":520,"y":537,"width":354,"height":12}},{"id":"a6e1e319-bc42-4ddc-9cd3-c7f3f4c0887a","block_type":"box","text":"York","page_number":24,"box":{"x":520,"y":553,"width":39,"height":9}},{"id":"cff24dda-32d0-42c3-820f-bc4b0f99a161","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":24,"box":{"x":520,"y":568,"width":333,"height":12}},{"id":"8b379567-7372-42ba-b5de-18a3932d514a","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":24,"box":{"x":520,"y":584,"width":365,"height":11}},{"id":"2d1d204f-f985-4903-84ab-c786cbe233ec","block_type":"box","text":"John Hancock Trust Company","page_number":24,"box":{"x":520,"y":599,"width":209,"height":12}},{"id":"6c813d82-f381-4eee-8716-dc5582bcd1e2","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":24,"box":{"x":520,"y":615,"width":199,"height":11}},{"id":"a1a4498d-cdc9-443c-a5b1-808051896f85","block_type":"box","text":"Kestra Investment Services, LLC","page_number":24,"box":{"x":520,"y":630,"width":229,"height":11}},{"id":"1873705d-5a38-4373-ba2c-1067edb6e652","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":24,"box":{"x":520,"y":646,"width":274,"height":11}},{"id":"6a496585-6a2b-41b0-b260-445ca0f4aad0","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":24,"box":{"x":520,"y":661,"width":275,"height":12}},{"id":"720d9fec-e039-476e-a56b-5aa34420bf22","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":24,"box":{"x":520,"y":677,"width":324,"height":11}},{"id":"6d9d74ca-abe1-48f2-a8dd-06507fcc048a","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":24,"box":{"x":520,"y":692,"width":286,"height":12}},{"id":"33f9eb28-c958-4859-a065-3c82d276bcfa","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":24,"box":{"x":520,"y":708,"width":228,"height":9}},{"id":"4f614b86-85d7-427e-8dfd-9a3d62b40075","block_type":"box","text":"Lombard International Life Assurance Company","page_number":24,"box":{"x":520,"y":723,"width":328,"height":12}},{"id":"579453b4-a14b-4640-92a3-16098f046fb5","block_type":"box","text":"LPL Financial LLC","page_number":24,"box":{"x":520,"y":739,"width":132,"height":9}},{"id":"ee27778a-9cfa-4bf6-a580-2ec6399c851a","block_type":"box","text":"M&T Securities Inc.","page_number":24,"box":{"x":520,"y":754,"width":138,"height":9}},{"id":"fd4f809d-2796-4929-a3d7-ac857ce67d78","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":24,"box":{"x":520,"y":770,"width":291,"height":11}},{"id":"82b396f2-16f1-4bed-9544-ded9fa880e45","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":24,"box":{"x":520,"y":785,"width":321,"height":12}},{"id":"7b7699f4-f4f2-4e73-814e-9bf62d561bdc","block_type":"box","text":"Members Life Insurance Company","page_number":24,"box":{"x":520,"y":801,"width":235,"height":11}},{"id":"4cd3fc6e-b6b7-45bc-828f-24d5047e6146","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":24,"box":{"x":520,"y":816,"width":353,"height":12}},{"id":"8bac5c55-a729-49ec-b876-fc9c1efbe2ed","block_type":"box","text":"Metavante Corporation","page_number":24,"box":{"x":520,"y":832,"width":161,"height":11}},{"id":"879c4f41-f9e3-4ac8-8fb7-6bc9aadee981","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":24,"box":{"x":520,"y":847,"width":264,"height":12}},{"id":"11773e9a-c0e3-4120-9f18-2a9f7c82178f","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":24,"box":{"x":520,"y":863,"width":332,"height":11}},{"id":"29eb4e5d-b6a0-4e7b-8bd9-9bdcc28b8e56","block_type":"box","text":"Midland Life Insurance Company","page_number":24,"box":{"x":520,"y":878,"width":233,"height":12}},{"id":"ec632343-3a9c-46ce-baf4-e48098477a62","block_type":"box","text":"4","page_number":24,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"f96447fe-499a-4593-a66c-c9986f161b90","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":24,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"95b7f4ae-e0e6-418b-8ed1-765ef65dc614","block_type":"box","text":"Minnesota Life Insurance Company","page_number":25,"box":{"x":116,"y":88,"width":247,"height":11}},{"id":"4f2acc2f-3188-46ff-9d4a-1a0c3070e8ae","block_type":"box","text":"Mischler Financial Group","page_number":25,"box":{"x":116,"y":103,"width":178,"height":12}},{"id":"5609228e-6b8b-40e8-8074-b389558d7861","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":25,"box":{"x":116,"y":119,"width":195,"height":9}},{"id":"4e87b4fc-91b2-473d-8f14-73ed53218e13","block_type":"box","text":"MML Distributors, LLC","page_number":25,"box":{"x":116,"y":134,"width":169,"height":11}},{"id":"09f93db6-ec80-4a58-8c4a-2f335bf9ca8c","block_type":"box","text":"MML Investors Services, LLC","page_number":25,"box":{"x":116,"y":150,"width":212,"height":10}},{"id":"2f1ca2bd-c90a-4ae1-881f-2485e20e92e2","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":25,"box":{"x":116,"y":165,"width":193,"height":12}},{"id":"a811fbbe-3568-4c32-a56b-de232412cfd9","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":25,"box":{"x":116,"y":181,"width":232,"height":11}},{"id":"4128c125-b50d-43bc-a2f8-21fae0ecd1e2","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":25,"box":{"x":116,"y":196,"width":245,"height":12}},{"id":"7250ad5e-238f-4ef8-bf1a-3953ea63845a","block_type":"box","text":"MUFG Union Bank, National Association","page_number":25,"box":{"x":116,"y":212,"width":289,"height":10}},{"id":"89a945cb-bdf1-442f-9c83-d57ebdb4429e","block_type":"box","text":"Nassau Life Insurance Company","page_number":25,"box":{"x":116,"y":227,"width":224,"height":12}},{"id":"7cc279d5-75ce-47a9-9137-970aebed7582","block_type":"box","text":"National Financial Services LLC","page_number":25,"box":{"x":116,"y":243,"width":226,"height":9}},{"id":"cca71dac-749b-47a6-9da6-3212f6f9c9c9","block_type":"box","text":"National Integrity Life Insurance Company","page_number":25,"box":{"x":116,"y":258,"width":296,"height":12}},{"id":"29b3724b-9df8-4128-911b-b20ba30729ed","block_type":"box","text":"National Life Insurance Company","page_number":25,"box":{"x":116,"y":274,"width":234,"height":11}},{"id":"bb69bc46-2273-4648-b017-a639410d666c","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":25,"box":{"x":116,"y":289,"width":245,"height":11}},{"id":"16e75ac6-524b-4b1d-9698-cef49cd74655","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":25,"box":{"x":116,"y":305,"width":242,"height":9}},{"id":"da21bd25-d411-4e43-b437-d7764afb5af9","block_type":"box","text":"Nationwide Retirement Solutions","page_number":25,"box":{"x":116,"y":320,"width":230,"height":9}},{"id":"0a96269e-6764-4326-8a43-2b96b8a35c60","block_type":"box","text":"NCB Federal Savings Bank","page_number":25,"box":{"x":116,"y":336,"width":191,"height":11}},{"id":"e8007be4-1486-497e-bd3e-89f8494f4e09","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":25,"box":{"x":116,"y":351,"width":288,"height":12}},{"id":"b544b43e-5af4-4f96-a660-50b654e247a7","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":25,"box":{"x":116,"y":367,"width":350,"height":11}},{"id":"c33c75f4-f98a-41e5-b688-312ed60acea7","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":25,"box":{"x":116,"y":382,"width":237,"height":12}},{"id":"491d5aef-acd9-4c0e-a275-2d7402aeab45","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":25,"box":{"x":116,"y":398,"width":249,"height":11}},{"id":"b35386d0-25bb-46c5-9b3b-4984ed4390a6","block_type":"box","text":"Northern Trust Company","page_number":25,"box":{"x":116,"y":413,"width":174,"height":12}},{"id":"03e8f195-51ae-4057-bbd1-46476eb2fb93","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":25,"box":{"x":116,"y":429,"width":329,"height":10}},{"id":"bcf9115e-386f-463a-99da-b5a8d11bf4e4","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":25,"box":{"x":116,"y":444,"width":320,"height":12}},{"id":"43f641a8-a1c7-4432-a061-388e2198dee4","block_type":"box","text":"NYLife Distributors LLC","page_number":25,"box":{"x":116,"y":460,"width":177,"height":9}},{"id":"f5066565-7afc-4e23-b75c-837f1fdc4aca","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":25,"box":{"x":116,"y":475,"width":175,"height":12}},{"id":"d0d0e4cf-9136-4a96-9bab-6c5e6d0708b0","block_type":"box","text":"Orion Advisor Services, LLC","page_number":25,"box":{"x":116,"y":491,"width":203,"height":10}},{"id":"ddf09ddd-ee89-41d8-b3de-58aa28627703","block_type":"box","text":"Osaic Wealth, Inc.","page_number":25,"box":{"x":116,"y":506,"width":129,"height":11}},{"id":"f9b7971a-7236-456a-9410-a1dae1645514","block_type":"box","text":"Pacific Life & Annuity Company","page_number":25,"box":{"x":116,"y":522,"width":230,"height":11}},{"id":"6251cf7a-121b-4f36-b639-9a6fd02d39f2","block_type":"box","text":"Pacific Life Insurance Company","page_number":25,"box":{"x":116,"y":537,"width":223,"height":12}},{"id":"537032d5-638c-4ede-a36d-6dc61dc491f6","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":25,"box":{"x":116,"y":553,"width":221,"height":10}},{"id":"8878cbfb-b7b7-4448-b2f9-d0427b3f443a","block_type":"box","text":"Park Avenue Securities LLC","page_number":25,"box":{"x":116,"y":568,"width":198,"height":9}},{"id":"48398b51-4b9e-4ddb-8b2e-4603439da2a8","block_type":"box","text":"Penserra Securities LLC","page_number":25,"box":{"x":116,"y":584,"width":169,"height":9}},{"id":"5c26de40-1b40-4ee5-9121-5f2df6fa1253","block_type":"box","text":"Pershing LLC","page_number":25,"box":{"x":116,"y":599,"width":99,"height":12}},{"id":"02bfba4f-8094-4de4-b4fe-2fa2e3fa9880","block_type":"box","text":"PFPC Inc.","page_number":25,"box":{"x":116,"y":615,"width":73,"height":9}},{"id":"cc1c5ef8-9163-48d5-b50b-f59244775742","block_type":"box","text":"Piper Jaffray & Co.","page_number":25,"box":{"x":116,"y":630,"width":136,"height":12}},{"id":"cc10c538-a355-41aa-977e-39e5a690a7c9","block_type":"box","text":"PNC Bank, National Association","page_number":25,"box":{"x":116,"y":646,"width":226,"height":10}},{"id":"a7871df7-d6ad-479a-a60d-be39c9482445","block_type":"box","text":"PNC Capital Markets LLC","page_number":25,"box":{"x":116,"y":661,"width":180,"height":12}},{"id":"7ff58af8-2308-4aa3-8ae2-d3b3cad7d770","block_type":"box","text":"PNC Investments LLC","page_number":25,"box":{"x":116,"y":677,"width":154,"height":9}},{"id":"c4728a5b-0b5c-454d-894f-4a42868452ca","block_type":"box","text":"Principal Bank","page_number":25,"box":{"x":116,"y":692,"width":100,"height":12}},{"id":"96841591-228b-4415-bcad-f31b8bdf91ad","block_type":"box","text":"Principal Life Insurance Company","page_number":25,"box":{"x":116,"y":708,"width":232,"height":11}},{"id":"1db4cb2a-6bb5-4669-b332-653afaed2f28","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":25,"box":{"x":116,"y":723,"width":327,"height":12}},{"id":"fd95fed7-9aa7-4aef-9e21-d1c0e81b1a5d","block_type":"box","text":"Protective Life Insurance Company","page_number":25,"box":{"x":116,"y":739,"width":239,"height":11}},{"id":"33f10c57-3bb8-4343-b8bb-46c6968207dc","block_type":"box","text":"Pruco Life Insurance Company","page_number":25,"box":{"x":116,"y":754,"width":210,"height":12}},{"id":"9f44233b-3c57-415f-ad83-22b3f87e05b6","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":25,"box":{"x":116,"y":770,"width":311,"height":11}},{"id":"efa8834e-5583-4c37-b8f4-97d33b7ed718","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":25,"box":{"x":116,"y":785,"width":257,"height":11}},{"id":"aea3c3cc-68e5-4826-a99a-1bdc3454702b","block_type":"box","text":"Prudential Insurance Company of America","page_number":25,"box":{"x":116,"y":801,"width":289,"height":11}},{"id":"050f4dfe-7541-419a-8b5b-0c02225bdf75","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":25,"box":{"x":116,"y":816,"width":237,"height":12}},{"id":"37683d94-38e2-47c8-ac45-8009ff3d5678","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":25,"box":{"x":116,"y":832,"width":277,"height":11}},{"id":"15425998-106f-4043-b9a0-c1a70efb9070","block_type":"box","text":"RBC Capital Markets, LLC","page_number":25,"box":{"x":116,"y":847,"width":190,"height":12}},{"id":"1fcee938-3eef-4d54-b661-3038424a0f68","block_type":"box","text":"Regions Bank","page_number":25,"box":{"x":116,"y":863,"width":99,"height":11}},{"id":"c686af7d-8eca-41b8-a7db-c2b1a4dbfdb3","block_type":"box","text":"Reliance Trust Company","page_number":25,"box":{"x":116,"y":878,"width":172,"height":12}},{"id":"c768ae90-3c04-44ce-a7a2-e9f9f4a92b20","block_type":"box","text":"Reliastar Life Insurance Company","page_number":25,"box":{"x":520,"y":88,"width":236,"height":11}},{"id":"301c38c1-4b8b-490f-acda-264a147ba652","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":25,"box":{"x":520,"y":103,"width":329,"height":12}},{"id":"e7c82e35-865b-416c-b05b-ff215699a4fb","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":25,"box":{"x":520,"y":119,"width":207,"height":10}},{"id":"6d3d7043-d4f9-4908-86fd-acc3c5e492f2","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":25,"box":{"x":520,"y":134,"width":311,"height":9}},{"id":"e8821c83-1f65-413e-8053-2919fba91324","block_type":"box","text":"RiverSource Life Insurance Company","page_number":25,"box":{"x":520,"y":150,"width":260,"height":11}},{"id":"7402c242-f24d-4b85-9cdc-ef8bcea89693","block_type":"box","text":"SagePoint Financial, Inc.","page_number":25,"box":{"x":520,"y":165,"width":173,"height":12}},{"id":"74e76251-27d9-4f2b-a65a-0fd50f79350c","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":25,"box":{"x":520,"y":181,"width":252,"height":10}},{"id":"76133432-0a5c-44bf-b039-7c5662308688","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":25,"box":{"x":520,"y":196,"width":212,"height":12}},{"id":"319d572b-b193-41a1-8c37-3310cfbd5a64","block_type":"box","text":"Santander Bank, N.A.","page_number":25,"box":{"x":520,"y":212,"width":152,"height":10}},{"id":"23346d58-0c48-4ffa-8cd3-8a111978f87e","block_type":"box","text":"Saturna Trust Company","page_number":25,"box":{"x":520,"y":227,"width":165,"height":12}},{"id":"6a6a9c29-704a-4a9f-ae37-08bf50a434a7","block_type":"box","text":"Securities America, Inc.","page_number":25,"box":{"x":520,"y":243,"width":167,"height":10}},{"id":"a41c5229-f37a-4f5d-9d12-b589f163a589","block_type":"box","text":"Securities Finance Trust Company","page_number":25,"box":{"x":520,"y":258,"width":238,"height":12}},{"id":"160437f6-af0c-431a-819f-c11977d96793","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":25,"box":{"x":520,"y":274,"width":286,"height":11}},{"id":"8e4b70eb-9ace-43bd-85b6-23cde0d79ed0","block_type":"box","text":"Security Financial Resources, Inc.","page_number":25,"box":{"x":520,"y":289,"width":235,"height":12}},{"id":"90416697-47a6-4d30-9d92-553d9cd3a616","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":25,"box":{"x":520,"y":305,"width":304,"height":11}},{"id":"cbafbb2f-cd41-4a6c-8754-f538e7ac3544","block_type":"box","text":"SEI Private Trust Company","page_number":25,"box":{"x":520,"y":320,"width":191,"height":12}},{"id":"84daacd0-d1d7-4890-a20c-00273b0b422b","block_type":"box","text":"SG Americas Securities, LLC","page_number":25,"box":{"x":520,"y":336,"width":205,"height":10}},{"id":"3686dc5a-5976-45e2-a0c5-88b032c60be9","block_type":"box","text":"Silicon Valley Bank","page_number":25,"box":{"x":520,"y":351,"width":141,"height":12}},{"id":"67d67e03-cace-418a-86b3-7fb2d6233b8c","block_type":"box","text":"Standard Insurance Company","page_number":25,"box":{"x":520,"y":367,"width":203,"height":11}},{"id":"65f062e5-c922-45e2-aaa9-d3dd517c1137","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":25,"box":{"x":520,"y":382,"width":347,"height":12}},{"id":"f6e74293-57ee-4e11-a021-069f4153a22a","block_type":"box","text":"State Farm Life Insurance Company","page_number":25,"box":{"x":520,"y":398,"width":249,"height":11}},{"id":"b706ebe5-1a21-48fd-b3e7-b8db370e8d89","block_type":"box","text":"State Farm VP Management Corp.","page_number":25,"box":{"x":520,"y":413,"width":237,"height":12}},{"id":"3210786d-dbbf-42aa-b1d8-e5b96fb02c58","block_type":"box","text":"State Street Bank and Trust Company","page_number":25,"box":{"x":520,"y":429,"width":259,"height":11}},{"id":"1b8b24f8-cfd9-45fb-9a08-39eedceb4f7d","block_type":"box","text":"State Street Global Markets, LLC","page_number":25,"box":{"x":520,"y":444,"width":231,"height":11}},{"id":"7fc5f561-f40b-4550-9ad7-4e0247219426","block_type":"box","text":"Stern Brothers & Co.","page_number":25,"box":{"x":520,"y":460,"width":147,"height":9}},{"id":"7871fbab-5789-4913-8c59-de2cface0ceb","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":25,"box":{"x":520,"y":475,"width":290,"height":12}},{"id":"702b8573-03b5-4119-a1b6-899059871b7a","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":25,"box":{"x":520,"y":491,"width":227,"height":11}},{"id":"721b3c5c-b744-4165-986b-30a88ab79fb1","block_type":"box","text":"SVB Asset Management","page_number":25,"box":{"x":520,"y":506,"width":170,"height":12}},{"id":"97ac43f5-fc4b-463f-ac8c-81f2bf7ba4dd","block_type":"box","text":"Symetra Life Insurance Company","page_number":25,"box":{"x":520,"y":522,"width":232,"height":11}},{"id":"8c871740-50f1-4b99-b63b-861ee88b1b02","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":25,"box":{"x":520,"y":537,"width":200,"height":12}},{"id":"4ab5d6ff-2395-453b-b2bb-d7849b198db4","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":25,"box":{"x":520,"y":553,"width":310,"height":10}},{"id":"0abf1881-a3dd-43f6-bd3f-b3cb1308415a","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":25,"box":{"x":520,"y":568,"width":319,"height":12}},{"id":"bdc5fbda-25ee-4ce1-9fa7-84e30f0ac746","block_type":"box","text":"Company","page_number":25,"box":{"x":520,"y":584,"width":69,"height":11}},{"id":"0ad0c65c-19de-4bf4-b0f4-fdfdb043031b","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":25,"box":{"x":520,"y":599,"width":301,"height":12}},{"id":"308f5d70-2f11-45ce-b4f1-4e2abab7abd7","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":25,"box":{"x":520,"y":615,"width":204,"height":11}},{"id":"743d790e-a514-45a3-8599-e0f59c9eaea2","block_type":"box","text":"TD Ameritrade, Inc.","page_number":25,"box":{"x":520,"y":630,"width":141,"height":11}},{"id":"20a15064-119b-41ff-bb63-e11ac911e8a3","block_type":"box","text":"TD Prime Services (US) LLC","page_number":25,"box":{"x":520,"y":646,"width":205,"height":11}},{"id":"eca5478c-3dda-4c0e-99eb-b0de745ef148","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":25,"box":{"x":520,"y":661,"width":321,"height":12}},{"id":"8435b1f9-fe4d-4d70-a3e4-a23cb9b05ad7","block_type":"box","text":"America","page_number":25,"box":{"x":520,"y":677,"width":58,"height":9}},{"id":"bff529b7-401f-4e1f-b610-d82ab64fc36d","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":25,"box":{"x":520,"y":692,"width":216,"height":12}},{"id":"4a66e5ea-6aa3-4c80-8ec9-9b90282eb39e","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":25,"box":{"x":520,"y":708,"width":330,"height":11}},{"id":"53bdc847-94d4-4004-8cab-9580e9e594e2","block_type":"box","text":"Transamerica Life Insurance Company","page_number":25,"box":{"x":520,"y":723,"width":263,"height":12}},{"id":"63c6f0d0-5677-458c-a1fc-e56bc8446b76","block_type":"box","text":"Treasury Brokerage","page_number":25,"box":{"x":520,"y":739,"width":134,"height":11}},{"id":"f3225e42-c1fd-48cd-a6b1-db916a9066c2","block_type":"box","text":"Triad Advisors, LLC","page_number":25,"box":{"x":520,"y":754,"width":141,"height":11}},{"id":"5f865dc8-b587-4b81-a25f-0bbd37889939","block_type":"box","text":"Truist Bank","page_number":25,"box":{"x":520,"y":770,"width":80,"height":9}},{"id":"09c822da-7365-43ee-8dda-7237c946b8c7","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":25,"box":{"x":520,"y":785,"width":210,"height":12}},{"id":"cab87a6b-f76c-4ef8-b5e3-e9e9b7afdb13","block_type":"box","text":"U.S. Bank, National Association","page_number":25,"box":{"x":520,"y":801,"width":219,"height":10}},{"id":"ec8c8b50-ae0d-4052-8bad-f225e641c370","block_type":"box","text":"UBATCO & Co.","page_number":25,"box":{"x":520,"y":816,"width":113,"height":9}},{"id":"fdb48e21-5c32-4bee-a01d-71f8028abfa8","block_type":"box","text":"UBS Financial Services, Inc.","page_number":25,"box":{"x":520,"y":832,"width":199,"height":10}},{"id":"7c1e3258-96f2-4a92-b9e8-faeaede4a4ee","block_type":"box","text":"UBS Securities LLC","page_number":25,"box":{"x":520,"y":847,"width":143,"height":9}},{"id":"4eade6a3-e661-47ae-906e-1bd26c4bd996","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":25,"box":{"x":520,"y":863,"width":205,"height":10}},{"id":"668b9767-d3f1-4c9c-ab09-8207ff859039","block_type":"box","text":"UMB Bank, National Association","page_number":25,"box":{"x":520,"y":878,"width":232,"height":11}},{"id":"ca329dbb-4b6e-41df-9a12-fbcc3687a0ea","block_type":"box","text":"5","page_number":25,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"697bdf41-de31-4d2c-bf71-b8a792eab7e5","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":25,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"355250ca-8420-448f-bd1c-e384f581b949","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":26,"box":{"x":116,"y":88,"width":360,"height":11}},{"id":"8b91c91a-5454-4b64-86b8-296af943896b","block_type":"box","text":"New York","page_number":26,"box":{"x":116,"y":103,"width":74,"height":9}},{"id":"5f814263-d98a-4217-a9d8-aa27d6dff5a7","block_type":"box","text":"VALIC Retirement Services Company","page_number":26,"box":{"x":116,"y":119,"width":265,"height":11}},{"id":"44138912-8514-4316-8456-be77767cb4d0","block_type":"box","text":"Vanguard Group, Inc.","page_number":26,"box":{"x":116,"y":134,"width":152,"height":12}},{"id":"9ea900b4-ff22-4e49-8bfd-348cae437cee","block_type":"box","text":"Vanguard Marketing Corporation","page_number":26,"box":{"x":116,"y":150,"width":230,"height":11}},{"id":"28c52dfc-4714-4045-a8ae-4b89ff6103ac","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":26,"box":{"x":116,"y":165,"width":207,"height":12}},{"id":"f8c15434-4997-4be8-9eec-54bf296ce6d4","block_type":"box","text":"Voya Financial Partners, LLC","page_number":26,"box":{"x":116,"y":181,"width":207,"height":11}},{"id":"bef666bd-747c-4262-a8f1-d231587acf68","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":26,"box":{"x":116,"y":196,"width":262,"height":12}},{"id":"7b5e5865-3cd0-47cf-a715-6df62dbd4d9b","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":26,"box":{"x":116,"y":212,"width":268,"height":11}},{"id":"f2aecf5c-46da-4283-b6b5-9129c667cd27","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":26,"box":{"x":116,"y":227,"width":245,"height":12}},{"id":"925bc88f-fcf1-4bc8-ae18-f2e37849a54f","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":26,"box":{"x":116,"y":243,"width":347,"height":11}},{"id":"3f378007-290f-4e0b-888e-305ded3ed0b5","block_type":"box","text":"Waddell & Reed, Inc.","page_number":26,"box":{"x":520,"y":88,"width":151,"height":10}},{"id":"c111d97a-839a-41c5-baaf-cab8c22a5f93","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":26,"box":{"x":520,"y":103,"width":192,"height":12}},{"id":"c2839d96-22ac-4295-b1ac-7a839e9eff90","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":26,"box":{"x":520,"y":119,"width":322,"height":11}},{"id":"781e9635-f87e-4610-b6eb-4dee097803f6","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":26,"box":{"x":520,"y":134,"width":168,"height":12}},{"id":"92486190-c926-4212-9d5d-23c86fd24484","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":26,"box":{"x":520,"y":150,"width":251,"height":11}},{"id":"9498f62d-6ee5-4b6e-a377-c27aedc085aa","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":26,"box":{"x":520,"y":165,"width":213,"height":12}},{"id":"c56ff561-fa49-4f9f-a355-463822c0b3c4","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":26,"box":{"x":520,"y":181,"width":198,"height":11}},{"id":"a3f4751a-74dd-436f-856c-fdaa98001f90","block_type":"box","text":"Wilmington Trust, National Association","page_number":26,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"39ebca63-d5bb-4047-9c22-7b0ef2726a19","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":26,"box":{"x":520,"y":212,"width":238,"height":11}},{"id":"1c4c22a4-abf9-474c-b572-0f86283cf36a","block_type":"box","text":"ZB, National Association","page_number":26,"box":{"x":520,"y":227,"width":176,"height":11}},{"id":"052782a9-6229-4efb-b17c-0af8052736f9","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":26,"box":{"x":267,"y":274,"width":470,"height":11}},{"id":"1db2bd84-5140-4582-b324-1d0787e2a16e","block_type":"box","text":"SAI-GLOBAL-1225SUP","page_number":26,"box":{"x":116,"y":305,"width":175,"height":9}},{"id":"b69429f2-c401-428a-ae18-1b854291b741","block_type":"box","text":"6","page_number":26,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"29e2cf5c-35d6-492c-b9cc-1e8f3d8520e0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":26,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d3f9be17-c988-472e-a378-616698c1e29c","block_type":"box","text":"BLACKROCK MUNICIPAL BOND FUND, INC.","page_number":27,"box":{"x":319,"y":87,"width":365,"height":12}},{"id":"1f3b27c2-5853-46b6-bace-eb8de05d4043","block_type":"box","text":"BlackRock National Municipal Fund","page_number":27,"box":{"x":375,"y":103,"width":253,"height":12}},{"id":"b9231cfb-abef-4332-921c-34a2edad1dde","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":27,"box":{"x":370,"y":119,"width":263,"height":9}},{"id":"84558950-c664-4eb6-ace2-942f443f51f3","block_type":"box","text":"(each, a “Fund and together, the “Funds”)","page_number":27,"box":{"x":348,"y":134,"width":308,"height":12}},{"id":"7578fbca-edf4-4eb7-af65-6c0095988791","block_type":"box","text":"Supplement dated December 1, 2025","page_number":27,"box":{"x":369,"y":167,"width":266,"height":12}},{"id":"719d462b-a2d7-4b9f-8dc9-78dc894743b7","block_type":"box","text":"to the Statement of Additional Information of the Funds (the “SAI”), dated October 28, 2025, as amended","page_number":27,"box":{"x":120,"y":183,"width":763,"height":11}},{"id":"e954dbfb-b4e9-4c3f-b6ed-7ae046f4212f","block_type":"box","text":"or supplemented to date","page_number":27,"box":{"x":413,"y":199,"width":177,"height":11}},{"id":"79149802-7958-4f75-9fb1-d8658c95d0b2","block_type":"box","text":"Effective immediately, the following change is made to the Funds’ SAI:","page_number":27,"box":{"x":116,"y":232,"width":514,"height":12}},{"id":"10cac8c2-f4b7-479c-9d48-a7e8a65e59c4","block_type":"box","text":"The chart listing investments and investment strategies in the section of the Funds’ SAI entitled “I.","page_number":27,"box":{"x":116,"y":266,"width":712,"height":11}},{"id":"27881fb7-30b6-4713-8135-a688d3c30d65","block_type":"box","text":"Investment Objectives and Policies” as it relates to each Fund is deleted in its entirety and replaced with","page_number":27,"box":{"x":116,"y":281,"width":751,"height":12}},{"id":"bd59d7ea-eaa1-4d8c-a59a-3248b8f5aa6d","block_type":"box","text":"the following:","page_number":27,"box":{"x":116,"y":297,"width":103,"height":11}},{"id":"c77c7b09-4fb5-4ba5-89c8-2b59667490ff","block_type":"box","text":"National","page_number":27,"box":{"x":712,"y":337,"width":49,"height":7}},{"id":"62213127-8205-4a78-8c91-5670efe01f51","block_type":"box","text":"Fund","page_number":27,"box":{"x":722,"y":348,"width":30,"height":7}},{"id":"1343a32e-8bb2-4691-af68-ebf14cc51bec","block_type":"box","text":"Short","page_number":27,"box":{"x":819,"y":327,"width":32,"height":7}},{"id":"02482532-728d-4611-9722-2375ca0bb3f1","block_type":"box","text":"Duration","page_number":27,"box":{"x":809,"y":337,"width":51,"height":7}},{"id":"75bc3909-4363-4aa6-bea4-95fb56b15480","block_type":"box","text":"Fund","page_number":27,"box":{"x":819,"y":348,"width":31,"height":7}},{"id":"4224914c-d411-486b-a73e-32bd4baa33a3","block_type":"box","text":"Asset-Backed Securities","page_number":27,"box":{"x":123,"y":363,"width":136,"height":7}},{"id":"7fb2a21d-f45e-402c-8bd1-b47abec3471d","block_type":"box","text":"Asset-Based Securities","page_number":27,"box":{"x":123,"y":381,"width":128,"height":7}},{"id":"18f44c35-e88b-4b73-9474-90c1ad05eac0","block_type":"box","text":"Precious Metal-Related Securities","page_number":27,"box":{"x":136,"y":399,"width":182,"height":7}},{"id":"9a0ad28d-9761-4f84-990a-9039e5d7faf0","block_type":"box","text":"Borrowing and Leverage","page_number":27,"box":{"x":123,"y":417,"width":143,"height":9}},{"id":"4ffb376b-b0c8-4e88-9871-7d1e9cec3670","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":417,"width":107,"height":7}},{"id":"dcd98d13-6605-4f18-8fb2-8da7d728fea2","block_type":"box","text":"Cash Management","page_number":27,"box":{"x":123,"y":435,"width":108,"height":10}},{"id":"af3b3e90-b67d-4713-87a4-9533cf3eee3f","block_type":"box","text":"Collateralized Debt Obligations","page_number":27,"box":{"x":123,"y":453,"width":181,"height":10}},{"id":"9946ac2a-9b1b-4f9d-ae26-f61dca485569","block_type":"box","text":"Collateralized Bond Obligations","page_number":27,"box":{"x":136,"y":472,"width":173,"height":9}},{"id":"aa70c698-69e0-40fa-bc8f-be29fa8d4f69","block_type":"box","text":"Collateralized Loan Obligations","page_number":27,"box":{"x":136,"y":490,"width":172,"height":9}},{"id":"9b8bba69-eb02-4028-8b99-9f3b78d499ac","block_type":"box","text":"Commercial Paper","page_number":27,"box":{"x":123,"y":508,"width":108,"height":9}},{"id":"beaf51c4-b880-45b6-b689-15eafef84c69","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments","page_number":27,"box":{"x":123,"y":526,"width":393,"height":9}},{"id":"674f8bba-fb99-4b60-9f2e-7c9a21ab4604","block_type":"box","text":"Qualifying Hybrid Instruments","page_number":27,"box":{"x":136,"y":544,"width":166,"height":9}},{"id":"02a82c90-07ea-4a5f-9ecf-9d4f710b459a","block_type":"box","text":"Hybrid Instruments Without Principal Protection","page_number":27,"box":{"x":136,"y":562,"width":263,"height":9}},{"id":"e17f3ca0-9aa8-4f47-975e-80bb8627525a","block_type":"box","text":"Limitations on Leverage","page_number":27,"box":{"x":136,"y":580,"width":132,"height":9}},{"id":"96c326e5-9362-405e-a6f3-fedf7c3441e5","block_type":"box","text":"Counterparty Risk","page_number":27,"box":{"x":136,"y":598,"width":99,"height":9}},{"id":"8d682c44-fd14-415a-90f9-a1c5eb66d354","block_type":"box","text":"Convertible Securities","page_number":27,"box":{"x":123,"y":616,"width":127,"height":7}},{"id":"889d660b-e982-4f2c-b157-f4725d433d95","block_type":"box","text":"Corporate Loans","page_number":27,"box":{"x":123,"y":634,"width":97,"height":9}},{"id":"b16fcf70-76e4-4746-8fa5-d199d8bba61f","block_type":"box","text":"Direct Lending","page_number":27,"box":{"x":136,"y":652,"width":81,"height":10}},{"id":"0a68fcc4-7807-4367-b583-e604855a4644","block_type":"box","text":"Credit Linked Securities","page_number":27,"box":{"x":123,"y":670,"width":140,"height":8}},{"id":"f80cf26a-23f4-4e6d-9782-3f72d47bdd4a","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":671,"width":107,"height":7}},{"id":"cff1a0b6-3362-4bbd-a4b3-77eaab6fc41b","block_type":"box","text":"Cyber Security Issues","page_number":27,"box":{"x":123,"y":688,"width":124,"height":10}},{"id":"20065cd7-8369-477e-ba2b-36e2a388dbdf","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":689,"width":107,"height":7}},{"id":"d1c59eb9-d56d-4d3f-ab88-9f8265ad4dd6","block_type":"box","text":"Debt Securities","page_number":27,"box":{"x":123,"y":707,"width":86,"height":7}},{"id":"2e80483c-01f3-4262-b8f1-f709080d9018","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":707,"width":107,"height":7}},{"id":"dea07df5-a419-47ed-b574-838e90c6b4ef","block_type":"box","text":"Floating Rate and Variable Rate Securities X X","page_number":27,"box":{"x":136,"y":725,"width":703,"height":9}},{"id":"6cc2f5cf-09c6-4f0e-9e5c-3c675081ea00","block_type":"box","text":"Inflation-Indexed Bonds","page_number":27,"box":{"x":136,"y":743,"width":131,"height":7}},{"id":"79fe7715-5d8e-41e4-a552-f4cffee17f8e","block_type":"box","text":"Investment Grade Debt Obligations X X","page_number":27,"box":{"x":136,"y":761,"width":703,"height":9}},{"id":"901b543b-efbd-4739-aa70-0293f0a6a597","block_type":"box","text":"High Yield Investments (“Junk Bonds”) X X","page_number":27,"box":{"x":136,"y":779,"width":703,"height":9}},{"id":"94849c0d-8ee7-4a45-afad-65a2d5a38943","block_type":"box","text":"Mezzanine Investments","page_number":27,"box":{"x":149,"y":797,"width":127,"height":7}},{"id":"850121cd-063f-48bc-b064-5cf7ceae4846","block_type":"box","text":"Pay-in-kind Bonds","page_number":27,"box":{"x":136,"y":815,"width":101,"height":9}},{"id":"c30d81b7-98dd-4fdf-9a7c-e1be92293c54","block_type":"box","text":"X","page_number":27,"box":{"x":732,"y":815,"width":9,"height":7}},{"id":"7cb1f72a-cc33-4d21-9daa-dd11439608b0","block_type":"box","text":"Supranational Entities","page_number":27,"box":{"x":136,"y":833,"width":119,"height":10}},{"id":"76596943-15ed-449d-8076-7dc87f6a53a1","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs)","page_number":27,"box":{"x":123,"y":851,"width":264,"height":10}},{"id":"a5d87d15-d948-4a83-9bc9-86a04d6fad0c","block_type":"box","text":"Derivatives","page_number":27,"box":{"x":123,"y":869,"width":64,"height":8}},{"id":"ea5e6c53-70d6-4941-a39a-c5df718c2e5e","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":870,"width":107,"height":7}},{"id":"942b7692-5993-4f33-ae08-8ab9ffed1030","block_type":"box","text":"Hedging","page_number":27,"box":{"x":136,"y":888,"width":46,"height":9}},{"id":"08e27b5c-e088-40e9-a45d-d7680bc20e4f","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":888,"width":107,"height":7}},{"id":"263a01fc-de69-4383-8ccb-cc50009182d6","block_type":"box","text":"Speculation","page_number":27,"box":{"x":136,"y":906,"width":63,"height":9}},{"id":"1922eda7-4ee4-4e30-a286-79e4b1deaa5c","block_type":"box","text":"X X","page_number":27,"box":{"x":732,"y":906,"width":107,"height":7}},{"id":"e5677d6a-d84e-44b3-93e3-08e02fff9bf2","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":27,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"247ff0db-79d5-4ae2-872d-df244a462075","block_type":"box","text":"National","page_number":28,"box":{"x":712,"y":94,"width":49,"height":8}},{"id":"9ea3c7f9-24f1-4a6a-ae4b-e3340fc13f65","block_type":"box","text":"Fund","page_number":28,"box":{"x":722,"y":105,"width":30,"height":7}},{"id":"ac873428-d9b6-4b7a-85fb-4476b4f62cd0","block_type":"box","text":"Short","page_number":28,"box":{"x":819,"y":84,"width":32,"height":7}},{"id":"3528c543-6c07-4d65-9ed8-e10b9e677715","block_type":"box","text":"Duration","page_number":28,"box":{"x":809,"y":94,"width":51,"height":8}},{"id":"72c9f1a3-63e4-4f45-a0c0-fb606a1722ab","block_type":"box","text":"Fund","page_number":28,"box":{"x":819,"y":105,"width":31,"height":7}},{"id":"89651054-5afa-49c2-9861-8933e256d0e7","block_type":"box","text":"Risk Factors in Derivatives","page_number":28,"box":{"x":136,"y":120,"width":146,"height":8}},{"id":"0e22e9ca-6d59-48b9-a921-103cc3c9a55d","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":121,"width":107,"height":6}},{"id":"b81a2195-0d9e-49c1-9edb-bd3f3b6eda59","block_type":"box","text":"Correlation Risk","page_number":28,"box":{"x":150,"y":138,"width":89,"height":8}},{"id":"8c8e7039-0432-4cdb-b9bd-751f0fd33690","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":139,"width":107,"height":6}},{"id":"bb8b4be3-8631-4bdf-943b-db4df79eb585","block_type":"box","text":"Counterparty Risk","page_number":28,"box":{"x":150,"y":157,"width":98,"height":9}},{"id":"d3d85d87-4761-4edc-bda2-aa2d794ca613","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":157,"width":107,"height":7}},{"id":"e8a750d0-1881-4758-8076-fb7c2e666aed","block_type":"box","text":"Credit Risk","page_number":28,"box":{"x":150,"y":175,"width":61,"height":7}},{"id":"625cdd8f-3674-4f8b-a3c5-6df8bb6b715f","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":175,"width":107,"height":7}},{"id":"f95d6de7-20ae-40d1-b2fa-5e4e062f9986","block_type":"box","text":"Currency Risk","page_number":28,"box":{"x":150,"y":193,"width":78,"height":9}},{"id":"eee07426-12f5-4131-8933-292537e86fd9","block_type":"box","text":"Illiquidity Risk","page_number":28,"box":{"x":150,"y":211,"width":81,"height":9}},{"id":"19e8dd90-7dcc-412d-ad61-4b1e1e3add0f","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":211,"width":107,"height":7}},{"id":"65570af3-8452-4ce5-937b-2ceefdf12b29","block_type":"box","text":"Leverage Risk","page_number":28,"box":{"x":149,"y":229,"width":79,"height":9}},{"id":"a09280cc-4131-43c2-bafd-81ea5dbd9dc1","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":229,"width":107,"height":7}},{"id":"d4318750-ec9e-4537-8359-01c245c50188","block_type":"box","text":"Market Risk","page_number":28,"box":{"x":149,"y":247,"width":67,"height":7}},{"id":"434346e3-10f8-4d61-9f6f-13044d8b6325","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":247,"width":107,"height":7}},{"id":"1fb745f0-e8e0-455a-b07c-20e1d44b26bf","block_type":"box","text":"Valuation Risk","page_number":28,"box":{"x":150,"y":265,"width":80,"height":7}},{"id":"8c9c7eac-313e-4883-aad2-e81295eb5145","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":265,"width":107,"height":7}},{"id":"da7826a1-804e-49c8-a2ae-330f25dd2600","block_type":"box","text":"Volatility Risk","page_number":28,"box":{"x":150,"y":283,"width":79,"height":9}},{"id":"b97b496c-f6be-4d4b-9b3a-1e1fa9670399","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":283,"width":107,"height":7}},{"id":"4748c780-019c-43d8-a33e-fd1fef5ce9cc","block_type":"box","text":"Futures","page_number":28,"box":{"x":136,"y":301,"width":40,"height":7}},{"id":"bc93b89a-86ea-4d49-9b1a-df9fe16c1a2c","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":301,"width":107,"height":7}},{"id":"e7eb63b0-eb16-41b0-b287-2829ad6639fd","block_type":"box","text":"Swap Agreements","page_number":28,"box":{"x":136,"y":319,"width":98,"height":10}},{"id":"b5bea9e1-6f54-42f3-b814-287cb3a37bef","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":320,"width":107,"height":6}},{"id":"03b652bd-0c2b-40e3-a529-645965e6cf5f","block_type":"box","text":"Credit Default Swaps and Similar Instruments X X","page_number":28,"box":{"x":150,"y":337,"width":689,"height":10}},{"id":"2ff97c00-27c4-448a-9155-bc7d60a8cc71","block_type":"box","text":"Interest Rate Swaps, Floors and Caps X X","page_number":28,"box":{"x":150,"y":355,"width":689,"height":10}},{"id":"42fd42f9-9177-44fa-8b11-358803c5f996","block_type":"box","text":"Total Return Swaps","page_number":28,"box":{"x":150,"y":374,"width":106,"height":9}},{"id":"65f04f5f-9bb0-4563-9fe0-bab7458ff76b","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":374,"width":107,"height":7}},{"id":"2b631209-228f-43e4-847b-0c28c36e7514","block_type":"box","text":"Options","page_number":28,"box":{"x":136,"y":392,"width":42,"height":9}},{"id":"8ece4160-8324-4fee-9096-3b26dd4f824c","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":392,"width":107,"height":7}},{"id":"49c1b7b7-816a-47fd-9f8c-2f0292ab8001","block_type":"box","text":"Options on Securities and Securities Indices X X","page_number":28,"box":{"x":150,"y":410,"width":689,"height":9}},{"id":"cf46c9c7-8629-4a7c-b6c2-141c9abde1fa","block_type":"box","text":"Call Options","page_number":28,"box":{"x":150,"y":428,"width":67,"height":9}},{"id":"968ef58b-f12d-45e9-9327-183fa1bb8562","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":428,"width":107,"height":7}},{"id":"bb19137e-7047-4d58-82ea-7cd356bc0eb1","block_type":"box","text":"Put Options","page_number":28,"box":{"x":150,"y":446,"width":63,"height":9}},{"id":"21c9500b-544d-412e-86a4-079f98a3a226","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":446,"width":107,"height":7}},{"id":"831105e3-859e-437c-9b46-44b56e874b46","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”) Certificates","page_number":28,"box":{"x":150,"y":464,"width":432,"height":9}},{"id":"1c722ae1-4161-4cd9-a6c8-0dcad92527da","block_type":"box","text":"Options on Swaps (“Swaptions”) X X","page_number":28,"box":{"x":150,"y":482,"width":689,"height":9}},{"id":"9d81cebc-a230-47e7-bc3f-90ba2822826f","block_type":"box","text":"FLEX Options","page_number":28,"box":{"x":149,"y":500,"width":80,"height":9}},{"id":"864ad50a-b988-4763-bba7-59229b015e32","block_type":"box","text":"Foreign Exchange Transactions","page_number":28,"box":{"x":136,"y":518,"width":170,"height":10}},{"id":"2761c446-721a-462a-92e1-ca247c4d6a31","block_type":"box","text":"Spot Transactions and FX Forwards","page_number":28,"box":{"x":150,"y":536,"width":193,"height":10}},{"id":"48b79cee-ab47-494f-ad1b-8dbb413b98f5","block_type":"box","text":"Currency Futures","page_number":28,"box":{"x":150,"y":555,"width":93,"height":9}},{"id":"2d2b4bee-e58d-473b-9149-6322b8c4e679","block_type":"box","text":"Currency Options","page_number":28,"box":{"x":150,"y":573,"width":95,"height":9}},{"id":"6a736a9f-b41d-46a6-ac74-d7c5d9e89319","block_type":"box","text":"Currency Swaps","page_number":28,"box":{"x":150,"y":591,"width":87,"height":9}},{"id":"961c72ad-088f-45e4-90a8-234a62ec2e69","block_type":"box","text":"Distressed Securities","page_number":28,"box":{"x":123,"y":609,"width":118,"height":7}},{"id":"0d511711-4ec7-48ae-98ab-ebefe67b5a05","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":28,"box":{"x":123,"y":627,"width":346,"height":9}},{"id":"d249417c-28e3-4da8-bdf8-bba1b7835f2f","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":627,"width":107,"height":7}},{"id":"ff8f2de9-bfd2-4004-9b34-034e92752e0a","block_type":"box","text":"Equity Securities","page_number":28,"box":{"x":123,"y":645,"width":97,"height":9}},{"id":"ce290b15-4f7d-4420-b8e3-ba290d255676","block_type":"box","text":"X X","page_number":28,"box":{"x":732,"y":645,"width":107,"height":7}},{"id":"9fee3015-bd12-4441-adb4-3ac5459f2708","block_type":"box","text":"Real Estate-Related Securities","page_number":28,"box":{"x":150,"y":663,"width":162,"height":7}},{"id":"ec7c09bf-85ed-4928-b864-0c41cbf66c1f","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies","page_number":28,"box":{"x":150,"y":681,"width":291,"height":9}},{"id":"b4113c02-5a88-4f3d-95cf-cc95773576da","block_type":"box","text":"Tracking Stocks","page_number":28,"box":{"x":150,"y":699,"width":87,"height":9}},{"id":"2dfed6fe-f27a-4ce6-9bac-9aef2fbdb2ba","block_type":"box","text":"Exchange-Traded Notes (“ETNs”)","page_number":28,"box":{"x":123,"y":717,"width":196,"height":9}},{"id":"9168d390-e869-4645-a946-ff34905dd05e","block_type":"box","text":"Foreign Investments","page_number":28,"box":{"x":123,"y":735,"width":117,"height":10}},{"id":"44d86a78-d9f6-49b1-886d-6b5dcdaa2ecb","block_type":"box","text":"Foreign Investment Risks","page_number":28,"box":{"x":136,"y":753,"width":138,"height":10}},{"id":"56ddb59e-3a3e-4c02-a7b8-cb71eda22a77","block_type":"box","text":"Foreign Market Risk","page_number":28,"box":{"x":136,"y":772,"width":112,"height":9}},{"id":"4572f2d2-a8ad-4c3a-94ec-4172ac3c1e3f","block_type":"box","text":"Foreign Economy Risk","page_number":28,"box":{"x":136,"y":790,"width":125,"height":9}},{"id":"2571d41b-ba80-4e64-acce-8e819611cd03","block_type":"box","text":"Currency Risk and Exchange Risk","page_number":28,"box":{"x":136,"y":808,"width":185,"height":9}},{"id":"21466dd1-fe14-4ea6-92aa-b9c24e110af9","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":28,"box":{"x":136,"y":826,"width":352,"height":9}},{"id":"b539f022-b63d-4473-a603-fba6e9ec0ee5","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States","page_number":28,"box":{"x":136,"y":844,"width":344,"height":9}},{"id":"28a69c71-6610-4df3-b1c6-4fad04890f4f","block_type":"box","text":"Publicly Available Information","page_number":28,"box":{"x":136,"y":862,"width":168,"height":9}},{"id":"8af58662-b864-4aeb-957f-072f13d8ba50","block_type":"box","text":"- 2 -","page_number":28,"box":{"x":486,"y":909,"width":27,"height":9}},{"id":"f824e739-0dc2-44ac-bbb2-e01c91b1c16c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":28,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f38cb3c9-cbf8-4711-8f6c-3e75c6376fa1","block_type":"box","text":"National","page_number":29,"box":{"x":712,"y":94,"width":49,"height":8}},{"id":"a1f38dcf-d1ac-4639-acbf-37403cd44124","block_type":"box","text":"Fund","page_number":29,"box":{"x":722,"y":105,"width":30,"height":7}},{"id":"7b2878bc-7d5a-4b74-b93e-be08c9ef8e61","block_type":"box","text":"Short","page_number":29,"box":{"x":819,"y":84,"width":32,"height":7}},{"id":"da040741-4a28-49b0-8cce-2b773258fd13","block_type":"box","text":"Duration","page_number":29,"box":{"x":809,"y":94,"width":51,"height":8}},{"id":"cb86e22d-29dc-4674-b704-d373adfa2239","block_type":"box","text":"Fund","page_number":29,"box":{"x":819,"y":105,"width":31,"height":7}},{"id":"1ce8f365-6cc9-4b00-9bbf-0d210a6c99af","block_type":"box","text":"Settlement Risk","page_number":29,"box":{"x":136,"y":120,"width":85,"height":8}},{"id":"a10fef5c-3845-46ce-9a11-22d50047a88d","block_type":"box","text":"Sovereign Debt","page_number":29,"box":{"x":136,"y":138,"width":84,"height":10}},{"id":"4bdf6775-0894-4dfa-be32-2aee111f5e9c","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":29,"box":{"x":136,"y":157,"width":174,"height":9}},{"id":"ef7a6239-5fe8-474e-9d49-9c583b2bf579","block_type":"box","text":"U.S. Economic Trading Partners Risk","page_number":29,"box":{"x":136,"y":175,"width":203,"height":9}},{"id":"aa14630d-c741-4f61-b397-f1541c48f970","block_type":"box","text":"Funding Agreements","page_number":29,"box":{"x":123,"y":193,"width":120,"height":9}},{"id":"35ffe0ce-4fb4-42d1-b1f7-72698babf5d7","block_type":"box","text":"Guarantees","page_number":29,"box":{"x":123,"y":211,"width":66,"height":7}},{"id":"e91b7f56-bd18-4bcf-9f98-4aaf2ed379fc","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":211,"width":107,"height":7}},{"id":"800a2060-bed1-44e7-b3ef-2cc7adb18c86","block_type":"box","text":"Illiquid Investments","page_number":29,"box":{"x":123,"y":229,"width":114,"height":9}},{"id":"d4d77cb6-174c-445e-a9de-f4a0f3419536","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":229,"width":107,"height":7}},{"id":"df0e6eac-3673-432d-8a69-10975084cdd6","block_type":"box","text":"Index Funds","page_number":29,"box":{"x":123,"y":247,"width":71,"height":7}},{"id":"75a72ff0-10ea-4026-aa33-b5492f0a9489","block_type":"box","text":"Cash Flows; Expenses","page_number":29,"box":{"x":136,"y":265,"width":120,"height":9}},{"id":"747bed0c-9722-4182-a711-573239ca799f","block_type":"box","text":"Tracking Error Risk","page_number":29,"box":{"x":136,"y":283,"width":108,"height":9}},{"id":"314d9b98-5841-4184-a244-e1fa7b3438aa","block_type":"box","text":"S&P 500 Index","page_number":29,"box":{"x":136,"y":301,"width":83,"height":7}},{"id":"0e8f3179-97dc-494f-a646-e053feb22eca","block_type":"box","text":"Russell Indexes","page_number":29,"box":{"x":136,"y":319,"width":84,"height":7}},{"id":"4a7cd8b8-9fa7-46a7-9d96-4e81855122c4","block_type":"box","text":"MSCI Indexes","page_number":29,"box":{"x":136,"y":337,"width":77,"height":8}},{"id":"c6e61222-9b1f-456d-b29c-ee9095dbfda8","block_type":"box","text":"FTSE Indexes","page_number":29,"box":{"x":136,"y":355,"width":76,"height":8}},{"id":"9978f7b0-81ec-42e4-a35b-45622e992ad3","block_type":"box","text":"Bloomberg Indexes","page_number":29,"box":{"x":136,"y":374,"width":105,"height":9}},{"id":"9e4fe55e-18f8-4e65-9947-5dec701e8ca6","block_type":"box","text":"ICE BofA Indexes","page_number":29,"box":{"x":136,"y":392,"width":100,"height":7}},{"id":"a5279cc4-3cb2-4f77-800b-dc6e3e48982e","block_type":"box","text":"Indexed and Inverse Securities","page_number":29,"box":{"x":123,"y":410,"width":176,"height":7}},{"id":"94a36fca-91d0-43b9-9e60-7c553bbbdbb9","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":410,"width":107,"height":7}},{"id":"90c53c27-36b2-4713-b58c-61836daf22d8","block_type":"box","text":"Inflation Risk","page_number":29,"box":{"x":123,"y":428,"width":79,"height":7}},{"id":"8b187824-9ab2-49db-aeaa-b87d0d43e5c1","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":428,"width":107,"height":7}},{"id":"48f93560-73b2-4d93-ac34-3b774dfc7342","block_type":"box","text":"Initial Public Offering (“IPO”) Risk","page_number":29,"box":{"x":123,"y":446,"width":206,"height":9}},{"id":"156c35ab-61c9-4b4d-94de-c8957c3aa768","block_type":"box","text":"Investment in Emerging Markets","page_number":29,"box":{"x":123,"y":464,"width":190,"height":9}},{"id":"acf6d7c5-0a78-4fa7-981c-cdd08638b45e","block_type":"box","text":"Brady Bonds","page_number":29,"box":{"x":136,"y":482,"width":70,"height":9}},{"id":"5d860f86-47a7-4a3b-b0f8-e4779e9710b6","block_type":"box","text":"China Investments Risk","page_number":29,"box":{"x":136,"y":500,"width":128,"height":7}},{"id":"54be920e-80ca-46d5-8af6-cf9b421342c3","block_type":"box","text":"Investment in Other Investment Companies","page_number":29,"box":{"x":123,"y":518,"width":251,"height":9}},{"id":"803e56b8-42d4-4786-8e69-1cacb6fbbbef","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":518,"width":107,"height":7}},{"id":"0f9985d5-f15a-41ee-b167-04f9286b1bc3","block_type":"box","text":"Exchange-Traded Funds","page_number":29,"box":{"x":136,"y":536,"width":131,"height":10}},{"id":"48030fc8-871a-4445-9bfd-2bf2cac6b4f7","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":537,"width":107,"height":6}},{"id":"7fbc9ff5-d49e-4145-b36b-e693303ed92a","block_type":"box","text":"Issuer Insolvency Risk","page_number":29,"box":{"x":123,"y":554,"width":129,"height":10}},{"id":"045fe833-5bcb-4efb-8774-5cc2bc33f120","block_type":"box","text":"Lease Obligations","page_number":29,"box":{"x":123,"y":572,"width":102,"height":10}},{"id":"ae9e3356-ca9e-4dce-abe3-fc8d55791d6c","block_type":"box","text":"Life Settlement Investments","page_number":29,"box":{"x":123,"y":591,"width":160,"height":7}},{"id":"348e7fd1-457e-45d4-94d8-f60e7f3ab67e","block_type":"box","text":"Liquidity Risk Management","page_number":29,"box":{"x":123,"y":609,"width":162,"height":9}},{"id":"db0dfc2f-f529-40c5-984e-81ee2853e0b2","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":609,"width":107,"height":7}},{"id":"db543d1b-61e2-4d66-b276-69facefc7c32","block_type":"box","text":"Master Limited Partnerships","page_number":29,"box":{"x":123,"y":627,"width":166,"height":9}},{"id":"3e0dc5ee-10a8-4dc4-a1df-47f9fc0cfac0","block_type":"box","text":"Merger Transaction Risk","page_number":29,"box":{"x":123,"y":645,"width":145,"height":9}},{"id":"2c18e739-bd65-4d7f-97cf-9d049044aadc","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S.","page_number":29,"box":{"x":123,"y":663,"width":529,"height":9}},{"id":"a2c0a966-f30e-4418-be63-f1543e1470cc","block_type":"box","text":"Banks","page_number":29,"box":{"x":136,"y":676,"width":35,"height":7}},{"id":"76e855a2-b335-486d-b6d7-79e4e69501dc","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":676,"width":107,"height":7}},{"id":"c506e908-564f-460e-9327-0bfa155a1f52","block_type":"box","text":"Money Market Securities","page_number":29,"box":{"x":123,"y":694,"width":145,"height":9}},{"id":"5423bbf4-ae6c-4a90-bb73-3d839dccc202","block_type":"box","text":"X X","page_number":29,"box":{"x":732,"y":694,"width":107,"height":7}},{"id":"0a27a328-920f-4b6a-a691-3f5cfa3a9fc6","block_type":"box","text":"Mortgage-Related Securities","page_number":29,"box":{"x":123,"y":712,"width":163,"height":9}},{"id":"b0679054-5b55-4efa-a9aa-6d7777e13d8a","block_type":"box","text":"Mortgage-Backed Securities","page_number":29,"box":{"x":136,"y":730,"width":153,"height":9}},{"id":"be4db96c-9317-4e07-8f43-b9d9028b3bd2","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”)","page_number":29,"box":{"x":136,"y":748,"width":256,"height":10}},{"id":"e63cbfe7-8051-444b-9c8e-82843d7225ce","block_type":"box","text":"Adjustable Rate Mortgage Securities","page_number":29,"box":{"x":136,"y":766,"width":198,"height":10}},{"id":"f96fe650-23a5-4143-860d-47cc72552fd5","block_type":"box","text":"CMO Residuals","page_number":29,"box":{"x":136,"y":784,"width":86,"height":8}},{"id":"07d45e75-b17f-40bf-ad4c-ba67055fb199","block_type":"box","text":"Stripped Mortgage-Backed Securities","page_number":29,"box":{"x":136,"y":803,"width":202,"height":9}},{"id":"c4f1e318-59a0-4846-9254-5ef20f935a12","block_type":"box","text":"Tiered Index Bonds","page_number":29,"box":{"x":136,"y":821,"width":106,"height":7}},{"id":"c5353b2b-239e-4d9d-8ada-9be3469f3f97","block_type":"box","text":"TBA Commitments","page_number":29,"box":{"x":136,"y":839,"width":106,"height":7}},{"id":"d5b85160-32df-4bd3-8186-461ad12888cd","block_type":"box","text":"Mortgage Dollar Rolls","page_number":29,"box":{"x":136,"y":857,"width":121,"height":9}},{"id":"4d7a28f5-7a2c-45eb-a5cc-744763dd5e15","block_type":"box","text":"Net Interest Margin (NIM) Securities","page_number":29,"box":{"x":136,"y":875,"width":200,"height":9}},{"id":"dcbc81ad-8623-44d1-80c6-24cc168ad03f","block_type":"box","text":"- 3 -","page_number":29,"box":{"x":486,"y":909,"width":27,"height":9}},{"id":"c086cbbd-9db9-4054-91b6-f46dc970d596","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":29,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b1e5f535-b14e-49c7-a825-9ffb52dc06cf","block_type":"box","text":"National","page_number":30,"box":{"x":712,"y":94,"width":49,"height":8}},{"id":"653f6392-76ab-430e-8adb-2f201318eece","block_type":"box","text":"Fund","page_number":30,"box":{"x":722,"y":105,"width":30,"height":7}},{"id":"e24ee91e-9657-4010-a5de-14140e6cdcb9","block_type":"box","text":"Short","page_number":30,"box":{"x":819,"y":84,"width":32,"height":7}},{"id":"2a57bf9b-0658-4eeb-8263-d5f0b9e6543a","block_type":"box","text":"Duration","page_number":30,"box":{"x":809,"y":94,"width":51,"height":8}},{"id":"bbca8ab4-7d29-49b0-89ce-c59eb0a4b92d","block_type":"box","text":"Fund","page_number":30,"box":{"x":819,"y":105,"width":31,"height":7}},{"id":"c4fdfbc4-d226-4289-98c7-d55017f85f53","block_type":"box","text":"Municipal Investments","page_number":30,"box":{"x":123,"y":120,"width":131,"height":10}},{"id":"215be716-1a57-43fc-8f77-8fe7272f2492","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":121,"width":107,"height":6}},{"id":"f4cdbefe-dcb7-4b26-9036-7e247c707287","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds X X","page_number":30,"box":{"x":136,"y":138,"width":703,"height":10}},{"id":"6b36b51e-86f0-4553-b206-7abc5c4ef2b3","block_type":"box","text":"Description of Municipal Bonds X X","page_number":30,"box":{"x":136,"y":157,"width":703,"height":9}},{"id":"c52f9587-41c9-4cd4-a910-c81c9dac07df","block_type":"box","text":"General Obligation Bonds","page_number":30,"box":{"x":150,"y":175,"width":140,"height":9}},{"id":"3ce4b25e-a1d3-4627-a577-c2a4520ce6f9","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":175,"width":107,"height":7}},{"id":"34c86d3c-88a4-4ca7-89f7-66baf0a46591","block_type":"box","text":"Revenue Bonds","page_number":30,"box":{"x":150,"y":193,"width":84,"height":7}},{"id":"1ae1a7bc-2207-4da3-93b4-bff4b6c2f402","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":193,"width":107,"height":7}},{"id":"8b951f93-68aa-4a8b-86c0-d0af1e63554f","block_type":"box","text":"Private Activity Bonds (“PABs”) X X","page_number":30,"box":{"x":150,"y":211,"width":689,"height":9}},{"id":"78ee3c0e-d127-49ab-8db2-948f993548bf","block_type":"box","text":"Moral Obligation Bonds","page_number":30,"box":{"x":149,"y":229,"width":131,"height":9}},{"id":"8c675757-959f-4357-97c4-007311918d24","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":229,"width":107,"height":7}},{"id":"f60c341c-a60b-4b3c-8616-1b9895f84807","block_type":"box","text":"Municipal Notes","page_number":30,"box":{"x":149,"y":247,"width":90,"height":9}},{"id":"1b872097-a3d2-48e8-a323-572b10cbcda9","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":247,"width":107,"height":7}},{"id":"c25bc095-9a2e-49f6-8e2c-3270e89e2eec","block_type":"box","text":"Municipal Commercial Paper X X","page_number":30,"box":{"x":149,"y":265,"width":690,"height":9}},{"id":"f08c7edd-33e6-48ea-8d0c-ebebe3efce57","block_type":"box","text":"Municipal Lease Obligations X X","page_number":30,"box":{"x":149,"y":283,"width":690,"height":9}},{"id":"6e544bd1-81e6-4574-94c5-600f58c36dd3","block_type":"box","text":"Tender Option Bonds","page_number":30,"box":{"x":150,"y":301,"width":115,"height":10}},{"id":"4171b614-132f-4534-82c8-cb4203924ac8","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":301,"width":107,"height":7}},{"id":"a91afb88-fee3-4329-979f-f02ff04b9e9c","block_type":"box","text":"Yields","page_number":30,"box":{"x":150,"y":319,"width":34,"height":7}},{"id":"90a2d96f-3fc2-4923-9e46-ec09105c1a7a","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":320,"width":107,"height":6}},{"id":"0df2d9aa-0c27-4d5d-af2a-7894dfe785d1","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”) X X","page_number":30,"box":{"x":150,"y":337,"width":689,"height":10}},{"id":"5f6fa894-cf63-46bc-bfd6-cfee23a0eb65","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes X X","page_number":30,"box":{"x":150,"y":355,"width":689,"height":10}},{"id":"78b9a3e0-a810-418c-af74-4751c45d2857","block_type":"box","text":"Call Rights","page_number":30,"box":{"x":150,"y":374,"width":60,"height":9}},{"id":"4a3ff3d5-8a78-44b7-97ea-dfd7af87f053","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":374,"width":107,"height":7}},{"id":"c768ca0b-edfd-4615-9ae9-028d25a90fa9","block_type":"box","text":"Municipal Interest Rate Swap Transactions X X","page_number":30,"box":{"x":149,"y":392,"width":690,"height":9}},{"id":"b9d9cc0f-4ced-43e2-9941-6b8741ec6d23","block_type":"box","text":"Insured Municipal Bonds","page_number":30,"box":{"x":150,"y":410,"width":135,"height":9}},{"id":"94f8be29-6cc4-44da-aa39-8d5cbd565fa0","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":410,"width":107,"height":7}},{"id":"a038f67a-ae3d-4bb2-a253-b50d7f092af3","block_type":"box","text":"Build America Bonds","page_number":30,"box":{"x":150,"y":428,"width":116,"height":7}},{"id":"fa94434b-b1b9-487b-9ccf-ff2d43b13ce2","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":428,"width":107,"height":7}},{"id":"fe52bd4e-54a1-4152-8339-bd3f587992a5","block_type":"box","text":"Tax-Exempt Municipal Investments X X","page_number":30,"box":{"x":136,"y":446,"width":703,"height":9}},{"id":"76011db7-4ebf-4fb4-891a-76d5ac66185d","block_type":"box","text":"Participation Notes","page_number":30,"box":{"x":123,"y":464,"width":110,"height":9}},{"id":"6554e3b0-2f30-4e51-9972-68326b880d17","block_type":"box","text":"Portfolio Turnover Rates","page_number":30,"box":{"x":123,"y":482,"width":144,"height":7}},{"id":"0dba17cc-2a37-4dcf-b6ca-307990a221bb","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":482,"width":107,"height":7}},{"id":"cf8b3cb6-e631-4586-b9c3-f58bf50a058e","block_type":"box","text":"Preferred Stock","page_number":30,"box":{"x":123,"y":500,"width":91,"height":7}},{"id":"dd856cd4-4fc3-4217-9096-b7c82a4ac436","block_type":"box","text":"Tax-Exempt Preferred Shares","page_number":30,"box":{"x":136,"y":518,"width":159,"height":10}},{"id":"1a956c98-4666-4d01-8c2a-2d1297512de8","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":518,"width":107,"height":7}},{"id":"c69f4dde-db7b-443b-a64e-33d50b71dc89","block_type":"box","text":"Trust Preferred Securities","page_number":30,"box":{"x":136,"y":536,"width":138,"height":8}},{"id":"abba0135-8d9b-4d3d-a258-e415489ee4f5","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":537,"width":107,"height":6}},{"id":"e4e916fa-5690-4489-87b1-21e02b1a2483","block_type":"box","text":"Proxy Voting Policies","page_number":30,"box":{"x":123,"y":554,"width":122,"height":10}},{"id":"bf0552a0-b2f6-4dea-9de7-9ccb0dac1cd8","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy X X","page_number":30,"box":{"x":136,"y":573,"width":703,"height":9}},{"id":"abf924c7-5d27-4279-8a6e-206971a8f683","block_type":"box","text":"BlackRock Active Investment Stewardship Climate and Decarbonization Stewardship Guidelines","page_number":30,"box":{"x":150,"y":591,"width":523,"height":9}},{"id":"8ca2b54b-bc0b-485e-bd67-e29f0e0d324b","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":30,"box":{"x":136,"y":609,"width":215,"height":9}},{"id":"d174d9c0-8e4f-403c-9049-18e21d09d5ec","block_type":"box","text":"BlackRock Investment Stewardship Climate and Decarbonization Stewardship Guidelines","page_number":30,"box":{"x":150,"y":627,"width":484,"height":9}},{"id":"21c54a0c-f2de-4a69-b275-9dab4fa7264c","block_type":"box","text":"Real Estate Investment Trusts (“REITs”)","page_number":30,"box":{"x":123,"y":645,"width":236,"height":9}},{"id":"92f1e66b-d573-47c6-9aca-6c78e2d67c2a","block_type":"box","text":"Recent Market Events","page_number":30,"box":{"x":123,"y":663,"width":128,"height":7}},{"id":"9087c948-55c1-4bd2-8b86-94bcf8251ee0","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":663,"width":107,"height":7}},{"id":"5a982a8f-0afa-436d-85ac-033da8c3d9c1","block_type":"box","text":"Reference Rate Replacement Risk","page_number":30,"box":{"x":123,"y":681,"width":195,"height":9}},{"id":"c2f08314-b76c-4754-ac0a-fdea63dbb814","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":681,"width":107,"height":7}},{"id":"8514459d-dbbe-4a0c-b7fd-2b7870074939","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":30,"box":{"x":123,"y":699,"width":333,"height":9}},{"id":"377385e6-c7ce-439c-bfd2-83dba404df56","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":699,"width":107,"height":7}},{"id":"6370bf98-03ce-4343-bb34-9e47018e51f7","block_type":"box","text":"Restricted Securities","page_number":30,"box":{"x":123,"y":717,"width":118,"height":7}},{"id":"1a3a4828-c887-4b9a-b15c-455e67c2bea2","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":717,"width":107,"height":7}},{"id":"ff83394c-46cd-4552-82cf-9bc27f4bb677","block_type":"box","text":"Reverse Repurchase Agreements","page_number":30,"box":{"x":123,"y":735,"width":188,"height":10}},{"id":"0e51bbe0-35d5-403c-8bca-d1f3c9d121b3","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":736,"width":107,"height":6}},{"id":"52e48cfa-607b-422a-9ec0-2ca1c0adafa8","block_type":"box","text":"Rights Offerings and Warrants to Purchase","page_number":30,"box":{"x":123,"y":753,"width":250,"height":10}},{"id":"02bfa493-8c80-4856-9569-5d01bf663640","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":754,"width":107,"height":6}},{"id":"a0c36133-3110-4def-8497-351094f9bee3","block_type":"box","text":"Rule 144A Securities","page_number":30,"box":{"x":123,"y":771,"width":119,"height":8}},{"id":"e5c1772b-73c2-4a0f-bdd3-78c1135c709f","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":772,"width":107,"height":7}},{"id":"e6b56c71-512e-40fc-bd58-ef403b07ed39","block_type":"box","text":"Securities Lending","page_number":30,"box":{"x":123,"y":790,"width":106,"height":9}},{"id":"a17aa6d2-047b-40aa-91de-cfddb351d7f6","block_type":"box","text":"X X","page_number":30,"box":{"x":732,"y":790,"width":107,"height":7}},{"id":"752510a1-1599-439e-a152-66d46860bb2f","block_type":"box","text":"Short Sales","page_number":30,"box":{"x":123,"y":815,"width":64,"height":8}},{"id":"f73e4d45-ff93-4317-a6c2-2e5cf4c24917","block_type":"box","text":"See note 1","page_number":30,"box":{"x":709,"y":805,"width":54,"height":7}},{"id":"339ddfbe-688b-4eba-a626-4b60882ac711","block_type":"box","text":"below","page_number":30,"box":{"x":720,"y":815,"width":33,"height":8}},{"id":"c90a8c85-5d50-45a0-b2c5-539787b28fa2","block_type":"box","text":"See note 1","page_number":30,"box":{"x":807,"y":805,"width":54,"height":7}},{"id":"c72b183a-e2bf-411f-b390-8c262a39cb64","block_type":"box","text":"below","page_number":30,"box":{"x":818,"y":815,"width":33,"height":8}},{"id":"767daf25-f4e1-4d2a-8bf5-bb14fc4fbbed","block_type":"box","text":"Special Purpose Acquisition Companies","page_number":30,"box":{"x":123,"y":833,"width":227,"height":10}},{"id":"f545ddf1-769b-45e8-bcbd-66912a8805d8","block_type":"box","text":"Standby Commitment Agreements","page_number":30,"box":{"x":123,"y":852,"width":199,"height":9}},{"id":"a141198e-fdde-45ce-99cc-b21852c563f8","block_type":"box","text":"Stripped Securities","page_number":30,"box":{"x":123,"y":870,"width":109,"height":9}},{"id":"3786f0dd-f417-4308-90be-9a7437a91981","block_type":"box","text":"- 4 -","page_number":30,"box":{"x":486,"y":909,"width":27,"height":9}},{"id":"49c564f4-172f-4297-9267-a4bd28654b72","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":30,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"af4acf2d-0dbc-4f2b-9089-21430a657296","block_type":"box","text":"National","page_number":31,"box":{"x":712,"y":94,"width":49,"height":8}},{"id":"f267258d-8a89-43e6-b857-193e1fa14247","block_type":"box","text":"Fund","page_number":31,"box":{"x":722,"y":105,"width":30,"height":7}},{"id":"ae8674f9-bbe5-4843-be01-b72af50e746d","block_type":"box","text":"Short","page_number":31,"box":{"x":819,"y":84,"width":32,"height":7}},{"id":"e682a336-4b32-4cda-a270-44714c244b03","block_type":"box","text":"Duration","page_number":31,"box":{"x":809,"y":94,"width":51,"height":8}},{"id":"cf60288f-38bc-42e2-96a8-a75daa3e4cf8","block_type":"box","text":"Fund","page_number":31,"box":{"x":819,"y":105,"width":31,"height":7}},{"id":"72a8e3a0-c616-413d-a788-84e79e40d009","block_type":"box","text":"Structured Notes","page_number":31,"box":{"x":123,"y":120,"width":97,"height":8}},{"id":"9ca80e8b-2c3a-4e09-848a-a876416cb1b0","block_type":"box","text":"Taxability Risk","page_number":31,"box":{"x":123,"y":138,"width":88,"height":10}},{"id":"b3201a56-a70f-4216-be50-69895209d7d5","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":139,"width":107,"height":6}},{"id":"80b89d9d-66a9-43a6-8719-07d6c3111724","block_type":"box","text":"Temporary Defensive Measures","page_number":31,"box":{"x":123,"y":156,"width":182,"height":10}},{"id":"ca829ab1-3feb-41d8-a8e2-659b2566499f","block_type":"box","text":"U.S. Government Obligations","page_number":31,"box":{"x":123,"y":175,"width":169,"height":9}},{"id":"02badb26-c51f-45b5-b533-789aa3b884f8","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":175,"width":107,"height":7}},{"id":"23be33e1-71d2-40f7-a7ae-5e1b41682ce7","block_type":"box","text":"U.S. Treasury Obligations","page_number":31,"box":{"x":136,"y":193,"width":141,"height":9}},{"id":"96b47e42-206c-4687-a3cd-7d1ce02ba5af","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":193,"width":107,"height":7}},{"id":"66e8eacd-c025-4a8f-82d1-3fd1cb66de17","block_type":"box","text":"U.S. Treasury Rolls","page_number":31,"box":{"x":123,"y":211,"width":112,"height":9}},{"id":"40498a13-213c-406a-80a7-8dd67ffbc245","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":211,"width":107,"height":7}},{"id":"1c99646c-9091-4b01-a2f8-821a702c8def","block_type":"box","text":"Utility Industries","page_number":31,"box":{"x":123,"y":229,"width":97,"height":9}},{"id":"dd11d7e2-7ff8-482a-b98b-6d1b46339c4a","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":229,"width":107,"height":7}},{"id":"f7eca68e-8884-482f-aeca-2b7ef26c9874","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments","page_number":31,"box":{"x":123,"y":247,"width":463,"height":9}},{"id":"e67031ed-8146-498b-a2cf-4ff03285671c","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":247,"width":107,"height":7}},{"id":"38d990e0-209e-4183-9ce1-476596e579e3","block_type":"box","text":"Yields and Ratings","page_number":31,"box":{"x":123,"y":265,"width":107,"height":9}},{"id":"bd837514-a708-4596-a118-5f87fad2bd94","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":265,"width":107,"height":7}},{"id":"747e391c-d40d-49b8-8fc3-b4fea3208a33","block_type":"box","text":"Zero Coupon Securities","page_number":31,"box":{"x":123,"y":283,"width":135,"height":9}},{"id":"8d813033-b886-436f-87a5-4aef586f5733","block_type":"box","text":"X X","page_number":31,"box":{"x":732,"y":283,"width":107,"height":7}},{"id":"5d6a3bd4-f9df-469d-aa63-0e180192a40a","block_type":"box","text":"1","page_number":31,"box":{"x":117,"y":311,"width":2,"height":5}},{"id":"f9be7eda-b633-46be-93b0-c4df6a4f3b83","block_type":"box","text":"The Fund may only make short sales against-the-box.","page_number":31,"box":{"x":143,"y":312,"width":287,"height":9}},{"id":"2798e07d-918d-47fc-8932-db7bd0141157","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":31,"box":{"x":267,"y":341,"width":470,"height":11}},{"id":"72bd1409-869f-48d5-8386-3804383ae271","block_type":"box","text":"SAI-MUNIB-1225SUP","page_number":31,"box":{"x":116,"y":372,"width":163,"height":9}},{"id":"13c9b094-8778-4ee1-b588-b141f6f157a2","block_type":"box","text":"- 5 -","page_number":31,"box":{"x":484,"y":909,"width":27,"height":9}},{"id":"654f9232-a05b-44bb-93dc-442b2b5910c0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":31,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bfeaea0a-52ea-4e75-98d6-14c3d33aca83","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":32,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"9d95d07d-13ba-4b62-b860-bbe9433b9777","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":32,"box":{"x":116,"y":118,"width":325,"height":12}},{"id":"cab29f4a-c744-4925-b830-4eb1f858c189","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":32,"box":{"x":116,"y":149,"width":266,"height":12}},{"id":"d4416a6a-776a-4831-b834-fc3fa9722ee0","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":32,"box":{"x":150,"y":165,"width":267,"height":9}},{"id":"07977888-59da-44c4-9b23-25b523533d79","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":32,"box":{"x":150,"y":181,"width":304,"height":11}},{"id":"89574023-9f6b-492a-9dc4-66c175b02d01","block_type":"box","text":"BATS: High Income Municipal Series","page_number":32,"box":{"x":150,"y":196,"width":263,"height":12}},{"id":"aa966b30-4a5c-4c03-a665-4ccae3a8810f","block_type":"box","text":"BATS: High Income Taxable Series","page_number":32,"box":{"x":150,"y":212,"width":248,"height":11}},{"id":"bea9e5fb-a55b-4c34-b2a6-5b9ed0e08f59","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":32,"box":{"x":150,"y":227,"width":256,"height":12}},{"id":"c6e9f1e6-42c2-45b4-a6dc-0a8a3ba479dc","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":32,"box":{"x":150,"y":243,"width":235,"height":11}},{"id":"34eccd7b-fc51-429d-929e-0bdebfbb8e18","block_type":"box","text":"BATS: Short Duration Taxable Total Return","page_number":32,"box":{"x":150,"y":258,"width":304,"height":9}},{"id":"8da2912b-74b7-4415-8799-febea0e18f9b","block_type":"box","text":"Series","page_number":32,"box":{"x":150,"y":274,"width":45,"height":9}},{"id":"cdf9daae-4c11-4f45-a758-237d8584ed44","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":32,"box":{"x":150,"y":289,"width":306,"height":12}},{"id":"bcb41de7-752d-4ff4-978b-b048e6962e4c","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":32,"box":{"x":116,"y":320,"width":232,"height":11}},{"id":"d1466b81-98ec-434c-81c5-d64d73e29a23","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":32,"box":{"x":116,"y":351,"width":203,"height":11}},{"id":"599858eb-f32d-4cfb-9ae2-e7852021cb7d","block_type":"box","text":"BlackRock Total Return Fund","page_number":32,"box":{"x":150,"y":367,"width":207,"height":9}},{"id":"c53268ce-ec53-4182-8297-f6b4e1024d92","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":32,"box":{"x":116,"y":398,"width":331,"height":11}},{"id":"8641e7a7-2395-44f0-9058-e921503d14d1","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":32,"box":{"x":150,"y":413,"width":321,"height":12}},{"id":"9f021c10-a0c0-4f14-a367-94e27882c5b7","block_type":"box","text":"Fund","page_number":32,"box":{"x":150,"y":429,"width":38,"height":9}},{"id":"c5e1f520-a252-425b-b34a-df86833122e0","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":32,"box":{"x":116,"y":460,"width":317,"height":11}},{"id":"2ec235dd-497b-42a4-b7ec-9adc06ff4b58","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":32,"box":{"x":116,"y":491,"width":301,"height":11}},{"id":"b10890cc-6d2a-4599-9ff8-b5c6e91eb21a","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":32,"box":{"x":116,"y":522,"width":248,"height":11}},{"id":"6d23674f-c79b-4091-8213-9ee2a5294ee9","block_type":"box","text":"BlackRock Funds","page_number":32,"box":{"x":116,"y":553,"width":127,"height":9}},{"id":"d3325fdb-855d-4353-9ca0-4513a9bdcdb3","block_type":"box","text":"SM","page_number":32,"box":{"x":244,"y":552,"width":15,"height":6}},{"id":"ac490cce-de79-499d-9e5e-aea61340eb10","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":32,"box":{"x":150,"y":568,"width":325,"height":12}},{"id":"008fa698-12f7-4504-812d-ec1516ff7998","block_type":"box","text":"BlackRock Advantage International Fund","page_number":32,"box":{"x":150,"y":584,"width":285,"height":11}},{"id":"c71227ef-ec94-48df-a85d-a54cc148fa4f","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":32,"box":{"x":150,"y":599,"width":325,"height":12}},{"id":"05ea5a27-a279-4f9e-8616-cc50c3fdef29","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":32,"box":{"x":150,"y":615,"width":306,"height":11}},{"id":"54dc781e-e184-44e0-a019-1922d74ac4d2","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":32,"box":{"x":150,"y":630,"width":325,"height":12}},{"id":"e19cebc4-b9dc-4af5-9b52-57486f8080b7","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":32,"box":{"x":150,"y":646,"width":275,"height":11}},{"id":"a0d3076b-ad48-4b74-9571-97bf80941b75","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":32,"box":{"x":150,"y":661,"width":268,"height":12}},{"id":"a0153a83-7b31-474c-942d-d62a2ee5d6bc","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":32,"box":{"x":150,"y":677,"width":294,"height":11}},{"id":"3a408230-989b-443c-8770-1c118743463c","block_type":"box","text":"Markets Fund","page_number":32,"box":{"x":150,"y":692,"width":93,"height":9}},{"id":"10989692-5cc4-4c6c-a135-3517ddc096a8","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":32,"box":{"x":150,"y":708,"width":309,"height":11}},{"id":"48ab3dee-ecb0-4359-b03d-816be6ed01bb","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":32,"box":{"x":150,"y":723,"width":263,"height":12}},{"id":"d311d371-b320-450b-9cd9-227f6ef43c6b","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":32,"box":{"x":150,"y":739,"width":208,"height":11}},{"id":"8afcfcf9-3df8-4f74-88cf-d3f955c33687","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":32,"box":{"x":150,"y":754,"width":320,"height":12}},{"id":"d252c4c2-2d2a-4fe9-a35c-a45a5850a9a4","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":32,"box":{"x":150,"y":770,"width":283,"height":11}},{"id":"49750d3c-ecc8-40c1-8cd9-951d802e5399","block_type":"box","text":"Portfolio","page_number":32,"box":{"x":150,"y":785,"width":59,"height":9}},{"id":"b21db618-04b2-467a-a6da-81acff63a931","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":32,"box":{"x":150,"y":801,"width":255,"height":11}},{"id":"306e1a9b-dc00-4221-9eba-5f942eb0c040","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":32,"box":{"x":150,"y":816,"width":308,"height":12}},{"id":"bb07e236-6783-42f9-b5ff-50674d2916e9","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":32,"box":{"x":554,"y":88,"width":269,"height":9}},{"id":"02b76930-014a-45e5-8967-a2d297ecb88e","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":32,"box":{"x":554,"y":103,"width":241,"height":12}},{"id":"06d02eac-cebd-4f3a-9d11-6384b5bdc4eb","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":32,"box":{"x":554,"y":119,"width":287,"height":11}},{"id":"3d084118-d7a9-4760-82d4-886f349acd9e","block_type":"box","text":"Emerging Markets Equity Fund","page_number":32,"box":{"x":554,"y":134,"width":218,"height":12}},{"id":"02d3e0ac-0fec-4322-88b9-ddc5e82700e7","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":32,"box":{"x":554,"y":150,"width":287,"height":11}},{"id":"5e13c1a9-ab6e-412e-a312-54cca15536bd","block_type":"box","text":"International Equity Fund","page_number":32,"box":{"x":554,"y":165,"width":178,"height":12}},{"id":"0e6feb77-b271-438d-b19b-b65d4f596f87","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":32,"box":{"x":554,"y":181,"width":330,"height":11}},{"id":"292bd40b-5a15-4623-b44b-218547f08d29","block_type":"box","text":"Cap Core Fund","page_number":32,"box":{"x":554,"y":196,"width":106,"height":12}},{"id":"fe27377c-3bb7-48b3-84c2-575d6504e8d2","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":32,"box":{"x":554,"y":212,"width":273,"height":11}},{"id":"51efbcef-e08a-4122-8152-c5b3b9d993db","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":32,"box":{"x":554,"y":227,"width":299,"height":12}},{"id":"1fdb4df0-7a88-4b02-978e-f9d5f8f7ef50","block_type":"box","text":"BlackRock U.S. Insights Long/Short Equity","page_number":32,"box":{"x":554,"y":243,"width":300,"height":11}},{"id":"feb53930-df52-4c25-a6ec-68b2a84a1a18","block_type":"box","text":"Fund","page_number":32,"box":{"x":554,"y":258,"width":38,"height":9}},{"id":"34ef027c-7615-4dc2-805b-05053ee69b7b","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":32,"box":{"x":554,"y":274,"width":298,"height":11}},{"id":"989a711d-e844-4c53-a772-c57128ea5636","block_type":"box","text":"Aware Fund","page_number":32,"box":{"x":554,"y":289,"width":87,"height":9}},{"id":"8a245ecf-8bff-4d03-9505-b4da379e49fe","block_type":"box","text":"Circle Reserve Fund","page_number":32,"box":{"x":554,"y":305,"width":142,"height":9}},{"id":"6ffcc63b-8689-4d04-9ad3-efdb01be756a","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":32,"box":{"x":554,"y":320,"width":292,"height":12}},{"id":"7a8962ec-a978-42ca-b89a-de2d68303593","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":32,"box":{"x":554,"y":336,"width":280,"height":9}},{"id":"65abcb48-87de-4a48-8999-012f407b91ff","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":32,"box":{"x":554,"y":351,"width":322,"height":12}},{"id":"99bb5ed6-db23-488c-a42c-d0628d5203a1","block_type":"box","text":"Fund","page_number":32,"box":{"x":554,"y":367,"width":38,"height":9}},{"id":"8c971563-3f37-46f3-810f-080b3544fcf1","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":32,"box":{"x":554,"y":382,"width":249,"height":12}},{"id":"72341cf2-083a-45ff-bf7c-1c71a77f0d03","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":32,"box":{"x":554,"y":398,"width":254,"height":11}},{"id":"ec48fb38-16cd-4700-9cf6-5fd8137ebf3a","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":32,"box":{"x":554,"y":413,"width":298,"height":12}},{"id":"31fb00f8-573d-42fb-9fbb-571bbc0809d6","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":32,"box":{"x":554,"y":429,"width":297,"height":9}},{"id":"5f67fe76-ed88-44cd-82e4-30c1433432d3","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":32,"box":{"x":554,"y":444,"width":304,"height":9}},{"id":"97ecbe88-d7b6-4f63-8b70-a30e2b742b9e","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":32,"box":{"x":554,"y":460,"width":306,"height":9}},{"id":"23c70bff-edc3-4290-8155-bda8b08e30e0","block_type":"box","text":"Fund","page_number":32,"box":{"x":554,"y":475,"width":38,"height":9}},{"id":"7b6a8f10-1a6d-4719-a745-05430c1fd433","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":32,"box":{"x":554,"y":491,"width":306,"height":9}},{"id":"d39ba276-5f9c-4031-8935-c45b602b3a80","block_type":"box","text":"Index Fund","page_number":32,"box":{"x":554,"y":506,"width":81,"height":9}},{"id":"305b5501-b79d-43bd-bcc9-ad7ab29ac856","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":32,"box":{"x":554,"y":522,"width":296,"height":11}},{"id":"09ff66d7-6593-4cc1-bec0-285f05f84786","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":32,"box":{"x":554,"y":537,"width":299,"height":12}},{"id":"3dc5dce2-c821-43f5-98eb-2c6e45023cb1","block_type":"box","text":"Fund","page_number":32,"box":{"x":554,"y":553,"width":38,"height":9}},{"id":"efb5c79d-0b85-4b02-858f-a6ae0d6411e9","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":32,"box":{"x":554,"y":568,"width":290,"height":9}},{"id":"7eb46088-b16c-481c-8c09-f1a0d2c2c823","block_type":"box","text":"BlackRock Funds II","page_number":32,"box":{"x":520,"y":599,"width":149,"height":9}},{"id":"0e28632b-e199-4f93-92ba-fe01599789fc","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":32,"box":{"x":554,"y":615,"width":283,"height":11}},{"id":"a42677c3-2b5a-4dd7-b474-4239fbcaed97","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":32,"box":{"x":554,"y":630,"width":283,"height":12}},{"id":"8114e3f4-6b5a-4c15-b12a-db625a437a7d","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":32,"box":{"x":554,"y":646,"width":283,"height":11}},{"id":"5cf0a2b5-f699-46e0-9bdd-fdf14e180765","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":32,"box":{"x":554,"y":661,"width":279,"height":12}},{"id":"ce898f9d-aaae-42c9-8391-2d971dab39d8","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":32,"box":{"x":554,"y":677,"width":296,"height":11}},{"id":"8d7141b8-362b-43d3-916f-3de5ff93a14a","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":32,"box":{"x":554,"y":692,"width":255,"height":9}},{"id":"3055075d-4281-44a9-bcaa-f708c1a54416","block_type":"box","text":"BlackRock Managed Income Fund","page_number":32,"box":{"x":554,"y":708,"width":235,"height":11}},{"id":"a267eb05-ad20-486c-8f4d-7c420506bc3f","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":32,"box":{"x":554,"y":723,"width":277,"height":9}},{"id":"1c954fd8-7f26-43e9-a2f0-cc9c228debb3","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":32,"box":{"x":554,"y":739,"width":285,"height":9}},{"id":"7925be19-f5ed-4ed5-8828-56c2066cc0cf","block_type":"box","text":"BlackRock Funds III","page_number":32,"box":{"x":520,"y":770,"width":151,"height":9}},{"id":"c5744888-f588-4ce7-b871-f78b2ea547bb","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":32,"box":{"x":554,"y":785,"width":247,"height":9}},{"id":"b8ff206c-3fab-4ef4-9451-5e5eb9ec30db","block_type":"box","text":"BlackRock Diversified Equity Fund","page_number":32,"box":{"x":554,"y":801,"width":242,"height":11}},{"id":"0dd1a6a3-be8f-486c-bd57-aac4ff81347c","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":32,"box":{"x":554,"y":816,"width":290,"height":9}},{"id":"3f0104b9-6772-4f70-829c-b206842e2aca","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":32,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a49a0e4e-79bd-48e9-a79e-c5f826be65a2","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"7391dce7-c110-4046-9ef9-adc3b21eb29a","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"97b4f052-dbf9-4531-9eab-272c8ecbe9dc","block_type":"box","text":"Dynamic Retirement","page_number":33,"box":{"x":296,"y":88,"width":149,"height":11}},{"id":"ea1f19d1-a72b-408a-bc2e-eccdcbf3ca53","block_type":"box","text":"Fund","page_number":33,"box":{"x":150,"y":103,"width":38,"height":9}},{"id":"5c7e6b97-9f9d-49f8-afe0-734c9972e50b","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"9d7eddd1-1658-44ca-aff0-1d6f4026b5de","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"4230697d-beff-44bf-89d0-6dcdbdcb050e","block_type":"box","text":"Dynamic 2030 Fund","page_number":33,"box":{"x":296,"y":119,"width":147,"height":11}},{"id":"bcbfa10e-c75b-4b82-9585-019ac2c20e8c","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"7b33a8fe-714d-4854-99f4-7b9ca779b676","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"6f463c97-d522-4d0a-a629-40ac00f32892","block_type":"box","text":"Dynamic 2035 Fund","page_number":33,"box":{"x":296,"y":134,"width":147,"height":12}},{"id":"16fc47ee-d7f5-417f-83eb-18814695b8e3","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"3cfe6dac-f7ce-4eea-ac36-ebab60d77ccf","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"6766c5b2-461a-4a07-b857-f48d105d9b41","block_type":"box","text":"Dynamic 2040 Fund","page_number":33,"box":{"x":296,"y":150,"width":147,"height":11}},{"id":"0d4d4124-2c4b-487a-a580-ae8d08a48c03","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"3bdca009-dfa9-49dc-8037-c8eb40cb435c","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"a582f917-6658-421d-894b-f54bd85b1f27","block_type":"box","text":"Dynamic 2045 Fund","page_number":33,"box":{"x":296,"y":165,"width":147,"height":12}},{"id":"2590db21-e590-4c5b-8a1d-1c3b037fbf64","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"967f18a6-75f5-4439-ae28-08f75e356b3e","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"e15ec708-f837-4a16-a7aa-903720d00421","block_type":"box","text":"Dynamic 2050 Fund","page_number":33,"box":{"x":296,"y":181,"width":147,"height":11}},{"id":"74e6c291-0203-40ac-99a1-8075462f91e0","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"ac5cca57-cd3a-451b-a10c-a165df387b96","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"663bdc8a-fb36-486e-99e1-b447fa85f587","block_type":"box","text":"Dynamic 2055 Fund","page_number":33,"box":{"x":296,"y":196,"width":147,"height":12}},{"id":"ed5de4b6-2374-4c54-9936-414e68fea8f8","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"794c9e56-aac4-4fe0-8d85-41927b8a4606","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"13228b5f-160a-4d8e-a0f9-0d0ad5241268","block_type":"box","text":"Dynamic 2060 Fund","page_number":33,"box":{"x":296,"y":212,"width":147,"height":11}},{"id":"41f063ec-d489-4adc-917a-f5688b6e4734","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"1cb3700b-2db8-4254-8eb7-21eda70b94a8","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"f32a0d3e-ae6f-4830-9c8a-dc55767c6c90","block_type":"box","text":"Dynamic 2065 Fund","page_number":33,"box":{"x":296,"y":227,"width":147,"height":12}},{"id":"6e093e22-fff8-4fa8-9715-c73c0163f845","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"3948ac84-f628-4629-90f4-61ac1198ed6e","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"ea56c1c0-df0d-467e-bf1d-bad0c2bdca4f","block_type":"box","text":"Dynamic 2070 Fund","page_number":33,"box":{"x":296,"y":243,"width":147,"height":11}},{"id":"93ab31e9-3cf1-48ff-aaa0-e003de62f24b","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"f523e9c9-3b0a-4bed-aecd-add567855eef","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"7901fcde-4851-4fbd-8736-c906a4d12eed","block_type":"box","text":"ESG Index 2030 Fund","page_number":33,"box":{"x":296,"y":258,"width":159,"height":9}},{"id":"9e9c83bd-812a-4257-865c-3d0dfe8ed41e","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"9b5b2f3f-1123-4fbe-9b34-4ba31ba546f9","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"a55dbd0c-23f9-475d-b5c6-2ffc3cd6dc43","block_type":"box","text":"ESG Index 2035 Fund","page_number":33,"box":{"x":296,"y":274,"width":159,"height":9}},{"id":"f28ea75a-0e6a-47fa-a383-bd52d748bb0a","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"983cab14-ed70-4412-a96c-89649a6564b5","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"005ba003-0fd7-457a-a564-8261c5fd9f89","block_type":"box","text":"ESG Index 2040 Fund","page_number":33,"box":{"x":296,"y":289,"width":159,"height":9}},{"id":"70ca1a1f-20a0-4ae5-a8ce-d4145de7208b","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"3de61673-8c62-4969-b5dd-4c4bc766e464","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"ff6ae709-dd6c-4dac-ba10-5e825a37e959","block_type":"box","text":"ESG Index 2045 Fund","page_number":33,"box":{"x":296,"y":305,"width":159,"height":9}},{"id":"a8e57752-3115-4d76-a163-4492d853152b","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":320,"width":136,"height":9}},{"id":"9863533b-ad97-4f63-bd9a-96dcb2af73ce","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":319,"width":9,"height":7}},{"id":"1367f977-af79-4ea0-8805-2ff6f110c65a","block_type":"box","text":"ESG Index 2050 Fund","page_number":33,"box":{"x":296,"y":320,"width":159,"height":9}},{"id":"54fe4cce-0240-42e1-ad55-583823a44ab0","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":336,"width":136,"height":9}},{"id":"91fc0f50-5575-425d-8b75-dd3dabc4c5c4","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":335,"width":9,"height":6}},{"id":"be05cb29-f080-4465-9143-7206e7cac489","block_type":"box","text":"ESG Index 2055 Fund","page_number":33,"box":{"x":296,"y":336,"width":159,"height":9}},{"id":"34d1aee2-f7d4-4a2e-95fd-0ea091a4d756","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":351,"width":136,"height":9}},{"id":"c9e33acc-48c9-4a74-a1ba-fe3ca1b65168","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":350,"width":9,"height":7}},{"id":"5300b85c-1c06-4a4e-b823-12645dedeb45","block_type":"box","text":"ESG Index 2060 Fund","page_number":33,"box":{"x":296,"y":351,"width":159,"height":9}},{"id":"f5beb90f-a221-4138-bc62-a2e31c0bf4ad","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":367,"width":136,"height":9}},{"id":"7b4ac998-cb75-4f3f-941f-15707f1ecec1","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":366,"width":9,"height":6}},{"id":"d6adba16-a71c-4720-a174-889525d71736","block_type":"box","text":"ESG Index 2065 Fund","page_number":33,"box":{"x":296,"y":367,"width":159,"height":9}},{"id":"e2c938d1-bf76-45d2-837f-e5577b3cec29","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":382,"width":136,"height":9}},{"id":"5243d2e4-50ee-4236-aaf6-eb729e31a497","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":381,"width":9,"height":7}},{"id":"a0d8bf9d-98c2-45dc-85b2-0c64d232892c","block_type":"box","text":"ESG Index 2070 Fund","page_number":33,"box":{"x":296,"y":382,"width":159,"height":9}},{"id":"f843a6bd-a622-44a2-9190-4844fcfe75fd","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":398,"width":136,"height":9}},{"id":"045cf475-2230-46b3-8d73-07ec9ae19ad7","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":397,"width":9,"height":6}},{"id":"26cfe687-960c-42f3-849f-942bca62c4f0","block_type":"box","text":"ESG Index Retirement","page_number":33,"box":{"x":296,"y":398,"width":162,"height":9}},{"id":"2ccbce8a-436f-45a8-9973-3b7b591d22a0","block_type":"box","text":"Fund","page_number":33,"box":{"x":150,"y":413,"width":38,"height":9}},{"id":"8d947b6e-d7ba-4544-8fcd-ca6b03964505","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":429,"width":136,"height":9}},{"id":"9403318e-a20b-4011-af25-c909a0a29d84","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":428,"width":9,"height":6}},{"id":"49675341-006f-4eb0-bf01-9f0191e53bde","block_type":"box","text":"Index Retirement Fund","page_number":33,"box":{"x":296,"y":429,"width":165,"height":9}},{"id":"2e440e84-8f4c-4478-8333-ecff463fe8be","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":444,"width":136,"height":9}},{"id":"f7a4c0c3-b1b9-4ec4-9a56-386f9d1f8024","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":443,"width":9,"height":7}},{"id":"2e709350-ff48-4fff-ba75-0c8551632aa4","block_type":"box","text":"Index 2030 Fund","page_number":33,"box":{"x":296,"y":444,"width":124,"height":9}},{"id":"fe01dad1-5557-414f-87cf-1f9967b2d4f6","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":460,"width":136,"height":9}},{"id":"afa55bfa-83ff-4b50-b50a-ef36d81a3afc","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":459,"width":9,"height":6}},{"id":"f331bea2-e23c-4918-9bda-cc7282bdb76d","block_type":"box","text":"Index 2035 Fund","page_number":33,"box":{"x":296,"y":460,"width":124,"height":9}},{"id":"e3c75e9b-5399-4f3f-9b82-fb35dc7d44a9","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":475,"width":136,"height":9}},{"id":"8d3bc870-29af-49ed-a080-e8cf75df8ce0","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":474,"width":9,"height":7}},{"id":"441a8665-eeac-440d-8de1-f86f220a7748","block_type":"box","text":"Index 2040 Fund","page_number":33,"box":{"x":296,"y":475,"width":124,"height":9}},{"id":"ec612bd0-9055-4b45-984a-e71bff7aedc6","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":491,"width":136,"height":9}},{"id":"d98a6365-af0b-4a10-9dec-814e59c6b5a5","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":490,"width":9,"height":6}},{"id":"e05eb425-3c56-4cc9-bea1-4b29a2bf2fc6","block_type":"box","text":"Index 2045 Fund","page_number":33,"box":{"x":296,"y":491,"width":124,"height":9}},{"id":"e70299ee-5f62-473e-89f0-1f9f7fccfd46","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":506,"width":136,"height":9}},{"id":"ea16b5a9-251b-429e-b17a-ac1c2a42f77a","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":505,"width":9,"height":7}},{"id":"c1d7d7b0-fea5-4f6c-b517-c03390aee5b2","block_type":"box","text":"Index 2050 Fund","page_number":33,"box":{"x":296,"y":506,"width":124,"height":9}},{"id":"ec19adf3-a9e4-4983-ba34-46d10ff20b94","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":522,"width":136,"height":9}},{"id":"6ec305ac-8792-4741-ad07-e6432e6fa27e","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":521,"width":9,"height":6}},{"id":"e05fd42a-012c-4e6a-8984-f8e7963cf67f","block_type":"box","text":"Index 2055 Fund","page_number":33,"box":{"x":296,"y":522,"width":124,"height":9}},{"id":"970353b2-d100-47ee-a2a7-2906853e906a","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":537,"width":136,"height":9}},{"id":"f79079af-a256-404a-815e-57a6ff794125","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":536,"width":9,"height":7}},{"id":"178696e7-0fd4-484b-ba2a-e4820217da96","block_type":"box","text":"Index 2060 Fund","page_number":33,"box":{"x":296,"y":537,"width":124,"height":9}},{"id":"0b092b59-c3d1-44b3-a1e1-4a99cbb90e42","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":553,"width":136,"height":9}},{"id":"50bbff62-f2cc-4277-a3a0-d17fce35ff9b","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":552,"width":9,"height":6}},{"id":"d7c5c0f4-cd46-4fc4-b6a9-c7be83dc087b","block_type":"box","text":"Index 2065 Fund","page_number":33,"box":{"x":296,"y":553,"width":124,"height":9}},{"id":"adc72719-7a9d-41c9-9399-be74f116278f","block_type":"box","text":"BlackRock LifePath","page_number":33,"box":{"x":150,"y":568,"width":136,"height":9}},{"id":"58686596-cb4b-43b5-91e1-712f3d1a5e06","block_type":"box","text":"®","page_number":33,"box":{"x":287,"y":567,"width":9,"height":7}},{"id":"258175f7-6d9f-4a84-babc-57a59c2e7e38","block_type":"box","text":"Index 2070 Fund","page_number":33,"box":{"x":296,"y":568,"width":124,"height":9}},{"id":"9ec9d70b-a13b-4be7-bc27-8a54bb1be73c","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":33,"box":{"x":150,"y":584,"width":310,"height":9}},{"id":"2135cb18-5a30-4b82-8d88-65cab25b71f9","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":33,"box":{"x":150,"y":599,"width":303,"height":12}},{"id":"81ffdb64-2ec9-4ee3-8e49-fb7ba14bc456","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":33,"box":{"x":150,"y":615,"width":200,"height":9}},{"id":"6c850c1e-40f4-4f60-94e5-6cc3151f2c04","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":33,"box":{"x":150,"y":630,"width":284,"height":12}},{"id":"74dd2b2a-0fa9-4da2-a7a9-aa7046580caf","block_type":"box","text":"BlackRock Funds IV","page_number":33,"box":{"x":116,"y":656,"width":154,"height":9}},{"id":"36ac8dbb-22e0-40da-8e7c-a1ff4efc0ff3","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":33,"box":{"x":150,"y":671,"width":295,"height":12}},{"id":"91b5fb4c-e123-4911-9b8b-fb29531b6ac7","block_type":"box","text":"BlackRock Funds V","page_number":33,"box":{"x":116,"y":697,"width":143,"height":9}},{"id":"fb72155a-71c4-4bf9-aa59-4c20fd6422db","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":33,"box":{"x":150,"y":713,"width":215,"height":9}},{"id":"7f9b2221-b5e4-4b88-9a0d-0499a3d8eb21","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":33,"box":{"x":150,"y":728,"width":217,"height":12}},{"id":"7ad2a856-3bbd-404b-b6af-5642557a463d","block_type":"box","text":"BlackRock Income Fund","page_number":33,"box":{"x":150,"y":744,"width":168,"height":9}},{"id":"8688a037-9fec-4330-a650-7daad6189715","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":33,"box":{"x":150,"y":759,"width":309,"height":9}},{"id":"9483cf77-100e-483b-9545-7c9d44eb0eed","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":33,"box":{"x":150,"y":775,"width":278,"height":9}},{"id":"5546996a-71c0-4c74-a1b9-82fca41b945d","block_type":"box","text":"BlackRock Mortgage-Backed Securities Fund","page_number":33,"box":{"x":150,"y":790,"width":310,"height":12}},{"id":"ce4ef811-6dc2-4ea0-889c-1a174625f5ad","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":33,"box":{"x":150,"y":806,"width":289,"height":11}},{"id":"6c2b0b89-4933-4be4-8e8a-1e2ff04c3432","block_type":"box","text":"Portfolio","page_number":33,"box":{"x":150,"y":821,"width":59,"height":9}},{"id":"f94446ef-7fb3-4b5a-85a2-17896856db39","block_type":"box","text":"BlackRock Sustainable High Yield Bond Fund","page_number":33,"box":{"x":150,"y":837,"width":319,"height":11}},{"id":"5b3ab993-2504-4ced-bca5-282736ed094c","block_type":"box","text":"BlackRock Funds VI","page_number":33,"box":{"x":116,"y":863,"width":154,"height":9}},{"id":"92ca1448-aba0-4706-841d-c5669a04634a","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":33,"box":{"x":150,"y":878,"width":313,"height":12}},{"id":"2966111a-625e-4b4b-9242-34fb28c67a9d","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":33,"box":{"x":520,"y":87,"width":292,"height":12}},{"id":"33a395c9-54d1-4334-a3c8-fa68a5fff909","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":33,"box":{"x":520,"y":119,"width":213,"height":11}},{"id":"1eb2b610-3f92-493d-b2d8-90d94606b73c","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":33,"box":{"x":554,"y":134,"width":317,"height":9}},{"id":"e47a05aa-4778-486c-94c5-f9ecc51fbe94","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":33,"box":{"x":554,"y":150,"width":303,"height":11}},{"id":"ae70c235-cc92-4aff-b404-78519161f766","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":33,"box":{"x":520,"y":180,"width":324,"height":12}},{"id":"ea0df140-8a7f-423d-b83d-8f6b60da071a","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":33,"box":{"x":520,"y":212,"width":349,"height":11}},{"id":"4d1e1c37-72ba-4ce1-bddf-43806eacf7ae","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":33,"box":{"x":520,"y":243,"width":335,"height":11}},{"id":"f5abe999-d4e8-485c-ac7f-e46fcf755ec0","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":33,"box":{"x":520,"y":274,"width":296,"height":11}},{"id":"5fc1d1d0-0e79-43e8-8e1c-554cb9031309","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":33,"box":{"x":554,"y":289,"width":306,"height":12}},{"id":"5e9bec61-9153-47e4-b1f5-32b6b16d6830","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":33,"box":{"x":554,"y":305,"width":314,"height":11}},{"id":"24d1a83a-4450-4056-948e-2c7f4d6f10ff","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":33,"box":{"x":554,"y":320,"width":261,"height":12}},{"id":"a5990d8b-fab2-4051-9e4a-f3193383d855","block_type":"box","text":"BlackRock Liquidity Funds","page_number":33,"box":{"x":520,"y":351,"width":203,"height":12}},{"id":"45928203-7a62-42bf-9585-9f4c0e7fa0f9","block_type":"box","text":"FedFund","page_number":33,"box":{"x":554,"y":367,"width":63,"height":9}},{"id":"43b0a060-f48e-4890-9b73-a69b1756b980","block_type":"box","text":"MuniCash","page_number":33,"box":{"x":554,"y":382,"width":74,"height":9}},{"id":"7f47c941-e9ae-44b7-a2f8-a558a692f1c1","block_type":"box","text":"TempCash","page_number":33,"box":{"x":554,"y":398,"width":77,"height":11}},{"id":"976423a4-1b45-44b2-be8c-4824e1fa7aa8","block_type":"box","text":"BlackRock Select Treasury Based Liquidity Fund","page_number":33,"box":{"x":554,"y":413,"width":331,"height":12}},{"id":"ca68ef86-18fb-4415-93aa-ae6388ac2c7d","block_type":"box","text":"T-Fund","page_number":33,"box":{"x":554,"y":429,"width":54,"height":9}},{"id":"9edfdd83-33f5-4c54-8fed-5b05c98341cb","block_type":"box","text":"Treasury Trust Fund","page_number":33,"box":{"x":554,"y":444,"width":142,"height":12}},{"id":"c253c2be-088b-48a0-a082-ae803bb78799","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":33,"box":{"x":520,"y":475,"width":282,"height":12}},{"id":"06dc7da8-d0aa-47a9-9a22-51c87a41a1d7","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":33,"box":{"x":554,"y":491,"width":227,"height":11}},{"id":"7fd2962f-38b1-481c-8b23-4f83011ace2d","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":33,"box":{"x":520,"y":522,"width":339,"height":11}},{"id":"e3fe451c-a9a8-4aea-be22-7168560779e3","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":33,"box":{"x":554,"y":537,"width":314,"height":12}},{"id":"a39e5e4b-5151-411e-9ad0-b61dcd8edee3","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":33,"box":{"x":554,"y":553,"width":324,"height":11}},{"id":"a145291b-51fa-4f0e-b3f0-8cecceeecb64","block_type":"box","text":"Fund","page_number":33,"box":{"x":554,"y":568,"width":38,"height":9}},{"id":"e754d920-a900-43d9-bdc9-ffdb73bfe81f","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":33,"box":{"x":554,"y":584,"width":326,"height":11}},{"id":"dc34ab28-bae0-4154-8d80-bbd7aaea2759","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":33,"box":{"x":520,"y":615,"width":282,"height":11}},{"id":"17d35275-12d7-480e-9b76-089060ca25bf","block_type":"box","text":"BlackRock National Municipal Fund","page_number":33,"box":{"x":554,"y":630,"width":253,"height":12}},{"id":"5abf79ee-a182-4ff2-8480-b8d43e450628","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":33,"box":{"x":554,"y":646,"width":263,"height":9}},{"id":"543ef996-d330-4c73-979e-2dab598287e6","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":33,"box":{"x":520,"y":677,"width":248,"height":11}},{"id":"4176611f-66c9-4665-97b7-d8b1f386d278","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":33,"box":{"x":554,"y":692,"width":308,"height":12}},{"id":"09c2813b-4dff-4307-be9a-b7bd42b523c4","block_type":"box","text":"Fund","page_number":33,"box":{"x":554,"y":708,"width":34,"height":9}},{"id":"e40793b5-fdc2-4e23-9090-9b0ab3b18d7b","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":33,"box":{"x":520,"y":739,"width":260,"height":9}},{"id":"a04e821d-3960-42b5-aaca-92c81fbefefa","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":33,"box":{"x":520,"y":770,"width":203,"height":11}},{"id":"0f041906-4042-4715-a785-c44d0f65a9e8","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":33,"box":{"x":554,"y":785,"width":327,"height":12}},{"id":"d5ef0dad-8ac5-47c6-9424-45729ff6a6a9","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":33,"box":{"x":554,"y":801,"width":205,"height":9}},{"id":"2e26de90-f403-41da-b73d-aa3c21fcaa71","block_type":"box","text":"2","page_number":33,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"8b2f16a8-0cfa-44d1-a301-4c739420408e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":33,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"17c41abc-de7c-46f6-b52d-0360f496da4d","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":34,"box":{"x":150,"y":88,"width":288,"height":11}},{"id":"0c31de1a-97a5-4961-b349-69029e9142a4","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":34,"box":{"x":150,"y":103,"width":268,"height":9}},{"id":"26938ad7-b080-4402-a255-2379ecc9ef98","block_type":"box","text":"BlackRock Government Money Market","page_number":34,"box":{"x":150,"y":119,"width":272,"height":11}},{"id":"b45c8227-36cf-4295-9e5c-0e0940dea7f5","block_type":"box","text":"Portfolio","page_number":34,"box":{"x":150,"y":134,"width":63,"height":9}},{"id":"7fc91c05-dfc7-4789-bc62-7f8a47aeb256","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":34,"box":{"x":150,"y":150,"width":210,"height":9}},{"id":"da31c2c1-8b8f-4aa3-be96-d9123e28756f","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":34,"box":{"x":116,"y":180,"width":226,"height":12}},{"id":"51c6a71d-9cbb-49cb-8138-72188dda44d2","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":34,"box":{"x":150,"y":196,"width":222,"height":12}},{"id":"c00f3776-6dfe-456f-b4a4-b3e788a1bd79","block_type":"box","text":"BlackRock Series, Inc.","page_number":34,"box":{"x":116,"y":227,"width":166,"height":11}},{"id":"36d30bd2-bd13-4228-93ff-88fb096c5fa8","block_type":"box","text":"BlackRock International Fund","page_number":34,"box":{"x":150,"y":243,"width":208,"height":9}},{"id":"47ab2a60-ad90-4961-853f-8aea72565110","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":34,"box":{"x":116,"y":274,"width":325,"height":11}},{"id":"f0316e3a-0595-402c-9d9b-97b9d9d67ec0","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":34,"box":{"x":116,"y":305,"width":288,"height":11}},{"id":"e26631e5-9a98-46d8-ba12-316a190fe24c","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":34,"box":{"x":116,"y":336,"width":282,"height":11}},{"id":"1d97a2a9-6513-45a6-a0ec-32e9bf03a030","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":34,"box":{"x":150,"y":351,"width":309,"height":12}},{"id":"6993a418-3309-430e-9b0e-74b22fe2c54e","block_type":"box","text":"Fund","page_number":34,"box":{"x":150,"y":367,"width":38,"height":9}},{"id":"cbfb36ad-6b78-44d1-8012-ed04e7865277","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":34,"box":{"x":150,"y":382,"width":298,"height":12}},{"id":"4b8c5507-4ef3-4696-af63-17ccc435e954","block_type":"box","text":"Fund","page_number":34,"box":{"x":150,"y":398,"width":38,"height":9}},{"id":"7c8dac5a-182f-4ec0-bec5-e8cb265d4e25","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":34,"box":{"x":150,"y":413,"width":305,"height":12}},{"id":"0e742fd8-7823-459d-a782-562940ac79a9","block_type":"box","text":"Fund","page_number":34,"box":{"x":150,"y":429,"width":38,"height":9}},{"id":"6e7d2c37-6144-4ffc-93bc-a4fcffb8b818","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":34,"box":{"x":554,"y":88,"width":302,"height":11}},{"id":"4599cf22-9421-4e75-af5d-442f32da1d2a","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":34,"box":{"x":554,"y":103,"width":234,"height":9}},{"id":"440dac99-3f62-494b-ba64-895254442a45","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":34,"box":{"x":554,"y":119,"width":293,"height":11}},{"id":"37909013-0684-4055-90f2-b031f48d0234","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":34,"box":{"x":554,"y":134,"width":264,"height":12}},{"id":"def32ff4-a4d7-4dc9-b9c4-3a3e9d091b2a","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":34,"box":{"x":554,"y":150,"width":273,"height":9}},{"id":"d4d840f6-d69e-4897-8a06-4b9aedfcd09c","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":34,"box":{"x":554,"y":165,"width":302,"height":12}},{"id":"0f2328b8-5046-49cb-9d0d-b335bd16c014","block_type":"box","text":"Fund","page_number":34,"box":{"x":554,"y":181,"width":38,"height":9}},{"id":"a58017c7-b44d-48f9-9207-3aaf8b31fdba","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":34,"box":{"x":554,"y":196,"width":281,"height":9}},{"id":"20555679-73d9-4575-a249-1349976abac3","block_type":"box","text":"BlackRock International V.I. Fund","page_number":34,"box":{"x":554,"y":212,"width":238,"height":9}},{"id":"351b9953-8e2f-4e7b-b6b4-6a6c81eacf78","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":34,"box":{"x":554,"y":227,"width":323,"height":12}},{"id":"bf09c9d5-d430-4c2b-8187-fefebc6a6398","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":34,"box":{"x":554,"y":243,"width":283,"height":11}},{"id":"c1775d74-834f-4001-829f-1694f0bf5e57","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":34,"box":{"x":554,"y":258,"width":256,"height":9}},{"id":"c032d5df-8491-4ea7-87f6-e3a9e6b22d77","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":34,"box":{"x":554,"y":274,"width":265,"height":11}},{"id":"fc1a9e33-e215-45e1-a9d3-69f8ff63d355","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":34,"box":{"x":520,"y":305,"width":299,"height":11}},{"id":"f15a886e-0bea-49f6-af0a-3262d86051ad","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":34,"box":{"x":554,"y":320,"width":227,"height":12}},{"id":"2864cf3c-36b0-4942-ad4c-9b62b4b19051","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":34,"box":{"x":554,"y":336,"width":238,"height":9}},{"id":"8a04c4ee-00b3-472a-8fd0-e67808f11eb9","block_type":"box","text":"Managed Account Series II","page_number":34,"box":{"x":520,"y":367,"width":200,"height":11}},{"id":"fe6c9119-632e-4adc-ad63-ed68e63037a3","block_type":"box","text":"BlackRock Securitized Income Fund","page_number":34,"box":{"x":554,"y":382,"width":252,"height":9}},{"id":"1cec42e6-561a-4dfe-a010-8e27f1617155","block_type":"box","text":"(each, a “Fund” and collectively, the “Funds”)","page_number":34,"box":{"x":334,"y":457,"width":336,"height":11}},{"id":"498a25ae-40a6-4c6b-851c-4316dbd1849d","block_type":"box","text":"Supplement dated November 26, 2025 to the Prospectuses and Statement of Additional Information","page_number":34,"box":{"x":143,"y":485,"width":718,"height":12}},{"id":"b6f804e2-570e-4e06-9bcf-997dfca720e0","block_type":"box","text":"(“SAI”) of each Fund, as amended from time to time","page_number":34,"box":{"x":312,"y":501,"width":380,"height":11}},{"id":"e88979b9-4d9e-462a-8871-26f7e6aa8400","block_type":"box","text":"Effective December 1, 2025, each Fund’s Prospectus is amended as follows:","page_number":34,"box":{"x":116,"y":529,"width":543,"height":12}},{"id":"77aa9119-760e-408f-9882-28c378be2262","block_type":"box","text":"The following information amends and supersedes any corresponding disclosure, if applicable for a Fund,","page_number":34,"box":{"x":116,"y":557,"width":763,"height":12}},{"id":"067a32cb-9b31-421f-8f26-f4d6f8957bb3","block_type":"box","text":"in the section entitled “Valuation of Fund Investments” in each Prospectus relating to the valuation of","page_number":34,"box":{"x":116,"y":573,"width":735,"height":12}},{"id":"d72ed5a1-4df7-4414-bdfe-be564020cec2","block_type":"box","text":"equity securities and fixed-income securities:","page_number":34,"box":{"x":116,"y":589,"width":326,"height":11}},{"id":"4bfe5feb-2f45-4c1a-b531-41fc9903766a","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are","page_number":34,"box":{"x":116,"y":617,"width":714,"height":12}},{"id":"fc3d8808-5d96-427a-8cbf-c15c5b6933cb","block_type":"box","text":"customized) for which market quotations are readily available are valued at market value, which is generally","page_number":34,"box":{"x":116,"y":632,"width":736,"height":12}},{"id":"e1a9933c-c768-4fe1-b408-5752fd44170b","block_type":"box","text":"determined using the last reported official closing price or, if a reported closing price is not available, the last","page_number":34,"box":{"x":116,"y":648,"width":741,"height":12}},{"id":"8d2f02d1-8c9c-4d5e-8f60-c1b399466332","block_type":"box","text":"traded price on the exchange or market on which the security or instrument is primarily traded at the time of","page_number":34,"box":{"x":116,"y":663,"width":730,"height":12}},{"id":"d0126046-39ce-478e-ae71-f5b666f382b1","block_type":"box","text":"valuation. Shares of underlying open-end funds (including money market funds) are valued at net asset value.","page_number":34,"box":{"x":116,"y":679,"width":738,"height":12}},{"id":"e8cbcd0b-0321-4262-b771-7ec6ed4d7abf","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing","page_number":34,"box":{"x":116,"y":694,"width":733,"height":12}},{"id":"3c86b3c4-e070-4275-b062-8a139ceae0ad","block_type":"box","text":"price.","page_number":34,"box":{"x":116,"y":710,"width":36,"height":12}},{"id":"ee564d86-96bb-4990-b446-914d6200a2dd","block_type":"box","text":"Each Fund values fixed-income portfolio securities and certain derivative instruments using bid prices provided","page_number":34,"box":{"x":116,"y":738,"width":753,"height":12}},{"id":"bc26226b-476c-4bd9-89ac-fb152ee16e38","block_type":"box","text":"by dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing","page_number":34,"box":{"x":116,"y":754,"width":764,"height":11}},{"id":"3fa91642-2e18-4161-8730-207efd0f1389","block_type":"box","text":"services, each in accordance with BlackRock’s valuation policies and procedures. Pricing services may use","page_number":34,"box":{"x":117,"y":769,"width":721,"height":12}},{"id":"111a3a5a-9127-4cca-9773-2c08eb136f3b","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value","page_number":34,"box":{"x":116,"y":785,"width":737,"height":11}},{"id":"065b4293-6e5c-4f30-81b8-cf022ccedb08","block_type":"box","text":"fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or","page_number":34,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"d9a02a7c-ba66-4b61-b679-ad6dea54fb79","block_type":"box","text":"transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":34,"box":{"x":116,"y":816,"width":728,"height":11}},{"id":"352f1fa7-d78f-4e1a-bb06-20cca06815d7","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could","page_number":34,"box":{"x":116,"y":831,"width":738,"height":12}},{"id":"b53ff6bd-0261-4ff8-b8b1-4792fa8b9663","block_type":"box","text":"differ from the prices used by the Fund. The amortized cost method of valuation may be used with respect to debt","page_number":34,"box":{"x":116,"y":847,"width":771,"height":12}},{"id":"a5ab785b-7d1e-4a9f-a072-11e7a4a1f5cb","block_type":"box","text":"obligations with 60 days or less remaining to maturity unless BlackRock determines in good faith that such","page_number":34,"box":{"x":116,"y":862,"width":727,"height":12}},{"id":"66a37fd3-7926-46e2-bf2d-eecbbfb4de42","block_type":"box","text":"method does not represent fair value.","page_number":34,"box":{"x":116,"y":878,"width":254,"height":12}},{"id":"86e32feb-0920-4c13-9898-e9a13c2b21ee","block_type":"box","text":"3","page_number":34,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"b3127cfd-652d-4609-b6b1-72dd11f0584e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":34,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"770960ce-7841-4976-ad8a-e253c6a7f5c2","block_type":"box","text":"Effective December 1, 2025, each Fund’s SAI is amended as follows:","page_number":35,"box":{"x":116,"y":87,"width":492,"height":12}},{"id":"28ca0784-9e35-4641-978a-5b32dff8ccb7","block_type":"box","text":"The section entitled “Pricing of Shares—Determination of Net Asset Value—Options, Futures, Swaps and","page_number":35,"box":{"x":116,"y":118,"width":763,"height":12}},{"id":"f5f6d9d6-c470-48a6-a56e-6fd417c95bdd","block_type":"box","text":"Other Derivatives” in each Fund’s SAI, as applicable for a Fund, is deleted in its entirety and replaced","page_number":35,"box":{"x":116,"y":134,"width":738,"height":12}},{"id":"ba09dfc4-6e9a-4c22-b212-4d425397c981","block_type":"box","text":"with the following:","page_number":35,"box":{"x":116,"y":149,"width":139,"height":12}},{"id":"a09eccd9-d6e7-4ab1-8c47-1a82732442f1","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":35,"box":{"x":116,"y":180,"width":348,"height":12}},{"id":"16815e0e-e348-42f9-a839-e78a9a5929dd","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":35,"box":{"x":465,"y":181,"width":410,"height":11}},{"id":"2307988a-bcaf-4e22-97eb-00328a3bd08a","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the","page_number":35,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"b11410e2-f4b8-4093-9cad-ca6ddcd98347","block_type":"box","text":"mean of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are","page_number":35,"box":{"x":116,"y":212,"width":744,"height":11}},{"id":"4f2145e7-e027-4e1f-ac43-bcbafeba974c","block_type":"box","text":"traded. In the event that there is no mean price available for such exchange-traded equity option held by a Fund","page_number":35,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"5e708896-a58c-4543-99b4-c6adfaeb52f0","block_type":"box","text":"on a day on which the Fund values such option, the last bid (long positions) or ask (short positions) price, if","page_number":35,"box":{"x":116,"y":243,"width":730,"height":11}},{"id":"ed4dc0d1-fc11-4e96-bed2-7224ad94ae15","block_type":"box","text":"available, will be used as the value of such option. If no bid or ask price is available on a day on which a Fund","page_number":35,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"f7e866cf-02db-4499-a72a-de0ecc1cb642","block_type":"box","text":"values such option, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":35,"box":{"x":116,"y":274,"width":769,"height":11}},{"id":"0cf08f94-46f5-409b-b227-a9162130190c","block_type":"box","text":"longer reflects the fair value of the option, in which case such option will be treated as a fair value asset.","page_number":35,"box":{"x":116,"y":289,"width":707,"height":12}},{"id":"6fc7aef6-d265-4cec-bc2c-60ad94b357a4","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be","page_number":35,"box":{"x":116,"y":305,"width":737,"height":11}},{"id":"8e1bf879-20e1-4164-b735-b59fc5e3f6d3","block_type":"box","text":"valued using a mathematical model which may incorporate a number of market data factors. Financial futures","page_number":35,"box":{"x":116,"y":320,"width":744,"height":12}},{"id":"264f871f-a263-468c-b62e-3b951d21899a","block_type":"box","text":"contracts and options thereon, which are traded on exchanges, are valued at their last sale price or settle price as","page_number":35,"box":{"x":116,"y":336,"width":759,"height":11}},{"id":"9145b6fd-d345-41af-8658-1a66aa51c612","block_type":"box","text":"of the close of such exchanges. Swap agreements and other derivatives are generally valued daily based upon","page_number":35,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"c926ed0a-44a4-4993-b3b1-186e6e928cfb","block_type":"box","text":"quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":35,"box":{"x":116,"y":367,"width":681,"height":11}},{"id":"17168e62-ed1b-4abe-a3dd-7b7562487c48","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":35,"box":{"x":267,"y":398,"width":470,"height":11}},{"id":"7997b094-625b-4d00-8ce9-7eb95305abe5","block_type":"box","text":"PRSAI-MF-1125SUP","page_number":35,"box":{"x":116,"y":429,"width":152,"height":9}},{"id":"f8c713d2-8f99-4c93-9d7b-957fcd05318c","block_type":"box","text":"4","page_number":35,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"d3678216-7703-4659-b4cc-8b85e577f3c8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":35,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d4a94667-8026-4c1a-831c-a9869e410f16","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":36,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"2d723b95-ae57-4e5f-8bc2-b1a068254c20","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":36,"box":{"x":254,"y":120,"width":471,"height":18}},{"id":"ffe0e4c4-1e8f-49fd-9b5f-e9d8c15b2013","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":36,"box":{"x":118,"y":153,"width":742,"height":15}},{"id":"88a01e4d-23a5-488c-a20c-fb33c5d7f8fe","block_type":"box","text":"This Statement of Additional Information of the BlackRock National Municipal Fund and BlackRock Short","page_number":36,"box":{"x":101,"y":211,"width":804,"height":11}},{"id":"e0d6da80-0234-4a45-9ca1-6835e461417e","block_type":"box","text":"Duration Muni Fund (formerly, BlackRock Short-Term Municipal Fund) (collectively, the “Funds” and each, a","page_number":36,"box":{"x":70,"y":226,"width":820,"height":12}},{"id":"46bf70dd-ea8d-40ed-bbea-29d09271d027","block_type":"box","text":"“Fund”), each a series of BlackRock Municipal Bond Fund, Inc. (the “Corporation”), is not a prospectus and","page_number":36,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"65f2c0b1-fac1-4cb0-9a51-1bea6668e2c8","block_type":"box","text":"should be read in conjunction with the Prospectuses of the Funds, dated October 28, 2025, as they may be","page_number":36,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"717b72d9-f6c5-477b-be96-e650a4f4d89d","block_type":"box","text":"amended or supplemented from time to time (each, a “Prospectus”) which have been filed with the Securities","page_number":36,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"4e2b6787-3cb6-4e2b-a319-e59651bd8bc6","block_type":"box","text":"and Exchange Commission (the “Commission” or the “SEC”) and can be obtained, without charge, by calling","page_number":36,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"7802f811-9388-47f0-a62d-3bc002676aa5","block_type":"box","text":"(800) 441-7762 or by writing to the Funds at the above address. The Funds’ Prospectuses are incorporated by","page_number":36,"box":{"x":69,"y":301,"width":838,"height":12}},{"id":"c6f1a15b-2642-4911-a2d7-43a8d56fc9c7","block_type":"box","text":"reference into this Statement of Additional Information, and Part I of this Statement of Additional Information","page_number":36,"box":{"x":70,"y":317,"width":833,"height":10}},{"id":"56b0ed57-e491-413c-85cd-5c73d1f324ea","block_type":"box","text":"and the portions of Part II of this Statement of Additional Information that relate to the Funds have been","page_number":36,"box":{"x":69,"y":332,"width":793,"height":11}},{"id":"75cc0c36-07d9-4365-856f-6d5a4ff6b618","block_type":"box","text":"incorporated by reference into the Funds’ Prospectuses. The portions of Part II of this Statement of Additional","page_number":36,"box":{"x":70,"y":347,"width":833,"height":12}},{"id":"efbe514c-0a22-4ea7-8421-15e75c45201a","block_type":"box","text":"Information that do not relate to the Funds do not form a part of the Funds’ Statement of Additional","page_number":36,"box":{"x":70,"y":362,"width":757,"height":11}},{"id":"ee5f1ae4-6501-4f24-b95e-c208da87c201","block_type":"box","text":"Information, have not been incorporated by reference into the Funds’ Prospectuses and should not be relied","page_number":36,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"3371b79b-49ac-41c6-ae81-6654a37c3ac2","block_type":"box","text":"upon by investors in the Funds. The audited financial statements of the Funds are incorporated into this","page_number":36,"box":{"x":70,"y":392,"width":792,"height":12}},{"id":"6cc12e0d-d81d-414b-952e-9b7fbe525578","block_type":"box","text":"Statement of Additional Information by reference to the Funds’ Annual Financial Statements and Additional","page_number":36,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"eba24847-cd84-4758-b238-e68dad548a8b","block_type":"box","text":"Information for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual","page_number":36,"box":{"x":70,"y":422,"width":822,"height":12}},{"id":"018c7a19-dbbf-497a-8bd8-dbe49e6cd028","block_type":"box","text":"Financial Statements”). You may request a copy of the 2025 Annual Financial Statements at no charge by","page_number":36,"box":{"x":70,"y":437,"width":803,"height":12}},{"id":"659a8797-4801-4a1b-9f06-ca17b674c6ba","block_type":"box","text":"calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":36,"box":{"x":69,"y":453,"width":693,"height":11}},{"id":"a55ea5f6-c4cb-4c26-9e88-db972dc14e45","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":36,"box":{"x":103,"y":475,"width":786,"height":12}},{"id":"df6a74ed-9782-4123-a81e-cad1e1702d58","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":36,"box":{"x":69,"y":490,"width":772,"height":12}},{"id":"9728b3d0-a279-4e91-9685-f75af14f6d47","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":36,"box":{"x":70,"y":506,"width":804,"height":11}},{"id":"f786ac26-895a-4793-ab70-48af61425189","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":36,"box":{"x":67,"y":521,"width":819,"height":11}},{"id":"7dd38448-a1f3-4e89-b52d-02371b459bbf","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":36,"box":{"x":70,"y":536,"width":378,"height":12}},{"id":"99ae7c68-7509-4beb-a79c-8e9178fb75eb","block_type":"box","text":"Ticker Symbol","page_number":36,"box":{"x":752,"y":564,"width":81,"height":9}},{"id":"63c962ba-c8cd-4474-8b6e-e669f4674e63","block_type":"box","text":"Class","page_number":36,"box":{"x":69,"y":603,"width":31,"height":7}},{"id":"0bcb99dd-664a-44c8-95e8-e07050670ccf","block_type":"box","text":"BlackRock","page_number":36,"box":{"x":690,"y":583,"width":63,"height":7}},{"id":"73d7ff2b-3857-42fa-b7b4-c3be934acaee","block_type":"box","text":"National","page_number":36,"box":{"x":697,"y":593,"width":47,"height":7}},{"id":"67298afb-e90e-473b-8072-577cf7cd808f","block_type":"box","text":"Municipal Fund","page_number":36,"box":{"x":677,"y":603,"width":88,"height":8}},{"id":"fcf89b92-0c31-442b-8ba9-87c712fda411","block_type":"box","text":"BlackRock","page_number":36,"box":{"x":807,"y":583,"width":62,"height":7}},{"id":"d50ab182-5727-44ce-bb4f-0155d912b011","block_type":"box","text":"Short Duration","page_number":36,"box":{"x":795,"y":593,"width":85,"height":7}},{"id":"165be256-690e-43ec-9b8f-8812bb54de34","block_type":"box","text":"Muni Fund","page_number":36,"box":{"x":808,"y":603,"width":59,"height":7}},{"id":"f457b765-eabb-459b-b32a-5b0bb824d131","block_type":"box","text":"Investor A Shares . .","page_number":36,"box":{"x":70,"y":620,"width":144,"height":9}},{"id":"c0e16124-c16a-48b6-b3d7-15c5d3167894","block_type":"box","text":"..................................................... M","page_number":36,"box":{"x":220,"y":621,"width":487,"height":8}},{"id":"10c9cc7e-c27d-4f4e-88de-0f0677d4c099","block_type":"box","text":"DNLX MELMX","page_number":36,"box":{"x":710,"y":621,"width":154,"height":8}},{"id":"bf86faa8-719a-44ca-9d4e-c4e817486d48","block_type":"box","text":"Investor C Shares","page_number":36,"box":{"x":70,"y":636,"width":125,"height":8}},{"id":"61c2cf82-1d63-4366-8941-f428a9904c69","block_type":"box","text":"....................................................... M","page_number":36,"box":{"x":204,"y":636,"width":505,"height":8}},{"id":"b37705d6-fbd7-4890-b5f2-507a07a4f5db","block_type":"box","text":"FNLX MFLMX","page_number":36,"box":{"x":711,"y":636,"width":152,"height":8}},{"id":"c538e534-b810-4e06-81e5-aa77869cf461","block_type":"box","text":"Institutional Shares","page_number":36,"box":{"x":70,"y":651,"width":137,"height":9}},{"id":"a99fb846-e10e-4b06-b4c3-a8180b62ab97","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MANLX MALMX","page_number":36,"box":{"x":212,"y":651,"width":652,"height":9}},{"id":"ea3f75c5-5ea9-4daf-81cc-d475c6c9aabf","block_type":"box","text":"Service Shares","page_number":36,"box":{"x":69,"y":666,"width":107,"height":9}},{"id":"5679e8aa-dd83-41a7-843b-6b77658db1f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BNMSX N/A","page_number":36,"box":{"x":179,"y":666,"width":673,"height":11}},{"id":"041677d7-4bf5-44d9-83b8-9e5ce321a421","block_type":"box","text":"Investor A1 Shares . . .","page_number":36,"box":{"x":70,"y":681,"width":160,"height":9}},{"id":"7e949239-3052-42af-a143-ce82066578b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A MDLMX","page_number":36,"box":{"x":236,"y":681,"width":629,"height":11}},{"id":"c0abb56e-a068-4d19-ba29-394c079e1e8b","block_type":"box","text":"Class K Shares","page_number":36,"box":{"x":69,"y":696,"width":109,"height":9}},{"id":"0d97ed61-5232-4270-adc1-41259f821731","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BNMLX MPLMX","page_number":36,"box":{"x":187,"y":696,"width":677,"height":9}},{"id":"a01dee98-7468-4925-ace7-e01cdc1d8c49","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":36,"box":{"x":260,"y":751,"width":460,"height":19}},{"id":"9f621638-df0b-4106-a08a-53cf4f7f3cab","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":36,"box":{"x":222,"y":773,"width":536,"height":18}},{"id":"90a4c3be-0f87-4abe-830a-a7b7959bf3e4","block_type":"box","text":"The date of this Statement of Additional Information is October 28, 2025.","page_number":36,"box":{"x":210,"y":833,"width":557,"height":11}},{"id":"82c5357d-ad0e-4fda-b1c7-1e0fac130615","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e57ae56-1766-40be-aec7-096498ad7bf2","block_type":"box","text":"TABLE OF CONTENTS","page_number":37,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"fa79bcad-62e9-4031-9296-fb875dcd5319","block_type":"box","text":"Page","page_number":37,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"8c35064d-1134-4758-b704-4f29c9cb905a","block_type":"box","text":"PART I","page_number":37,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"8496bc7c-e60c-49a6-84d2-36552028fec6","block_type":"box","text":"Investment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":37,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"892a8f35-689a-4320-9595-f958cac84a83","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-8","page_number":37,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"1f72645a-1255-41b6-8194-377f480761da","block_type":"box","text":"Information on Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-9","page_number":37,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"5e84b796-f54c-4855-9926-b593e616286b","block_type":"box","text":"Management, Advisory and Other Service Arrangements. . . . . . . . .","page_number":37,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"5bc9e7c6-f794-49f9-84db-ea7c86b37d87","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":37,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"8727f4d4-66b1-4c56-a45a-e97f6b8a498e","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":37,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"09acc6be-4a5f-4cd4-8dcd-5b7fb694528b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":37,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"75777eb7-1083-4881-ba42-fd79a14bacfa","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"18d0e6a9-77ee-4d8c-91f9-52fab2125163","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":37,"box":{"x":521,"y":190,"width":387,"height":9}},{"id":"7055a03b-a374-4cb4-8108-29fc3ad43a73","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":37,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"f8676433-bf8e-42b8-a1ea-fe81446636bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":37,"box":{"x":358,"y":207,"width":550,"height":8}},{"id":"afa37776-eb38-4bf0-b224-63e74176bace","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"5518352a-7441-409f-a8e3-c7215599c4b0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-29","page_number":37,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"f5ab73b4-aeaf-452d-bb39-dfcfbd914315","block_type":"box","text":"Financial Statements","page_number":37,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"aefd5e37-5064-41a0-8a18-d2ee8a1c291f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-32","page_number":37,"box":{"x":227,"y":239,"width":682,"height":9}},{"id":"66869a6a-ef94-4895-b3d2-21fc8a0b4e33","block_type":"box","text":"PART II","page_number":37,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"2e05b79c-a360-4020-b824-49be45674271","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":37,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"62ee99b9-6f28-493c-b6d8-c46b8798f45d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":37,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"afdc1f76-a672-437b-b0ce-1a655a53d3a5","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"38519ac4-c1c2-4255-8595-b8dc64ca19cb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-79","page_number":37,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"dccd8a06-db48-4784-99c7-f29e04fde36a","block_type":"box","text":"Selective Disclosure of Portfolio Holdings. . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"64756748-3b4d-4e55-bce1-da19182f3929","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-81","page_number":37,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"bf07aeda-ec96-4f65-a18e-ab21b65ce2f7","block_type":"box","text":"Purchase of Shares","page_number":37,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"f0f4f451-58aa-40f7-a66e-1f13adbbc84a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-95","page_number":37,"box":{"x":211,"y":336,"width":698,"height":9}},{"id":"8bcf0a37-4ff4-4490-981b-36347af2cad3","block_type":"box","text":"Redemption of Shares . .","page_number":37,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"cebbc455-bb9b-4608-a151-e84e25ba7b8e","block_type":"box","text":"........................................................................... I","page_number":37,"box":{"x":252,"y":353,"width":619,"height":9}},{"id":"0cd66d39-6d55-40ac-8b72-b791a0114b68","block_type":"box","text":"I-112","page_number":37,"box":{"x":874,"y":353,"width":35,"height":9}},{"id":"277806ab-e8f9-4815-8262-7d49e4a1b6a5","block_type":"box","text":"Shareholder Services . .","page_number":37,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"9fb29dae-2d8f-4ced-ba2f-5acc9bbc5a04","block_type":"box","text":"............................................................................ I","page_number":37,"box":{"x":244,"y":369,"width":627,"height":9}},{"id":"a684549c-8297-46b1-b6dd-025cde343cc3","block_type":"box","text":"I-115","page_number":37,"box":{"x":874,"y":369,"width":35,"height":9}},{"id":"4f522230-e908-488a-a6c7-1654ca592660","block_type":"box","text":"Pricing of Shares","page_number":37,"box":{"x":69,"y":385,"width":119,"height":12}},{"id":"fe9b974d-0658-47f8-9a67-d80a3fa5f6ee","block_type":"box","text":".................................................................................. I","page_number":37,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"48662372-fbb5-441e-9618-1b7ae81259dd","block_type":"box","text":"I-119","page_number":37,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"95045936-7c5e-42f7-af0c-8c1def711e86","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":37,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"c9cc7442-aa9b-47d3-a905-557280caf265","block_type":"box","text":".............................................................. I","page_number":37,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"2ecac945-d647-40f6-860e-63a998bea291","block_type":"box","text":"I-121","page_number":37,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"ec584d8f-537a-4ace-aa07-d3ed6725aada","block_type":"box","text":"Dividends and Taxes . .","page_number":37,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"5d6da772-cc60-4ef2-ac9c-92bb5a62b404","block_type":"box","text":"............................................................................. I","page_number":37,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"2590e011-33de-48a8-b1dd-3aedfc3e9926","block_type":"box","text":"I-125","page_number":37,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"c842fc42-5860-4952-8fbf-33fa178f4592","block_type":"box","text":"Performance Data","page_number":37,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"d513c5f4-f1dc-4d6f-81a5-5b22fba0a514","block_type":"box","text":"................................................................................. I","page_number":37,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"5425c6a7-65b4-406c-a1f9-24c41800d2c6","block_type":"box","text":"I-132","page_number":37,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"c01ba70b-bd7b-4298-b303-9afb22a0d157","block_type":"box","text":"Proxy Voting Policies and Procedures. . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"90c7552d-c42c-442c-8f85-efe2823e757c","block_type":"box","text":"........................................... I","page_number":37,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"cc5cb961-2723-4bcd-8865-54846047c823","block_type":"box","text":"I-134","page_number":37,"box":{"x":874,"y":451,"width":35,"height":9}},{"id":"c740a200-4eac-4dbd-af71-1b26ed0e02e0","block_type":"box","text":"General Information","page_number":37,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"0688982a-00fb-419f-b2ae-88306d1baf6f","block_type":"box","text":"............................................................................... I","page_number":37,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"efb3fb8a-c489-42a5-9526-3cd3b6d7a9d7","block_type":"box","text":"I-135","page_number":37,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"ac6c6f9d-acff-4fb5-be8b-b17ca07c1fcf","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":37,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"68c6e5da-309d-4dd3-9a4d-2bf9a8512336","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":37,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"bd37f78b-f22b-4bbf-90c0-6f6a58d0ac19","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":37,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"f1c72ef5-318a-4ab8-8cf2-2fd811437fda","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":37,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"0e59caf1-1bf7-4982-b523-855eda225164","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e14bf29-79ab-457c-a8b7-65de13f2ab16","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK MUNICIPAL BOND FUND, INC.","page_number":38,"box":{"x":219,"y":45,"width":540,"height":11}},{"id":"fcf2630a-a68f-456b-ab33-a074d982cd70","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about the BlackRock National","page_number":38,"box":{"x":102,"y":67,"width":775,"height":11}},{"id":"f5f15f3b-bec7-416c-b55e-48bab239ed72","block_type":"box","text":"Municipal Fund (the “National Fund”) and the BlackRock Short Duration Muni Fund (formerly, BlackRock Short-Term","page_number":38,"box":{"x":70,"y":82,"width":819,"height":12}},{"id":"c5975b4b-7267-47d9-9615-3a789f8c6066","block_type":"box","text":"Municipal Fund) (the “Short Duration Fund,” and, with the National Fund, the “Funds”), each a series of BlackRock","page_number":38,"box":{"x":70,"y":98,"width":816,"height":11}},{"id":"f72ace70-2cd0-4ffd-a5ce-37647147f725","block_type":"box","text":"Municipal Bond Fund, Inc. (the “Corporation”). It includes information about the Corporation’s Board of Directors (the","page_number":38,"box":{"x":70,"y":113,"width":832,"height":11}},{"id":"74278450-5d47-4d27-abb0-d5f85a72feef","block_type":"box","text":"“Board” or the “Board of Directors”), the management services provided to and the management fees paid by each","page_number":38,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"c5bb5862-8489-4adf-a64a-2c2306c9c9ae","block_type":"box","text":"Fund and information about other fees applicable to and services provided to each Fund. This Part I of this SAI","page_number":38,"box":{"x":70,"y":143,"width":788,"height":11}},{"id":"b1a66044-eb68-48b7-aa9a-4d1d6a132d12","block_type":"box","text":"should be read in conjunction with the Funds’ Prospectuses and those portions of Part II of this SAI that pertain to","page_number":38,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"37c1e559-ebd4-41b8-853c-c8119dfabdbe","block_type":"box","text":"such Fund.","page_number":38,"box":{"x":69,"y":173,"width":76,"height":9}},{"id":"b846b5ee-9791-42f3-8279-1be7e1aca2c2","block_type":"box","text":"I. Investment Objectives and Policies","page_number":38,"box":{"x":69,"y":203,"width":270,"height":11}},{"id":"2c05b28c-5cf8-45f3-9ae5-e46642e3a3c9","block_type":"box","text":"In implementing each Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” or","page_number":38,"box":{"x":102,"y":226,"width":784,"height":11}},{"id":"a203dde8-a81b-4658-ae1e-1b81f6bf2529","block_type":"box","text":"the “Manager”), each Fund’s investment manager, may consider and employ techniques and strategies designed to","page_number":38,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"fb25c467-e3f0-4359-a80c-3cc1bc29cffc","block_type":"box","text":"minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with their","page_number":38,"box":{"x":69,"y":256,"width":805,"height":11}},{"id":"3a23c0b7-ec7a-4168-881a-2757afd692aa","block_type":"box","text":"investment in such Fund.","page_number":38,"box":{"x":70,"y":272,"width":176,"height":8}},{"id":"4b52ffdf-d6bb-4547-81ea-a02008c8d1f9","block_type":"box","text":"Set forth below is a listing of some of the types of investments and investment strategies that a Fund may use,","page_number":38,"box":{"x":102,"y":294,"width":794,"height":11}},{"id":"5c7203c0-0aa8-45e5-b722-a9693c95698d","block_type":"box","text":"and the risks and considerations associated with those investments and investment strategies. Please see Part II of","page_number":38,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"f462d0df-8cff-4c5f-a965-88356873c1bd","block_type":"box","text":"this SAI for further information on these investments and investment strategies. Information contained in Part II","page_number":38,"box":{"x":68,"y":324,"width":798,"height":12}},{"id":"a5ad8c9a-a8bf-44c7-923d-c6e821b3afd6","block_type":"box","text":"about the risks and considerations associated with investments and/or investment strategies applies only to the","page_number":38,"box":{"x":69,"y":340,"width":805,"height":11}},{"id":"b65a8949-856e-40f5-86cf-127b1267818d","block_type":"box","text":"extent a Fund makes each type of investment or uses each investment strategy.","page_number":38,"box":{"x":69,"y":355,"width":569,"height":11}},{"id":"721b960f-5435-481a-87ef-a3f6d39e7eda","block_type":"box","text":"In addition, set forth below is a listing of the proxy voting policy and related guidelines applicable to the Fund.","page_number":38,"box":{"x":102,"y":378,"width":780,"height":12}},{"id":"fdf49866-ed3c-46c2-bb6c-06c7dc35f78e","block_type":"box","text":"Please see the “Proxy Voting Policies and Procedures” in Part II of this SAI for further information about these","page_number":38,"box":{"x":69,"y":394,"width":784,"height":11}},{"id":"f0a796d6-ab34-4ac4-90fa-a49b83748e2e","block_type":"box","text":"policies. A copy of each policy is included in Appendix B.","page_number":38,"box":{"x":70,"y":409,"width":399,"height":11}},{"id":"16d50513-afb4-46db-addf-77d7546d3587","block_type":"box","text":"Information that does not apply to the Fund does not form a part of the Fund’s SAI and should not be relied on","page_number":38,"box":{"x":102,"y":431,"width":789,"height":12}},{"id":"41469470-3110-4aaf-b578-41417a5e38fc","block_type":"box","text":"by investors in the Fund. Only information that is clearly identified as applicable to a Fund is considered to form a","page_number":38,"box":{"x":69,"y":446,"width":808,"height":12}},{"id":"e4e21320-fa16-4d05-b5f8-8e301f736716","block_type":"box","text":"part of that Fund’s SAI.","page_number":38,"box":{"x":70,"y":462,"width":164,"height":11}},{"id":"1988a5e2-7c52-4ecf-815a-7a8be3b0ff07","block_type":"box","text":"National Fund Short Duration Fund","page_number":38,"box":{"x":637,"y":491,"width":252,"height":7}},{"id":"a6632e1d-3f7f-4491-8f0c-1265520dc86a","block_type":"box","text":"Asset-Backed Securities","page_number":38,"box":{"x":72,"y":510,"width":161,"height":8}},{"id":"715518b3-a4c6-4003-8d94-5cf463c67346","block_type":"box","text":"Asset-Based Securities","page_number":38,"box":{"x":72,"y":530,"width":152,"height":8}},{"id":"e6b3fa20-109f-4350-a2bf-6f8fb07385cf","block_type":"box","text":"Precious Metal-Related Securities","page_number":38,"box":{"x":83,"y":550,"width":215,"height":8}},{"id":"c1670d42-07af-495b-b7fd-f9f38c27c3d6","block_type":"box","text":"Borrowing and Leverage","page_number":38,"box":{"x":73,"y":570,"width":157,"height":10}},{"id":"12c6806e-441e-4776-b0b4-fd5ba8cf9e93","block_type":"box","text":"XX","page_number":38,"box":{"x":672,"y":570,"width":162,"height":8}},{"id":"25b340f7-9126-4d50-9c1b-bedfb4e44dbd","block_type":"box","text":"Cash Management","page_number":38,"box":{"x":73,"y":591,"width":122,"height":9}},{"id":"b563441d-b3db-4a35-b851-1da4637fd4dc","block_type":"box","text":"Collateralized Debt Obligations","page_number":38,"box":{"x":73,"y":611,"width":202,"height":10}},{"id":"ea8b3ff8-2bf3-44bf-a28b-b0da722aea5a","block_type":"box","text":"Collateralized Bond Obligations","page_number":38,"box":{"x":83,"y":631,"width":198,"height":10}},{"id":"af7c1633-4bc8-4c81-9a89-72d397dfde70","block_type":"box","text":"Collateralized Loan Obligations","page_number":38,"box":{"x":83,"y":651,"width":196,"height":10}},{"id":"6d0eed76-83dc-4bb3-af21-76c18194eae4","block_type":"box","text":"Commercial Paper","page_number":38,"box":{"x":73,"y":671,"width":120,"height":10}},{"id":"4797698b-1a08-48c9-a6b0-9baa306dd4a5","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments","page_number":38,"box":{"x":73,"y":691,"width":431,"height":10}},{"id":"567b17cd-70ba-4155-ab5d-5543f2c4a7cd","block_type":"box","text":"Qualifying Hybrid Instruments","page_number":38,"box":{"x":83,"y":711,"width":187,"height":11}},{"id":"fff83036-bfbe-4b39-88d0-07dfd355b464","block_type":"box","text":"Hybrid Instruments Without Principal Protection","page_number":38,"box":{"x":83,"y":732,"width":301,"height":10}},{"id":"f8d1369e-317a-4014-8c3e-3b7bbfd297b6","block_type":"box","text":"Limitations on Leverage","page_number":38,"box":{"x":83,"y":752,"width":151,"height":10}},{"id":"f272321e-5752-4ab9-8aa2-ff9cf37456f3","block_type":"box","text":"Counterparty Risk","page_number":38,"box":{"x":83,"y":772,"width":114,"height":10}},{"id":"07beb1d7-097d-4b17-b00d-8bbe1e8d3569","block_type":"box","text":"Convertible Securities","page_number":38,"box":{"x":73,"y":792,"width":145,"height":8}},{"id":"f5069fac-02c3-4668-be61-0ed1e3215b79","block_type":"box","text":"Corporate Loans","page_number":38,"box":{"x":73,"y":812,"width":107,"height":10}},{"id":"ea506415-76e2-422b-b1bc-e72c1cb0d48f","block_type":"box","text":"Direct Lending","page_number":38,"box":{"x":83,"y":833,"width":91,"height":9}},{"id":"a260cc07-df26-4469-af40-ac314ab35781","block_type":"box","text":"Credit Linked Securities","page_number":38,"box":{"x":73,"y":853,"width":157,"height":8}},{"id":"766d8a81-97ce-4cf2-a84f-ca481beb78c6","block_type":"box","text":"XX","page_number":38,"box":{"x":672,"y":853,"width":162,"height":7}},{"id":"5edbdcd4-5465-4aee-ab46-01d82c4dd376","block_type":"box","text":"Cyber Security Issues","page_number":38,"box":{"x":73,"y":873,"width":141,"height":10}},{"id":"71255c5b-74e2-4777-bea9-e5cf489909f9","block_type":"box","text":"XX","page_number":38,"box":{"x":672,"y":873,"width":162,"height":8}},{"id":"a12d98bd-786c-4cb8-a4ef-510e3458e7a1","block_type":"box","text":"Debt Securities","page_number":38,"box":{"x":73,"y":893,"width":100,"height":8}},{"id":"d195cad4-a80e-463b-ab36-37147702526e","block_type":"box","text":"XX","page_number":38,"box":{"x":672,"y":893,"width":162,"height":8}},{"id":"288c68c7-8372-4ee3-9eaf-334d82993e42","block_type":"box","text":"I-1","page_number":38,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"a02ab15a-9898-4e3d-8cc3-4fc469046691","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17b89ead-a3ba-43e9-a6b1-98cb435a501b","block_type":"box","text":"National Fund Short Duration Fund","page_number":39,"box":{"x":637,"y":50,"width":252,"height":7}},{"id":"e38abfdf-9fab-4cc2-8ece-2e94b4cbb114","block_type":"box","text":"Floating Rate and Variable Rate Securities X X","page_number":39,"box":{"x":83,"y":69,"width":751,"height":10}},{"id":"c7c2d989-bf07-4bc4-bf8a-611931ed9ccd","block_type":"box","text":"Inflation-Indexed Bonds","page_number":39,"box":{"x":83,"y":89,"width":148,"height":8}},{"id":"90840b51-77fa-40e2-8e69-7d322409b744","block_type":"box","text":"Investment Grade Debt Obligations X X","page_number":39,"box":{"x":83,"y":109,"width":751,"height":10}},{"id":"ea7f60ce-05ea-4765-a752-f22227e532a7","block_type":"box","text":"High Yield Investments (“Junk Bonds”)","page_number":39,"box":{"x":83,"y":130,"width":246,"height":9}},{"id":"d0926c23-24f3-4b5f-b9f6-18a1e667bf05","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":130,"width":162,"height":7}},{"id":"6cb017bd-1e3a-4725-bf0f-e951057efa98","block_type":"box","text":"Mezzanine Investments","page_number":39,"box":{"x":93,"y":150,"width":149,"height":8}},{"id":"57742f2b-8558-46d8-9eb5-a5ee7f6cc0d2","block_type":"box","text":"Pay-in-kind Bonds","page_number":39,"box":{"x":83,"y":170,"width":110,"height":10}},{"id":"e8b207b9-e25b-4159-8e68-9f716c820206","block_type":"box","text":"X","page_number":39,"box":{"x":672,"y":170,"width":8,"height":8}},{"id":"f4b9c9f9-8225-4841-93a4-228fa3169435","block_type":"box","text":"Supranational Entities","page_number":39,"box":{"x":83,"y":190,"width":140,"height":10}},{"id":"96c82a82-5b7f-44e9-87f8-a75d28c48b4c","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs)","page_number":39,"box":{"x":73,"y":210,"width":296,"height":10}},{"id":"c380d005-2f5d-4911-b470-06eb98e68182","block_type":"box","text":"Derivatives","page_number":39,"box":{"x":73,"y":230,"width":72,"height":8}},{"id":"b7f63e0b-1b84-45f7-9aee-490ffdab0d8d","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":230,"width":162,"height":8}},{"id":"b8e29c04-f0f5-40b2-b16a-5a7bf5162143","block_type":"box","text":"Hedging","page_number":39,"box":{"x":83,"y":250,"width":51,"height":10}},{"id":"515a51e0-c0f4-4536-8ab4-77223003bab2","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":250,"width":162,"height":8}},{"id":"68e2eff3-0417-4fc4-8b79-ce6ecdfb55af","block_type":"box","text":"Speculation","page_number":39,"box":{"x":83,"y":271,"width":74,"height":9}},{"id":"c408b240-620c-4689-b864-573d2e775eaf","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":271,"width":162,"height":7}},{"id":"3954d09b-e2e0-4bd3-b926-f97594c411c5","block_type":"box","text":"Risk Factors in Derivatives","page_number":39,"box":{"x":83,"y":291,"width":168,"height":8}},{"id":"59d4a1ab-c5f7-4b4f-b6ce-de16350cb081","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":291,"width":162,"height":8}},{"id":"39355f5d-f31a-4e18-a412-6c959b0774c9","block_type":"box","text":"Correlation Risk","page_number":39,"box":{"x":93,"y":311,"width":101,"height":8}},{"id":"4cdd42a0-db22-497e-8d8b-3d2ac958030d","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":311,"width":162,"height":8}},{"id":"2253e72d-a492-4ed8-b292-09e4a9a9fd6a","block_type":"box","text":"Counterparty Risk X X","page_number":39,"box":{"x":93,"y":331,"width":741,"height":10}},{"id":"6eaed32e-299a-4b4e-b977-b00fc160e31c","block_type":"box","text":"Credit Risk","page_number":39,"box":{"x":93,"y":351,"width":69,"height":8}},{"id":"a731dc2f-46be-4dfe-8466-18780cf77231","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":351,"width":162,"height":8}},{"id":"9b3c2e0c-f2d3-40f4-9b98-a6f894dc9b21","block_type":"box","text":"Currency Risk","page_number":39,"box":{"x":93,"y":371,"width":87,"height":10}},{"id":"756529e6-2270-4fba-8faf-688663de2f83","block_type":"box","text":"Illiquidity Risk","page_number":39,"box":{"x":93,"y":392,"width":87,"height":9}},{"id":"f573f382-235e-4757-adda-3f18af4e4eb0","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":392,"width":162,"height":7}},{"id":"8c34cc01-4dff-45ff-88ad-e2f93b963e9a","block_type":"box","text":"Leverage Risk","page_number":39,"box":{"x":93,"y":412,"width":88,"height":10}},{"id":"1ff513e3-25ef-499a-bb45-059de8cf1420","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":412,"width":162,"height":8}},{"id":"31cb27a9-fffc-430c-99a7-d3d3583f3dd6","block_type":"box","text":"Market Risk","page_number":39,"box":{"x":93,"y":432,"width":75,"height":8}},{"id":"00903430-f3b9-49bc-aa27-977f603a5bbc","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":432,"width":162,"height":8}},{"id":"fe6dd2d0-0d54-4a24-942c-a4bcb9e001ff","block_type":"box","text":"Valuation Risk","page_number":39,"box":{"x":92,"y":452,"width":90,"height":8}},{"id":"9c218f7d-1819-410d-a2b2-359784f6ac19","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":452,"width":162,"height":8}},{"id":"215a4014-f6f8-4186-97cc-f4b6fab69a91","block_type":"box","text":"Volatility Risk","page_number":39,"box":{"x":92,"y":472,"width":85,"height":10}},{"id":"8b3568d3-b3b0-4fd9-9c86-96c121c717ba","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":472,"width":162,"height":8}},{"id":"98964c85-87ac-464e-8452-5d49ec716fce","block_type":"box","text":"Futures","page_number":39,"box":{"x":83,"y":492,"width":46,"height":8}},{"id":"6895d726-d581-448a-b81a-3a4626a7071d","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":492,"width":162,"height":8}},{"id":"776e31da-543a-4342-8baa-64266f48f3ea","block_type":"box","text":"Swap Agreements","page_number":39,"box":{"x":83,"y":512,"width":114,"height":10}},{"id":"8212450a-d8a1-4273-96a9-b171350ad80d","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":513,"width":162,"height":7}},{"id":"26f166fe-2dc9-4004-a7de-b2689f54c6eb","block_type":"box","text":"Credit Default Swaps and Similar Instruments X X","page_number":39,"box":{"x":93,"y":532,"width":741,"height":10}},{"id":"0f1e4322-24ea-49c8-8c74-62e5a0a9697a","block_type":"box","text":"Interest Rate Swaps, Floors and Caps X X","page_number":39,"box":{"x":93,"y":553,"width":741,"height":9}},{"id":"205ecfa3-2cb9-4a80-9f3e-00bc1cff426c","block_type":"box","text":"Total Return Swaps X X","page_number":39,"box":{"x":92,"y":573,"width":742,"height":10}},{"id":"c0d76c97-45f9-4000-8801-c7cadcfdfb41","block_type":"box","text":"Options","page_number":39,"box":{"x":83,"y":593,"width":48,"height":10}},{"id":"7fb5a1f9-47ff-470d-8c5b-2e9d57030141","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":593,"width":162,"height":8}},{"id":"456a2854-956a-43de-8df0-d06b5eb62109","block_type":"box","text":"Options on Securities and Securities Indices X X","page_number":39,"box":{"x":93,"y":613,"width":741,"height":10}},{"id":"1fbc3d6d-23dd-4cfd-b06c-5516e79c22af","block_type":"box","text":"Call Options","page_number":39,"box":{"x":93,"y":633,"width":76,"height":10}},{"id":"55c83885-a844-45d3-ba02-2b5d081d2ad0","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":633,"width":162,"height":8}},{"id":"516680b8-27dc-43d3-98d5-1f7e4af585a6","block_type":"box","text":"Put Options","page_number":39,"box":{"x":93,"y":653,"width":73,"height":10}},{"id":"02caeaf9-40dd-4316-9303-3911923b77b5","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":654,"width":162,"height":7}},{"id":"112851ce-d1d7-4637-afc8-23c233b1aa21","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”)","page_number":39,"box":{"x":93,"y":674,"width":417,"height":10}},{"id":"8d8200cd-2aa4-443e-af89-d93aa0a2dab7","block_type":"box","text":"Certificates","page_number":39,"box":{"x":102,"y":685,"width":73,"height":8}},{"id":"fe3f53bc-18fa-4d13-82b9-1eb449d0a3a5","block_type":"box","text":"Options on Swaps (“Swaptions”) X X","page_number":39,"box":{"x":93,"y":705,"width":741,"height":10}},{"id":"40bff6ab-b2ea-4194-a04e-1877943a978e","block_type":"box","text":"FLEX Options","page_number":39,"box":{"x":93,"y":725,"width":82,"height":10}},{"id":"3e276783-ad23-4b05-8174-eca394273dfa","block_type":"box","text":"Foreign Exchange Transactions","page_number":39,"box":{"x":83,"y":746,"width":196,"height":10}},{"id":"73ab3b7e-21ed-47ea-a588-1b1e6a91dad2","block_type":"box","text":"Spot Transactions and FX Forwards","page_number":39,"box":{"x":93,"y":766,"width":225,"height":9}},{"id":"bf9c544c-e4d2-4738-aa3f-d808cd595bc7","block_type":"box","text":"Currency Futures","page_number":39,"box":{"x":93,"y":786,"width":107,"height":10}},{"id":"8e883286-f4d9-46d9-92f9-b986eb3b9020","block_type":"box","text":"Currency Options","page_number":39,"box":{"x":93,"y":806,"width":108,"height":10}},{"id":"7d8a2edd-07e5-4e2b-812d-bbcf36617705","block_type":"box","text":"Currency Swaps","page_number":39,"box":{"x":93,"y":826,"width":101,"height":10}},{"id":"f567e61a-0c6f-4a8c-8c18-05e6582191b8","block_type":"box","text":"Distressed Securities","page_number":39,"box":{"x":73,"y":846,"width":139,"height":8}},{"id":"c131ed6b-ff4c-41be-aa9e-e96906648d11","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":39,"box":{"x":73,"y":866,"width":384,"height":10}},{"id":"bd7967ed-27bf-4355-8d3b-46bfba2cfc40","block_type":"box","text":"XX","page_number":39,"box":{"x":672,"y":867,"width":162,"height":7}},{"id":"8095bc95-a003-4d7f-92e9-b4bc3ad39291","block_type":"box","text":"Equity Securities","page_number":39,"box":{"x":73,"y":887,"width":110,"height":9}},{"id":"b6f37104-e3c8-49bd-80f9-10c9564cfe2b","block_type":"box","text":"Real Estate-Related Securities","page_number":39,"box":{"x":93,"y":907,"width":193,"height":8}},{"id":"6bd9b9e8-10d9-4204-9a93-ed1069cd4899","block_type":"box","text":"I-2","page_number":39,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"6546d19f-121b-45ef-8998-736c7f46396b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dff6f4b0-2d3f-460c-aa03-1c67ce56af3a","block_type":"box","text":"National Fund Short Duration Fund","page_number":40,"box":{"x":637,"y":50,"width":252,"height":7}},{"id":"925e7bb9-726b-44be-87d8-79aaa4280b86","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies","page_number":40,"box":{"x":93,"y":69,"width":338,"height":10}},{"id":"4b30ada0-c3b9-42d1-9408-ffce127a09d2","block_type":"box","text":"Tracking Stocks","page_number":40,"box":{"x":92,"y":89,"width":100,"height":10}},{"id":"3e15c8d2-efed-454b-b4de-c39f22b4e780","block_type":"box","text":"Exchange-Traded Notes (“ETNs”)","page_number":40,"box":{"x":73,"y":109,"width":216,"height":10}},{"id":"021fbec1-c4f5-4b3f-be19-042369a7bb2f","block_type":"box","text":"Foreign Investments","page_number":40,"box":{"x":73,"y":129,"width":133,"height":10}},{"id":"d8d2ef64-ee5c-4bbc-9338-e5acaee7f781","block_type":"box","text":"Foreign Investment Risks","page_number":40,"box":{"x":83,"y":150,"width":160,"height":10}},{"id":"e491344b-a654-4b6e-af7b-bf874dc5d1ce","block_type":"box","text":"Foreign Market Risk","page_number":40,"box":{"x":83,"y":170,"width":127,"height":10}},{"id":"73319091-a651-4dc1-a111-83b947be5fc3","block_type":"box","text":"Foreign Economy Risk","page_number":40,"box":{"x":83,"y":190,"width":139,"height":10}},{"id":"129acc17-eff9-47b7-aa5c-a141a99de948","block_type":"box","text":"Currency Risk and Exchange Risk","page_number":40,"box":{"x":83,"y":210,"width":212,"height":10}},{"id":"b0b68430-019b-4daa-b74a-f417df78c9c5","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":40,"box":{"x":83,"y":230,"width":416,"height":10}},{"id":"9a74b06b-674e-4be5-9112-a310864354e4","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States","page_number":40,"box":{"x":83,"y":250,"width":408,"height":10}},{"id":"7553284f-37da-4f20-becc-9b2cec0aeda1","block_type":"box","text":"Publicly Available Information","page_number":40,"box":{"x":83,"y":270,"width":185,"height":10}},{"id":"3b341a36-2d58-4db9-bd14-ba565f228e31","block_type":"box","text":"Settlement Risk","page_number":40,"box":{"x":83,"y":291,"width":101,"height":8}},{"id":"331ff734-6b74-4fc7-a075-6895951671dd","block_type":"box","text":"Sovereign Debt","page_number":40,"box":{"x":83,"y":311,"width":97,"height":10}},{"id":"64ccca85-bb30-4fea-a0e3-ca8816985093","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":40,"box":{"x":82,"y":331,"width":194,"height":10}},{"id":"6a461ede-831c-4338-879f-21eedcd6e90f","block_type":"box","text":"U.S. Economic Trading Partners Risk","page_number":40,"box":{"x":83,"y":351,"width":234,"height":10}},{"id":"31cb5209-3bb6-45c5-a954-771290d498a2","block_type":"box","text":"Funding Agreements","page_number":40,"box":{"x":73,"y":371,"width":134,"height":10}},{"id":"207b7d9a-8f93-46d3-85f3-f60cc2e4d853","block_type":"box","text":"Guarantees","page_number":40,"box":{"x":73,"y":391,"width":74,"height":8}},{"id":"5edfbffa-9cd5-443e-b9b7-af1c5bc11ca0","block_type":"box","text":"XX","page_number":40,"box":{"x":672,"y":392,"width":162,"height":7}},{"id":"4d5da1b8-9a52-45ff-b99f-96c83588bf6a","block_type":"box","text":"Illiquid Investments","page_number":40,"box":{"x":73,"y":412,"width":128,"height":9}},{"id":"dfa2c791-a6c2-44d6-b897-8faf9a991477","block_type":"box","text":"XX","page_number":40,"box":{"x":672,"y":412,"width":162,"height":8}},{"id":"7376c395-7a42-4d10-9186-6c0aeddb4b7e","block_type":"box","text":"Index Funds","page_number":40,"box":{"x":73,"y":432,"width":78,"height":8}},{"id":"d48f191d-90ad-4102-8764-8e5f589abd77","block_type":"box","text":"Cash Flows; Expenses","page_number":40,"box":{"x":83,"y":452,"width":142,"height":10}},{"id":"b6d98902-0ce3-4f15-8cc5-ff6573f5a479","block_type":"box","text":"Tracking Error Risk","page_number":40,"box":{"x":82,"y":472,"width":120,"height":10}},{"id":"5b6830fe-59ff-4949-8fde-7da403e5940f","block_type":"box","text":"S&P 500 Index","page_number":40,"box":{"x":83,"y":492,"width":96,"height":8}},{"id":"2de97802-5f37-44b3-b6e3-e214575ad8df","block_type":"box","text":"Russell Indexes","page_number":40,"box":{"x":83,"y":513,"width":100,"height":7}},{"id":"95d1b9d0-5ded-43b3-bcd3-41ff85704f54","block_type":"box","text":"MSCI Indexes","page_number":40,"box":{"x":83,"y":533,"width":86,"height":8}},{"id":"2448e3c6-c4f5-4257-bbb0-b90b93eba7bd","block_type":"box","text":"FTSE Indexes","page_number":40,"box":{"x":83,"y":553,"width":84,"height":8}},{"id":"42d1c901-3e20-4a27-8252-b79a24b40cc4","block_type":"box","text":"Bloomberg Indexes","page_number":40,"box":{"x":83,"y":573,"width":121,"height":10}},{"id":"d4edba8f-f6f2-4764-9f8e-b94d05b9e745","block_type":"box","text":"ICE BofA Indexes","page_number":40,"box":{"x":83,"y":593,"width":108,"height":8}},{"id":"d7afcef5-4c39-4cf8-937e-e0faa996f7db","block_type":"box","text":"Indexed and Inverse Securities","page_number":40,"box":{"x":73,"y":613,"width":201,"height":8}},{"id":"f92f2b42-9fd6-44ad-8b09-742bf5961530","block_type":"box","text":"XX","page_number":40,"box":{"x":672,"y":613,"width":162,"height":8}},{"id":"b1437444-60f9-4baa-95f1-d07bbbdcb473","block_type":"box","text":"Inflation Risk","page_number":40,"box":{"x":73,"y":633,"width":86,"height":8}},{"id":"0e4b6670-a2fe-4b8a-8037-35d0c856de4f","block_type":"box","text":"XX","page_number":40,"box":{"x":672,"y":633,"width":162,"height":8}},{"id":"4c2eaeb2-a924-4e97-bca2-6063d7901d6e","block_type":"box","text":"Initial Public Offering (“IPO”) Risk","page_number":40,"box":{"x":73,"y":653,"width":224,"height":10}},{"id":"fc116ea3-43ec-461e-b6c9-fe0e6cce8c2c","block_type":"box","text":"Investment in Emerging Markets","page_number":40,"box":{"x":73,"y":674,"width":214,"height":10}},{"id":"780f3554-b3cc-4cda-81dd-0444462b1537","block_type":"box","text":"Brady Bonds","page_number":40,"box":{"x":83,"y":694,"width":79,"height":10}},{"id":"365f3e62-4acf-462d-ac9f-f24ca04fd3f9","block_type":"box","text":"China Investments Risk","page_number":40,"box":{"x":83,"y":714,"width":150,"height":8}},{"id":"f90348c4-0b44-4fcc-82f5-f97b68647641","block_type":"box","text":"Investment in Other Investment Companies","page_number":40,"box":{"x":73,"y":734,"width":284,"height":10}},{"id":"43025511-a526-440a-9a1c-35854610301f","block_type":"box","text":"XX","page_number":40,"box":{"x":672,"y":734,"width":162,"height":8}},{"id":"7f6c0091-0338-41bf-94e8-d39d06e64505","block_type":"box","text":"Exchange-Traded Funds X X","page_number":40,"box":{"x":83,"y":754,"width":751,"height":10}},{"id":"f5afaa93-dda1-45f1-895f-1b73a07ecf4e","block_type":"box","text":"Issuer Insolvency Risk","page_number":40,"box":{"x":73,"y":774,"width":146,"height":10}},{"id":"b40e759a-d95b-4769-8d27-9732889b8093","block_type":"box","text":"Lease Obligations","page_number":40,"box":{"x":73,"y":795,"width":116,"height":10}},{"id":"5b7ddf74-1f9b-4364-a8e8-f76589795ce9","block_type":"box","text":"Life Settlement Investments","page_number":40,"box":{"x":73,"y":815,"width":185,"height":8}},{"id":"344997bb-5c9f-4876-a47d-0c4d12fb8850","block_type":"box","text":"Liquidity Risk Management","page_number":40,"box":{"x":73,"y":835,"width":178,"height":10}},{"id":"acf3dafd-9687-4335-ba6b-d90281f5c459","block_type":"box","text":"XX","page_number":40,"box":{"x":672,"y":835,"width":162,"height":8}},{"id":"63cc2004-2769-4845-a717-6f99fc1f2277","block_type":"box","text":"Master Limited Partnerships","page_number":40,"box":{"x":73,"y":855,"width":186,"height":10}},{"id":"eb8b0c08-61cb-404e-953c-f9dc72d65b10","block_type":"box","text":"Merger Transaction Risk","page_number":40,"box":{"x":73,"y":875,"width":161,"height":10}},{"id":"53d90a3c-cd16-4f2b-b9be-90e065524bbe","block_type":"box","text":"I-3","page_number":40,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"a25a56a9-85d9-4513-9aa3-df4c2513f301","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6acc5880-28f9-4068-97e2-74266a28aa03","block_type":"box","text":"National Fund Short Duration Fund","page_number":41,"box":{"x":637,"y":50,"width":252,"height":7}},{"id":"ee00dcec-d62c-4af0-b796-c3f822bad90e","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign","page_number":41,"box":{"x":73,"y":69,"width":486,"height":10}},{"id":"f0ac6a71-39fe-43ad-aee9-5e938a290599","block_type":"box","text":"Branches of U.S. Banks","page_number":41,"box":{"x":88,"y":83,"width":154,"height":8}},{"id":"a6800616-495c-4c3a-949e-d8c80b2b69eb","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":83,"width":162,"height":8}},{"id":"a97fc64c-7d2f-4a83-8d7d-972ab8c64381","block_type":"box","text":"Money Market Securities","page_number":41,"box":{"x":73,"y":103,"width":165,"height":10}},{"id":"8348731a-07f3-4183-bfa8-579c824af89b","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":103,"width":162,"height":8}},{"id":"241acd10-034c-4242-a809-13052f566d6a","block_type":"box","text":"Mortgage-Related Securities","page_number":41,"box":{"x":73,"y":123,"width":188,"height":10}},{"id":"b0823946-feb2-42c8-bb93-df32ca26026c","block_type":"box","text":"Mortgage-Backed Securities","page_number":41,"box":{"x":83,"y":143,"width":178,"height":10}},{"id":"fe3e69c6-f66e-4949-8f32-a3378e92d4f2","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”)","page_number":41,"box":{"x":83,"y":163,"width":291,"height":10}},{"id":"b0fc82f5-41c0-4234-a4b2-96e84b30ce32","block_type":"box","text":"Adjustable Rate Mortgage Securities","page_number":41,"box":{"x":82,"y":184,"width":234,"height":10}},{"id":"5601515c-da5b-4210-96be-ef88b0527ef9","block_type":"box","text":"CMO Residuals","page_number":41,"box":{"x":83,"y":204,"width":97,"height":8}},{"id":"0deec4a4-68c8-404a-913f-73fc7bb35ced","block_type":"box","text":"Stripped Mortgage-Backed Securities","page_number":41,"box":{"x":83,"y":224,"width":237,"height":10}},{"id":"448ca71f-5c21-487a-9f84-bf346b730fbf","block_type":"box","text":"Tiered Index Bonds","page_number":41,"box":{"x":82,"y":244,"width":122,"height":8}},{"id":"0dd1f68c-d128-4d15-8c51-cffb584c4d87","block_type":"box","text":"TBA Commitments","page_number":41,"box":{"x":82,"y":264,"width":118,"height":8}},{"id":"89c41951-63e5-47b4-ae34-f46c981f44a8","block_type":"box","text":"Mortgage Dollar Rolls","page_number":41,"box":{"x":83,"y":284,"width":137,"height":10}},{"id":"5342d250-71a5-4089-8f3f-d4ae3a63699d","block_type":"box","text":"Net Interest Margin (NIM) Securities","page_number":41,"box":{"x":83,"y":305,"width":230,"height":10}},{"id":"3d8466c9-f0ef-4a12-a16e-20e2aa51993f","block_type":"box","text":"Municipal Investments","page_number":41,"box":{"x":73,"y":325,"width":148,"height":10}},{"id":"313ebf16-9ef1-47a4-a7ba-86ed90fa7bab","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":325,"width":162,"height":8}},{"id":"c92b3b96-666f-4819-b28a-a0083c22540b","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds X X","page_number":41,"box":{"x":83,"y":345,"width":751,"height":10}},{"id":"c25c90fe-d724-4099-91cd-10b1608e568d","block_type":"box","text":"Description of Municipal Bonds","page_number":41,"box":{"x":83,"y":365,"width":198,"height":10}},{"id":"d85f3b4a-5f7e-43bb-a91e-8afa812901ab","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":365,"width":162,"height":8}},{"id":"1ec3f2b7-5d47-47f9-9828-e4b2865b46d1","block_type":"box","text":"General Obligation Bonds X X","page_number":41,"box":{"x":93,"y":385,"width":741,"height":10}},{"id":"2cbf6d21-761a-484c-80e0-c539cccb61fb","block_type":"box","text":"Revenue Bonds","page_number":41,"box":{"x":93,"y":405,"width":98,"height":8}},{"id":"66847cce-b41a-42cb-8d88-5344bad646db","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":405,"width":162,"height":8}},{"id":"8dde61e8-f7b5-414e-8e33-3b7aba115ef8","block_type":"box","text":"Private Activity Bonds (“PABs”) X X","page_number":41,"box":{"x":93,"y":426,"width":741,"height":9}},{"id":"ddabbb98-07df-4a67-9d2a-f0fddb614af8","block_type":"box","text":"Moral Obligation Bonds X X","page_number":41,"box":{"x":93,"y":446,"width":741,"height":10}},{"id":"f33c13fa-5b3d-4da2-8872-7726da21e9c5","block_type":"box","text":"Municipal Notes","page_number":41,"box":{"x":93,"y":466,"width":102,"height":10}},{"id":"0a7ccdd0-f1c9-4033-9f31-100b0db12906","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":466,"width":162,"height":8}},{"id":"bc2b9d05-a9ee-4dfd-b6bb-764827f57f7b","block_type":"box","text":"Municipal Commercial Paper X X","page_number":41,"box":{"x":93,"y":486,"width":741,"height":10}},{"id":"7b1f2d53-4bdf-43e8-b6eb-3521e1c1a3f6","block_type":"box","text":"Municipal Lease Obligations X X","page_number":41,"box":{"x":93,"y":506,"width":741,"height":10}},{"id":"f825502a-73c2-4718-ace2-ad886ab77c44","block_type":"box","text":"Tender Option Bonds X X","page_number":41,"box":{"x":92,"y":526,"width":742,"height":10}},{"id":"e8b89bd7-bcd1-44c3-a538-89ec47e53b77","block_type":"box","text":"Yields","page_number":41,"box":{"x":92,"y":547,"width":38,"height":7}},{"id":"d67bd65f-8157-4c52-8562-c38c3f6e7b98","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":547,"width":162,"height":7}},{"id":"baf01e32-36c7-4aba-84c9-039c454042a2","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”) X X","page_number":41,"box":{"x":92,"y":567,"width":742,"height":10}},{"id":"8bc41d34-ea55-4295-b9ff-330f9302c6f5","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes X X","page_number":41,"box":{"x":92,"y":587,"width":742,"height":9}},{"id":"2a46db09-cf95-4b97-bd96-8bae603739c5","block_type":"box","text":"Call Rights","page_number":41,"box":{"x":93,"y":607,"width":67,"height":10}},{"id":"3a083a16-ae3a-440e-a73b-f9be95365207","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":607,"width":162,"height":8}},{"id":"520a7fa7-af58-442e-abc6-dcb2326b54a3","block_type":"box","text":"Municipal Interest Rate Swap Transactions X X","page_number":41,"box":{"x":93,"y":627,"width":741,"height":10}},{"id":"db45ebda-2f64-4339-9742-c67d3a240bc8","block_type":"box","text":"Insured Municipal Bonds X X","page_number":41,"box":{"x":93,"y":647,"width":741,"height":10}},{"id":"bba9ddc9-250c-402b-80fa-d77c0300e564","block_type":"box","text":"Build America Bonds X X","page_number":41,"box":{"x":93,"y":667,"width":741,"height":8}},{"id":"1b133a8c-290c-4473-81b1-4a73d11dc32a","block_type":"box","text":"Tax-Exempt Municipal Investments X X","page_number":41,"box":{"x":82,"y":688,"width":752,"height":9}},{"id":"d0bdd4b4-df7e-4e62-991c-38f6a23c2baa","block_type":"box","text":"Participation Notes","page_number":41,"box":{"x":73,"y":708,"width":127,"height":9}},{"id":"659c363d-668c-426f-b942-08ba4087c49c","block_type":"box","text":"Portfolio Turnover Rates","page_number":41,"box":{"x":73,"y":728,"width":159,"height":8}},{"id":"32466a57-b483-4992-b544-2ffd4734fa05","block_type":"box","text":"XX","page_number":41,"box":{"x":672,"y":728,"width":162,"height":8}},{"id":"8a6530b3-66f1-494a-850e-f7908884cdb9","block_type":"box","text":"Preferred Stock","page_number":41,"box":{"x":73,"y":748,"width":103,"height":8}},{"id":"e4647373-e5dc-4428-9ffd-51df699ab34a","block_type":"box","text":"Tax-Exempt Preferred Shares X X","page_number":41,"box":{"x":82,"y":768,"width":752,"height":10}},{"id":"55cf8805-8eac-4896-9de2-440fe3b40132","block_type":"box","text":"Trust Preferred Securities X X","page_number":41,"box":{"x":82,"y":788,"width":752,"height":8}},{"id":"923e788f-4815-49df-b858-b16094af64ca","block_type":"box","text":"Proxy Voting Policies","page_number":41,"box":{"x":73,"y":808,"width":138,"height":10}},{"id":"09c4b02e-de45-4edb-8c41-6e38a3a3919b","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy X X","page_number":41,"box":{"x":83,"y":829,"width":751,"height":10}},{"id":"407ab0b1-116d-40b5-9598-d4a1a0177212","block_type":"box","text":"BlackRock Active Investment Stewardship Climate and Decarbonization","page_number":41,"box":{"x":83,"y":849,"width":454,"height":10}},{"id":"079f16f1-5fa1-4130-b200-e4236a063092","block_type":"box","text":"Stewardship Guidelines","page_number":41,"box":{"x":93,"y":860,"width":149,"height":10}},{"id":"ae2084a3-b2fe-49dd-a171-2af820ad9190","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":41,"box":{"x":83,"y":880,"width":233,"height":10}},{"id":"9f184131-b8b3-4655-bf48-b742079ee8b6","block_type":"box","text":"I-4","page_number":41,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5bd7a139-d2be-4dda-a968-9f26498987c8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb2010a2-cfda-4122-954e-bddc7d0c3eb0","block_type":"box","text":"National Fund Short Duration Fund","page_number":42,"box":{"x":637,"y":50,"width":252,"height":7}},{"id":"aaa5f2b6-7834-4754-8699-504fd2bd5903","block_type":"box","text":"BlackRock Investment Stewardship Climate and Decarbonization Stewardship","page_number":42,"box":{"x":83,"y":69,"width":496,"height":10}},{"id":"29ed1547-3c5e-424d-a26e-6443813aa671","block_type":"box","text":"Guidelines","page_number":42,"box":{"x":93,"y":80,"width":66,"height":8}},{"id":"c13f5a86-dd1d-4aea-bf65-900b4a433702","block_type":"box","text":"Real Estate Investment Trusts (“REITs”)","page_number":42,"box":{"x":73,"y":101,"width":265,"height":9}},{"id":"af29dbf0-a854-4c00-8ad5-0f5ecf1cd3c3","block_type":"box","text":"Recent Market Events","page_number":42,"box":{"x":73,"y":121,"width":146,"height":8}},{"id":"93912610-d4f4-4f6e-8a1a-a880f0be7ec6","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":121,"width":162,"height":7}},{"id":"b72baf77-61b5-464f-94f3-8315cf2ee402","block_type":"box","text":"Reference Rate Replacement Risk","page_number":42,"box":{"x":73,"y":141,"width":226,"height":10}},{"id":"24313eb6-5664-4415-901c-bc847efe329d","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":141,"width":162,"height":8}},{"id":"6b616590-93f7-45fc-ba31-31bd2709e036","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":42,"box":{"x":73,"y":161,"width":385,"height":10}},{"id":"fe48f47d-f4d5-4751-bbd3-24bdee9436f3","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":161,"width":162,"height":8}},{"id":"654777cd-040c-4448-b788-f3d5c6944e60","block_type":"box","text":"Restricted Securities","page_number":42,"box":{"x":73,"y":181,"width":138,"height":8}},{"id":"8535e876-ef69-4f7e-a1bc-12d31833a9f6","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":181,"width":162,"height":8}},{"id":"b35f24d2-8198-49fc-a7f0-0b02cace5f10","block_type":"box","text":"Reverse Repurchase Agreements","page_number":42,"box":{"x":73,"y":201,"width":218,"height":10}},{"id":"78359d01-92be-463c-afd1-d47fc2e9624c","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":201,"width":162,"height":8}},{"id":"6e0c8d7c-7583-4f50-a3e9-37aeb40f728c","block_type":"box","text":"Rights Offerings and Warrants to Purchase","page_number":42,"box":{"x":73,"y":221,"width":281,"height":10}},{"id":"977ab28e-afca-4c17-87a9-827b27e73dfa","block_type":"box","text":"Rule 144A Securities","page_number":42,"box":{"x":73,"y":242,"width":139,"height":8}},{"id":"267b5e64-e04e-4d02-835a-60d3415e4d73","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":242,"width":162,"height":7}},{"id":"0a5efc2c-6143-43bf-a4d5-1861bcd7daee","block_type":"box","text":"Securities Lending","page_number":42,"box":{"x":72,"y":262,"width":122,"height":10}},{"id":"f4805d07-2dbd-4b48-bdc7-c79a57e14b2e","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":262,"width":162,"height":8}},{"id":"cfa6cb5e-6829-488e-afdc-eef86cd472a9","block_type":"box","text":"Short Sales","page_number":42,"box":{"x":72,"y":282,"width":76,"height":8}},{"id":"bbe7bf19-457e-4235-bba3-149be53c43b4","block_type":"box","text":"See note 1 below See note 1 below","page_number":42,"box":{"x":621,"y":282,"width":265,"height":8}},{"id":"5cc58fbe-79cc-4eae-b11e-78e7727619e2","block_type":"box","text":"Special Purpose Acquisition Companies","page_number":42,"box":{"x":72,"y":302,"width":260,"height":10}},{"id":"68fefe20-8778-4d93-b605-6cf3c3f5272e","block_type":"box","text":"Standby Commitment Agreements","page_number":42,"box":{"x":72,"y":322,"width":226,"height":10}},{"id":"a2ab35ab-0691-4e76-8a52-3c559ca7ca4a","block_type":"box","text":"Stripped Securities","page_number":42,"box":{"x":72,"y":342,"width":125,"height":10}},{"id":"bdb4075c-84b7-4df4-9903-8be61b9bfbcd","block_type":"box","text":"Structured Notes","page_number":42,"box":{"x":72,"y":362,"width":113,"height":8}},{"id":"001ad11a-0407-4c0d-94be-64e340c1493b","block_type":"box","text":"Taxability Risk","page_number":42,"box":{"x":73,"y":383,"width":95,"height":10}},{"id":"bdee61d5-50c3-4791-b6ed-50dc6292a38b","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":383,"width":162,"height":8}},{"id":"8e9ed8ed-510a-4729-9342-a40eb47be789","block_type":"box","text":"Temporary Defensive Measures","page_number":42,"box":{"x":73,"y":403,"width":204,"height":10}},{"id":"dfc2a13c-1f7d-455a-bace-05f9591ffbe8","block_type":"box","text":"U.S. Government Obligations","page_number":42,"box":{"x":73,"y":423,"width":188,"height":10}},{"id":"d5231418-ec0b-4d36-8651-9e9cf618fe00","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":423,"width":162,"height":8}},{"id":"ded491f3-5298-43f7-98e8-d5aa432475ef","block_type":"box","text":"U.S. Treasury Obligations X X","page_number":42,"box":{"x":83,"y":443,"width":751,"height":10}},{"id":"cefeb177-3b0c-4ca2-aa8c-27f7235edba4","block_type":"box","text":"U.S. Treasury Rolls","page_number":42,"box":{"x":73,"y":463,"width":124,"height":10}},{"id":"3cd503a3-6302-4230-9a02-874b1d4c10a5","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":463,"width":162,"height":8}},{"id":"f3677219-2dc2-4838-8e88-d62cdab93bb8","block_type":"box","text":"Utility Industries","page_number":42,"box":{"x":73,"y":483,"width":108,"height":10}},{"id":"ca8d0092-b94d-4087-abc0-598c7aca0536","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":484,"width":162,"height":7}},{"id":"23d2be52-8277-4b1f-91ff-13f4c78c8400","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward","page_number":42,"box":{"x":72,"y":504,"width":428,"height":9}},{"id":"882398cd-c9c5-47b5-a3bd-7e717ddf477e","block_type":"box","text":"Commitments","page_number":42,"box":{"x":87,"y":517,"width":91,"height":8}},{"id":"aba0d649-3f1d-4cac-a6f7-ab07441736a6","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":518,"width":162,"height":7}},{"id":"53b9531e-fff4-4582-ad58-34e6741206be","block_type":"box","text":"Yields and Ratings","page_number":42,"box":{"x":72,"y":538,"width":123,"height":10}},{"id":"59621e08-f842-48a9-b6b8-973e00cf0985","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":538,"width":162,"height":7}},{"id":"3eedc8a9-df88-4aa7-b496-1bbe6fe433f8","block_type":"box","text":"Zero Coupon Securities","page_number":42,"box":{"x":73,"y":558,"width":154,"height":10}},{"id":"bd62bebd-9afa-4685-98aa-18d9abc711ac","block_type":"box","text":"XX","page_number":42,"box":{"x":672,"y":558,"width":162,"height":8}},{"id":"22b84259-5eb7-45d0-a8e6-afbac1698238","block_type":"box","text":"1","page_number":42,"box":{"x":69,"y":582,"width":3,"height":3}},{"id":"c5c54535-859c-4bda-abfd-076870365959","block_type":"box","text":"The Fund may only make short sales against-the-box.","page_number":42,"box":{"x":76,"y":582,"width":302,"height":9}},{"id":"26001d13-8f3d-4e62-b501-4c9ba8362d6c","block_type":"box","text":"The investment objective of the Corporation is to provide shareholders with as high a level of income exempt","page_number":42,"box":{"x":101,"y":603,"width":775,"height":11}},{"id":"07c3a1b7-be89-4763-a7e6-1f996bfac167","block_type":"box","text":"from Federal income taxes as is consistent with the investment policies of each Fund. The Corporation is classified","page_number":42,"box":{"x":68,"y":618,"width":821,"height":11}},{"id":"608aefec-d2a8-44dd-aae9-3888583ce75d","block_type":"box","text":"as a diversified open-end management investment company under the Investment Company Act. The Corporation is","page_number":42,"box":{"x":69,"y":633,"width":821,"height":11}},{"id":"5e373b92-3ebc-4c6d-b1ef-4cf9dea5acd3","block_type":"box","text":"comprised of two separate series, each of which is, in effect, a separate fund issuing its own shares. Each Fund","page_number":42,"box":{"x":69,"y":648,"width":802,"height":11}},{"id":"bed2a102-a73e-4e57-8a1e-b1cede425d13","block_type":"box","text":"seeks to achieve its objective by investing in a diversified portfolio of debt obligations issued by or on behalf of","page_number":42,"box":{"x":69,"y":663,"width":792,"height":12}},{"id":"a7d53dc2-b6d5-4bbe-a9ec-a4801e1ea85e","block_type":"box","text":"states, territories and possessions of the United States and the District of Columbia and their political subdivisions,","page_number":42,"box":{"x":69,"y":678,"width":828,"height":11}},{"id":"e243b0a9-8e6e-476b-bc4b-2b39a70ff5be","block_type":"box","text":"agencies and instrumentalities, the interest on which, in the opinion of bond counsel to the issuer, is generally","page_number":42,"box":{"x":69,"y":693,"width":790,"height":12}},{"id":"6eecb724-9366-48ad-9140-aad64c0ca01d","block_type":"box","text":"excludable from gross income for Federal income tax purposes, except that the interest may be includable in taxable","page_number":42,"box":{"x":69,"y":709,"width":831,"height":11}},{"id":"3e08a087-cdc6-4a0b-aef2-bd73097a2111","block_type":"box","text":"income for purposes of the Federal alternative minimum tax (such obligations are herein referred to as “Municipal","page_number":42,"box":{"x":70,"y":724,"width":810,"height":11}},{"id":"17bda383-ce55-48af-ab44-a6e58307a12a","block_type":"box","text":"Bonds”). Municipal Bonds include general obligation bonds, revenue or special obligation bonds, private activity","page_number":42,"box":{"x":70,"y":739,"width":794,"height":11}},{"id":"5d47d8ea-0ff7-497d-ab65-67f8c3eadf3e","block_type":"box","text":"bonds, variable rate demand notes, and short-term tax-exempt municipal obligations such as tax anticipation notes.","page_number":42,"box":{"x":69,"y":754,"width":825,"height":11}},{"id":"f01a7276-d744-4507-8cf2-6e11d97317ab","block_type":"box","text":"Under normal circumstances, each Fund invests at least 80% of its net assets in Municipal Bonds. For this purpose,","page_number":42,"box":{"x":70,"y":769,"width":828,"height":11}},{"id":"65e4c4da-0440-4bda-ade0-33fd8d637190","block_type":"box","text":"net assets include any borrowings for investment purposes. This is a fundamental policy of each Fund and may not","page_number":42,"box":{"x":69,"y":784,"width":820,"height":11}},{"id":"572b50f8-c9d1-4c41-a354-ff7d0ce8c1f2","block_type":"box","text":"be changed without a vote of the majority of the outstanding shares of the Fund as defined in the Investment","page_number":42,"box":{"x":69,"y":799,"width":777,"height":12}},{"id":"334eb3a5-fd13-44e4-b25c-e8e4bd8b5e14","block_type":"box","text":"Company Act. No Fund may purchase securities other than Municipal Bonds and certain temporary investments","page_number":42,"box":{"x":69,"y":815,"width":795,"height":11}},{"id":"aa352ec1-c52d-493c-b78e-04b64356f079","block_type":"box","text":"described below. Each Fund currently contemplates that it will not invest more than 25% of its total assets (taken at","page_number":42,"box":{"x":69,"y":829,"width":828,"height":12}},{"id":"2e2f9661-3372-44d0-8bc9-649c421f76b4","block_type":"box","text":"market value) in Municipal Bonds whose issuers are located in the same state. There can be no assurance that the","page_number":42,"box":{"x":69,"y":845,"width":824,"height":11}},{"id":"99619b6b-82b0-44b1-b0f8-09f716571690","block_type":"box","text":"investment objective of any Fund can be attained.","page_number":42,"box":{"x":70,"y":860,"width":351,"height":11}},{"id":"13b3423e-422e-4c65-b675-234d127dc72d","block_type":"box","text":"While no Fund intends to realize significant taxable investment income, each Fund has the authority to invest as","page_number":42,"box":{"x":101,"y":882,"width":798,"height":12}},{"id":"c7319dfc-27ef-4580-88a7-3532fc5b86e2","block_type":"box","text":"much as 20% of its assets on a temporary basis in taxable money market securities with remaining maturities not in","page_number":42,"box":{"x":69,"y":898,"width":831,"height":11}},{"id":"36479a09-4c2a-48b9-97ad-ca5a34664129","block_type":"box","text":"excess of one year from the date of purchase (“Temporary Investments”) for liquidity purposes or as a temporary","page_number":42,"box":{"x":69,"y":913,"width":807,"height":11}},{"id":"64d502b5-3163-48ff-a304-29180fe4960f","block_type":"box","text":"I-5","page_number":42,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"90c1300c-5790-473d-8bfd-7511c031cbb2","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dca6c64d-fd56-4ee2-a5e7-263443fd6338","block_type":"box","text":"investment of cash pending investment of such cash in Municipal Bonds. In addition, each Fund reserves the right to","page_number":43,"box":{"x":70,"y":45,"width":833,"height":11}},{"id":"362697f7-9580-4e54-99fc-3516129970d4","block_type":"box","text":"temporarily invest a greater portion of its assets in Temporary Investments for defensive purposes, when, in the","page_number":43,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"cc4d60a5-ac2e-44bc-8e21-8d3678001640","block_type":"box","text":"judgment of the Manager, market conditions warrant such action. Temporary Investments consist of U.S. Government","page_number":43,"box":{"x":67,"y":75,"width":840,"height":11}},{"id":"6d17aeec-9c8c-412c-9e99-2b0f66243b57","block_type":"box","text":"securities, U.S. Government Agency securities, domestic bank certificates of deposit and bankers’ acceptances, and","page_number":43,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"01c429c4-2200-49a3-91ab-210bb72248ab","block_type":"box","text":"short-term corporate debt securities such as commercial paper and repurchase agreements. From time to time, a","page_number":43,"box":{"x":69,"y":105,"width":811,"height":11}},{"id":"1306152a-55f3-4df5-9469-899ab8d48170","block_type":"box","text":"Fund may realize capital gains that will constitute taxable income.","page_number":43,"box":{"x":70,"y":120,"width":466,"height":12}},{"id":"64c04511-9479-4616-bf04-f45cd5c0b42d","block_type":"box","text":"Each Fund may invest in certain tax-exempt securities that are classified as “private activity bonds,” which may","page_number":43,"box":{"x":102,"y":143,"width":792,"height":11}},{"id":"0f575f3e-0ed0-4f19-afb7-d3d17896d76f","block_type":"box","text":"subject certain investors to an alternative minimum tax.","page_number":43,"box":{"x":69,"y":158,"width":397,"height":11}},{"id":"70c79b49-cbdc-4e91-9b27-c4b5807831fc","block_type":"box","text":"Certain instruments in which a Fund may invest may be characterized as derivative instruments. Each Fund is","page_number":43,"box":{"x":102,"y":181,"width":780,"height":11}},{"id":"9b8b59fe-67ed-4556-af33-2e4848ba489d","block_type":"box","text":"authorized to engage in transactions in financial futures contracts and options thereon, indexed and inverse floating","page_number":43,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"49c74fcd-34d4-4cd5-a136-920c012d874b","block_type":"box","text":"rate obligations and swap agreements, including credit default swap agreements. The Funds may use derivative","page_number":43,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"760aab53-f22a-46e2-9d96-aa27d60840b7","block_type":"box","text":"instruments to hedge their investments or to seek to enhance returns.","page_number":43,"box":{"x":70,"y":226,"width":501,"height":11}},{"id":"a3edf7be-0e08-4dd7-b3f0-f55ef7698767","block_type":"box","text":"Investment Policies of the Funds","page_number":43,"box":{"x":69,"y":256,"width":238,"height":9}},{"id":"27a68002-e170-497a-9765-49ed801aaf66","block_type":"box","text":"Each Fund pursues its investment objective through the separate investment policies described below. These","page_number":43,"box":{"x":102,"y":279,"width":777,"height":11}},{"id":"1b58b392-106e-47d7-ab80-ca6be3518b2c","block_type":"box","text":"policies differ with respect to the maturity and quality of portfolio securities in which a Fund may invest, and these","page_number":43,"box":{"x":70,"y":294,"width":813,"height":11}},{"id":"6f125085-536e-4aaf-80af-3366eed4cb84","block_type":"box","text":"policies can be expected to affect the yield on each Fund and the degree of market, financial, credit and interest rate","page_number":43,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"36829df3-548e-4426-ae0c-1b920ded09f4","block_type":"box","text":"risk to which the Fund is subject. Generally, Municipal Bonds with longer maturities tend to produce higher yields and","page_number":43,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"c65a4dd4-3724-4601-8d3c-8f6f3e157267","block_type":"box","text":"are subject to greater market fluctuations as a result of changes in interest rates (“interest rate risk”) than are","page_number":43,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"abb84e43-73be-41a9-a290-bda267d82b7c","block_type":"box","text":"Municipal Bonds with shorter maturities. In addition, lower rated Municipal Bonds generally will provide a higher yield","page_number":43,"box":{"x":70,"y":355,"width":831,"height":11}},{"id":"cfb437cc-adbe-4945-8963-f07ecb658593","block_type":"box","text":"than higher rated Municipal Bonds of similar maturity but are also generally subject to greater market risk and to a","page_number":43,"box":{"x":68,"y":370,"width":816,"height":11}},{"id":"0e17a141-28dc-4a6c-a6be-2e3379c63e1b","block_type":"box","text":"greater degree of risk with respect to the ability of the issuer to meet its principal and interest obligations (“credit","page_number":43,"box":{"x":68,"y":385,"width":811,"height":11}},{"id":"d21d5a48-73ef-424f-ab59-0d7536b5d0b5","block_type":"box","text":"risk”). A Fund’s net asset value may fall when interest rates rise and rise when interest rates fall. Because of its","page_number":43,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"4bced2d0-fda1-4a01-ba8a-0d96cb28080b","block_type":"box","text":"emphasis on investments in Municipal Bonds, each Fund should be considered as a means of diversifying an","page_number":43,"box":{"x":69,"y":415,"width":778,"height":11}},{"id":"fbf8f147-d89a-4041-a640-d345f3d62214","block_type":"box","text":"investment portfolio and not in itself a balanced investment plan.","page_number":43,"box":{"x":70,"y":430,"width":464,"height":11}},{"id":"c369ef84-0f4c-4413-97bc-b6775b1af4b4","block_type":"box","text":"National Fund","page_number":43,"box":{"x":69,"y":460,"width":99,"height":9}},{"id":"fb6637d0-1700-44ba-96da-198f38f2eb1c","block_type":"box","text":"The National Fund may invest in Municipal Bonds rated in any rating category or unrated Municipal Bonds. The","page_number":43,"box":{"x":101,"y":483,"width":786,"height":11}},{"id":"0df99116-6db1-4cd4-91be-5ace6da8fd2d","block_type":"box","text":"Manager considers ratings as one of several factors in its independent credit analysis of issuers. This Fund normally","page_number":43,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"8f054d32-264b-4618-a623-af60889a7ffb","block_type":"box","text":"can be expected to offer the higher yields of the two Funds, but also to be subject to the highest market and financial","page_number":43,"box":{"x":69,"y":513,"width":837,"height":12}},{"id":"97dddacb-640c-4f63-87ae-4cef0f81c237","block_type":"box","text":"risks.","page_number":43,"box":{"x":69,"y":529,"width":37,"height":8}},{"id":"3e12586b-06e7-4d13-8223-57305e80993a","block_type":"box","text":"The investment policies of the National Fund are not governed by specific rating categories. The National Fund","page_number":43,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"07674460-5a70-45c1-8737-5a1fdf688629","block_type":"box","text":"may invest in Municipal Bonds rated in any rating category or in unrated Municipal Bonds. The Fund will primarily","page_number":43,"box":{"x":69,"y":566,"width":802,"height":11}},{"id":"d8586ecc-94ce-4955-a7eb-c0e63ce507b1","block_type":"box","text":"usually invest in Municipal Bonds having a maturity of five years or longer. Fund management will choose Municipal","page_number":43,"box":{"x":69,"y":581,"width":819,"height":12}},{"id":"c821a13e-9dec-45d7-b068-dc4253d42338","block_type":"box","text":"Bond investments that it believes offer a relatively high potential for total return relative to their total risk. Although","page_number":43,"box":{"x":70,"y":596,"width":818,"height":12}},{"id":"f811854c-c135-4eaf-b577-5c990f6b8d42","block_type":"box","text":"the Fund’s investment policies are not governed by specific rating categories, Fund management does not presently","page_number":43,"box":{"x":68,"y":612,"width":827,"height":11}},{"id":"853f4af9-8afc-411d-9019-39a387ae20ac","block_type":"box","text":"intend to invest more than 35% of the Fund’s net assets in Municipal Bonds rated below investment grade (below","page_number":43,"box":{"x":70,"y":627,"width":809,"height":11}},{"id":"5013e4f1-d182-4795-991c-316d31847afc","block_type":"box","text":"BBB by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”) or below Baa by Moody’s Investors Service, Inc.","page_number":43,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"3c6adebb-a8bc-47c3-a833-3c741ca0472c","block_type":"box","text":"(“Moody’s”)) or in unrated Municipal Bonds that Fund management believes are of comparable quality. These lower","page_number":43,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"035c42ea-9174-4dbe-8ca5-38f518556483","block_type":"box","text":"rated obligations are commonly known as “junk bonds.” Junk bonds have a high level of financial risk and there is a","page_number":43,"box":{"x":69,"y":672,"width":826,"height":11}},{"id":"097b338b-efe9-434a-8cc6-a856f47cfe35","block_type":"box","text":"greater potential for the Fund to lose income and principal on these investments. The 35% limitation on junk bond","page_number":43,"box":{"x":68,"y":687,"width":812,"height":11}},{"id":"1d66dfe3-add8-4148-bc1f-cc5d304d45ad","block_type":"box","text":"investments reflects only the present intention of Fund management, and may be changed by the Board of Directors","page_number":43,"box":{"x":70,"y":702,"width":826,"height":12}},{"id":"577b1378-3421-405f-801b-41ae9544a645","block_type":"box","text":"of the Corporation without shareholder approval. Therefore, it is possible that the Fund could invest up to 100% of its","page_number":43,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"a5161130-01fe-42e3-abba-076458bc3c1d","block_type":"box","text":"assets in junk bonds. Because investment in medium to lower rated Municipal Bonds entails relatively greater risks","page_number":43,"box":{"x":69,"y":733,"width":823,"height":11}},{"id":"9292aa1d-b22d-4892-beed-94300d5be78a","block_type":"box","text":"of loss of income or principal than an investment in higher rated securities, an investment in the National Fund may","page_number":43,"box":{"x":69,"y":748,"width":824,"height":11}},{"id":"1b23eeb8-d7c7-4753-aea6-600edb4b5fc5","block_type":"box","text":"not be appropriate for all investors. Investors should consider these risks before investing.","page_number":43,"box":{"x":69,"y":763,"width":645,"height":11}},{"id":"50f169a3-7e02-4502-adef-b55191545f5b","block_type":"box","text":"Short Duration Fund","page_number":43,"box":{"x":68,"y":793,"width":146,"height":9}},{"id":"42f27ae0-2968-47ff-b1dd-6a6e87229c43","block_type":"box","text":"The Short Duration Fund invests primarily in a portfolio of short-term investment grade Municipal Bonds.","page_number":43,"box":{"x":101,"y":816,"width":744,"height":11}},{"id":"dcf078db-8d4d-4ad8-9397-e39591b4f7b4","block_type":"box","text":"Municipal Bonds in the Short Duration Fund will be either Municipal Bonds with a remaining maturity of less than ten","page_number":43,"box":{"x":70,"y":831,"width":830,"height":11}},{"id":"b90892c6-2da4-4a25-8f32-d1fda81d8fa5","block_type":"box","text":"years, short-term municipal notes, which typically are issued with a maturity of not more than one year or variable","page_number":43,"box":{"x":68,"y":846,"width":810,"height":11}},{"id":"a926aa13-e8b0-4f3d-80f2-43737d830360","block_type":"box","text":"rate demand notes (“VRDN”), which typically are issued with a maturity of longer than ten years, but have a one-day","page_number":43,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"d8f291bf-2bef-459f-8013-6dd5c39ef386","block_type":"box","text":"or seven-day put demand feature at par. The Short Duration Fund will treat Municipal Bonds that it has the option to","page_number":43,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"e7bd705c-c16a-4098-8f6c-a728a9351410","block_type":"box","text":"require the issuer to redeem within ten years as having a remaining maturity of less than ten years, even if the period","page_number":43,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"9280717a-c589-4a77-94db-fea35f7a9e1f","block_type":"box","text":"to the stated maturity date of such Municipal Bonds is greater than ten years. Municipal notes include tax","page_number":43,"box":{"x":68,"y":906,"width":756,"height":12}},{"id":"c8808eac-ce6d-4e16-ac83-31f9b368f4b3","block_type":"box","text":"I-6","page_number":43,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"693fe159-7520-486e-a5f2-b8fabbb1745d","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b27123a-1c34-48ae-ac3d-e32a0d66f0b2","block_type":"box","text":"anticipation notes, bond anticipation notes and revenue anticipation notes. The Short Duration Fund may generally be","page_number":44,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"de5df623-3d8d-4b37-80de-ea62a46e9ae5","block_type":"box","text":"expected to offer a lower yield than the other Funds. Interest rates on short-term Municipal Bonds may fluctuate","page_number":44,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"5c462530-dd51-4be3-96a5-178d82a8ed5d","block_type":"box","text":"more widely from time to time than interest rates on longer term Municipal Bonds. However, because of the shorter","page_number":44,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"bec7a27a-bf6b-4973-b349-307f22abad79","block_type":"box","text":"maturities, the market value of the Municipal Bonds held by the Short Duration Fund may generally be expected to","page_number":44,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"c32888cb-43a9-42fe-a75c-e5de1edb31ac","block_type":"box","text":"fluctuate less as a result of changes in prevailing interest rates.","page_number":44,"box":{"x":68,"y":105,"width":456,"height":11}},{"id":"f28a5e48-bb0d-432a-8e14-97ebfd4946ac","block_type":"box","text":"The Short Duration Fund will invest primarily in Municipal Bonds rated at the date of purchase in the four highest","page_number":44,"box":{"x":101,"y":128,"width":804,"height":11}},{"id":"e9792728-a87f-477a-8144-f518c122d1f6","block_type":"box","text":"rating categories by S&P (AAA, AA, A and BBB), Fitch (AAA, AA, A and BBB) or Moody’s (Aaa, Aa, A and Baa) in the","page_number":44,"box":{"x":69,"y":143,"width":809,"height":11}},{"id":"1b49280b-2ea3-41c9-baa3-2c6487f6e1eb","block_type":"box","text":"case of long-term debt, rated as MIG 1 through MIG 3 by Moody’s, F-1+ through F-3 by Fitch, or SP-1+ through SP-2","page_number":44,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"801523d7-e3b4-4151-ba9e-b544751e84ac","block_type":"box","text":"by S&P in the case of short-term tax-exempt notes, rated P-1 through P-2 by Moody’s, F-1+ through F-3 by Fitch or","page_number":44,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"ac122bf6-373f-43ce-bd86-1b856682f124","block_type":"box","text":"A-1+ through A-3 by S&P in the case of tax-exempt commercial paper and rated VMIG-1 or VMIG-2 by Moody’s, F-1+","page_number":44,"box":{"x":68,"y":188,"width":821,"height":12}},{"id":"df238085-d3fd-4fde-b343-30501afb2905","block_type":"box","text":"through F-2 by Fitch or A-1+ through A-2 by S&P in the case of VRDNs or, if unrated, judged to be of comparable","page_number":44,"box":{"x":68,"y":203,"width":795,"height":12}},{"id":"a206110c-3efe-459c-bb48-8550c2a9cb9e","block_type":"box","text":"quality by the Manager. The Short Duration Fund will primarily invest in other Municipal Bonds deemed to qualify for","page_number":44,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"af65ee09-1a39-4f91-8889-988fddd69716","block_type":"box","text":"such ratings and in variable rate tax-exempt demand notes. Securities rated in the lowest of these categories are","page_number":44,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"c7d2022a-00ff-460d-8d1a-159a9d10c8d7","block_type":"box","text":"considered to have some speculative characteristics. The Short Duration Fund may continue to hold securities that,","page_number":44,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"7a52efbc-400d-43d8-8cc1-e4ec65c7ec9c","block_type":"box","text":"after being purchased by the Fund, are downgraded to a rating lower than those set forth above.","page_number":44,"box":{"x":69,"y":264,"width":685,"height":11}},{"id":"a7648b59-ddad-4f62-8f39-11f83d6a8a6f","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":44,"box":{"x":102,"y":287,"width":246,"height":11}},{"id":"1dd6c180-d08d-42cd-b01a-832efd179e84","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":44,"box":{"x":355,"y":287,"width":530,"height":11}},{"id":"9abf1f35-d50f-4a8e-9a5a-a0e9715faaaa","block_type":"box","text":"registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either","page_number":44,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"0547caf3-1ef2-423d-9684-f97e87bb6593","block_type":"box","text":"(i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options","page_number":44,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"9713b7e7-e725-4d96-b403-b042542906d6","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the","page_number":44,"box":{"x":69,"y":332,"width":819,"height":11}},{"id":"a75137ba-07fb-47f3-ab0b-3b3e76f3b2ca","block_type":"box","text":"extent a Fund uses CFTC Derivatives, they intend to do so below such prescribed levels and will not market","page_number":44,"box":{"x":69,"y":347,"width":763,"height":11}},{"id":"84186b62-0c2d-4e54-aa09-951e35ba16de","block_type":"box","text":"themselves as a “commodity pool” or a vehicle for trading such instruments. Accordingly, BlackRock has claimed an","page_number":44,"box":{"x":68,"y":362,"width":828,"height":11}},{"id":"4f671a97-2612-4844-83a3-9c95058ed4c1","block_type":"box","text":"exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”)","page_number":44,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"fd6f34e1-61c1-4a6d-88f3-a782ba8d8483","block_type":"box","text":"pursuant to Rule 4.5 under the CEA. BlackRock is not, therefore, subject to registration or regulation as a","page_number":44,"box":{"x":70,"y":392,"width":751,"height":12}},{"id":"b616bdc4-0ceb-4be2-889a-30b2d91d4737","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Funds.","page_number":44,"box":{"x":70,"y":407,"width":469,"height":12}},{"id":"9685787c-d274-4766-bc9e-e23bd9da9a0f","block_type":"box","text":"Investments in Puerto Rico Municipal Securities","page_number":44,"box":{"x":102,"y":430,"width":352,"height":11}},{"id":"6c41e067-8477-46c1-98af-e142a4dca9d5","block_type":"box","text":". The Funds may invest in municipal securities issued in Puerto","page_number":44,"box":{"x":456,"y":430,"width":449,"height":11}},{"id":"50f53d15-76f0-44f3-9c10-e29f6f7b9c52","block_type":"box","text":"Rico, subject to market, economic and political conditions. Like many other U.S. states and municipalities, Puerto","page_number":44,"box":{"x":70,"y":445,"width":811,"height":11}},{"id":"dfb893e6-6d52-4e36-9040-21011bb66a37","block_type":"box","text":"Rico experienced a significant downturn during the recession. Puerto Rico continues to face significant fiscal","page_number":44,"box":{"x":70,"y":460,"width":772,"height":12}},{"id":"945dcd2f-591b-488d-a488-81579c668dc2","block_type":"box","text":"challenges, including persistent government deficits, under-funded public pension benefit obligations, underfunded","page_number":44,"box":{"x":69,"y":475,"width":817,"height":12}},{"id":"3d52c1fd-517f-4af9-ac23-5c2f1f2582ea","block_type":"box","text":"government retirement systems, sizable debt service obligations and a high unemployment rate. In 2016, Puerto","page_number":44,"box":{"x":68,"y":491,"width":807,"height":11}},{"id":"e082693b-57f4-47d7-8951-4f0fc46a984a","block_type":"box","text":"Rico and its authorities began defaulting on various debt payments, leading to the creation of the Puerto Rico","page_number":44,"box":{"x":70,"y":506,"width":779,"height":11}},{"id":"07204e91-9f50-48bc-8f3f-ed0085cbe8df","block_type":"box","text":"Oversight, Management and Economic Stability Act (“PROMESA”). PROMESA established a seven-member federal","page_number":44,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"950e0fd3-82f0-433a-9730-5217d9ac5053","block_type":"box","text":"oversight board (the “Oversight Board”) and a bankruptcy restructuring mechanism for Puerto Rico to oversee Puerto","page_number":44,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"6a1f8cc4-10dc-4b13-a662-f246babecdd2","block_type":"box","text":"Rico’s financial operations and to assist the government of Puerto Rico in establishing a fiscal recovery plan and","page_number":44,"box":{"x":70,"y":551,"width":804,"height":11}},{"id":"6382f925-cefd-4790-b39a-8ab1e90d8698","block_type":"box","text":"facilitating debt restructuring negotiations. As of the date of this SAI, Puerto Rico has reached agreements with some","page_number":44,"box":{"x":68,"y":566,"width":839,"height":11}},{"id":"39c30ae2-7eec-44a1-bee0-2e87390e2182","block_type":"box","text":"of its bondholders for managing outstanding debt and is amidst negotiations for its remaining obligations. All","page_number":44,"box":{"x":69,"y":581,"width":775,"height":12}},{"id":"4348c883-f554-4eeb-b789-46aed302e909","block_type":"box","text":"voluntary agreements to resolve Puerto Rico’s outstanding debt must be approved by the court handling Puerto","page_number":44,"box":{"x":68,"y":597,"width":797,"height":11}},{"id":"1a19361d-c9f8-417a-9970-315094b8cfae","block_type":"box","text":"Rico’s debt restructuring; as a result, the timing and manner of any resolution to the PROMESA proceedings is","page_number":44,"box":{"x":70,"y":612,"width":786,"height":11}},{"id":"7af36832-2f62-4720-a945-9962b16ff514","block_type":"box","text":"unclear. A restructuring of some or all of Puerto Rico’s debt, or a further decline in market prices of Puerto Rico debt","page_number":44,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"cf41212c-3cfb-485c-9af2-300e4ed4637b","block_type":"box","text":"obligations, may affect a Fund investment in these securities and its overall performance. If the economic situation","page_number":44,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"fbf3f4fd-d5e4-499d-b85c-4ebe2788a2d8","block_type":"box","text":"in Puerto Rico persists or worsens, the volatility, credit quality and performance of the Fund could be adversely","page_number":44,"box":{"x":70,"y":657,"width":790,"height":11}},{"id":"9b3b23fe-82bf-4b8f-862f-c088917d3598","block_type":"box","text":"affected.","page_number":44,"box":{"x":69,"y":672,"width":62,"height":9}},{"id":"53633c63-a012-4105-bb41-7754a34797ff","block_type":"box","text":"On February 15, 2019, the U.S. Court of Appeals for the First Circuit held that the organization of the Oversight","page_number":44,"box":{"x":102,"y":695,"width":794,"height":11}},{"id":"85e63a25-bec5-47db-8726-6857a28ca7c4","block_type":"box","text":"Board was unconstitutional and set a ninety-day period to either validate or reconstitute the appointment of the","page_number":44,"box":{"x":70,"y":710,"width":791,"height":11}},{"id":"183df906-2a6d-4557-ade7-c37c2b81481e","block_type":"box","text":"board’s existing members, pursuant to the appointment process of the U.S. Constitution. The First Circuit’s decision","page_number":44,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"82212928-fc7a-4cca-9f22-9ee6592b5cfa","block_type":"box","text":"was appealed, and the U.S. Supreme Court agreed to hear the case on October 15, 2019. The findings of the U.S.","page_number":44,"box":{"x":68,"y":740,"width":819,"height":11}},{"id":"0204cc33-aa5d-4fa6-ae28-159cdd22eb3c","block_type":"box","text":"Supreme Court regarding the Oversight Board could significantly affect the operations of the Oversight Board and","page_number":44,"box":{"x":69,"y":755,"width":806,"height":11}},{"id":"e3c06e9d-032a-4a2f-a8d4-16f499ac3eee","block_type":"box","text":"therefore Puerto Rico’s ability to restructure its debt.","page_number":44,"box":{"x":68,"y":770,"width":378,"height":11}},{"id":"f121caf8-87e8-4118-ae77-6be82e9482b4","block_type":"box","text":"In August of 2019, Ricardo Roselló, the governor of Puerto Rico, resigned and Wanda Vázquez was sworn in as","page_number":44,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"6d39afd0-2614-496c-9ec5-b94a9dcb50f7","block_type":"box","text":"governor after the Supreme Court of Puerto Rico held that Mr. Roselló’s successor, Pedro Pierluisi, unconstitutionally","page_number":44,"box":{"x":68,"y":808,"width":837,"height":11}},{"id":"b7ae7eb8-4151-4dc3-961e-fc1caf1f559d","block_type":"box","text":"assumed the office of governor. It is unclear whether Governor Vázquez will serve the remainder of her term through","page_number":44,"box":{"x":69,"y":823,"width":827,"height":12}},{"id":"7b96aa9e-9bfc-42f0-bf11-e1a069af7181","block_type":"box","text":"January 2021. These gubernatorial changes, and any further potential political instability, could place additional","page_number":44,"box":{"x":69,"y":838,"width":796,"height":12}},{"id":"9a6b6592-0fa2-40a6-bf9c-8d467a3365e4","block_type":"box","text":"pressure on Puerto Rico’s financial situation and negatively impact the outcome of its debt restructuring initiatives,","page_number":44,"box":{"x":70,"y":853,"width":820,"height":12}},{"id":"fe70b3dc-00cb-4e70-a184-c98b345a13bd","block_type":"box","text":"the liquidity of its municipal bonds and Puerto Rico’s market stability.","page_number":44,"box":{"x":68,"y":869,"width":494,"height":11}},{"id":"0c076abb-5586-4f97-a745-f939e1822c82","block_type":"box","text":"I-7","page_number":44,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"d25a20d8-3f68-438a-85e1-453b7e401d93","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5eecc54-c050-47f1-8656-608275c42d88","block_type":"box","text":"II. Investment Restrictions","page_number":45,"box":{"x":69,"y":45,"width":194,"height":9}},{"id":"ff6614f4-c519-4329-b541-a121286f7311","block_type":"box","text":"The Corporation, on behalf of each Fund, has adopted restrictions and policies relating to the investment of each","page_number":45,"box":{"x":101,"y":67,"width":805,"height":12}},{"id":"88fcc7ac-0dde-403f-8750-26f2f2dcc86d","block_type":"box","text":"Fund’s assets and its activities. Certain of the restrictions are fundamental policies of the Corporation and may not","page_number":45,"box":{"x":70,"y":82,"width":822,"height":12}},{"id":"3b8cd5a5-82a9-4f72-acbf-6cb99e6c4e47","block_type":"box","text":"be changed without the approval of the holders of a majority of the Corporation’s outstanding voting securities (which","page_number":45,"box":{"x":69,"y":98,"width":834,"height":11}},{"id":"816692f2-f542-4ab4-9b22-4cabfe08019b","block_type":"box","text":"for this purpose and under the Investment Company Act, means the lesser of (i) 67% of the shares represented at a","page_number":45,"box":{"x":68,"y":113,"width":829,"height":11}},{"id":"6de417af-68f6-4475-8b29-f1d684ee8148","block_type":"box","text":"meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding","page_number":45,"box":{"x":69,"y":128,"width":832,"height":11}},{"id":"1f9a4292-f2dc-4473-95af-03130b248f47","block_type":"box","text":"shares). The Corporation, on behalf of each Fund, has also adopted certain non-fundamental investment restrictions,","page_number":45,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"09f73ce4-1d33-420b-a7bb-305743edc587","block_type":"box","text":"which may be changed by the Board of Directors without shareholder approval.","page_number":45,"box":{"x":68,"y":158,"width":560,"height":11}},{"id":"5f87d156-ae11-4446-8f25-04a1d2ed14c8","block_type":"box","text":"Set forth below are each Fund’s fundamental and non-fundamental investment restrictions. Unless otherwise","page_number":45,"box":{"x":102,"y":181,"width":779,"height":9}},{"id":"76c58f28-2d4f-4237-bcdc-a8c5805e1928","block_type":"box","text":"provided, all references below to the assets of a Fund are in terms of current market value.","page_number":45,"box":{"x":70,"y":196,"width":650,"height":11}},{"id":"c583f07d-b280-4ef4-a368-20c0514bf2b0","block_type":"box","text":"Under the fundamental investment restrictions of the National Fund and the Short Duration Fund, no Fund may:","page_number":45,"box":{"x":102,"y":218,"width":792,"height":12}},{"id":"15344c9d-da43-496a-8151-27dd7e6ab66b","block_type":"box","text":"1. Make any investment inconsistent with the Corporation’s classification as a diversified company under","page_number":45,"box":{"x":135,"y":241,"width":749,"height":11}},{"id":"815d0818-8972-4fc5-8541-f38b88013425","block_type":"box","text":"the Investment Company Act.","page_number":45,"box":{"x":101,"y":256,"width":207,"height":11}},{"id":"3acf84d6-eac6-4e4f-baa7-34c28a359aaf","block_type":"box","text":"2. Invest more than 25% of its assets, taken at market value, in the securities of issuers in any particular","page_number":45,"box":{"x":134,"y":279,"width":755,"height":11}},{"id":"bb72790e-9efd-4fbe-9a48-a7d1600c3159","block_type":"box","text":"industry (excluding the U.S. Government and its agencies and instrumentalities).","page_number":45,"box":{"x":102,"y":294,"width":573,"height":11}},{"id":"67ab95bb-387a-4c92-b276-474bd9d36255","block_type":"box","text":"3. Make investments for the purpose of exercising control or management.","page_number":45,"box":{"x":134,"y":317,"width":533,"height":11}},{"id":"1c3a952b-71a6-4cde-8366-1100eebe3841","block_type":"box","text":"4. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may invest","page_number":45,"box":{"x":134,"y":340,"width":769,"height":11}},{"id":"64cbc9e1-dadb-412b-9fd5-d47d4f6ef395","block_type":"box","text":"in securities directly or indirectly secured by real estate or interests therein or issued by companies which invest","page_number":45,"box":{"x":102,"y":355,"width":801,"height":11}},{"id":"d1c08672-954f-4e34-bc47-ef805f638191","block_type":"box","text":"in real estate or interests therein.","page_number":45,"box":{"x":102,"y":370,"width":239,"height":9}},{"id":"724c1379-6cdf-4ae3-b186-ab73e2f9e451","block_type":"box","text":"5. Make loans to other persons, except that the acquisition of bonds, debentures or other corporate debt","page_number":45,"box":{"x":134,"y":392,"width":751,"height":11}},{"id":"1dbce130-0b06-49fe-9838-ad9b6aeaa883","block_type":"box","text":"securities and investments in government obligations, commercial paper, pass-through instruments, certificates","page_number":45,"box":{"x":102,"y":407,"width":799,"height":12}},{"id":"0100b463-a9b6-4b48-908b-c22aa746b232","block_type":"box","text":"of deposit, bankers’ acceptances, repurchase agreements or any similar instruments shall not be deemed to be","page_number":45,"box":{"x":102,"y":423,"width":800,"height":11}},{"id":"fe81eadb-fb4d-4574-8436-4df8c5eb4b68","block_type":"box","text":"the making of a loan, and except further that each Fund may lend its portfolio securities, provided that the","page_number":45,"box":{"x":101,"y":438,"width":759,"height":11}},{"id":"4f240ea7-8691-4bcc-8075-27bacbcc13c8","block_type":"box","text":"lending of portfolio securities may be made only in accordance with applicable law and the guidelines set forth in","page_number":45,"box":{"x":102,"y":453,"width":805,"height":11}},{"id":"00f659b1-91c1-49e1-b97b-9ef5daa7805c","block_type":"box","text":"the Corporation’s Prospectus and Statement of Additional Information, as they may be amended from time to","page_number":45,"box":{"x":101,"y":468,"width":779,"height":11}},{"id":"ee345b8d-4304-4aaa-964c-ae9d595d0e89","block_type":"box","text":"time.","page_number":45,"box":{"x":101,"y":483,"width":35,"height":9}},{"id":"98dff59f-83da-47c0-83b4-35c0ef3ca369","block_type":"box","text":"6. Issue senior securities to the extent such issuance would violate applicable law.","page_number":45,"box":{"x":134,"y":506,"width":590,"height":11}},{"id":"ffa3b5d0-c5e2-4229-b223-a2605cae777b","block_type":"box","text":"7. Borrow money, except that (i) each Fund may borrow from banks (as defined in the Investment Company","page_number":45,"box":{"x":135,"y":528,"width":761,"height":12}},{"id":"bd98dca3-a072-4d03-b9e8-fc62c3baed31","block_type":"box","text":"Act) in amounts up to 33","page_number":45,"box":{"x":101,"y":544,"width":177,"height":11}},{"id":"c43014c9-c55e-487a-ad05-397d5f374b76","block_type":"box","text":"1⁄","page_number":45,"box":{"x":280,"y":544,"width":5,"height":5}},{"id":"250cd52e-44cb-4307-8b69-70318bc16714","block_type":"box","text":"1⁄3","page_number":45,"box":{"x":283,"y":544,"width":8,"height":8}},{"id":"08267eb2-ad34-4968-abde-629cb602a01e","block_type":"box","text":"⁄3","page_number":45,"box":{"x":289,"y":547,"width":6,"height":5}},{"id":"88620af8-845a-4790-9a63-f79c58ed299d","block_type":"box","text":"% of its total assets (including the amount borrowed), (ii) each Fund may, to the","page_number":45,"box":{"x":295,"y":543,"width":567,"height":12}},{"id":"f0cc9753-d649-40ab-9aaa-a702002a31f4","block_type":"box","text":"extent permitted by applicable law, borrow up to an additional 5% of its total assets for temporary purposes,","page_number":45,"box":{"x":101,"y":559,"width":772,"height":11}},{"id":"2eb49343-4364-449e-900c-abfd78a32d23","block_type":"box","text":"(iii) each Fund may obtain such short term credit as may be necessary for the clearance of purchases and sales","page_number":45,"box":{"x":102,"y":574,"width":800,"height":11}},{"id":"03538082-8e73-4e23-a099-7c89d8fab27b","block_type":"box","text":"of portfolio securities and (iv) each Fund may purchase securities on margin to the extent permitted by","page_number":45,"box":{"x":102,"y":589,"width":732,"height":11}},{"id":"be63a60c-f188-424f-9911-810cf0f27557","block_type":"box","text":"applicable law. The Corporation may not pledge its assets other than to secure such borrowings or, to the extent","page_number":45,"box":{"x":102,"y":604,"width":801,"height":11}},{"id":"a628bb24-b92c-4094-b313-39b5b3987e9e","block_type":"box","text":"permitted by a Fund’s investment policies as set forth in the Corporation’s Prospectus and Statement of","page_number":45,"box":{"x":102,"y":619,"width":746,"height":11}},{"id":"35928cdb-7838-4fd3-aba1-c80df302ce04","block_type":"box","text":"Additional Information, as they may be amended from time to time, in connection with hedging transactions,","page_number":45,"box":{"x":101,"y":634,"width":770,"height":12}},{"id":"6ce073de-9382-4e53-9988-388406bce6e5","block_type":"box","text":"short sales, when-issued and forward commitment transactions and similar investment strategies.","page_number":45,"box":{"x":102,"y":649,"width":702,"height":12}},{"id":"d0cb39b2-81db-4c26-8155-38667fedccc2","block_type":"box","text":"8. Underwrite securities of other issuers except insofar as a Fund technically may be deemed an underwriter","page_number":45,"box":{"x":134,"y":672,"width":775,"height":11}},{"id":"ee1fde92-9177-4c96-a972-efa471cc6c32","block_type":"box","text":"under the Securities Act of 1933, as amended (the “Securities Act”), in selling portfolio securities.","page_number":45,"box":{"x":102,"y":687,"width":702,"height":11}},{"id":"0737040c-34e6-4cf6-bf79-407643d2b355","block_type":"box","text":"9. Purchase or sell commodities or contracts on commodities, except to the extent that a Fund may do so in","page_number":45,"box":{"x":134,"y":710,"width":772,"height":11}},{"id":"5f204dfb-6bfa-41cf-9e48-3043a12024d9","block_type":"box","text":"accordance with applicable law and the Corporation’s Prospectus and Statement of Additional Information, as","page_number":45,"box":{"x":102,"y":725,"width":781,"height":11}},{"id":"1d0d32c2-16b6-40f0-b434-1bcaa7ed9bdc","block_type":"box","text":"they may be amended from time to time, and without registering as a commodity pool operator under the","page_number":45,"box":{"x":101,"y":740,"width":748,"height":11}},{"id":"c6f2ded2-0d3a-49d4-9e22-16999b6aeaa7","block_type":"box","text":"Commodity Exchange Act.","page_number":45,"box":{"x":102,"y":755,"width":181,"height":11}},{"id":"15611764-c867-49f5-97f0-5bb488f4a020","block_type":"box","text":"Under the non-fundamental investment restrictions of the National Fund and the Short Duration Fund, no Fund","page_number":45,"box":{"x":102,"y":778,"width":784,"height":10}},{"id":"032896c5-96f3-4770-86e4-69ccbaf2885d","block_type":"box","text":"may:","page_number":45,"box":{"x":69,"y":795,"width":32,"height":9}},{"id":"cb7ce6d0-017b-4341-857e-a6f4c3353a5f","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":45,"box":{"x":134,"y":816,"width":742,"height":11}},{"id":"ee8747d8-48a6-40c3-804e-877657e251a1","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":45,"box":{"x":102,"y":831,"width":759,"height":11}},{"id":"6be5f64d-e63b-4a4b-958b-967d2f5a2849","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":45,"box":{"x":102,"y":846,"width":779,"height":11}},{"id":"d319d7a7-08af-4d10-a867-f79b4370d80c","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":45,"box":{"x":101,"y":861,"width":761,"height":11}},{"id":"6687ba82-66b7-4dff-87bc-6f07076e8572","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":45,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"0e06576f-46aa-4064-9ddf-c3581f5f22da","block_type":"box","text":"12(d)(1).","page_number":45,"box":{"x":102,"y":891,"width":60,"height":11}},{"id":"6e769f27-55e6-4591-9855-b047321a838b","block_type":"box","text":"I-8","page_number":45,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"0e6653e6-add9-4739-9758-f762441e69df","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9194dda9-cb01-4d33-9304-dc64951ff553","block_type":"box","text":"b. Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":46,"box":{"x":134,"y":45,"width":765,"height":11}},{"id":"1109ab93-78b0-4787-b290-dc675055583e","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":46,"box":{"x":102,"y":60,"width":740,"height":11}},{"id":"01d9bfad-3c18-4e0b-9ffc-9b03f032f1fe","block_type":"box","text":"Except with respect to restriction (7), if a percentage restriction on the investment or use of assets set forth","page_number":46,"box":{"x":102,"y":82,"width":772,"height":12}},{"id":"48205863-1f94-4276-a84d-a55f1a64efc9","block_type":"box","text":"above is adhered to at the time a transaction is effected, later changes in percentages resulting from changing","page_number":46,"box":{"x":69,"y":98,"width":792,"height":11}},{"id":"9b5d1f13-14ca-4f6d-9ecf-2be37d17a6ec","block_type":"box","text":"values will not be considered a violation.","page_number":46,"box":{"x":68,"y":113,"width":289,"height":9}},{"id":"04a6a59f-09fb-4538-aae4-b83c78f47d9e","block_type":"box","text":"Also for purposes of investment restriction (2), tax-exempt securities issued by states, municipalities and their","page_number":46,"box":{"x":101,"y":135,"width":788,"height":11}},{"id":"9f5daf34-bb54-47d0-91df-76d3b38f3e54","block_type":"box","text":"political subdivisions are not considered to be part of any industry.","page_number":46,"box":{"x":70,"y":150,"width":474,"height":12}},{"id":"6ea07f1f-bfa4-4ce4-9466-e28359cbfafd","block_type":"box","text":"Notations Regarding each Fund’s Fundamental Investment Restrictions","page_number":46,"box":{"x":102,"y":173,"width":522,"height":11}},{"id":"310d07d6-ec0a-49d8-81e1-95cfa1019bb5","block_type":"box","text":"The following notations are not considered to be part of each Fund’s fundamental investment restrictions and","page_number":46,"box":{"x":101,"y":196,"width":782,"height":11}},{"id":"558dcdcf-7775-45b5-9df3-6132f603dc23","block_type":"box","text":"are subject to change without shareholder approval.","page_number":46,"box":{"x":69,"y":211,"width":369,"height":11}},{"id":"f1214384-27aa-4ec5-b6d0-a91623b4671d","block_type":"box","text":"For purposes of applying each Fund’s fundamental policy relating to concentration set forth in (2) above,","page_number":46,"box":{"x":102,"y":234,"width":742,"height":11}},{"id":"b73af7e9-25dc-4dd5-9b64-3da98772f145","block_type":"box","text":"municipal securities issued to finance a specific project, such as industrial development bonds and private activity","page_number":46,"box":{"x":69,"y":249,"width":815,"height":11}},{"id":"0bf51336-2fb7-4c47-aab3-7294ba2d23bf","block_type":"box","text":"bonds, are not excluded from the Fund’s 25% industry concentration limit, as they are considered to be in the","page_number":46,"box":{"x":69,"y":264,"width":783,"height":11}},{"id":"4a0107af-cd30-43bf-8fdc-85eb415ab504","block_type":"box","text":"industry of the relevant project. There also will be no limit on investment in issuers domiciled in a single jurisdiction","page_number":46,"box":{"x":70,"y":279,"width":823,"height":11}},{"id":"76dd8850-f659-4e21-9612-c3ab7543bf49","block_type":"box","text":"or country. Finance companies will be considered to be in the industries of their parents if their activities are primarily","page_number":46,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"12e22b78-58a4-4cf0-9fd7-840f86ce3842","block_type":"box","text":"related to financing the activities of the parents. Each foreign government will be considered to be a member of a","page_number":46,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"d11ad6af-c815-4b42-8419-564a8c354ef0","block_type":"box","text":"separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one or more of","page_number":46,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"df107b23-3ff4-49e2-9656-0f57cbacbf67","block_type":"box","text":"the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/","page_number":46,"box":{"x":68,"y":339,"width":830,"height":12}},{"id":"d5cd57b4-a001-45bd-a974-7d1d1f320d79","block_type":"box","text":"or as defined by Fund management. The policy also will be interpreted to give broad authority to the Fund as to how","page_number":46,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"642cdcca-d26e-47bf-b077-6a9fc3cfdf51","block_type":"box","text":"to classify issuers within or among industries.","page_number":46,"box":{"x":68,"y":370,"width":326,"height":11}},{"id":"c915179c-f37b-4a8d-9309-aa911942132d","block_type":"box","text":"With respect to each Fund’s fundamental policy relating to borrowing set forth in (7) above, the policy does not","page_number":46,"box":{"x":101,"y":392,"width":791,"height":12}},{"id":"9e963c00-f321-46ec-acd3-751e4725ea0b","block_type":"box","text":"restrict the Fund from obtaining leverage through tender option bond trust transactions, provided that the Fund either","page_number":46,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"1db4012c-6bd0-457e-af28-ba8cbb6f0d5a","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":46,"box":{"x":69,"y":423,"width":811,"height":11}},{"id":"d3eda01f-4f88-4986-932b-ea511265dc56","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “Investment Risks and","page_number":46,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"6896c213-2ce9-45d5-87fb-161386f29ad9","block_type":"box","text":"Considerations -- Derivatives -- Regulation of Derivatives -- Rule 18f-4 under the Investment Company Act” below.","page_number":46,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"6c331bca-c4d2-4a43-809c-1950546ea799","block_type":"box","text":"With respect to each Fund’s fundamental policy relating to underwriting set forth in (8) above, the Investment","page_number":46,"box":{"x":101,"y":475,"width":781,"height":12}},{"id":"cb1d718f-dca5-4d53-a328-be85e76c9afc","block_type":"box","text":"Company Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the","page_number":46,"box":{"x":69,"y":491,"width":774,"height":11}},{"id":"c70e1e37-29e8-471c-8823-6158c5b84b27","block_type":"box","text":"securities of other issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to","page_number":46,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"4e49f237-e4dd-4387-9459-491a84927e83","block_type":"box","text":"have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances","page_number":46,"box":{"x":69,"y":521,"width":787,"height":11}},{"id":"62f1bd9c-cddd-46b1-ac01-935dc7134373","block_type":"box","text":"currently are that the amount of the Fund’s underwriting commitments, when added to the value of the Fund’s","page_number":46,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"275eaffb-dc9a-4b15-89a5-cbdb0a3f671d","block_type":"box","text":"investments in issuers where the Fund owns more than 10% of the outstanding voting securities of those issuers,","page_number":46,"box":{"x":70,"y":551,"width":810,"height":11}},{"id":"576a0eed-a327-4d96-b6ee-a5ca5744e25c","block_type":"box","text":"cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of portfolio","page_number":46,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"8db0ace2-756b-4e3e-b8c8-b72dc08c2ee9","block_type":"box","text":"securities may be considered to be an underwriter under the Securities Act. Although it is not believed that the","page_number":46,"box":{"x":69,"y":581,"width":789,"height":12}},{"id":"bb91c117-2082-4878-a2f8-f1f58f8d7026","block_type":"box","text":"application of the Securities Act provisions described above would cause the Fund to be engaged in the business of","page_number":46,"box":{"x":69,"y":596,"width":826,"height":12}},{"id":"5d2535b7-4cd1-4f2b-a0dd-53b93d504ef2","block_type":"box","text":"underwriting, the policy in (8) above will be interpreted not to prevent the Fund from engaging in transactions involving","page_number":46,"box":{"x":69,"y":612,"width":840,"height":11}},{"id":"f8367a02-48e3-424f-ae34-db0960cfe5e0","block_type":"box","text":"the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an","page_number":46,"box":{"x":68,"y":627,"width":799,"height":11}},{"id":"72f026db-8381-474f-9741-f41c3d57cbea","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":46,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"511faf79-00a5-4e89-99bd-937cb2eb7596","block_type":"box","text":"applicable law.","page_number":46,"box":{"x":69,"y":657,"width":102,"height":11}},{"id":"5157c1bc-683f-439b-99db-b9d7073c8e9b","block_type":"box","text":"Unless otherwise indicated, all limitations under each Fund’s fundamental or non-fundamental investment","page_number":46,"box":{"x":102,"y":680,"width":755,"height":10}},{"id":"b70cbdde-199a-41f0-b700-68cfa91da46f","block_type":"box","text":"restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s","page_number":46,"box":{"x":69,"y":695,"width":791,"height":11}},{"id":"be9ae50c-6057-4adb-814b-cc201f949413","block_type":"box","text":"assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the","page_number":46,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"d954c28f-953f-45de-a944-0b3b4f4d16ab","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":46,"box":{"x":70,"y":725,"width":780,"height":11}},{"id":"c9e9d2da-9f03-4a47-8fea-4576c6431183","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":46,"box":{"x":70,"y":740,"width":642,"height":11}},{"id":"f3eb8f3a-2642-46a1-b688-11d7a65e2c1c","block_type":"box","text":"III. Information on Directors and Officers","page_number":46,"box":{"x":69,"y":770,"width":294,"height":9}},{"id":"47e7bbed-2302-455a-924a-54a16d7b2514","block_type":"box","text":"The Board consists of ten individuals (each a “Director”), eight of whom are not “interested persons” of the","page_number":46,"box":{"x":101,"y":793,"width":768,"height":11}},{"id":"ddace88c-9312-4a8e-88b5-ea3e0ec5dcec","block_type":"box","text":"Corporation as defined in the Investment Company Act (the “Independent Directors”). The registered investment","page_number":46,"box":{"x":69,"y":808,"width":799,"height":11}},{"id":"aa02a02e-1e99-4587-8d6d-8bd27f2c9348","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":46,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"d2f78ebe-4c6b-4a4b-bda8-821d613503e0","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":46,"box":{"x":70,"y":838,"width":793,"height":11}},{"id":"36d1f12f-2ca7-4bb6-8e08-578fd52f4b1f","block_type":"box","text":"Complex”). The Funds are included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income","page_number":46,"box":{"x":69,"y":853,"width":782,"height":11}},{"id":"0d304783-4a96-46b3-8ab4-f35afaccf148","block_type":"box","text":"Complex. The Directors also oversee as board members the operations of the other open-end and closed-end","page_number":46,"box":{"x":69,"y":869,"width":779,"height":11}},{"id":"344ce4f2-cf65-4692-a5de-2f7869fd05ae","block_type":"box","text":"registered investment companies included in the BlackRock Fixed-Income Complex.","page_number":46,"box":{"x":69,"y":884,"width":592,"height":11}},{"id":"e2fbbd09-4098-4cd8-aec6-6550580b0376","block_type":"box","text":"I-9","page_number":46,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8613801a-a235-4533-9280-c718d4607e6b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e43f88b-7723-47e6-a9e3-09ebe7643f1e","block_type":"box","text":"The Board has overall responsibility for the oversight of the Corporation and the Funds. The Chair of the Board","page_number":47,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"be63f836-3063-4c54-8d59-7369675a7b52","block_type":"box","text":"and the Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Director, but","page_number":47,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"12d1ba10-5ca7-45e5-bc14-d26044a67bea","block_type":"box","text":"also the Chair of each Board committee (each, a “Committee”) is an Independent Director. The Board has six","page_number":47,"box":{"x":69,"y":75,"width":780,"height":11}},{"id":"8c3cc4fa-920b-40e4-9657-932bc56774f6","block_type":"box","text":"standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":47,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"fed74b5f-370b-4c46-b120-ddb760d7ece3","block_type":"box","text":"Performance Oversight Committee, a Securities Lending Committee and an Executive Committee. The role of the","page_number":47,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"28d4eac8-df10-437e-b16f-2d60d7127523","block_type":"box","text":"Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service providers, officers,","page_number":47,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"1a402181-58c3-4a0c-aa68-d63086367b3f","block_type":"box","text":"attorneys, and other Directors between meetings. The Chair of each Committee performs a similar role with respect","page_number":47,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"f6115658-5934-476a-ba6f-c982887e043b","block_type":"box","text":"to the Committee. The Chair of the Board or a Committee may also perform such other functions as may be","page_number":47,"box":{"x":68,"y":150,"width":770,"height":12}},{"id":"2be2dd22-8e78-43f7-9c80-aa85133fbc34","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Directors meet regularly outside the","page_number":47,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"0874d68c-aaa7-43e5-9902-c1c09d9daa0f","block_type":"box","text":"presence of Fund management, in executive sessions or with other service providers to the Funds. The Board has","page_number":47,"box":{"x":70,"y":181,"width":811,"height":11}},{"id":"b66f3804-bb1d-4c02-af64-543d50f3da4b","block_type":"box","text":"regular meetings five times a year, including a meeting to consider the approval of the Funds’ investment","page_number":47,"box":{"x":69,"y":196,"width":749,"height":11}},{"id":"b5ad0c21-1ce3-40f3-b619-c4c9aae552f7","block_type":"box","text":"management agreement, and, if necessary, may hold special meetings before its next regular meeting. The Audit","page_number":47,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"3c98edc1-8fda-4e6e-ae06-731e9d4925fe","block_type":"box","text":"Committee, the Governance and Nominating Committee, the Compliance Committee, the Performance Oversight","page_number":47,"box":{"x":69,"y":226,"width":801,"height":11}},{"id":"45d86a4c-ef04-4de5-a29c-3ba7769c17ad","block_type":"box","text":"Committee and the Securities Lending Committee each meets regularly and the Executive Committee meets on an ad","page_number":47,"box":{"x":69,"y":241,"width":837,"height":11}},{"id":"3463c7cf-2eaf-4e8f-a8cd-ba1550cea02c","block_type":"box","text":"hoc basis to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the","page_number":47,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"09620904-a972-4a3c-89b8-814e95e40f5f","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":47,"box":{"x":70,"y":271,"width":773,"height":12}},{"id":"29f3fa0d-0ca7-4599-b0a8-83a3a61efa82","block_type":"box","text":"structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board","page_number":47,"box":{"x":69,"y":287,"width":838,"height":10}},{"id":"8688c9c3-8e5f-49f5-8e60-556ac10eb9d6","block_type":"box","text":"to exercise independent judgment over management and to allocate areas of responsibility among Committees and","page_number":47,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"7d423207-db80-4c26-b985-b47ab790c21d","block_type":"box","text":"the Board to enhance oversight.","page_number":47,"box":{"x":68,"y":317,"width":227,"height":11}},{"id":"4196fa04-6183-41f1-bf27-c6cf4cd9bc0c","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":47,"box":{"x":101,"y":339,"width":805,"height":12}},{"id":"23206763-5d0b-45dc-bac5-8f8473bdc874","block_type":"box","text":"an independent Chair:","page_number":47,"box":{"x":69,"y":355,"width":155,"height":11}},{"id":"5191597a-c896-49cb-84d7-55fe3fee1277","block_type":"box","text":"•","page_number":47,"box":{"x":102,"y":378,"width":6,"height":4}},{"id":"1dc5c5e0-0186-42b0-911a-cca5d7e41ed0","block_type":"box","text":"increases the independent oversight of the Funds and enhances the Board’s objective evaluation of the","page_number":47,"box":{"x":135,"y":375,"width":737,"height":11}},{"id":"d6b77628-32cc-4d6a-8237-2726aa027af2","block_type":"box","text":"Chief Executive Officer;","page_number":47,"box":{"x":134,"y":390,"width":164,"height":10}},{"id":"3689ffde-8cde-4a5c-b9ac-2bc48f319246","block_type":"box","text":"•","page_number":47,"box":{"x":102,"y":413,"width":6,"height":4}},{"id":"f2e2ea45-842d-4ecc-b475-322cc288e569","block_type":"box","text":"allows the Chief Executive Officer to focus on the Funds’ operations instead of Board administration;","page_number":47,"box":{"x":134,"y":410,"width":717,"height":11}},{"id":"153aa48f-6140-4c0a-be74-91930597ef13","block_type":"box","text":"•","page_number":47,"box":{"x":102,"y":433,"width":6,"height":5}},{"id":"868081a5-7654-45ce-9aa1-54fc2901083e","block_type":"box","text":"provides greater opportunities for direct and independent communication between shareholders and the","page_number":47,"box":{"x":135,"y":430,"width":742,"height":11}},{"id":"e86e3166-ce95-45a1-bb4f-22b65c99fa64","block_type":"box","text":"Board; and","page_number":47,"box":{"x":135,"y":446,"width":76,"height":10}},{"id":"08180400-4aa1-436c-b3a8-da8ff4c00fd4","block_type":"box","text":"•","page_number":47,"box":{"x":102,"y":468,"width":6,"height":5}},{"id":"50f8db2b-9444-4b28-9d38-88af1a144c0d","block_type":"box","text":"provides an independent spokesman for the Funds.","page_number":47,"box":{"x":135,"y":465,"width":364,"height":11}},{"id":"fa55ad24-8bf6-4dff-a0fd-decd27822147","block_type":"box","text":"The Board has engaged the Manager to manage each Fund on a day-to-day basis. The Board is responsible for","page_number":47,"box":{"x":101,"y":488,"width":788,"height":11}},{"id":"08094888-272d-4d84-b13a-7de6cff7ea5c","block_type":"box","text":"overseeing the Manager, other service providers, the operations of each Fund and associated risks in accordance","page_number":47,"box":{"x":69,"y":503,"width":810,"height":12}},{"id":"d7504712-bbab-4ab8-a495-cbb5688a9e8c","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Funds’ charter, and the","page_number":47,"box":{"x":68,"y":518,"width":800,"height":11}},{"id":"74b97d96-c7db-42b2-a93f-bfe46fe33c71","block_type":"box","text":"Funds’ investment objectives and strategies. The Board reviews, on an ongoing basis, each Fund’s performance,","page_number":47,"box":{"x":70,"y":533,"width":803,"height":12}},{"id":"16e8e06b-effc-48e0-945c-e277ee0b63bc","block_type":"box","text":"operations, and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":47,"box":{"x":69,"y":549,"width":828,"height":11}},{"id":"8c319478-f562-4053-9ff4-faf8d19cdac2","block_type":"box","text":"in running the operations of the Funds.","page_number":47,"box":{"x":70,"y":564,"width":275,"height":11}},{"id":"b5f8f543-3803-40cb-9d84-fb9d8475ce9b","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager, sub-advisers or other","page_number":47,"box":{"x":102,"y":586,"width":805,"height":12}},{"id":"fc0960a6-4b6a-4bd0-a2ad-1defd514eba2","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Funds are","page_number":47,"box":{"x":69,"y":601,"width":806,"height":12}},{"id":"122a5977-bc22-44c5-8024-405ba5357ecc","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":47,"box":{"x":69,"y":617,"width":832,"height":11}},{"id":"1e23551a-f22d-459a-a75e-5e06f18287f4","block_type":"box","text":"there are a number of risk management functions performed by the Manager, sub-advisers or other service providers,","page_number":47,"box":{"x":68,"y":632,"width":839,"height":11}},{"id":"cda89cf4-7d9a-4e12-adf3-ffa121aa51b1","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight is part of the","page_number":47,"box":{"x":69,"y":647,"width":798,"height":11}},{"id":"35e73968-f7f3-4af8-884f-9bef59928fa0","block_type":"box","text":"Board’s general oversight of each Fund and is addressed as part of various Board and Committee activities. The","page_number":47,"box":{"x":70,"y":662,"width":801,"height":11}},{"id":"19717834-0830-4c8b-882d-e08debb122a8","block_type":"box","text":"Board, directly or through Committees, also reviews reports from, among others, management, the independent","page_number":47,"box":{"x":70,"y":677,"width":799,"height":11}},{"id":"067dbe93-d133-4a7e-8c9e-7962e5726b0e","block_type":"box","text":"registered public accounting firm for each Fund, the Manager, sub-advisers and internal auditors for the Manager or","page_number":47,"box":{"x":69,"y":692,"width":823,"height":11}},{"id":"7f1f6764-ca66-47e2-a98b-9ffe9bc26564","block_type":"box","text":"its affiliates, as appropriate, regarding risks faced by each Fund and management’s or the service provider’s risk","page_number":47,"box":{"x":70,"y":707,"width":807,"height":12}},{"id":"ca1bf9fe-cdc5-414e-95a2-55b2d4777814","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Directors and","page_number":47,"box":{"x":68,"y":722,"width":811,"height":12}},{"id":"667bcab4-9200-46e6-81ce-85b52858d14f","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of each Fund’s activities and","page_number":47,"box":{"x":68,"y":738,"width":829,"height":11}},{"id":"3ac91781-f380-43d8-acbf-4553aae45d53","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":47,"box":{"x":69,"y":753,"width":831,"height":11}},{"id":"53a4b448-2736-4ace-8172-e3ad448b1137","block_type":"box","text":"implementation and testing of the Funds’ compliance program and reports regularly to the Board regarding","page_number":47,"box":{"x":70,"y":768,"width":760,"height":11}},{"id":"0fa41906-c5ed-4170-ab4e-22bcac2b6916","block_type":"box","text":"compliance matters for the Funds and their service providers. The Independent Directors have engaged independent","page_number":47,"box":{"x":69,"y":783,"width":830,"height":11}},{"id":"b41d64b2-adab-4de6-a999-27391428bb0d","block_type":"box","text":"legal counsel to assist them in performing their oversight responsibilities.","page_number":47,"box":{"x":70,"y":798,"width":524,"height":11}},{"id":"4b753185-8286-4f4c-9727-1fa38f2863ee","block_type":"box","text":"Audit Committee.","page_number":47,"box":{"x":101,"y":821,"width":122,"height":9}},{"id":"fb476028-6bab-4bbe-8758-e45a89abdb5c","block_type":"box","text":"The Board has a standing Audit Committee composed of Catherine A. Lynch (Chair), Lorenzo A.","page_number":47,"box":{"x":229,"y":821,"width":676,"height":11}},{"id":"7dcc2889-1e5e-4041-895c-8a5359d82b78","block_type":"box","text":"Flores, J. Phillip Holloman and Arthur P. Steinmetz, all of whom are Independent Directors. The principal","page_number":47,"box":{"x":70,"y":836,"width":737,"height":11}},{"id":"39599b09-035c-49f2-a217-4fd28077d79f","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the","page_number":47,"box":{"x":69,"y":851,"width":834,"height":11}},{"id":"bbe7cb4f-40c3-4d2a-a642-7fcf6393cb5a","block_type":"box","text":"accounting and financial reporting policies and practices of the Funds. The Audit Committee’s responsibilities","page_number":47,"box":{"x":69,"y":866,"width":781,"height":11}},{"id":"78742b75-2132-45e0-847a-92b83e59474f","block_type":"box","text":"include, without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention,","page_number":47,"box":{"x":70,"y":881,"width":813,"height":11}},{"id":"aed34230-a4c0-429c-874d-7c2426ced28f","block_type":"box","text":"termination and compensation of the Funds’ independent registered public accounting firm (the “Independent","page_number":47,"box":{"x":68,"y":896,"width":782,"height":12}},{"id":"d6ba6395-4bb4-4164-bc3e-2e5a71a1cdb0","block_type":"box","text":"Registered Public Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered","page_number":47,"box":{"x":70,"y":911,"width":820,"height":12}},{"id":"77bde63e-1baf-4d01-be3f-11af19ff4439","block_type":"box","text":"I-10","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cfe08771-0cb9-4652-a3ff-b5b4871959a1","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"322db9e5-ebbd-4e88-b1b2-907d0bc85dd5","block_type":"box","text":"Public Accounting Firm; (ii) approving all audit engagement terms and fees for the Funds; (iii) reviewing the conduct","page_number":48,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"99e59ede-c8c6-42a2-b5f3-607ab5f3963a","block_type":"box","text":"and results of each audit; (iv) reviewing any issues raised by the Funds’ Independent Registered Public Accounting","page_number":48,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"0df48143-b57a-41b2-8c54-d6961e81ef9e","block_type":"box","text":"Firm or management regarding the accounting or financial reporting policies and practices of the Funds, their internal","page_number":48,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"9956f928-aa6e-46c1-b3be-882d75cd95b9","block_type":"box","text":"controls, and, as appropriate, the internal controls of certain service providers and management’s response to any","page_number":48,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"dd73cd1a-d64b-4eb9-bd62-8fb8674092fb","block_type":"box","text":"such issues; (v) reviewing and discussing the Funds’ audited and unaudited financial statements and disclosure in","page_number":48,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"9677f45a-4d2b-408f-9c23-e9764c82080a","block_type":"box","text":"the Funds’ shareholder reports relating to the Funds’ performance; (vi) assisting the Board’s responsibilities with","page_number":48,"box":{"x":68,"y":120,"width":809,"height":12}},{"id":"122cc515-b698-48e7-b882-746e1d60b175","block_type":"box","text":"respect to the internal controls of the Funds and their service providers with respect to accounting and financial","page_number":48,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"c4041405-24b0-4413-a369-ead790fdb325","block_type":"box","text":"matters; and (vii) resolving any disagreements between the Funds’ management and the Funds’ Independent","page_number":48,"box":{"x":69,"y":151,"width":777,"height":11}},{"id":"c47889fe-d519-4e67-bd94-c1ef9f889a91","block_type":"box","text":"Registered Public Accounting Firm regarding financial reporting. The Board has adopted a written charter for the","page_number":48,"box":{"x":70,"y":166,"width":795,"height":11}},{"id":"4b78f036-17e5-45df-839c-3b585e5ee613","block_type":"box","text":"Board’s Audit Committee. During the fiscal year ended June 30, 2025, the Audit Committee met nine times.","page_number":48,"box":{"x":70,"y":181,"width":769,"height":11}},{"id":"689d0955-78a3-4e3c-8c40-2bf7c89d7001","block_type":"box","text":"Governance and Nominating Committee.","page_number":48,"box":{"x":102,"y":203,"width":286,"height":12}},{"id":"36becfc1-2e77-473a-aa71-8d27363cebc6","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":48,"box":{"x":394,"y":203,"width":471,"height":12}},{"id":"488c8ea9-e321-431c-952a-712266e46f84","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman, R. Glenn Hubbard and Catherine A. Lynch,","page_number":48,"box":{"x":69,"y":218,"width":819,"height":12}},{"id":"bee4ab0d-7694-4372-99fb-34252e75d2f5","block_type":"box","text":"all of whom are Independent Directors. The principal responsibilities of the Governance and Nominating Committee","page_number":48,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"bf42eea5-7a0b-4ee8-a5bc-743b5bff9c0a","block_type":"box","text":"are: (i) identifying individuals qualified to serve as Independent Directors and recommending Board nominees that","page_number":48,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"7a55f8b3-c628-4519-80b2-94c07e421f97","block_type":"box","text":"are not “interested persons” of the Funds (as defined in the Investment Company Act) for election by shareholders or","page_number":48,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"b868c02c-2d63-4df6-b2a7-169b51276b09","block_type":"box","text":"appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of","page_number":48,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"1fdee71d-47d7-44d0-9514-8222d722a86d","block_type":"box","text":"the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees","page_number":48,"box":{"x":68,"y":294,"width":829,"height":11}},{"id":"64c05d26-b8d7-41ec-9998-b6f86c5e9bf9","block_type":"box","text":"of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent","page_number":48,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"dd590118-142f-4d80-a9be-8be05f11b94b","block_type":"box","text":"Director compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof","page_number":48,"box":{"x":70,"y":324,"width":837,"height":12}},{"id":"90117ace-b607-457a-88dd-b0deb14cebb4","block_type":"box","text":"to the Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee","page_number":48,"box":{"x":68,"y":340,"width":820,"height":11}},{"id":"7bc629c1-11aa-45c8-b62f-2bc86c87a758","block_type":"box","text":"policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent","page_number":48,"box":{"x":70,"y":355,"width":796,"height":11}},{"id":"3a50aa80-15ac-45c5-91fe-22d412f193ff","block_type":"box","text":"Directors; and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the","page_number":48,"box":{"x":70,"y":370,"width":817,"height":11}},{"id":"ca295983-54c7-4179-ba68-649d9a20cdc2","block_type":"box","text":"Independent Directors. The Board has adopted a written charter for the Board’s Governance and Nominating","page_number":48,"box":{"x":70,"y":385,"width":773,"height":11}},{"id":"7c80cab8-2bd9-4997-9982-5bf223cb56de","block_type":"box","text":"Committee. During the fiscal year ended June 30, 2025, the Governance and Nominating Committee met four times.","page_number":48,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"09175830-e0ff-4e67-9df4-47eaf9db8eca","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":48,"box":{"x":101,"y":423,"width":803,"height":11}},{"id":"cd3009eb-0485-4dc9-97b5-2898dfb798e8","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":48,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"56a4b32b-408c-4767-91cc-7ab2cd8a760c","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Funds’ activities. In so doing, the Governance and","page_number":48,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"be60a509-b703-4b74-b126-25b890d02e0a","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Directors and their tenure on the Board,","page_number":48,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"2df1628f-b39e-4894-9ef0-ec9d4a4d5f7a","block_type":"box","text":"and the skills, background and experiences of the Directors in light of the issues facing the Funds in determining","page_number":48,"box":{"x":69,"y":483,"width":805,"height":11}},{"id":"c5cc4e59-425c-4bbb-8aae-c8e786be08eb","block_type":"box","text":"whether one or more new directors should be added to the Board. The Board as a group strives to achieve diversity in","page_number":48,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"0a5567df-1d48-42c3-b68c-7916f372fe60","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":48,"box":{"x":68,"y":513,"width":775,"height":12}},{"id":"d7c3883f-3445-4af0-937a-506503c8dd1f","block_type":"box","text":"Directors as a group possess the array of skills, experiences and backgrounds necessary to guide the Funds. The","page_number":48,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"78f5274c-481a-4150-854b-d551ceac9017","block_type":"box","text":"Directors biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that the","page_number":48,"box":{"x":70,"y":543,"width":838,"height":12}},{"id":"1f8d30ba-3ee4-4f67-bf0d-5df63d4bc01a","block_type":"box","text":"Directors bring to the Funds.","page_number":48,"box":{"x":70,"y":559,"width":200,"height":11}},{"id":"db375ee8-909f-4e57-9a22-42893b4c4f62","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Directors made by the Funds’","page_number":48,"box":{"x":101,"y":581,"width":743,"height":12}},{"id":"ec8bc50d-8867-4858-8e9f-88a29d8e9482","block_type":"box","text":"shareholders as it deems appropriate. Under each Corporation’s Bylaws, shareholders must follow certain","page_number":48,"box":{"x":69,"y":596,"width":757,"height":12}},{"id":"7b33c00d-d87b-4662-819f-586c212148ce","block_type":"box","text":"procedures to nominate a person for election as a Director at a shareholder meeting at which Directors are to be","page_number":48,"box":{"x":70,"y":612,"width":804,"height":11}},{"id":"31fdb0d7-0adb-4ba4-9691-8f43caa1c345","block_type":"box","text":"elected. Under these advance notice procedures, shareholders must submit the proposed nominee by delivering a","page_number":48,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"8fa6d9dc-9e96-47fd-8390-9c24d3806893","block_type":"box","text":"notice to the Secretary of each Fund at its principal executive offices no later than the close of business on the fifth","page_number":48,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"7a0aab01-5462-4930-bab0-ed565a1622a4","block_type":"box","text":"(5th) day following the day on which notice of the date of the meeting was mailed or public disclosure of the date of","page_number":48,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"4d337922-eae9-4504-838e-ca5c1ac8643c","block_type":"box","text":"the meeting was made, whichever first occurs.","page_number":48,"box":{"x":68,"y":672,"width":330,"height":11}},{"id":"b408962f-6400-442e-9f05-7ad62cb9bba3","block_type":"box","text":"The Corporation’s Bylaws provide that notice of a proposed nomination must include certain information about","page_number":48,"box":{"x":101,"y":695,"width":789,"height":11}},{"id":"79f97e43-62fb-45da-8ca1-e4ebdedbe052","block_type":"box","text":"the shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":48,"box":{"x":68,"y":710,"width":820,"height":11}},{"id":"fe00ee82-5466-4f3b-83a3-d1b591d00767","block_type":"box","text":"nominee to serve if elected. Reference is made to each Corporation’s Bylaws for more details.","page_number":48,"box":{"x":69,"y":725,"width":673,"height":11}},{"id":"bdd481be-f9ea-4f81-8940-133bda4ca8aa","block_type":"box","text":"Compliance Committee.","page_number":48,"box":{"x":102,"y":748,"width":168,"height":11}},{"id":"af1c31d1-3f9c-482c-802b-ecc4b60b61ed","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":48,"box":{"x":276,"y":748,"width":628,"height":11}},{"id":"5608f22c-841d-40bd-b48c-4bf28b30ff50","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Directors. The Compliance Committee’s","page_number":48,"box":{"x":70,"y":763,"width":815,"height":11}},{"id":"9abd6adb-103c-499d-9735-95c8dc6f7b54","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":48,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"fbbfe5d1-a1ae-4751-8667-a7bb2ee47a50","block_type":"box","text":"compliance matters involving the Corporation, the fund-related activities of BlackRock, and any sub-adviser and the","page_number":48,"box":{"x":69,"y":793,"width":818,"height":11}},{"id":"64bb1431-c325-4328-ae61-967cdbf865e0","block_type":"box","text":"Corporation’s other third party service providers. The Compliance Committee’s responsibilities include, without","page_number":48,"box":{"x":69,"y":808,"width":792,"height":11}},{"id":"5c595887-3f91-4f5b-8049-c40e106257b3","block_type":"box","text":"limitation: (i) overseeing the compliance policies and procedures of the Corporation and its service providers and","page_number":48,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"a5caf56b-2f88-424c-9d36-992374f4cebe","block_type":"box","text":"recommending changes or additions to such policies and procedures; (ii) reviewing information on and, where","page_number":48,"box":{"x":69,"y":838,"width":781,"height":12}},{"id":"c3cdc53c-c947-43ff-bcf3-ac0b7623ade9","block_type":"box","text":"appropriate, recommending policies concerning the Corporation’s compliance with applicable law; (iii) reviewing","page_number":48,"box":{"x":69,"y":854,"width":792,"height":11}},{"id":"74296c7e-fcf2-4704-8a95-dcf67b2d83f5","block_type":"box","text":"information on any significant correspondence with or other actions by regulators or governmental agencies with","page_number":48,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"bae86b74-1ca4-4603-b131-bbc429abba09","block_type":"box","text":"respect to each Funds and any employee complaints or published reports that raise concerns regarding compliance","page_number":48,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"0f6e0701-a4a5-4416-9819-56adf4c09b29","block_type":"box","text":"matters; and (iv) reviewing reports from, overseeing the annual performance review of, and making certain","page_number":48,"box":{"x":69,"y":899,"width":760,"height":11}},{"id":"8e7fbf74-56e1-4fd6-ad99-3067e68a587c","block_type":"box","text":"I-11","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"272ae3af-e326-4c74-bfd1-a47033aa253b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"addc1741-2169-455d-a8ce-d03b6e0e0fe1","block_type":"box","text":"recommendations in respect of, the Corporation’s CCO, including, without limitation, determining the amount and","page_number":49,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"f62b5ac8-1ff0-43e8-9c80-67074b187be9","block_type":"box","text":"structure of the CCO’s compensation. The Board has adopted a written charter for the Board’s Compliance","page_number":49,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"ad7b641c-4123-4db3-aac9-ca962dfddfc6","block_type":"box","text":"Committee. During the fiscal year ended June 30, 2025, the Compliance Committee met four times.","page_number":49,"box":{"x":69,"y":75,"width":713,"height":11}},{"id":"cb4ccc8d-7d9a-467e-8362-77e3a988e77a","block_type":"box","text":"Per formance Oversight Committee.","page_number":49,"box":{"x":102,"y":98,"width":248,"height":11}},{"id":"38764954-7139-4b69-b6d3-02449271ded4","block_type":"box","text":"The Board has a Performance Oversight Committee composed of Arthur P.","page_number":49,"box":{"x":356,"y":98,"width":530,"height":11}},{"id":"4fc11784-97a9-4f89-939f-d61755e73614","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard, W. Carl","page_number":49,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"ce6a0a43-91b9-40fc-b4cf-b79ecd451428","block_type":"box","text":"Kester and Catherine A. Lynch, all of whom are Independent Directors. The Performance Oversight Committee’s","page_number":49,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"81c26936-a861-4c6a-9e7c-2aa57f25ae66","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility to oversee the Funds’ investment performance relative to","page_number":49,"box":{"x":70,"y":143,"width":829,"height":11}},{"id":"25ff069f-58d4-40d7-b2d0-3c97d60e11ab","block_type":"box","text":"the Funds’ investment objective, policies and practices. The Performance Oversight Committee’s responsibilities","page_number":49,"box":{"x":68,"y":158,"width":804,"height":11}},{"id":"6616fedf-3975-4e45-85f9-c9af0fbce498","block_type":"box","text":"include, without limitation: (i) reviewing the Funds’ investment objective, policies and practices; (ii) recommending to","page_number":49,"box":{"x":70,"y":173,"width":827,"height":11}},{"id":"2e3d246e-8548-401d-9082-9a0933dcb416","block_type":"box","text":"the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":49,"box":{"x":68,"y":188,"width":809,"height":12}},{"id":"2a48734e-9714-4038-9211-719d481323ea","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Funds’ investment","page_number":49,"box":{"x":69,"y":203,"width":834,"height":12}},{"id":"142342a9-2350-4822-b170-a55e65bda483","block_type":"box","text":"performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters;","page_number":49,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"d64d72df-f24c-4601-bd3f-5cac7da91d97","block_type":"box","text":"(vi) reviewing whether each Fund has complied with its investment policies and restrictions; and (vii) overseeing","page_number":49,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"e3f57bd8-f095-4bb1-a87b-4fbbae9118fd","block_type":"box","text":"policies, procedures and controls regarding valuation of the Funds’ investments. The Board has adopted a written","page_number":49,"box":{"x":70,"y":249,"width":809,"height":11}},{"id":"50b04b36-2048-4dc0-a8f6-c2b83d633f67","block_type":"box","text":"charter for the Board’s Performance Oversight Committee. During the fiscal year ended June 30, 2025, the","page_number":49,"box":{"x":69,"y":264,"width":765,"height":11}},{"id":"d94f3f35-5fce-478b-8948-58aba231b801","block_type":"box","text":"Performance Oversight Committee met four times.","page_number":49,"box":{"x":69,"y":279,"width":358,"height":11}},{"id":"da3cbea3-8df6-4b86-a7f7-ad79f8bf3500","block_type":"box","text":"Securities Lending Committee.","page_number":49,"box":{"x":102,"y":302,"width":217,"height":11}},{"id":"35cc9f68-4c0e-4ce7-9f97-747bdab8a8a8","block_type":"box","text":"The Board has a Securities Lending Committee composed of Catherine A. Lynch","page_number":49,"box":{"x":325,"y":302,"width":570,"height":11}},{"id":"2e6e733c-62c1-467c-ad54-d15f3f073023","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, all of whom are Independent Directors. The principal responsibilities of","page_number":49,"box":{"x":69,"y":317,"width":818,"height":11}},{"id":"86188abf-42f7-4a96-b5f8-09665b595b38","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) supporting, overseeing and organizing on behalf of","page_number":49,"box":{"x":68,"y":332,"width":820,"height":11}},{"id":"6563f92e-36b7-4348-bc2d-1241b653a95d","block_type":"box","text":"the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to","page_number":49,"box":{"x":68,"y":347,"width":834,"height":11}},{"id":"78c7c70f-012d-4e12-b46c-c93c67e7d025","block_type":"box","text":"the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with","page_number":49,"box":{"x":68,"y":362,"width":827,"height":11}},{"id":"42eeb5c7-8b2b-446b-ba27-e05653a177d1","block_type":"box","text":"the lending agent. The Board has adopted a written charter for the Board’s Securities Lending Committee. During","page_number":49,"box":{"x":68,"y":377,"width":809,"height":12}},{"id":"a36a6bab-fd2c-4058-b21c-9ba7436d6b67","block_type":"box","text":"fiscal year ended June 30, 2025, the Securities Lending Committee met two times.","page_number":49,"box":{"x":68,"y":392,"width":594,"height":12}},{"id":"97f64802-2d9a-4e1d-b774-2ab0345534cd","block_type":"box","text":"Executive Committee.","page_number":49,"box":{"x":102,"y":415,"width":152,"height":9}},{"id":"f50d584c-5b83-4e98-a793-5fa908c492dc","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":49,"box":{"x":260,"y":415,"width":645,"height":11}},{"id":"bf5a59ae-f321-464d-a5fb-a96d5189638c","block_type":"box","text":"Kester, both of whom are Independent Directors, and John M. Perlowski, who serves as an interested Director. The","page_number":49,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"82cf7c2f-062c-4ef4-af03-82cd89f6bc53","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":49,"box":{"x":70,"y":445,"width":832,"height":12}},{"id":"8de898b2-d710-45d6-85cc-83a019349904","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":49,"box":{"x":69,"y":460,"width":828,"height":12}},{"id":"b49fb08d-edb0-4eee-a9f8-90ae5ecbb0a2","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":49,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"de6207a4-ad38-43b8-a287-8fd343827a9e","block_type":"box","text":"The Board has adopted a written charter for the Board’s Executive Committee. During the fiscal year ended","page_number":49,"box":{"x":68,"y":491,"width":764,"height":11}},{"id":"a31a082c-bfad-4137-9906-ba3fbfa96254","block_type":"box","text":"June 30, 2025, the Executive Committee did not met.","page_number":49,"box":{"x":69,"y":506,"width":382,"height":10}},{"id":"5be05e30-518c-47dd-9bc7-ba8c99e54527","block_type":"box","text":"The Independent Directors have adopted a statement of policy that describes the experiences, qualifications,","page_number":49,"box":{"x":101,"y":528,"width":778,"height":12}},{"id":"2ddeae8a-7e0b-4181-9c62-b7d9ad608596","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Director candidates (the “Statement","page_number":49,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"37ad39ca-3350-40cf-bea0-da0ef46b8100","block_type":"box","text":"of Policy”). The Board believes that each Independent Director satisfied, at the time he or she was initially elected or","page_number":49,"box":{"x":69,"y":559,"width":833,"height":11}},{"id":"65189433-2eee-4927-96eb-54907fc27192","block_type":"box","text":"appointed a Director, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":49,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"9205e298-2775-4555-b9a4-d237965ac852","block_type":"box","text":"standards set forth in the Corporation’s Bylaws. Furthermore, in determining that a particular Director was and","page_number":49,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"3647f3f3-48a6-4536-af1c-908cd8f6883d","block_type":"box","text":"continues to be qualified to serve as a Director, the Board has considered a variety of criteria, none of which, in","page_number":49,"box":{"x":69,"y":604,"width":796,"height":11}},{"id":"33cfebca-b6cb-4b3f-a25d-05b2c6f5a446","block_type":"box","text":"isolation, was controlling. The Board believes that, collectively, the Directors have balanced and diverse experiences,","page_number":49,"box":{"x":70,"y":619,"width":831,"height":11}},{"id":"f2b638f0-021c-43ea-bd9a-fb2a525c0c19","block_type":"box","text":"skills, attributes and qualifications, which allow the Board to operate effectively in governing each Fund and","page_number":49,"box":{"x":69,"y":634,"width":766,"height":12}},{"id":"facb509e-cd3a-44ae-9a42-d8c39703a014","block_type":"box","text":"protecting the interests of shareholders. Among the attributes common to all Directors is their ability to review","page_number":49,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"b538cb6b-751b-46fc-97bb-096d15df27a2","block_type":"box","text":"critically, evaluate, question and discuss information provided to them, to interact effectively with the Manager, sub","page_number":49,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"89e1440f-bc07-4293-8cb7-3bc4ec1b82b9","block_type":"box","text":"advisers, other service providers, counsel and independent auditors, and to exercise effective business judgment in","page_number":49,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"4656ea58-9410-4c1c-a8f4-144aef20c949","block_type":"box","text":"the performance of their duties as Directors. Each Director’s ability to perform his or her duties effectively is","page_number":49,"box":{"x":68,"y":695,"width":776,"height":11}},{"id":"1b86da9b-05f8-4a2f-8b2b-048df67b9bdb","block_type":"box","text":"evidenced by his or her educational background or professional training; business, consulting, public service or","page_number":49,"box":{"x":69,"y":710,"width":793,"height":11}},{"id":"322f8ce2-4a77-4899-bb0c-3f3d4f787e67","block_type":"box","text":"academic positions; experience from service as a board member of the Corporation or the other funds in the","page_number":49,"box":{"x":69,"y":725,"width":774,"height":11}},{"id":"4b00c8d2-c4e9-4235-872d-d769690568bb","block_type":"box","text":"BlackRock Fund Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit","page_number":49,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"f2b3ec49-72a1-4e68-819b-3418c3aa5f14","block_type":"box","text":"entities or other organizations; ongoing commitment and participation in Board and Committee meetings, as well as","page_number":49,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"3dba3d5e-9e32-4b62-af48-da0980c0eca5","block_type":"box","text":"his or her leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":49,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"6fc7b088-fe85-4a1b-9a4d-419ee97eca31","block_type":"box","text":"I-12","page_number":49,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7b41523d-d09d-485c-924e-24f7e936ec26","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf899205-0204-4008-8e5d-e713c813bad0","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Director that support the","page_number":50,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"63882108-4f31-4f7a-aa97-6b0801df36b1","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":50,"box":{"x":69,"y":60,"width":378,"height":9}},{"id":"5c60e09a-eae5-4956-a06e-53bf3f703139","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":50,"box":{"x":69,"y":88,"width":408,"height":9}},{"id":"8579b322-588c-4fd1-b70a-cf0a40b24921","block_type":"box","text":"Independent Directors","page_number":50,"box":{"x":70,"y":105,"width":156,"height":10}},{"id":"0528e3b4-93a9-40bd-83d7-f1d145fb9ccf","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":50,"box":{"x":70,"y":120,"width":814,"height":11}},{"id":"94261a2b-9e25-4fa7-9193-357dc65156e9","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":50,"box":{"x":264,"y":135,"width":606,"height":9}},{"id":"b30a4c36-b4a9-4bef-ad64-cab17b2a20e9","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":50,"box":{"x":265,"y":150,"width":635,"height":10}},{"id":"0a32ff07-50d2-4b2d-8170-a261af830c0e","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":50,"box":{"x":265,"y":165,"width":602,"height":11}},{"id":"7751a55d-4f36-4d9c-98cc-1f3f8b3df701","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":50,"box":{"x":265,"y":180,"width":608,"height":11}},{"id":"2f78dcb0-e3fb-41dc-8763-3f714ee03e4f","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":50,"box":{"x":265,"y":195,"width":613,"height":11}},{"id":"780c1022-1079-4fd7-8927-736d1e025cea","block_type":"box","text":"adds a dimension of balance to the Funds governance and provides perspective on","page_number":50,"box":{"x":265,"y":210,"width":591,"height":12}},{"id":"17b8fd76-92b3-4d79-a434-2e3459f811bc","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":50,"box":{"x":265,"y":225,"width":597,"height":11}},{"id":"477e51e1-8892-4c84-8e0a-86417bfbf19c","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":50,"box":{"x":265,"y":241,"width":581,"height":11}},{"id":"8a70a3c2-7091-4714-9af3-034865127fa5","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":50,"box":{"x":265,"y":256,"width":632,"height":11}},{"id":"7b7cee04-78a4-406b-901c-b19658812fe2","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":50,"box":{"x":265,"y":271,"width":594,"height":11}},{"id":"984ddd45-091b-44e6-9ad3-f66ff97b1364","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Funds, their","page_number":50,"box":{"x":265,"y":286,"width":596,"height":11}},{"id":"3d077178-3a7f-4302-8c74-2056e7268224","block_type":"box","text":"operations, and the business and regulatory issues facing the Funds. Dr. Hubbard’s","page_number":50,"box":{"x":265,"y":301,"width":598,"height":11}},{"id":"85ccc6d9-4bd9-4f24-b6e8-e005ddb30744","block_type":"box","text":"independence from the Funds and the Manager enhances his service as Chair of the","page_number":50,"box":{"x":265,"y":316,"width":604,"height":11}},{"id":"1934370f-355c-4986-82a5-49ea3b422fbe","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":50,"box":{"x":265,"y":331,"width":562,"height":11}},{"id":"88f1444c-2f0a-45c5-9d75-b595cff2ec32","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Performance Oversight","page_number":50,"box":{"x":265,"y":346,"width":592,"height":12}},{"id":"bad342c7-0679-4e69-80f6-177893205144","block_type":"box","text":"Committee.","page_number":50,"box":{"x":265,"y":362,"width":80,"height":8}},{"id":"cd5aaa89-b34b-4be6-bc45-388c98de46de","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":50,"box":{"x":68,"y":384,"width":786,"height":11}},{"id":"3f8c3320-38b9-4034-9fa7-54acf81c0cef","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":50,"box":{"x":264,"y":399,"width":578,"height":12}},{"id":"a673e625-a5e6-4d84-97c7-afe10a5d95c5","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":50,"box":{"x":264,"y":414,"width":618,"height":12}},{"id":"632cb351-45c7-4cf9-8e89-de0584c0ad49","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":50,"box":{"x":265,"y":429,"width":581,"height":12}},{"id":"9275518c-5fa4-4462-850a-2b7df1da0588","block_type":"box","text":"expertise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":50,"box":{"x":265,"y":445,"width":613,"height":11}},{"id":"11835ead-6a49-4cc3-b1dc-1a98f664f8d1","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":50,"box":{"x":265,"y":460,"width":641,"height":11}},{"id":"2f6ed4fa-fd64-4ae1-a925-f63dc2ec21eb","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":50,"box":{"x":265,"y":475,"width":599,"height":11}},{"id":"a24982f3-1989-4825-9f9e-eab3497657c9","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":50,"box":{"x":265,"y":490,"width":605,"height":11}},{"id":"727c132d-dafa-485c-b3c5-69e8b96af560","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Funds, their","page_number":50,"box":{"x":265,"y":505,"width":636,"height":11}},{"id":"4aeedb53-3899-4827-81e3-2b9ff7f95248","block_type":"box","text":"operations, and the business and regulatory issues facing the Funds. Dr. Kester’s","page_number":50,"box":{"x":265,"y":520,"width":584,"height":12}},{"id":"fd17daa6-a66c-44db-9eb0-dfa11ccbae1f","block_type":"box","text":"independence from the Funds and the Manager enhances his service as Vice Chair of the","page_number":50,"box":{"x":265,"y":535,"width":638,"height":12}},{"id":"875fbc9a-d314-4e8f-b587-a82bfe8957c6","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":50,"box":{"x":265,"y":550,"width":576,"height":12}},{"id":"9369e717-02fe-46ca-957d-4da93753f669","block_type":"box","text":"Executive Committee, the Compliance Committee, the Performance Oversight Committee","page_number":50,"box":{"x":265,"y":566,"width":634,"height":11}},{"id":"43e57d29-b5a8-4922-aff5-e40a27a779e4","block_type":"box","text":"and the Securities Lending Committee.","page_number":50,"box":{"x":265,"y":581,"width":275,"height":11}},{"id":"f2b1cb19-ee8e-468f-9816-0de14f520865","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":50,"box":{"x":69,"y":603,"width":775,"height":12}},{"id":"3bd5bc4c-e528-4640-8382-c8ec5cbff3ea","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":50,"box":{"x":264,"y":618,"width":613,"height":12}},{"id":"9dec0fed-8f06-4aa0-a99b-1a3d4ce10817","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":50,"box":{"x":265,"y":634,"width":633,"height":11}},{"id":"c84d5b7a-f123-467d-8470-6089bb9440df","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":50,"box":{"x":265,"y":649,"width":636,"height":11}},{"id":"0aa911ac-2a1a-4306-b0e0-df568d6f554d","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":50,"box":{"x":265,"y":664,"width":629,"height":11}},{"id":"ae083b3e-c6a5-495e-bdbe-2185f9b49219","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":50,"box":{"x":265,"y":679,"width":617,"height":11}},{"id":"7301da5b-53fd-48fb-9b73-50dcb63f659f","block_type":"box","text":"Department of Treasury as an expert in domestic retirement security. Ms. Egan began her","page_number":50,"box":{"x":265,"y":694,"width":642,"height":11}},{"id":"fbe3daf8-b17b-4e1c-ad21-c3c62f9414ee","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":50,"box":{"x":265,"y":709,"width":608,"height":11}},{"id":"2eea5080-8ab1-4550-9e68-9742bb422840","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":50,"box":{"x":265,"y":724,"width":620,"height":12}},{"id":"665bad15-6e15-4f7f-8ee8-92c9e57b6c7a","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":50,"box":{"x":264,"y":739,"width":643,"height":12}},{"id":"2309cd03-23ef-48be-824f-1432de7e758e","block_type":"box","text":"the Board of The Hanover Group, a public property casualty insurance company. Ms. Egan","page_number":50,"box":{"x":264,"y":755,"width":640,"height":11}},{"id":"dc916bd0-523d-4fdf-9f53-f40737cfaac8","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":50,"box":{"x":265,"y":770,"width":583,"height":11}},{"id":"d5761c08-2b34-4cd2-9561-2b48ea2662e9","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":50,"box":{"x":265,"y":785,"width":643,"height":11}},{"id":"1d2c8725-1cc4-49fc-9cf4-c43a79ebf513","block_type":"box","text":"Ms. Egan’s independence from the Funds and the Manager enhances her service as Chair","page_number":50,"box":{"x":265,"y":800,"width":644,"height":11}},{"id":"4eb7e3f1-eee6-4b18-ac2b-720c3fc715c4","block_type":"box","text":"of the Compliance Committee and a member of the Governance and Nominating","page_number":50,"box":{"x":265,"y":815,"width":571,"height":11}},{"id":"7b76facd-f1a8-41a2-a450-cad53b98b39f","block_type":"box","text":"Committee, the Performance Oversight Committee and the Securities Lending Committee.","page_number":50,"box":{"x":265,"y":830,"width":641,"height":11}},{"id":"32a5f6e6-77ee-4946-84aa-90dc44d708cf","block_type":"box","text":"I-13","page_number":50,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"03ee60d8-80b7-445e-9118-7d38de5d0cee","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02913edd-d339-4254-9dd9-5fbb8da64540","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":51,"box":{"x":69,"y":49,"width":408,"height":9}},{"id":"b8041762-34e2-4194-a884-6b0f19f028ca","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and","page_number":51,"box":{"x":70,"y":65,"width":796,"height":12}},{"id":"2b5caefa-77d8-401f-afa1-246cefa4e0d8","block_type":"box","text":"financial experience in his roles at various public and private companies. In particular,","page_number":51,"box":{"x":264,"y":81,"width":612,"height":11}},{"id":"52f1a51d-280e-459c-9c58-83d6062181c4","block_type":"box","text":"Mr. Flores’s service as Chief Financial Officer of Lattice Semiconductor Corporation, a","page_number":51,"box":{"x":265,"y":96,"width":611,"height":11}},{"id":"e2570738-b3e0-4da9-b35b-47704bc8e27a","block_type":"box","text":"semiconductor company that designs, develops, and markets programmable logic","page_number":51,"box":{"x":265,"y":111,"width":582,"height":11}},{"id":"7984aa82-053a-4dd1-bb80-f5e9a824945e","block_type":"box","text":"products and related software, Chief Financial Officer of Intel Foundry, a semiconductor","page_number":51,"box":{"x":265,"y":126,"width":622,"height":11}},{"id":"ef1c59c0-e641-450b-8176-317f195e01cc","block_type":"box","text":"manufacturing unit of Intel Corporation, Chief Financial Officer and Corporate Controller of","page_number":51,"box":{"x":265,"y":141,"width":639,"height":11}},{"id":"390f2968-0868-48b0-b143-d315ecc8b9ef","block_type":"box","text":"Xilinx, Inc., a technology and semiconductor company that supplies programmable logic","page_number":51,"box":{"x":264,"y":156,"width":622,"height":11}},{"id":"28e99407-3a3c-4859-b084-d4485c0c4472","block_type":"box","text":"devices, and Vice Chairman of Kioxia, Inc., a manufacturer and supplier of flash memory","page_number":51,"box":{"x":265,"y":171,"width":631,"height":11}},{"id":"4d863528-a7d1-4fe1-bf22-7765a1e6b58e","block_type":"box","text":"and solid state drives, and his long experience in the technology industry allow him to","page_number":51,"box":{"x":265,"y":187,"width":610,"height":11}},{"id":"212f83e7-8345-4758-884c-0998ded2e9d3","block_type":"box","text":"provide insight to into financial, business and technology trends. Mr. Flores’s knowledge","page_number":51,"box":{"x":265,"y":201,"width":628,"height":12}},{"id":"fe7c47d7-6d0d-482b-99e8-97f2e4ac6995","block_type":"box","text":"of financial and accounting matters qualifies him to serve as a member of the Audit","page_number":51,"box":{"x":265,"y":217,"width":596,"height":11}},{"id":"d48e4917-ddc6-4ddc-b800-a4a552654ca8","block_type":"box","text":"Committee. Mr. Flores’s independence from the Funds and the Manager enhances his","page_number":51,"box":{"x":265,"y":232,"width":613,"height":11}},{"id":"f866d149-efc4-46eb-893f-f914e5672e85","block_type":"box","text":"service as a member of the Performance Oversight Committee.","page_number":51,"box":{"x":265,"y":247,"width":450,"height":11}},{"id":"4f3442d2-51bb-4720-bf58-0b20bc2c1386","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained","page_number":51,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"09379e39-e302-4a1f-83b0-1a9317b5525b","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":51,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"0dce15db-222b-4c5d-8f80-939de8a29eef","block_type":"box","text":"United States Air Force. In her most recent role, Ms. Harris reported to the Secretary and","page_number":51,"box":{"x":265,"y":300,"width":637,"height":11}},{"id":"1b210bf2-61d0-4a95-9be3-24cca2b1729e","block_type":"box","text":"Chief of Staff of the Air Force on matters concerning Air Force effectiveness, efficiency","page_number":51,"box":{"x":265,"y":315,"width":617,"height":11}},{"id":"eda5d09b-d063-4e8f-8aa3-22b03157a5aa","block_type":"box","text":"and the military discipline of active duty, Air Force Reserve and Air National Guard forces.","page_number":51,"box":{"x":265,"y":330,"width":635,"height":11}},{"id":"00586510-23be-4da2-a615-8c8b375fa1a7","block_type":"box","text":"Ms. Harris’s experience on governance matters includes oversight of inspection policy and","page_number":51,"box":{"x":265,"y":345,"width":643,"height":11}},{"id":"ccd0a667-64c4-4811-bf48-7ca9923ea91c","block_type":"box","text":"the inspection and evaluation system for all Air Force nuclear and conventional forces;","page_number":51,"box":{"x":264,"y":360,"width":614,"height":11}},{"id":"5369d58c-fcfb-4361-a0ea-92cd7872e83c","block_type":"box","text":"oversight of Air Force counterintelligence operations and service on the Air Force","page_number":51,"box":{"x":265,"y":375,"width":573,"height":12}},{"id":"f932127d-9dc4-464c-bfb6-0137ca70cc19","block_type":"box","text":"Intelligence Oversight Panel; investigation of fraud, waste and abuse; and oversight of","page_number":51,"box":{"x":265,"y":390,"width":612,"height":12}},{"id":"215391fb-f6ae-4dc1-aa1c-8d6920af4a6a","block_type":"box","text":"criminal investigations and complaints resolution programs. Ms. Harris is also a director","page_number":51,"box":{"x":264,"y":406,"width":630,"height":11}},{"id":"7ad18ec7-ce4d-4a28-a191-f0a3017261b0","block_type":"box","text":"of The Boeing Company. Ms. Harris’s independence from the Funds and the Manager","page_number":51,"box":{"x":265,"y":421,"width":607,"height":11}},{"id":"34c0b3dc-6e9d-4651-add0-8b52f81d8cd6","block_type":"box","text":"enhances her service as a member of the Compliance Committee and the Performance","page_number":51,"box":{"x":265,"y":436,"width":623,"height":11}},{"id":"aceef30b-ac3a-4303-a76a-6aa831377b87","block_type":"box","text":"Oversight Committee.","page_number":51,"box":{"x":265,"y":451,"width":151,"height":11}},{"id":"305db050-c97b-4fbc-9831-dac52e7a770a","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership","page_number":51,"box":{"x":69,"y":474,"width":800,"height":11}},{"id":"dc3df00a-932e-4b37-b611-3a7343cacfeb","block_type":"box","text":"experience as an executive, director and advisory board member of various public and","page_number":51,"box":{"x":265,"y":489,"width":612,"height":11}},{"id":"b5860ac1-7c25-4df2-9ee8-89e856ee97fd","block_type":"box","text":"private companies. In particular, Mr. Holloman’s service as Interim Executive Chairman,","page_number":51,"box":{"x":265,"y":504,"width":624,"height":11}},{"id":"34bcecc7-5658-44e6-8ec3-d994fb9d96b1","block_type":"box","text":"President and Chief Executive Officer of Vestis Corporation, President and Chief Operating","page_number":51,"box":{"x":265,"y":519,"width":640,"height":11}},{"id":"07671f20-3c3d-41c1-a4f5-95d3ed8c7668","block_type":"box","text":"Officer of Cintas Corporation allows him to provide insight into business trends and","page_number":51,"box":{"x":265,"y":534,"width":593,"height":11}},{"id":"cc7d548f-56fe-4305-934a-ad3e57acb130","block_type":"box","text":"conditions. Mr. Holloman’s knowledge of financial and accounting matters qualifies him to","page_number":51,"box":{"x":264,"y":549,"width":642,"height":11}},{"id":"4609ba50-2084-4eb3-8530-055ac0b715e8","block_type":"box","text":"serve as a member of the Audit Committee. Mr. Holloman’s independence from the Funds","page_number":51,"box":{"x":265,"y":564,"width":642,"height":11}},{"id":"8be79d34-bcde-4154-9e5c-c270c300190a","block_type":"box","text":"and the Manager enhances his service as a member of the Governance and Nominating","page_number":51,"box":{"x":265,"y":579,"width":628,"height":12}},{"id":"28075aeb-7b7b-4e5f-8a77-77b606d25b9d","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":51,"box":{"x":265,"y":595,"width":389,"height":11}},{"id":"20852c5a-b02e-4ff9-b1dc-87e49df1fd33","block_type":"box","text":"Catherine A. Lynch Catherine A. Lynch, who served as the Chief Executive Officer and Chief Investment","page_number":51,"box":{"x":69,"y":617,"width":792,"height":11}},{"id":"db016def-2071-4cb6-adff-6378f3f27259","block_type":"box","text":"Officer of the National Railroad Retirement Investment Trust, benefits the Board by","page_number":51,"box":{"x":265,"y":632,"width":591,"height":12}},{"id":"240a2988-55b6-4416-b447-7798d15ae022","block_type":"box","text":"providing business leadership and experience and a diverse knowledge of pensions and","page_number":51,"box":{"x":265,"y":647,"width":624,"height":12}},{"id":"b47dbb23-9f21-43be-b247-3765a4f897ef","block_type":"box","text":"endowments. Ms. Lynch is also a trustee of PennyMac Mortgage Investment Trust, a","page_number":51,"box":{"x":265,"y":663,"width":605,"height":11}},{"id":"82700f96-f4fe-4cc9-8ef6-e2920e97637a","block_type":"box","text":"specialty finance company that invests primarily in mortgage-related assets. Ms. Lynch","page_number":51,"box":{"x":265,"y":678,"width":618,"height":11}},{"id":"b83bc4e7-55ca-43c2-a90a-ad633cae28ab","block_type":"box","text":"also holds the designation of Chartered Financial Analyst. Ms. Lynch’s knowledge of","page_number":51,"box":{"x":265,"y":693,"width":601,"height":11}},{"id":"1fa0561d-cdae-40ca-af88-45c13a43bb39","block_type":"box","text":"financial and accounting matters qualifies her to serve as Chair of the Audit Committee.","page_number":51,"box":{"x":264,"y":708,"width":626,"height":11}},{"id":"f9ee1f38-9106-4c35-8467-8057d443e1d4","block_type":"box","text":"Ms. Lynch’s independence from the Funds and the Manager enhances her service as the","page_number":51,"box":{"x":265,"y":723,"width":635,"height":11}},{"id":"c507a71b-0afc-4038-8f44-7299cfb91f0a","block_type":"box","text":"Chair of the Securities Lending Committee, and a member of the Governance and","page_number":51,"box":{"x":265,"y":738,"width":580,"height":11}},{"id":"e21a05ca-1889-4c87-9658-da908d2c806c","block_type":"box","text":"Nominating Committee and the Performance Oversight Committee.","page_number":51,"box":{"x":265,"y":753,"width":475,"height":12}},{"id":"90a64450-0af2-41de-bf9c-97e82bdbe37c","block_type":"box","text":"Arthur P. Steinmetz The Board benefits from Arthur P. Steinmetz’s many years of business and leadership","page_number":51,"box":{"x":68,"y":776,"width":808,"height":11}},{"id":"4b943e04-1580-4fb6-a1e7-9a578ffe8c91","block_type":"box","text":"experience as an executive, chairman and director of various companies in the financial","page_number":51,"box":{"x":265,"y":791,"width":624,"height":11}},{"id":"8cc98a43-3a29-4c80-b2c7-6832d3e69acc","block_type":"box","text":"industry. Mr. Steinmetz’s service as Chairman, Chief Executive Officer and President of","page_number":51,"box":{"x":265,"y":806,"width":622,"height":11}},{"id":"0f9183b1-5b0c-434f-82c6-52e2a1c501eb","block_type":"box","text":"the OppenheimerFunds, Inc. and as Trustee, President and Principal Executive Officer of","page_number":51,"box":{"x":264,"y":821,"width":629,"height":11}},{"id":"388fc827-60f0-4018-993e-b1e2ca999ddf","block_type":"box","text":"certain OppenheimerFunds funds provides insight into the asset management industry.","page_number":51,"box":{"x":264,"y":836,"width":621,"height":12}},{"id":"2aacc19b-3111-4bb7-80d8-c3a48b4b2a99","block_type":"box","text":"He has also served as a Director of ScotiaBank (U.S.). Mr. Steinmetz’s knowledge of","page_number":51,"box":{"x":265,"y":852,"width":604,"height":11}},{"id":"d2e8cd97-717d-4175-9ac7-725baa552b0b","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":51,"box":{"x":264,"y":867,"width":579,"height":11}},{"id":"e180b526-5d3b-433a-9807-ef288628b318","block_type":"box","text":"Committee. Mr. Steinmetz’s independence from the Funds and the Manager enhances his","page_number":51,"box":{"x":265,"y":882,"width":641,"height":11}},{"id":"cb9e49f0-20c5-48aa-8359-9c2d1711dafd","block_type":"box","text":"service as Chair of the Performance Oversight Committee.","page_number":51,"box":{"x":265,"y":897,"width":415,"height":11}},{"id":"3eea8052-02a9-44d4-91bf-2c1827a4fab0","block_type":"box","text":"I-14","page_number":51,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d3b36846-63b5-478b-88b4-e593808fa81f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a77fc9b-940b-4aaf-a6ee-b8f438b0a926","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":52,"box":{"x":69,"y":49,"width":408,"height":9}},{"id":"a652b66d-4fd4-4e21-b2f2-0b4f0c77b5d9","block_type":"box","text":"Interested Directors","page_number":52,"box":{"x":70,"y":66,"width":140,"height":8}},{"id":"a2b45578-8e18-47ae-9fcd-65a34b39e9ae","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":52,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"ad04dd15-40e3-4de6-b571-7a26f6ed8dbb","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":52,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"1d237214-3d9e-4daf-8e0f-b7eb1679652d","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":52,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"bc6e6c48-a61b-4bc1-90a1-7fef3da2bb73","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":52,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"f419562a-6f0c-404c-bfa9-627e870331d4","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":52,"box":{"x":265,"y":141,"width":617,"height":11}},{"id":"323f0827-60d3-4b53-bd23-73a56266a7f0","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":52,"box":{"x":264,"y":156,"width":634,"height":11}},{"id":"e92df0dd-d93b-444b-84dc-4cfd8a4b1241","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":52,"box":{"x":265,"y":171,"width":624,"height":11}},{"id":"54a2642b-fa14-4183-8e5b-1562db82695c","block_type":"box","text":"and iShares","page_number":52,"box":{"x":265,"y":186,"width":84,"height":9}},{"id":"0f8f342d-d545-4657-a7e0-02a61e7536f0","block_type":"box","text":"®","page_number":52,"box":{"x":350,"y":187,"width":6,"height":4}},{"id":"7fbaaf15-066f-4214-8063-1b530c4e4b41","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":52,"box":{"x":362,"y":186,"width":478,"height":11}},{"id":"1fc2d8fe-d174-4c50-92d0-2f481344a107","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":52,"box":{"x":265,"y":202,"width":585,"height":11}},{"id":"eb64a6f3-9725-4329-b2e0-bded3e02b819","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":52,"box":{"x":265,"y":217,"width":620,"height":11}},{"id":"51532bde-870c-4ef0-b0ab-2713557f9922","block_type":"box","text":"serves as a board member for the funds in the BlackRock Multi-Asset Complex.","page_number":52,"box":{"x":265,"y":232,"width":565,"height":11}},{"id":"67349525-1a0a-4508-8d6e-40d622b5c4ff","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":52,"box":{"x":69,"y":254,"width":821,"height":12}},{"id":"dfb8bb39-7d41-4c20-a61c-a007d458fb67","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":52,"box":{"x":264,"y":269,"width":595,"height":12}},{"id":"1d11605e-8ee3-4afb-ad7a-3a5cdecffe7e","block_type":"box","text":"President and Chief Executive Officer of the Funds provides him with a strong","page_number":52,"box":{"x":265,"y":285,"width":550,"height":11}},{"id":"55d58ef2-bb31-41ec-8c00-80e83386e044","block_type":"box","text":"understanding of the Funds, their operations, and the business and regulatory issues","page_number":52,"box":{"x":265,"y":300,"width":609,"height":11}},{"id":"6b177cb6-719f-4571-83d3-1545530b4c1b","block_type":"box","text":"facing the Funds. Mr. Perlowski’s prior position as Managing Director and Chief Operating","page_number":52,"box":{"x":264,"y":315,"width":637,"height":11}},{"id":"f59f2eb9-805c-4c95-94ad-686e97bc6ca0","block_type":"box","text":"Officer of the Global Product Group at Goldman Sachs Asset Management, and his former","page_number":52,"box":{"x":265,"y":330,"width":642,"height":11}},{"id":"8afb9058-32b6-48d0-9afd-442dbfc4c983","block_type":"box","text":"service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and","page_number":52,"box":{"x":265,"y":345,"width":629,"height":9}},{"id":"1895ff8a-7fa5-44d1-93e2-42986ec409f3","block_type":"box","text":"as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of","page_number":52,"box":{"x":265,"y":360,"width":629,"height":11}},{"id":"25200eba-f752-49e2-9650-f4fcd75d5b13","block_type":"box","text":"his experience with the management practices of other financial companies. Mr. Perlowski","page_number":52,"box":{"x":265,"y":375,"width":641,"height":12}},{"id":"fe2112a3-047e-408c-9a83-7a45c0e99bad","block_type":"box","text":"also serves as a board member for the funds in the BlackRock Multi-Asset Complex.","page_number":52,"box":{"x":265,"y":390,"width":600,"height":11}},{"id":"d714aae9-2002-4863-b114-17a12116c783","block_type":"box","text":"Mr. Perlowski is a member of BlackRock’s Global Executive Committee. Mr. Perlowski is a","page_number":52,"box":{"x":265,"y":406,"width":637,"height":9}},{"id":"f1125f8a-ae7d-4b4a-afe0-8b4bc14f64e9","block_type":"box","text":"member of BlackRock’s Global Executive Committee. Mr. Perlowski’s experience with","page_number":52,"box":{"x":265,"y":421,"width":604,"height":11}},{"id":"56595a08-6a57-46dd-b966-bab7e6fdf966","block_type":"box","text":"BlackRock enhances his service as a member of the Executive Committee.","page_number":52,"box":{"x":265,"y":436,"width":532,"height":9}},{"id":"8f7c9ea9-6e8b-4783-bc69-519dbee1aefa","block_type":"box","text":"Biographical Information","page_number":52,"box":{"x":69,"y":467,"width":178,"height":11}},{"id":"2b0dd3aa-15fa-4d02-8aaa-2a55cc58c297","block_type":"box","text":"Certain biographical and other information relating to the Directors is set forth below, including their address and","page_number":52,"box":{"x":102,"y":490,"width":806,"height":11}},{"id":"2621ada7-15ee-4919-a9c7-aa61932b261b","block_type":"box","text":"year of birth, principal occupations for at least the last five years, length of time served, total number of registered","page_number":52,"box":{"x":68,"y":505,"width":819,"height":11}},{"id":"d6ae23f2-f098-46de-aa5d-c79c6d224412","block_type":"box","text":"investment companies and investment portfolios overseen in the BlackRock-advised Funds and any currently held","page_number":52,"box":{"x":70,"y":520,"width":808,"height":11}},{"id":"fcfddf3b-733b-46e5-9343-241b0d5fd8f6","block_type":"box","text":"public company and other investment company directorships.","page_number":52,"box":{"x":70,"y":536,"width":434,"height":10}},{"id":"fd3e1fab-e3a3-49e6-b195-5ab78f553559","block_type":"box","text":"Name","page_number":52,"box":{"x":131,"y":663,"width":32,"height":7}},{"id":"c70fe93b-4357-4fe5-beea-c9d46d23c42e","block_type":"box","text":"and Year of Birth","page_number":52,"box":{"x":93,"y":673,"width":97,"height":7}},{"id":"42e7025e-0fd0-401d-aa38-6e27ed29f36b","block_type":"box","text":"1,2","page_number":52,"box":{"x":191,"y":673,"width":9,"height":5}},{"id":"da5068a9-d02b-438e-b35a-c7d93a2be931","block_type":"box","text":"Position(s)","page_number":52,"box":{"x":252,"y":643,"width":62,"height":9}},{"id":"3d03b5bf-5605-4372-aca1-954e939da106","block_type":"box","text":"Held","page_number":52,"box":{"x":271,"y":653,"width":25,"height":7}},{"id":"eb5e9f54-a743-4f0b-a21a-d11ec58f1805","block_type":"box","text":"(Length of","page_number":52,"box":{"x":254,"y":663,"width":60,"height":9}},{"id":"78e4513b-dffc-4385-9042-2196911af91c","block_type":"box","text":"Service)","page_number":52,"box":{"x":257,"y":673,"width":48,"height":9}},{"id":"df676d61-fbe0-4023-a7d7-25f910559166","block_type":"box","text":"3","page_number":52,"box":{"x":306,"y":673,"width":3,"height":4}},{"id":"615aeed5-bc3c-441e-8ec4-33d7d6bf85ff","block_type":"box","text":"Principal Occupation(s)","page_number":52,"box":{"x":411,"y":663,"width":136,"height":9}},{"id":"3c2dd855-2efd-4033-80e4-064128dbb29e","block_type":"box","text":"During Past Five Years","page_number":52,"box":{"x":414,"y":673,"width":130,"height":9}},{"id":"be0f0672-456b-47c5-98b6-e69305ee40ce","block_type":"box","text":"Number of","page_number":52,"box":{"x":665,"y":562,"width":59,"height":8}},{"id":"39142e12-e0a2-4f99-b6b6-0af543d764dd","block_type":"box","text":"BlackRock","page_number":52,"box":{"x":662,"y":573,"width":66,"height":7}},{"id":"a8be1747-7b1b-467c-93b2-2f947daadd4e","block_type":"box","text":"Advised","page_number":52,"box":{"x":672,"y":583,"width":45,"height":7}},{"id":"5abcc654-b900-4064-9623-0f7946242a0f","block_type":"box","text":"Registered","page_number":52,"box":{"x":663,"y":593,"width":62,"height":8}},{"id":"25b45404-4216-41c0-915c-9780c2cb2f30","block_type":"box","text":"Investment","page_number":52,"box":{"x":662,"y":603,"width":65,"height":7}},{"id":"22769ca8-7764-4bfa-90b9-229dd8014eb5","block_type":"box","text":"Companies","page_number":52,"box":{"x":663,"y":613,"width":63,"height":9}},{"id":"97b6b0bb-4fec-4f37-b220-6a2e9956a0f9","block_type":"box","text":"(“RICs”)","page_number":52,"box":{"x":670,"y":623,"width":48,"height":9}},{"id":"1906b400-d0b6-435c-b157-502f6f87fafc","block_type":"box","text":"Consisting of","page_number":52,"box":{"x":656,"y":633,"width":77,"height":9}},{"id":"ab72b810-fb0f-4756-b5f6-b171208cc7f7","block_type":"box","text":"Investment","page_number":52,"box":{"x":662,"y":643,"width":65,"height":7}},{"id":"ca346f33-21c1-423c-bbfd-95fe55c01d73","block_type":"box","text":"Portfolios","page_number":52,"box":{"x":667,"y":653,"width":55,"height":7}},{"id":"b073c48c-e539-40a2-93ec-cb188b54a9a8","block_type":"box","text":"(“Portfolios”)","page_number":52,"box":{"x":655,"y":663,"width":78,"height":9}},{"id":"02e7770c-ab5e-45cc-833e-b2f0be6c96bb","block_type":"box","text":"Overseen","page_number":52,"box":{"x":668,"y":673,"width":53,"height":7}},{"id":"7d73a778-6b92-47dc-b90e-29c50b0733f2","block_type":"box","text":"Public","page_number":52,"box":{"x":824,"y":603,"width":35,"height":7}},{"id":"8e32b4a7-9262-4230-9b86-24c9587611b2","block_type":"box","text":"Company","page_number":52,"box":{"x":815,"y":613,"width":53,"height":9}},{"id":"648fe71d-15f3-4829-b977-4fba5c843bcb","block_type":"box","text":"and Other","page_number":52,"box":{"x":813,"y":623,"width":57,"height":7}},{"id":"86a5127c-0cee-4d18-9271-ec6bfcfeb3d9","block_type":"box","text":"Investment","page_number":52,"box":{"x":809,"y":633,"width":64,"height":7}},{"id":"b80a2f0c-e949-4cb0-a6b9-5225e657b326","block_type":"box","text":"Company","page_number":52,"box":{"x":815,"y":643,"width":53,"height":9}},{"id":"4edf562c-b35b-4dcd-bcb0-0e643b8aca87","block_type":"box","text":"Directorships","page_number":52,"box":{"x":803,"y":653,"width":77,"height":9}},{"id":"a263adab-3f29-4f34-89f6-bde0b38aa081","block_type":"box","text":"Held During","page_number":52,"box":{"x":808,"y":663,"width":67,"height":9}},{"id":"7f18d9da-8080-46bf-81fa-06f6711fcf56","block_type":"box","text":"Past Five Years","page_number":52,"box":{"x":797,"y":673,"width":88,"height":7}},{"id":"11aa8707-98b4-40bd-bf89-96ff4f89655d","block_type":"box","text":"Independent Directors","page_number":52,"box":{"x":70,"y":688,"width":141,"height":9}},{"id":"6d72e666-43de-45a5-889a-69b53b949811","block_type":"box","text":"R. Glenn Hubbard","page_number":52,"box":{"x":69,"y":705,"width":106,"height":8}},{"id":"46376902-26d3-4ed4-95ff-7eeaf48c2c48","block_type":"box","text":"1958","page_number":52,"box":{"x":69,"y":721,"width":33,"height":8}},{"id":"69d0c31f-d4b9-48f4-82b2-757f72553b96","block_type":"box","text":"Chair of the","page_number":52,"box":{"x":235,"y":705,"width":69,"height":8}},{"id":"d97b712f-cb5a-49b7-a326-6b9646db3b02","block_type":"box","text":"Board (Since","page_number":52,"box":{"x":236,"y":717,"width":76,"height":10}},{"id":"1bb1cf07-b791-489d-b07f-49a182236f31","block_type":"box","text":"2022)","page_number":52,"box":{"x":235,"y":729,"width":37,"height":10}},{"id":"c2856050-b551-47ad-a14b-8b90b6a2656f","block_type":"box","text":"and Director","page_number":52,"box":{"x":235,"y":741,"width":74,"height":8}},{"id":"34478637-ed85-4015-85a5-225fd56e6b70","block_type":"box","text":"(Since 2019)","page_number":52,"box":{"x":235,"y":753,"width":78,"height":10}},{"id":"eea34c6f-384b-4bdd-9fba-091244e9002f","block_type":"box","text":"Dean, Columbia Business School from 2004","page_number":52,"box":{"x":343,"y":705,"width":270,"height":9}},{"id":"0c4b6640-f25f-4b1a-a73c-0af831156340","block_type":"box","text":"to 2019; Faculty member, Columbia","page_number":52,"box":{"x":342,"y":717,"width":217,"height":10}},{"id":"a6dbc911-1c1d-4e8d-a11d-01ea8ade7b66","block_type":"box","text":"Business School since 1988.","page_number":52,"box":{"x":343,"y":729,"width":177,"height":8}},{"id":"1cebf13d-547d-44b7-9a12-22d7d7c8e2ad","block_type":"box","text":"66 RICs consisting of","page_number":52,"box":{"x":627,"y":705,"width":129,"height":10}},{"id":"47021015-d99d-40cc-b017-8bcf10008211","block_type":"box","text":"101 Portfolios","page_number":52,"box":{"x":627,"y":717,"width":85,"height":8}},{"id":"f0b703d6-4088-4b91-81ea-5f73db8fa76b","block_type":"box","text":"ADP (data and","page_number":52,"box":{"x":773,"y":705,"width":85,"height":10}},{"id":"5aed1a54-445b-4a5b-b101-ca222e382746","block_type":"box","text":"information services)","page_number":52,"box":{"x":774,"y":717,"width":126,"height":10}},{"id":"106c1d52-999a-422f-b479-0a00b8c74287","block_type":"box","text":"from 2004 to 2020;","page_number":52,"box":{"x":773,"y":729,"width":121,"height":9}},{"id":"6b6522dd-e17a-4b72-97f0-c111fa762cfd","block_type":"box","text":"Metropolitan Life","page_number":52,"box":{"x":774,"y":741,"width":100,"height":10}},{"id":"bd9d9ea8-2a5a-49d0-8401-a90ad07e615d","block_type":"box","text":"Insurance Company","page_number":52,"box":{"x":774,"y":753,"width":118,"height":10}},{"id":"819d62a5-f8d4-46e7-b998-73332ccd7b52","block_type":"box","text":"(insurance);","page_number":52,"box":{"x":773,"y":765,"width":70,"height":10}},{"id":"3aebf80b-f32d-4947-ae2e-970665a33adf","block_type":"box","text":"TotalEnergies SE","page_number":52,"box":{"x":773,"y":777,"width":101,"height":10}},{"id":"60f27972-9b86-4ade-b137-c06ba8f55dd0","block_type":"box","text":"(multi-energy)","page_number":52,"box":{"x":773,"y":789,"width":80,"height":10}},{"id":"b9942644-5296-4a3a-b8cd-1026f7bd7509","block_type":"box","text":"I-15","page_number":52,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5e435b59-f024-4ffb-a34d-4cb71b16f207","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"537d4ca2-e545-43c4-baa6-65aa5bdf0256","block_type":"box","text":"Name","page_number":53,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"d821b1a7-26f9-4424-9284-874e2747855f","block_type":"box","text":"and Year of Birth","page_number":53,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"c7416438-144a-4adc-b558-87e86b930a3e","block_type":"box","text":"1,2","page_number":53,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"2842fa38-38a3-4c70-831c-9f552ef43136","block_type":"box","text":"Position(s)","page_number":53,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"a367b336-492e-4858-9683-fd512aaa2aa6","block_type":"box","text":"Held","page_number":53,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"e48d732d-0dfb-4e62-ae10-b5b75814abdc","block_type":"box","text":"(Length of","page_number":53,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"b737f6fa-5a01-4136-ac7a-121facabba4c","block_type":"box","text":"Service)","page_number":53,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"0cdd9582-64e6-4fd9-b50c-c1442a7ff1f0","block_type":"box","text":"3","page_number":53,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"8063abd2-5457-4e64-8cb5-06c2f495f07c","block_type":"box","text":"Principal Occupation(s)","page_number":53,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"a782f080-d745-4464-a291-c0af0bb3f982","block_type":"box","text":"During Past Five Years","page_number":53,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"86f511ab-7002-49d0-ba4c-86bc12201a93","block_type":"box","text":"Number of","page_number":53,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"577f8546-1c6f-4ab7-a35d-66b3110e23ae","block_type":"box","text":"BlackRock","page_number":53,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"602ebdd9-c292-4862-956a-c26d50269165","block_type":"box","text":"Advised","page_number":53,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"f545be80-c157-4279-b8b7-70276e8a2dd9","block_type":"box","text":"Registered","page_number":53,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"90afda08-d9b4-4d44-868e-1a8a1e0ae48b","block_type":"box","text":"Investment","page_number":53,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"d43d74ec-a3cb-4634-9dc7-4b71daac3a0d","block_type":"box","text":"Companies","page_number":53,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"3ac93257-d749-4027-bb87-a05cb7f1e345","block_type":"box","text":"(“RICs”)","page_number":53,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"90aa4e45-e7c6-426e-a2dd-d4e1a607c213","block_type":"box","text":"Consisting of","page_number":53,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"9b951e3a-6fa2-4035-8003-f297f73fffaf","block_type":"box","text":"Investment","page_number":53,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"cc8dd164-16dd-4e0c-a08f-ba2763f31e27","block_type":"box","text":"Portfolios","page_number":53,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"5d9a3714-523f-4fc5-9002-f2a55c65aa0c","block_type":"box","text":"(“Portfolios”)","page_number":53,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"3d3e0709-e1bb-46c9-ac2d-a85cd111b086","block_type":"box","text":"Overseen","page_number":53,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"a1408564-84cf-4f60-90d8-f24e2ed63132","block_type":"box","text":"Public","page_number":53,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"267bbccb-38a7-4c50-b29f-0c034f1d7622","block_type":"box","text":"Company","page_number":53,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"61330a2d-d2d1-4c19-8a95-e3df40a30453","block_type":"box","text":"and Other","page_number":53,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"6f1a17c6-2df5-4f5c-a2b8-c47ff861b433","block_type":"box","text":"Investment","page_number":53,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"e9b7a5cc-b997-4ca6-a185-fa78239185c7","block_type":"box","text":"Company","page_number":53,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"8e024468-505a-48c7-989d-173047786ec8","block_type":"box","text":"Directorships","page_number":53,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"69273544-4403-4342-ac6e-fda7b3dbd886","block_type":"box","text":"Held During","page_number":53,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"e2e27c92-ff8e-40e3-b643-6eb90e4a624e","block_type":"box","text":"Past Five Years","page_number":53,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"af30010e-d95d-4c63-b78b-bf6685d2335b","block_type":"box","text":"W. Carl Kester4","page_number":53,"box":{"x":68,"y":174,"width":86,"height":8}},{"id":"4cf9bdf7-3587-4c11-be92-cc9b37100342","block_type":"box","text":"r4","page_number":53,"box":{"x":154,"y":174,"width":4,"height":4}},{"id":"fe1884d8-dc28-440c-a019-710ae2fc2571","block_type":"box","text":"1951","page_number":53,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"af5c800d-4a49-48ec-8d98-8f43f22dac6c","block_type":"box","text":"Vice Chair of","page_number":53,"box":{"x":235,"y":174,"width":76,"height":8}},{"id":"d4df1e44-0ee2-45e5-a5cb-8202df1a501b","block_type":"box","text":"the Board","page_number":53,"box":{"x":235,"y":186,"width":58,"height":8}},{"id":"4e8716e4-5d86-4a39-8891-e0f6d786fc47","block_type":"box","text":"(Since 2022)","page_number":53,"box":{"x":235,"y":198,"width":78,"height":10}},{"id":"f757c188-5a69-4d43-a252-f76509412290","block_type":"box","text":"and Director","page_number":53,"box":{"x":235,"y":210,"width":74,"height":8}},{"id":"0bd69655-2cb4-4753-94f4-1f79f99b972b","block_type":"box","text":"(Since 2019)","page_number":53,"box":{"x":235,"y":222,"width":78,"height":10}},{"id":"2fedb3a6-ecf0-4f99-8ab9-9c16eadd9ee6","block_type":"box","text":"Baker Foundation Professor and George","page_number":53,"box":{"x":343,"y":174,"width":240,"height":10}},{"id":"65f49cb1-d883-4c18-92e1-4af13a181d50","block_type":"box","text":"Fisher Baker Jr. Professor of Business","page_number":53,"box":{"x":343,"y":186,"width":228,"height":8}},{"id":"4fa02eab-9e75-4889-877a-a1e6d7a6b72b","block_type":"box","text":"Administration, Emeritus, Harvard Business","page_number":53,"box":{"x":342,"y":198,"width":264,"height":9}},{"id":"31232ce2-4927-44d6-b34f-05f697e6b230","block_type":"box","text":"School since 2022; George Fisher Baker Jr.","page_number":53,"box":{"x":343,"y":210,"width":261,"height":10}},{"id":"9392fd97-b61a-4d6b-8cec-9fc83515344d","block_type":"box","text":"Professor of Business Administration,","page_number":53,"box":{"x":343,"y":222,"width":226,"height":9}},{"id":"f04867bc-4926-4dad-8b5e-ea8e00235ab9","block_type":"box","text":"Harvard Business School from 2008 to","page_number":53,"box":{"x":343,"y":234,"width":237,"height":8}},{"id":"d13ed6bd-871f-4d96-bc92-50e8f4129edb","block_type":"box","text":"2022; Deputy Dean for Academic Affairs","page_number":53,"box":{"x":343,"y":246,"width":243,"height":10}},{"id":"5e967644-df06-4a96-a56f-e289f213d7bb","block_type":"box","text":"from 2006 to 2010; Chairman of the","page_number":53,"box":{"x":342,"y":258,"width":224,"height":9}},{"id":"d69c9a96-d106-4ee1-a425-7bd656782348","block_type":"box","text":"Finance Unit, from 2005 to 2006; Senior","page_number":53,"box":{"x":343,"y":270,"width":247,"height":9}},{"id":"404e32a1-0598-405a-9869-9103c9a3965a","block_type":"box","text":"Associate Dean and Chairman of the MBA","page_number":53,"box":{"x":342,"y":282,"width":255,"height":8}},{"id":"8bdca1b1-258e-4827-b2ad-c4fffb3bec5d","block_type":"box","text":"Program from 1999 to 2005; Member of the","page_number":53,"box":{"x":343,"y":294,"width":269,"height":10}},{"id":"c3e096cb-7704-43a8-80ba-e37b7eda2df0","block_type":"box","text":"faculty of Harvard Business School since","page_number":53,"box":{"x":342,"y":306,"width":247,"height":10}},{"id":"9425d0be-de38-4f16-99fb-85992eb1f374","block_type":"box","text":"1981.","page_number":53,"box":{"x":343,"y":318,"width":36,"height":8}},{"id":"2cc20192-9653-404a-a61f-0caf7dea7567","block_type":"box","text":"68 RICs consisting of","page_number":53,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"558722e0-0ba1-4f66-a276-7af122c9aab1","block_type":"box","text":"103 Portfolios","page_number":53,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"f2fbd7cc-cf5d-4774-a17f-92e901ffb33d","block_type":"box","text":"None","page_number":53,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"d68b42fa-b1e9-43ad-a8c8-dd1f7767601b","block_type":"box","text":"Cynthia L. Egan","page_number":53,"box":{"x":69,"y":335,"width":92,"height":10}},{"id":"e172c1a2-33b1-46e8-a5aa-32e7c752899a","block_type":"box","text":"4","page_number":53,"box":{"x":162,"y":335,"width":3,"height":4}},{"id":"9c58ac4b-f407-4233-aab3-dac726f5d74a","block_type":"box","text":"1955","page_number":53,"box":{"x":69,"y":351,"width":33,"height":8}},{"id":"7196bc70-e3c4-447f-ae13-14f9f6b8545b","block_type":"box","text":"Director","page_number":53,"box":{"x":236,"y":336,"width":46,"height":7}},{"id":"49d5d75b-1890-4006-8077-64c19cb1dff2","block_type":"box","text":"(Since 2019)","page_number":53,"box":{"x":235,"y":347,"width":78,"height":10}},{"id":"b7ef39e8-73be-4c2e-bfe2-218661682440","block_type":"box","text":"Advisor, U.S. Department of the Treasury","page_number":53,"box":{"x":342,"y":335,"width":249,"height":10}},{"id":"44dd7a8f-3182-416d-8800-8ae4036c57c0","block_type":"box","text":"from 2014 to 2015; President, Retirement","page_number":53,"box":{"x":342,"y":347,"width":259,"height":10}},{"id":"069070d9-23e0-452a-a534-55188c121ee0","block_type":"box","text":"Plan Services, for T. Rowe Price Group, Inc.","page_number":53,"box":{"x":343,"y":359,"width":258,"height":10}},{"id":"b92ca56e-5224-4880-a3d5-7d5aa14c150c","block_type":"box","text":"from 2007 to 2012; executive positions","page_number":53,"box":{"x":342,"y":371,"width":242,"height":10}},{"id":"aca044a2-16e7-4580-8563-1359007ab7cd","block_type":"box","text":"within Fidelity Investments from 1989 to","page_number":53,"box":{"x":342,"y":383,"width":243,"height":10}},{"id":"9a41416f-72c3-4e34-9bff-db5d7380f160","block_type":"box","text":"2007.","page_number":53,"box":{"x":343,"y":395,"width":36,"height":8}},{"id":"852f3c09-14da-4658-8a21-24f862d3274e","block_type":"box","text":"68 RICs consisting of","page_number":53,"box":{"x":627,"y":335,"width":129,"height":10}},{"id":"b256f64c-9290-4569-a560-bfca5d2132e1","block_type":"box","text":"103 Portfolios","page_number":53,"box":{"x":627,"y":347,"width":85,"height":8}},{"id":"8c8915e3-9338-47c7-8efd-2b92f341582e","block_type":"box","text":"Unum (insurance); The","page_number":53,"box":{"x":774,"y":336,"width":135,"height":9}},{"id":"7205dc1c-30e3-4515-810c-daf83fc71e6f","block_type":"box","text":"Hanover Insurance","page_number":53,"box":{"x":774,"y":347,"width":111,"height":8}},{"id":"ef813962-354a-4472-ae2f-32b12864b1f1","block_type":"box","text":"Group (Board Chair);","page_number":53,"box":{"x":773,"y":359,"width":122,"height":10}},{"id":"4dd7df7d-0986-4efb-a0d0-7f23fc4eb96e","block_type":"box","text":"Huntsman Corporation","page_number":53,"box":{"x":774,"y":371,"width":134,"height":10}},{"id":"58980367-1452-4a1a-a3b4-9724ce70029d","block_type":"box","text":"(Lead Independent","page_number":53,"box":{"x":773,"y":383,"width":113,"height":10}},{"id":"10b0d9a5-7e83-485a-b9b5-8ba34607bbcf","block_type":"box","text":"Director and non","page_number":53,"box":{"x":774,"y":395,"width":102,"height":8}},{"id":"7f3eaf85-eb2a-4521-ba02-2ece76ba5b62","block_type":"box","text":"Executive Vice Chair of","page_number":53,"box":{"x":774,"y":407,"width":136,"height":8}},{"id":"e3977138-7f7e-4826-9d95-3fb27b424483","block_type":"box","text":"the Board) (chemical","page_number":53,"box":{"x":773,"y":419,"width":124,"height":10}},{"id":"18a8039a-1c2b-496f-8cbe-ccaaf29b847d","block_type":"box","text":"products)","page_number":53,"box":{"x":774,"y":431,"width":55,"height":10}},{"id":"c812e0ad-d6a7-4dd1-9375-3b53edbf1cd5","block_type":"box","text":"Lorenzo A. Flores","page_number":53,"box":{"x":69,"y":449,"width":103,"height":8}},{"id":"710d77c4-64f5-4cb9-b074-0de37c422fc7","block_type":"box","text":"1964","page_number":53,"box":{"x":69,"y":465,"width":33,"height":8}},{"id":"89d9f380-8ba4-42c5-a28e-32bcebe6037b","block_type":"box","text":"Director","page_number":53,"box":{"x":236,"y":449,"width":46,"height":8}},{"id":"61ccafb7-2e99-404c-9ec6-f4157a106e46","block_type":"box","text":"(Since 2021)","page_number":53,"box":{"x":235,"y":461,"width":78,"height":10}},{"id":"4942afc3-555c-47fb-8187-b217f191afab","block_type":"box","text":"Chief Financial Officer, Lattice Semiconductor","page_number":53,"box":{"x":343,"y":449,"width":273,"height":9}},{"id":"b6f68782-6e81-4e11-9218-1a7617e940b1","block_type":"box","text":"Corporation (LSCC) since 2025; Chief","page_number":53,"box":{"x":343,"y":461,"width":227,"height":10}},{"id":"e3fe10d5-337c-484d-8613-ef16872aed20","block_type":"box","text":"Financial Officer, Intel Foundry from 2024 to","page_number":53,"box":{"x":343,"y":473,"width":266,"height":10}},{"id":"984c9e53-f8c5-40a9-a367-aab00889c2f4","block_type":"box","text":"2025; Vice Chairman, Kioxia, Inc. from 2019","page_number":53,"box":{"x":343,"y":485,"width":271,"height":9}},{"id":"a5dd9612-d82c-4b3d-9ad1-732380fc88ed","block_type":"box","text":"to 2024; Chief Financial Officer, Xilinx, Inc.","page_number":53,"box":{"x":342,"y":497,"width":255,"height":9}},{"id":"b9fb9b06-5f7a-44dc-bab3-2de2f62971b1","block_type":"box","text":"from 2016 to 2019; Corporate Controller,","page_number":53,"box":{"x":342,"y":508,"width":250,"height":10}},{"id":"b907db3b-3e1d-4f87-abd2-f22c6513823d","block_type":"box","text":"Xilinx, Inc. from 2008 to 2016.","page_number":53,"box":{"x":342,"y":520,"width":186,"height":10}},{"id":"5fc0962f-f2f0-4c32-9b1b-e15fea6314be","block_type":"box","text":"66 RICs consisting of","page_number":53,"box":{"x":627,"y":449,"width":129,"height":10}},{"id":"4474cbd1-7fbf-4f43-bdf7-b88c6d232116","block_type":"box","text":"101 Portfolios","page_number":53,"box":{"x":627,"y":461,"width":85,"height":8}},{"id":"e01869fa-166f-40b1-b337-937e6270652b","block_type":"box","text":"None","page_number":53,"box":{"x":774,"y":449,"width":30,"height":8}},{"id":"701283b5-ac22-4901-9970-76e005c9c05a","block_type":"box","text":"Stayce D. Harris","page_number":53,"box":{"x":69,"y":538,"width":97,"height":10}},{"id":"faffb2a3-0830-4bba-8825-5d698e6c491b","block_type":"box","text":"1959","page_number":53,"box":{"x":69,"y":554,"width":33,"height":8}},{"id":"5de7a2c8-6277-4060-9cf7-2f6b78201f7e","block_type":"box","text":"Director","page_number":53,"box":{"x":236,"y":538,"width":46,"height":8}},{"id":"f7281a88-c864-4ec5-a73d-8e0e054b80c9","block_type":"box","text":"(Since 2021)","page_number":53,"box":{"x":235,"y":550,"width":78,"height":10}},{"id":"77822969-af1c-432e-914f-903fe7392621","block_type":"box","text":"Lieutenant General, Inspector General of the","page_number":53,"box":{"x":343,"y":538,"width":267,"height":10}},{"id":"b57b142a-ab46-458c-8cc6-1b41229f5053","block_type":"box","text":"United States Air Force from 2017 to 2019;","page_number":53,"box":{"x":343,"y":550,"width":263,"height":10}},{"id":"f1e2e01a-7230-481f-8444-6c5d0e85061e","block_type":"box","text":"Lieutenant General, Assistant Vice Chief of","page_number":53,"box":{"x":343,"y":562,"width":258,"height":10}},{"id":"8b1bae81-ad1b-4a04-bacd-56bb379c41f2","block_type":"box","text":"Staff and Director, Air Staff, United States Air","page_number":53,"box":{"x":343,"y":574,"width":272,"height":9}},{"id":"200b2a4d-33f5-4b69-bda5-92bea1160cdd","block_type":"box","text":"Force from 2016 to 2017; Major General,","page_number":53,"box":{"x":343,"y":586,"width":250,"height":10}},{"id":"af3f1a8f-daa3-49ed-9f7b-409a6873bf91","block_type":"box","text":"Commander, 22nd Air Force, AFRC, Dobbins","page_number":53,"box":{"x":343,"y":598,"width":265,"height":9}},{"id":"b5d54377-7482-4281-af06-b0864e460722","block_type":"box","text":"Air Reserve Base, Georgia from 2014 to","page_number":53,"box":{"x":342,"y":610,"width":244,"height":10}},{"id":"71629e81-841c-4ac8-9cf4-01df8f67f35e","block_type":"box","text":"2016; Pilot, United Airlines from 1990 to","page_number":53,"box":{"x":343,"y":622,"width":246,"height":9}},{"id":"a5d265d8-68d7-4f24-85d2-3a39f9d564db","block_type":"box","text":"2020.","page_number":53,"box":{"x":343,"y":634,"width":36,"height":8}},{"id":"8490003e-f7aa-492d-a7bc-75087fac62ef","block_type":"box","text":"66 RICs consisting of","page_number":53,"box":{"x":627,"y":538,"width":129,"height":10}},{"id":"35b01e88-a889-47de-91f6-c8821b528d84","block_type":"box","text":"101 Portfolios","page_number":53,"box":{"x":627,"y":550,"width":85,"height":8}},{"id":"5ee8de7b-a8fc-4b1f-b88d-ac91b5cb4f3f","block_type":"box","text":"KULR Technology","page_number":53,"box":{"x":774,"y":538,"width":102,"height":10}},{"id":"98d752b3-e55c-45d8-bc4f-99d9386ab099","block_type":"box","text":"Group, Inc. in 2021;","page_number":53,"box":{"x":773,"y":550,"width":121,"height":10}},{"id":"4c138720-7f96-4ff9-b28a-4fb95d3e15d8","block_type":"box","text":"The Boeing Company","page_number":53,"box":{"x":773,"y":562,"width":127,"height":10}},{"id":"e77576bb-a8f0-42a3-bbb4-3014ca2dd775","block_type":"box","text":"(airplane","page_number":53,"box":{"x":773,"y":574,"width":51,"height":10}},{"id":"b6fbf6da-8c2f-416c-a1ef-29a85f6c366b","block_type":"box","text":"manufacturer)","page_number":53,"box":{"x":774,"y":586,"width":83,"height":10}},{"id":"63c03f9a-8e8c-42d9-84a8-3bf8ae975895","block_type":"box","text":"J. Phillip Holloman","page_number":53,"box":{"x":69,"y":652,"width":109,"height":9}},{"id":"5256efba-59fe-4bd0-88bc-2d68c364d6d4","block_type":"box","text":"1955","page_number":53,"box":{"x":69,"y":667,"width":33,"height":8}},{"id":"f30284bc-aa75-463c-ba32-8aa926724bf9","block_type":"box","text":"Director","page_number":53,"box":{"x":236,"y":652,"width":46,"height":8}},{"id":"5950552a-7534-4f4b-acc8-b3287b3585b6","block_type":"box","text":"(Since 2021)","page_number":53,"box":{"x":235,"y":664,"width":78,"height":9}},{"id":"a8c92646-f317-4d9f-bda9-6c015543dc41","block_type":"box","text":"Interim Executive Chairman, President and","page_number":53,"box":{"x":343,"y":652,"width":255,"height":9}},{"id":"24799cab-8f85-44b5-b382-c580e5e9cbf1","block_type":"box","text":"Chief Executive Officer of Vestis Corporation","page_number":53,"box":{"x":343,"y":663,"width":263,"height":10}},{"id":"f99301e2-fef6-40c6-8417-0549d85931ba","block_type":"box","text":"since 2025; President and Chief Operating","page_number":53,"box":{"x":343,"y":675,"width":257,"height":11}},{"id":"41c72226-2066-4b36-a43f-0d2a3a38f440","block_type":"box","text":"Officer, Cintas Corporation from 2008 to","page_number":53,"box":{"x":343,"y":687,"width":243,"height":10}},{"id":"900fd6d8-c6ff-41ef-ae2b-e6f3e46aee53","block_type":"box","text":"2018.","page_number":53,"box":{"x":343,"y":699,"width":36,"height":8}},{"id":"b4b59acc-8be1-40c8-8bdd-b0be176bcabf","block_type":"box","text":"66 RICs consisting of","page_number":53,"box":{"x":627,"y":651,"width":129,"height":11}},{"id":"afbb72ea-37bf-46c0-ac64-092e225690be","block_type":"box","text":"101 Portfolios","page_number":53,"box":{"x":627,"y":663,"width":85,"height":9}},{"id":"b20e4d32-75c9-4dfa-95ce-87c1a0ef8230","block_type":"box","text":"Vestis Corporation","page_number":53,"box":{"x":773,"y":652,"width":109,"height":9}},{"id":"5f905177-e113-4b46-8391-0c1d3b8388f8","block_type":"box","text":"(uniforms and","page_number":53,"box":{"x":773,"y":663,"width":83,"height":10}},{"id":"b42be092-2f0b-4dfa-b1e6-972aca10892c","block_type":"box","text":"facilities services)","page_number":53,"box":{"x":773,"y":675,"width":108,"height":10}},{"id":"734277d7-4f88-4353-b97b-55f8ca6dbca8","block_type":"box","text":"Catherine A. Lynch","page_number":53,"box":{"x":69,"y":717,"width":111,"height":10}},{"id":"f039d859-f32a-46e1-9473-cc6180febade","block_type":"box","text":"4","page_number":53,"box":{"x":181,"y":717,"width":4,"height":4}},{"id":"f7e4548a-10c8-484f-b3ec-5b01fa5abcbf","block_type":"box","text":"1961","page_number":53,"box":{"x":69,"y":733,"width":33,"height":8}},{"id":"ce0b6d80-8e2e-4f9e-8034-fd99b70c2f6f","block_type":"box","text":"Director","page_number":53,"box":{"x":236,"y":717,"width":46,"height":8}},{"id":"921e4207-a7f3-49cd-9cfb-310b5753c3f3","block_type":"box","text":"(Since 2019)","page_number":53,"box":{"x":235,"y":729,"width":78,"height":10}},{"id":"01036aab-80df-4f16-9a8e-0c520b01bae4","block_type":"box","text":"Chief Executive Officer, Chief Investment","page_number":53,"box":{"x":343,"y":717,"width":244,"height":9}},{"id":"be94c2b5-5245-4b05-8057-fa20a27b78a9","block_type":"box","text":"Officer and various other positions, National","page_number":53,"box":{"x":343,"y":729,"width":264,"height":10}},{"id":"cffba920-465a-48ec-9c69-0bafafaa2741","block_type":"box","text":"Railroad Retirement Investment Trust from","page_number":53,"box":{"x":343,"y":741,"width":255,"height":8}},{"id":"be55c847-c6da-4cd0-8e8b-e499992ee38d","block_type":"box","text":"2003 to 2016; Associate Vice President for","page_number":53,"box":{"x":343,"y":753,"width":263,"height":9}},{"id":"605fdaf5-0381-4ffa-9a47-d6bff3d828ce","block_type":"box","text":"Treasury Management, The George","page_number":53,"box":{"x":342,"y":765,"width":213,"height":10}},{"id":"53a960aa-252a-4f04-af5e-de74419beded","block_type":"box","text":"Washington University from 1999 to 2003;","page_number":53,"box":{"x":342,"y":777,"width":258,"height":10}},{"id":"448edc87-31a6-4f82-8df4-2c4512b950b9","block_type":"box","text":"Assistant Treasurer, Episcopal Church of","page_number":53,"box":{"x":342,"y":789,"width":245,"height":10}},{"id":"7ad5c79d-99ba-4426-924f-251edd536cbe","block_type":"box","text":"America from 1995 to 1999.","page_number":53,"box":{"x":342,"y":801,"width":174,"height":8}},{"id":"e88e3d53-fb82-47e3-bad1-6d98e38a0d57","block_type":"box","text":"68 RICs consisting of","page_number":53,"box":{"x":627,"y":717,"width":129,"height":10}},{"id":"573d8ccd-e27d-4b8c-a0e4-10a00795c8a4","block_type":"box","text":"103 Portfolios","page_number":53,"box":{"x":627,"y":729,"width":85,"height":8}},{"id":"bd4f9e15-d834-4c5b-9bc3-e0099f699375","block_type":"box","text":"PennyMac Mortgage","page_number":53,"box":{"x":774,"y":717,"width":122,"height":10}},{"id":"50a2136a-4652-4e3b-89e0-2ba79216e001","block_type":"box","text":"Investment Trust","page_number":53,"box":{"x":774,"y":729,"width":100,"height":8}},{"id":"856c9c4e-1314-46c4-bfc6-4566bc557cc9","block_type":"box","text":"I-16","page_number":53,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1cae9bf5-b293-4155-af60-807ced7ebc56","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1739a380-e1db-457f-befb-9117533b03e3","block_type":"box","text":"Name","page_number":54,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"2223772c-3a01-46b0-8e49-332d0c195f5e","block_type":"box","text":"and Year of Birth","page_number":54,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"99924853-4584-40f2-80b2-7ab407e19d34","block_type":"box","text":"1,2","page_number":54,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"f41be34b-a369-4a32-a826-b30156a347a1","block_type":"box","text":"Position(s)","page_number":54,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"8dfa8108-0f03-48b3-9340-f3e798158043","block_type":"box","text":"Held","page_number":54,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"c61e3478-585d-45bf-8bfb-0380d519776f","block_type":"box","text":"(Length of","page_number":54,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"02e702b7-502c-4498-973a-3179b3dfc3e1","block_type":"box","text":"Service)","page_number":54,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"3d126426-cfdc-4bea-8d4e-35bcd6bcf800","block_type":"box","text":"3","page_number":54,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"7f488e38-1ee7-4d56-98f4-074072bc66a1","block_type":"box","text":"Principal Occupation(s)","page_number":54,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"66e13847-6b05-487f-a8d3-66511f336fd2","block_type":"box","text":"During Past Five Years","page_number":54,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"b6cefdee-9fb9-4f28-938a-9820a6c2c58c","block_type":"box","text":"Number of","page_number":54,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"fda3e599-ea20-4c7d-90e2-da2daf1b9afb","block_type":"box","text":"BlackRock","page_number":54,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"cf7bbec3-8bbd-40d0-b401-97967643f326","block_type":"box","text":"Advised","page_number":54,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"13512a99-2244-4352-b60e-1406a4de9115","block_type":"box","text":"Registered","page_number":54,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"8c7eba2f-0145-45c6-aeef-249382c936c7","block_type":"box","text":"Investment","page_number":54,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"fe97d4ef-234a-4188-80bb-d25b8d985bbb","block_type":"box","text":"Companies","page_number":54,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"0a04e8e8-8965-4ecd-8535-09abddd49d4c","block_type":"box","text":"(“RICs”)","page_number":54,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"f47227d2-5a0e-4f06-9395-c984facc2ec1","block_type":"box","text":"Consisting of","page_number":54,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"8abd5424-1e7d-47e5-844e-bc6c102b3392","block_type":"box","text":"Investment","page_number":54,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"b228a179-00a5-4242-9be8-ec4f69cc0ff2","block_type":"box","text":"Portfolios","page_number":54,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"dc286695-cabc-4980-8def-f5ad0829f06b","block_type":"box","text":"(“Portfolios”)","page_number":54,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"d9043a7a-0c22-4f27-a892-d22d71a7f0c7","block_type":"box","text":"Overseen","page_number":54,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"2dbc85ad-4325-40f6-bdb9-b43e337f028e","block_type":"box","text":"Public","page_number":54,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"bc31bd6a-df45-4bc6-a29f-18cd610bc41b","block_type":"box","text":"Company","page_number":54,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"2ed85f80-4ba1-4801-a394-87da270f9f4c","block_type":"box","text":"and Other","page_number":54,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"25806d47-3450-4422-b8fd-3cdb47ab58e2","block_type":"box","text":"Investment","page_number":54,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"97e8b220-b443-41e0-8c3f-52768931b6c8","block_type":"box","text":"Company","page_number":54,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"7b7e0012-4bea-4075-9b7d-7c8680d5c5aa","block_type":"box","text":"Directorships","page_number":54,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"57ae614b-c027-450d-832d-24a54d40d215","block_type":"box","text":"Held During","page_number":54,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"a39789a9-6881-4483-8a05-6e7076796724","block_type":"box","text":"Past Five Years","page_number":54,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"cb091edc-77c8-421e-b0d7-3b58d69733ec","block_type":"box","text":"Arthur P. Steinmetz","page_number":54,"box":{"x":68,"y":174,"width":116,"height":8}},{"id":"653cac8f-48ea-443b-a319-d87f6079b3a1","block_type":"box","text":"4","page_number":54,"box":{"x":184,"y":174,"width":4,"height":4}},{"id":"b4c8ac10-9654-4f43-a341-e82895cd40c1","block_type":"box","text":"1958","page_number":54,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"0cfc2671-2256-4180-9603-4658e380be31","block_type":"box","text":"Trustee (Since","page_number":54,"box":{"x":235,"y":174,"width":86,"height":10}},{"id":"c0f3facb-9582-467b-84f4-322312e4195e","block_type":"box","text":"2023)","page_number":54,"box":{"x":235,"y":186,"width":37,"height":10}},{"id":"0d6dce01-248b-4456-926c-b35b97c39eb8","block_type":"box","text":"Trustee of Denison University since 2020;","page_number":54,"box":{"x":342,"y":174,"width":253,"height":10}},{"id":"d5646d71-12fe-4d61-8bda-c521731a93ac","block_type":"box","text":"Consultant, Posit PBC (enterprise data","page_number":54,"box":{"x":343,"y":186,"width":231,"height":10}},{"id":"51e210e5-fd59-4df9-9943-81d1b50a5983","block_type":"box","text":"science) since 2020; Director, ScotiaBank","page_number":54,"box":{"x":343,"y":198,"width":254,"height":10}},{"id":"61c130b7-96a9-4a4f-abdc-2e96fb5c5aa7","block_type":"box","text":"(U.S.) from 2020 to 2023; Chairman, Chief","page_number":54,"box":{"x":343,"y":210,"width":261,"height":10}},{"id":"fd822b83-b247-4e68-b8cb-c61025c19e6f","block_type":"box","text":"Executive Officer and President of","page_number":54,"box":{"x":343,"y":222,"width":203,"height":8}},{"id":"1d13a58f-cc1b-4b23-8350-f802d614957c","block_type":"box","text":"OppenheimerFunds, Inc. from 2015, 2014","page_number":54,"box":{"x":343,"y":234,"width":257,"height":10}},{"id":"cd3f3db1-f175-4525-a588-68326cc0b848","block_type":"box","text":"and 2013, respectively to 2019; Trustee,","page_number":54,"box":{"x":343,"y":246,"width":248,"height":10}},{"id":"bd05a9f7-7a3a-426e-83a2-920744613d43","block_type":"box","text":"President and Principal Executive Officer of","page_number":54,"box":{"x":343,"y":258,"width":258,"height":10}},{"id":"58f57bf4-9ead-4cf9-90aa-256384295c14","block_type":"box","text":"104 OppenheimerFunds funds from 2014 to","page_number":54,"box":{"x":343,"y":270,"width":268,"height":10}},{"id":"d01493be-7439-42ed-952f-a34b3a3e8e31","block_type":"box","text":"2019. Portfolio manager of various","page_number":54,"box":{"x":343,"y":282,"width":211,"height":10}},{"id":"0979c97f-b1e7-4408-bfc1-f5d8a5fc4d63","block_type":"box","text":"OppenheimerFunds fixed income mutual","page_number":54,"box":{"x":343,"y":294,"width":241,"height":10}},{"id":"6f92bf7f-b8d2-4d2f-b687-175959763799","block_type":"box","text":"funds from 1986 to 2014.","page_number":54,"box":{"x":342,"y":306,"width":160,"height":8}},{"id":"eafe5312-5b61-4aaf-9669-9ec2ccad8b46","block_type":"box","text":"68 RICs consisting of","page_number":54,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"e332e610-bc24-4947-b8d2-76e2d45f59a7","block_type":"box","text":"103 Portfolios","page_number":54,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"fddb562c-21cc-4fcd-ba0e-a2733322ee74","block_type":"box","text":"None","page_number":54,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"30d7377d-891b-4798-b0fa-685e7b028e5e","block_type":"box","text":"Interested Directors","page_number":54,"box":{"x":70,"y":324,"width":126,"height":7}},{"id":"1607bf53-526e-438d-9e97-b872497adada","block_type":"box","text":"5","page_number":54,"box":{"x":197,"y":323,"width":4,"height":4}},{"id":"ffb22d75-1c91-42b4-aa3c-be3e266da46a","block_type":"box","text":"Robert Fairbairn","page_number":54,"box":{"x":69,"y":341,"width":96,"height":8}},{"id":"2fcf8ab5-c116-4ece-9387-69a2fc71da09","block_type":"box","text":"1965","page_number":54,"box":{"x":69,"y":357,"width":33,"height":8}},{"id":"30071e9c-da49-4d5d-bf3c-eb541591c6c0","block_type":"box","text":"Director","page_number":54,"box":{"x":236,"y":341,"width":46,"height":8}},{"id":"bf3de955-d04f-46a9-b43e-e2f52f7f8209","block_type":"box","text":"(Since 2015)","page_number":54,"box":{"x":235,"y":353,"width":78,"height":10}},{"id":"044e3512-1be1-4e1c-8929-e4f01f5b963c","block_type":"box","text":"Vice Chairman of BlackRock, Inc. since","page_number":54,"box":{"x":342,"y":341,"width":235,"height":9}},{"id":"8bb004d9-a7ae-4016-bd23-de4369dbbcdc","block_type":"box","text":"2019; Member of BlackRock’s Global","page_number":54,"box":{"x":343,"y":353,"width":225,"height":9}},{"id":"72443f83-4e4b-4309-9994-25cccb0d9835","block_type":"box","text":"Operating Committee; Co-Chair of","page_number":54,"box":{"x":343,"y":365,"width":202,"height":10}},{"id":"cbbfe349-21d1-49b5-a408-9b43e5c18289","block_type":"box","text":"BlackRock’s Human Capital Committee;","page_number":54,"box":{"x":343,"y":377,"width":240,"height":10}},{"id":"8d09c256-4f34-458a-91d6-daabbf8ef643","block_type":"box","text":"Senior Managing Director of BlackRock, Inc.","page_number":54,"box":{"x":343,"y":389,"width":262,"height":10}},{"id":"1ba00d79-bb97-4285-b2a5-5202217628b5","block_type":"box","text":"from 2010 to 2019; oversaw BlackRock’s","page_number":54,"box":{"x":342,"y":401,"width":254,"height":9}},{"id":"dc7a9511-ab14-4139-a87a-3d1fda186933","block_type":"box","text":"Strategic Partner Program and Strategic","page_number":54,"box":{"x":343,"y":413,"width":239,"height":10}},{"id":"66f682d0-e572-46c9-96a4-7e8b9ee7dfdd","block_type":"box","text":"Product Management Group from 2012 to","page_number":54,"box":{"x":343,"y":425,"width":254,"height":10}},{"id":"259c0bf4-27f4-4583-ab62-bd6c01dd955e","block_type":"box","text":"2019; Member of the Board of Managers of","page_number":54,"box":{"x":343,"y":437,"width":265,"height":10}},{"id":"acde3ca6-368d-40f1-9978-aac1cab7c142","block_type":"box","text":"BlackRock Investments, LLC from 2011 to","page_number":54,"box":{"x":343,"y":449,"width":255,"height":9}},{"id":"15d6d5ad-05c9-4d58-b910-e788dec6d9bf","block_type":"box","text":"2018; Global Head of BlackRock’s Retail","page_number":54,"box":{"x":343,"y":461,"width":245,"height":9}},{"id":"9d14a9c1-dd2d-4d36-9c2f-97d38e9f6b8d","block_type":"box","text":"and iShares","page_number":54,"box":{"x":343,"y":473,"width":72,"height":8}},{"id":"ff0f6926-d29d-4120-8b31-8ca56c88e0cc","block_type":"box","text":"®","page_number":54,"box":{"x":415,"y":473,"width":5,"height":4}},{"id":"e97d758d-fd92-4e94-ad0e-ea209cddc203","block_type":"box","text":"businesses from 2012 to","page_number":54,"box":{"x":425,"y":473,"width":153,"height":8}},{"id":"1c5f7599-f386-49a6-b297-d5e8c876a242","block_type":"box","text":"2016.","page_number":54,"box":{"x":343,"y":485,"width":36,"height":8}},{"id":"d2d9658e-479d-4e30-ae2c-e79c289d3174","block_type":"box","text":"92 RICs consisting of","page_number":54,"box":{"x":627,"y":341,"width":129,"height":10}},{"id":"9fd45ae2-e994-4e5e-80b3-6241d8f2f3d3","block_type":"box","text":"266 Portfolios","page_number":54,"box":{"x":627,"y":353,"width":85,"height":8}},{"id":"f5ad4413-ca66-45c3-9687-235ae3b7db74","block_type":"box","text":"None","page_number":54,"box":{"x":774,"y":341,"width":30,"height":8}},{"id":"5bb35b33-94c3-4678-9044-ec0358ac37db","block_type":"box","text":"John M. Perlowski","page_number":54,"box":{"x":69,"y":502,"width":107,"height":8}},{"id":"5ff9da97-9dc9-4367-999a-abacb2907bb0","block_type":"box","text":"4","page_number":54,"box":{"x":177,"y":502,"width":4,"height":4}},{"id":"56185723-3b51-4e3d-98a9-89f5b52f79d1","block_type":"box","text":"1964","page_number":54,"box":{"x":69,"y":518,"width":33,"height":8}},{"id":"62775820-ab25-4740-a6e0-71b393fd196c","block_type":"box","text":"Director (Since","page_number":54,"box":{"x":236,"y":502,"width":87,"height":10}},{"id":"1fc2c1d8-1008-4290-b777-c2be66e3d531","block_type":"box","text":"2015) and","page_number":54,"box":{"x":235,"y":514,"width":63,"height":10}},{"id":"1607a54e-cdf6-499b-867a-c53a34eaf754","block_type":"box","text":"President and","page_number":54,"box":{"x":236,"y":526,"width":82,"height":8}},{"id":"b746d92e-6d2f-4136-815b-800b01c431f8","block_type":"box","text":"Chief Executive","page_number":54,"box":{"x":235,"y":538,"width":91,"height":8}},{"id":"af8a5495-02f3-4b89-a183-335cf847ad3f","block_type":"box","text":"Officer","page_number":54,"box":{"x":235,"y":550,"width":40,"height":8}},{"id":"bb1ce0e5-ae73-44eb-a0fb-cacf92abeb55","block_type":"box","text":"(Since 2010)","page_number":54,"box":{"x":235,"y":562,"width":78,"height":10}},{"id":"0b2bbe43-911f-4213-9b6e-741d837a1f69","block_type":"box","text":"Managing Director of BlackRock, Inc. since","page_number":54,"box":{"x":343,"y":502,"width":256,"height":10}},{"id":"7a6db8e4-8654-4b2d-aeed-35ccfa572333","block_type":"box","text":"2009; Head of BlackRock Global Accounting","page_number":54,"box":{"x":343,"y":514,"width":267,"height":10}},{"id":"383b1b0b-f0c8-4606-bfc9-dd2572ae0958","block_type":"box","text":"and Product Services since 2009; Member","page_number":54,"box":{"x":343,"y":526,"width":260,"height":10}},{"id":"22ee52b6-c0f7-4248-b26e-5d4a16c77ae6","block_type":"box","text":"of BlackRock’s Global Executive Committee;","page_number":54,"box":{"x":343,"y":538,"width":264,"height":10}},{"id":"d3194167-aafc-4c42-af69-aae7324fc2b1","block_type":"box","text":"Advisory Director of Family Resource Network","page_number":54,"box":{"x":342,"y":550,"width":274,"height":10}},{"id":"bb672aab-0c70-405e-92c4-52ef47dcaf7a","block_type":"box","text":"(charitable foundation) since 2009.","page_number":54,"box":{"x":343,"y":562,"width":211,"height":10}},{"id":"3d36f6ad-f01b-4c22-9031-7a93ddb05e81","block_type":"box","text":"94 RICs consisting of","page_number":54,"box":{"x":627,"y":502,"width":129,"height":10}},{"id":"49b236b8-1132-44d3-8caa-8a83b689ae34","block_type":"box","text":"268 Portfolios","page_number":54,"box":{"x":627,"y":514,"width":85,"height":8}},{"id":"419806e9-d646-46c0-b745-ba8da66269cf","block_type":"box","text":"None","page_number":54,"box":{"x":774,"y":502,"width":30,"height":8}},{"id":"ae131e62-d9d1-42ed-9ade-2633e855856a","block_type":"box","text":"1","page_number":54,"box":{"x":69,"y":586,"width":3,"height":3}},{"id":"e3ba6819-d483-4cc7-90c3-0d17bf0556a5","block_type":"box","text":"The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":54,"box":{"x":93,"y":586,"width":565,"height":8}},{"id":"c36dc080-0a33-4040-b8dd-6f87a12a9072","block_type":"box","text":"2","page_number":54,"box":{"x":69,"y":598,"width":3,"height":4}},{"id":"c4c91a33-0914-4816-8a89-458d1883c3f8","block_type":"box","text":"Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation,","page_number":54,"box":{"x":94,"y":598,"width":784,"height":9}},{"id":"c751368f-d70f-428c-8d39-3d48676bb54f","block_type":"box","text":"retirement or removal as provided by the Corporation’s by-laws or charter or statute, or until December 31 of the year in which he or she turns","page_number":54,"box":{"x":94,"y":608,"width":810,"height":9}},{"id":"1b8a218e-9a77-4c96-9c16-834570fc7f10","block_type":"box","text":"75. Directors who are “interested persons,” as defined in the Investment Company Act (each, an “Interested Director”), serve until their","page_number":54,"box":{"x":94,"y":618,"width":777,"height":9}},{"id":"7be2de5f-9c53-4e13-a986-1bc7af009509","block_type":"box","text":"successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Corporation’s by-laws","page_number":54,"box":{"x":93,"y":628,"width":806,"height":9}},{"id":"34072c7e-168a-4178-9fe3-e48e6398bd32","block_type":"box","text":"or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on","page_number":54,"box":{"x":93,"y":639,"width":806,"height":8}},{"id":"a75f7b4c-60b2-46e1-9177-64c0cab3c294","block_type":"box","text":"a case-by-case basis, as appropriate.","page_number":54,"box":{"x":93,"y":649,"width":211,"height":9}},{"id":"534d23a2-609c-4de4-b6c3-007065d71985","block_type":"box","text":"3","page_number":54,"box":{"x":69,"y":661,"width":3,"height":4}},{"id":"daf77711-be60-4589-8fe3-895c560235a3","block_type":"box","text":"Following the combination of MLIM and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were","page_number":54,"box":{"x":94,"y":661,"width":804,"height":9}},{"id":"3429487c-9889-4666-badb-021752526624","block_type":"box","text":"realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other","page_number":54,"box":{"x":94,"y":671,"width":801,"height":9}},{"id":"9e475def-aacb-4c3f-bdd7-85f9a2b8e861","block_type":"box","text":"legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. Certain other Independent Directors","page_number":54,"box":{"x":94,"y":681,"width":793,"height":9}},{"id":"909e7012-0487-4c55-9338-57d037047435","block_type":"box","text":"became members of the boards of the closed-end funds in the BlackRock Fixed-Income Complex as follows: Cynthia L. Egan, 2016 and","page_number":54,"box":{"x":94,"y":691,"width":769,"height":9}},{"id":"714cb93f-5de3-4d51-94fc-e5246a40171d","block_type":"box","text":"Catherine A. Lynch, 2016.","page_number":54,"box":{"x":93,"y":702,"width":148,"height":8}},{"id":"59d2a765-7279-4a56-9b19-4f6f446169c3","block_type":"box","text":"4","page_number":54,"box":{"x":68,"y":714,"width":4,"height":4}},{"id":"9cbae5f9-020c-4a66-9f1d-af4f840d6311","block_type":"box","text":"Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock","page_number":54,"box":{"x":94,"y":714,"width":794,"height":9}},{"id":"99418159-27c8-4e2b-bad4-34468fef6553","block_type":"box","text":"Private Investments Fund.","page_number":54,"box":{"x":94,"y":724,"width":145,"height":7}},{"id":"7fb95d3f-198c-4ebc-9ea5-220c394535e7","block_type":"box","text":"5","page_number":54,"box":{"x":69,"y":737,"width":3,"height":3}},{"id":"06bd6804-0a78-4b72-be5d-62ae50cb6f0c","block_type":"box","text":"Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Investment Company Act, of the Corporation based on their","page_number":54,"box":{"x":94,"y":737,"width":796,"height":9}},{"id":"13e3173c-a179-426a-9ace-810bfbcc5793","block_type":"box","text":"positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset","page_number":54,"box":{"x":94,"y":747,"width":761,"height":9}},{"id":"8bca71ed-6b16-4f35-94d9-d0e103b0eb4c","block_type":"box","text":"Complex.","page_number":54,"box":{"x":93,"y":757,"width":51,"height":9}},{"id":"b604dafa-7d7f-446f-8fe4-f6e038200f58","block_type":"box","text":"Certain biographical and other information relating to the officers of the Corporation who are not Directors is set","page_number":54,"box":{"x":102,"y":778,"width":798,"height":11}},{"id":"d65d7710-477d-458f-8806-ec7a9f19dab5","block_type":"box","text":"forth below, including their address and year of birth, principal occupations for at least the last five years and length","page_number":54,"box":{"x":68,"y":793,"width":828,"height":11}},{"id":"0cdccb94-3232-409d-9fa1-5d21f54cc57e","block_type":"box","text":"of time served.","page_number":54,"box":{"x":69,"y":808,"width":106,"height":9}},{"id":"eb7afd38-9cdd-4d29-b834-58e0ef9897a8","block_type":"box","text":"Name","page_number":54,"box":{"x":160,"y":837,"width":32,"height":7}},{"id":"7b10a857-377c-4a4a-b647-eb20d3995157","block_type":"box","text":"and Year of Birth","page_number":54,"box":{"x":122,"y":846,"width":97,"height":8}},{"id":"9f6ad7b1-e514-473a-a083-9f1baaf962e7","block_type":"box","text":"1,2","page_number":54,"box":{"x":220,"y":847,"width":10,"height":4}},{"id":"7e84346f-99d5-4ccd-8838-11b8c6b02d03","block_type":"box","text":"Position(s) Held","page_number":54,"box":{"x":335,"y":836,"width":93,"height":9}},{"id":"176105bb-24fb-4b37-a714-c5a4441ca0ba","block_type":"box","text":"(Length of Service)","page_number":54,"box":{"x":326,"y":846,"width":110,"height":9}},{"id":"8fd2384b-e735-40ff-8634-cd1d6c9922b4","block_type":"box","text":"Principal Occupation(s)","page_number":54,"box":{"x":626,"y":836,"width":136,"height":9}},{"id":"06b08f4d-c400-452e-a0ee-3e86cea41d1e","block_type":"box","text":"During Past Five Years","page_number":54,"box":{"x":629,"y":847,"width":131,"height":8}},{"id":"1e5c9ffa-3a6e-40bd-8db8-89a766450a17","block_type":"box","text":"Officers Who Are Not Directors","page_number":54,"box":{"x":69,"y":861,"width":197,"height":8}},{"id":"4bdc0eb6-4b39-4e25-ac98-aea117381edd","block_type":"box","text":"Jennifer McGovern","page_number":54,"box":{"x":69,"y":878,"width":110,"height":8}},{"id":"1be3f8f9-f99f-4b56-a266-53f8d7a8c4c2","block_type":"box","text":"1977","page_number":54,"box":{"x":69,"y":894,"width":32,"height":8}},{"id":"31fd6dc6-1d1d-4348-8cd5-dab50cc771db","block_type":"box","text":"Vice President","page_number":54,"box":{"x":293,"y":878,"width":87,"height":8}},{"id":"0e4b054b-d57e-4d47-91b8-0907f7ced977","block_type":"box","text":"(Since 2014)","page_number":54,"box":{"x":294,"y":890,"width":78,"height":10}},{"id":"237a331f-f37d-4010-93ea-17677da4125f","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2016.","page_number":54,"box":{"x":480,"y":878,"width":297,"height":10}},{"id":"fcf55749-9f3c-4e75-9418-a36bd5a6a0b0","block_type":"box","text":"I-17","page_number":54,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"1a783f17-77cc-4c47-b752-45cbe4aac9ba","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8aeec9d-6f4a-4823-9981-32c339490c86","block_type":"box","text":"Name","page_number":55,"box":{"x":160,"y":49,"width":32,"height":7}},{"id":"448a26d5-4e48-43e8-ac43-698ef33982b5","block_type":"box","text":"and Year of Birth","page_number":55,"box":{"x":122,"y":59,"width":97,"height":7}},{"id":"abec301d-d708-4525-8b18-b06b238bf883","block_type":"box","text":"1,2","page_number":55,"box":{"x":220,"y":59,"width":10,"height":4}},{"id":"2d92fca6-f57d-4bc2-a7bb-f5266d1d7080","block_type":"box","text":"Position(s) Held","page_number":55,"box":{"x":335,"y":49,"width":93,"height":9}},{"id":"36d6d589-1d67-4423-87dc-970292a282c9","block_type":"box","text":"(Length of Service)","page_number":55,"box":{"x":326,"y":59,"width":110,"height":9}},{"id":"d4c81a90-8296-4c39-9273-b11aa6a81629","block_type":"box","text":"Principal Occupation(s)","page_number":55,"box":{"x":626,"y":49,"width":136,"height":9}},{"id":"63461008-8d22-4e89-840c-64210cff20a7","block_type":"box","text":"During Past Five Years","page_number":55,"box":{"x":629,"y":59,"width":131,"height":9}},{"id":"4234aa19-bcab-4f83-af61-e1294ad91df6","block_type":"box","text":"Trent Walker","page_number":55,"box":{"x":68,"y":73,"width":75,"height":8}},{"id":"57d9fc2c-b243-448e-aacf-406c3930a08a","block_type":"box","text":"1974","page_number":55,"box":{"x":69,"y":89,"width":33,"height":8}},{"id":"f6a3c796-c3b9-4f8f-a6b6-238b7907a817","block_type":"box","text":"Chief","page_number":55,"box":{"x":294,"y":73,"width":31,"height":8}},{"id":"2e0e024b-510e-446a-93f4-601d87b87ff6","block_type":"box","text":"Financial","page_number":55,"box":{"x":294,"y":85,"width":51,"height":8}},{"id":"f4b84f62-bc43-478c-a4c2-d29d9f7965b4","block_type":"box","text":"Officer","page_number":55,"box":{"x":294,"y":97,"width":40,"height":8}},{"id":"3d9eda61-78eb-445c-b695-46057eaad903","block_type":"box","text":"(Since 2021)","page_number":55,"box":{"x":294,"y":109,"width":78,"height":10}},{"id":"cc45c7b2-faed-420d-84b3-a45fbba3de17","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019; Executive Vice","page_number":55,"box":{"x":480,"y":73,"width":388,"height":10}},{"id":"05ad2ee1-ad18-464d-8053-671c8741e324","block_type":"box","text":"President of PIMCO from 2016 to 2019.","page_number":55,"box":{"x":480,"y":85,"width":242,"height":8}},{"id":"fc3c3562-b2d3-4c29-b437-1fc4f70289e8","block_type":"box","text":"Jay M. Fife","page_number":55,"box":{"x":69,"y":127,"width":63,"height":10}},{"id":"49dbc687-c3e4-4528-bcd1-bcf533b21e8c","block_type":"box","text":"1970","page_number":55,"box":{"x":69,"y":143,"width":33,"height":8}},{"id":"199d8ffd-63d5-413c-89a6-9b0334823319","block_type":"box","text":"Treasurer","page_number":55,"box":{"x":293,"y":127,"width":58,"height":8}},{"id":"4a764bc9-e5a1-4047-8ebe-ca2fd97d951e","block_type":"box","text":"(Since 2007)","page_number":55,"box":{"x":294,"y":139,"width":78,"height":10}},{"id":"656468ce-d99d-4fe6-8f12-644a53a615d0","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2007.","page_number":55,"box":{"x":480,"y":127,"width":297,"height":10}},{"id":"2dfa3170-2929-446c-95b4-238cdf4944d5","block_type":"box","text":"Aaron Wasserman","page_number":55,"box":{"x":68,"y":160,"width":110,"height":8}},{"id":"9c5422df-7054-439c-816c-1707472e2a28","block_type":"box","text":"1974","page_number":55,"box":{"x":69,"y":176,"width":33,"height":8}},{"id":"d8bd6830-8684-4e6c-be68-22f97ecd5b09","block_type":"box","text":"Chief Compliance Officer","page_number":55,"box":{"x":294,"y":160,"width":149,"height":10}},{"id":"04917dfd-f264-42dd-a522-c21d81f4ff98","block_type":"box","text":"(Since 2023)","page_number":55,"box":{"x":294,"y":172,"width":78,"height":10}},{"id":"d4233a8b-5507-4cd5-bdfa-d96d8ebba154","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018; Chief Compliance","page_number":55,"box":{"x":480,"y":160,"width":408,"height":10}},{"id":"061e0480-cba2-4c84-82dd-4b5e0b615a16","block_type":"box","text":"Officer of the BlackRock-advised funds in the BlackRock Multi-Asset","page_number":55,"box":{"x":480,"y":172,"width":407,"height":8}},{"id":"705578f1-8260-4ae6-8518-05cdb327c6b1","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex and the iShares","page_number":55,"box":{"x":480,"y":184,"width":383,"height":10}},{"id":"4bb22c14-ff2d-4e68-aaa0-fb67cb1c28dc","block_type":"box","text":"Complex since 2023; Deputy Chief Compliance Officer for the","page_number":55,"box":{"x":480,"y":196,"width":371,"height":10}},{"id":"bade349e-ebca-4a71-b77a-169b07de7544","block_type":"box","text":"BlackRock-advised funds in the BlackRock Multi-Asset Complex, the","page_number":55,"box":{"x":480,"y":208,"width":407,"height":10}},{"id":"5cad158c-973f-434c-b173-7507adec6220","block_type":"box","text":"BlackRock Fixed-Income Complex and the iShares Complex from 2014","page_number":55,"box":{"x":480,"y":220,"width":425,"height":10}},{"id":"14b8734e-fe41-43eb-b87c-848cc735ddb7","block_type":"box","text":"to 2023.","page_number":55,"box":{"x":479,"y":232,"width":53,"height":8}},{"id":"3c5626be-e3b7-43c7-b769-af61cf21658b","block_type":"box","text":"Lisa Belle","page_number":55,"box":{"x":69,"y":250,"width":58,"height":8}},{"id":"2940a74f-47f3-4510-9896-03102363223c","block_type":"box","text":"1968","page_number":55,"box":{"x":69,"y":265,"width":33,"height":8}},{"id":"416865dd-3b69-4021-a820-e65f330669d5","block_type":"box","text":"Anti-Money Laundering","page_number":55,"box":{"x":293,"y":250,"width":136,"height":10}},{"id":"0f9b768d-d9fc-4aa3-9c86-78e27c0d6df9","block_type":"box","text":"Compliance Officer","page_number":55,"box":{"x":294,"y":262,"width":114,"height":9}},{"id":"b93b89e9-f776-4ed8-a904-890423852c32","block_type":"box","text":"(Since 2019)","page_number":55,"box":{"x":294,"y":274,"width":78,"height":9}},{"id":"edd6d1d2-b08c-4458-976e-b71f69f224d0","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019; Global Financial","page_number":55,"box":{"x":480,"y":250,"width":396,"height":10}},{"id":"34ffb9fc-cd64-48ec-9ce1-e83d22d01040","block_type":"box","text":"Crime Head for Asset and Wealth Management of JP Morgan from","page_number":55,"box":{"x":480,"y":262,"width":397,"height":10}},{"id":"d59aa2da-99a0-4992-83df-2c8e09a0f9e6","block_type":"box","text":"2013 to 2019.","page_number":55,"box":{"x":480,"y":274,"width":89,"height":8}},{"id":"c21961c3-fe4d-474f-bc86-066ac6200a12","block_type":"box","text":"Janey Ahn","page_number":55,"box":{"x":69,"y":291,"width":59,"height":10}},{"id":"2b6e6f5f-46be-4ec9-96b5-41640ad87901","block_type":"box","text":"1975","page_number":55,"box":{"x":69,"y":307,"width":33,"height":8}},{"id":"0a0ef36c-9f68-4036-bf8d-8c1dae20d6f9","block_type":"box","text":"Secretary","page_number":55,"box":{"x":294,"y":291,"width":58,"height":10}},{"id":"70a9b12f-51f3-442b-bd0a-46df3876ec21","block_type":"box","text":"(Since 2019)","page_number":55,"box":{"x":294,"y":303,"width":78,"height":10}},{"id":"209ce470-4b5d-4e65-9c90-4320a5e51c27","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018.","page_number":55,"box":{"x":480,"y":291,"width":297,"height":10}},{"id":"db0c5791-a861-463f-a6b2-f4f51398f9cd","block_type":"box","text":"1","page_number":55,"box":{"x":69,"y":331,"width":3,"height":3}},{"id":"d8baf635-fa8d-4917-b873-8f7e91b2eb09","block_type":"box","text":"The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":55,"box":{"x":93,"y":330,"width":559,"height":9}},{"id":"9bf69480-5d09-4656-aaab-2e14c315629a","block_type":"box","text":"2","page_number":55,"box":{"x":69,"y":343,"width":3,"height":4}},{"id":"ec24ba0e-1603-470f-9f4f-df4d6acf50b4","block_type":"box","text":"Officers of the Corporation serve at the pleasure of the Board.","page_number":55,"box":{"x":93,"y":343,"width":355,"height":9}},{"id":"e841e43f-2198-4e21-ad7b-7fff197606f8","block_type":"box","text":"Share Ownership","page_number":55,"box":{"x":68,"y":372,"width":123,"height":11}},{"id":"d2a1db4c-c43d-4bf5-bf2b-3311abf1a526","block_type":"box","text":"Information relating to each Director’s share ownership in the Funds and in all BlackRock-advised Funds that are","page_number":55,"box":{"x":102,"y":394,"width":801,"height":12}},{"id":"99a4e8ad-7451-4428-8f46-10ec5a8beb42","block_type":"box","text":"currently overseen by the respective Director (“Supervised Funds”) as of December 31, 2024 is set forth in the chart","page_number":55,"box":{"x":69,"y":409,"width":838,"height":12}},{"id":"cb0b844e-f664-4849-ac9c-fa2e32d338c5","block_type":"box","text":"below. Amounts shown may include shares as to which a Director has indirect beneficial ownership, such as through","page_number":55,"box":{"x":69,"y":424,"width":829,"height":12}},{"id":"4267b32a-ba75-4c48-a6eb-7f8e65601bab","block_type":"box","text":"participation in certain family accounts, 529 college savings plan interests, or similar arrangements where the","page_number":55,"box":{"x":70,"y":440,"width":787,"height":11}},{"id":"9faf0d3d-c66a-4167-8c42-53078163b182","block_type":"box","text":"Director has beneficial economic interest but not a direct ownership interest.","page_number":55,"box":{"x":70,"y":455,"width":545,"height":11}},{"id":"7926261f-2b99-41e2-9f5c-92008e33212e","block_type":"box","text":"Name","page_number":55,"box":{"x":69,"y":513,"width":32,"height":7}},{"id":"fbf03723-2ad4-4978-941d-af38286412ea","block_type":"box","text":"Dollar","page_number":55,"box":{"x":503,"y":483,"width":33,"height":7}},{"id":"7bc3975d-4ec2-49fb-aa1a-ed2727b8d700","block_type":"box","text":"Range of Equity","page_number":55,"box":{"x":474,"y":493,"width":91,"height":9}},{"id":"a96a0f99-dbea-48c6-8d6b-292e182dc9f4","block_type":"box","text":"Securities in the","page_number":55,"box":{"x":471,"y":503,"width":96,"height":7}},{"id":"e53fe250-2680-4953-a7c4-b50fbef2918f","block_type":"box","text":"National Fund","page_number":55,"box":{"x":480,"y":513,"width":79,"height":7}},{"id":"b7e1e2d5-2b6c-43ba-b6a5-834cc822e698","block_type":"box","text":"Dollar","page_number":55,"box":{"x":640,"y":483,"width":33,"height":7}},{"id":"8d1119b8-cd38-4dfe-aaef-0f31594699ef","block_type":"box","text":"Range of Equity","page_number":55,"box":{"x":611,"y":493,"width":91,"height":9}},{"id":"98f4a773-d6b6-4f13-b63d-ee2c7dba116e","block_type":"box","text":"Securities in the","page_number":55,"box":{"x":608,"y":503,"width":95,"height":7}},{"id":"2c556747-76ee-4554-bdef-8503f4e9226f","block_type":"box","text":"Short Duration Fund","page_number":55,"box":{"x":597,"y":513,"width":117,"height":7}},{"id":"2e111afb-4ff4-4a75-888c-90becfe810bc","block_type":"box","text":"Aggregate Dollar","page_number":55,"box":{"x":777,"y":503,"width":99,"height":9}},{"id":"1f4d8c5d-c0ab-4e4c-a8e4-7ef22917b24c","block_type":"box","text":"Range in Supervised Funds*","page_number":55,"box":{"x":745,"y":513,"width":163,"height":9}},{"id":"7ecd52d3-af30-4b5b-b418-ec0411593043","block_type":"box","text":"Independent Directors","page_number":55,"box":{"x":70,"y":531,"width":156,"height":11}},{"id":"03e24e32-0214-487f-b0aa-2ec3ade654bb","block_type":"box","text":"Cynthia L. Egan","page_number":55,"box":{"x":79,"y":546,"width":108,"height":11}},{"id":"20c8bdff-872c-4e94-875e-3ac87c889cd9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":194,"y":546,"width":610,"height":9}},{"id":"b7b0175d-04ab-4368-83ae-c982b99bc17f","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":545,"width":72,"height":12}},{"id":"dbf101cd-fd66-44c5-bd52-0dabb13cf3b8","block_type":"box","text":"Lorenzo A. Flores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":79,"y":561,"width":725,"height":9}},{"id":"06bcb6f2-8ce7-4b5c-a3d1-439a64431e38","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":561,"width":72,"height":11}},{"id":"8ef476e3-3870-4648-b9c8-ff58347d3688","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 -","page_number":55,"box":{"x":79,"y":576,"width":420,"height":11}},{"id":"9d1d15fa-ab33-4519-a786-d106bf06b745","block_type":"box","text":"$10,000 $1 - $10,000 Over $100,000","page_number":55,"box":{"x":505,"y":576,"width":376,"height":11}},{"id":"1dd6af54-1ad8-49a8-aae7-e333dbd02f99","block_type":"box","text":"J. Phillip Holloman . . .","page_number":55,"box":{"x":78,"y":592,"width":158,"height":10}},{"id":"ef3a71ab-1c3f-4f62-8246-aff9f1d3ef17","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":243,"y":592,"width":561,"height":8}},{"id":"91f61081-fe43-45a9-bf74-11190925e74b","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":591,"width":72,"height":11}},{"id":"ac844571-6290-4667-82ff-e930efe657e0","block_type":"box","text":"R. Glenn Hubbard","page_number":55,"box":{"x":79,"y":607,"width":124,"height":9}},{"id":"8e067331-da48-44b6-998b-d9901dfaf58a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":210,"y":607,"width":594,"height":9}},{"id":"863f6978-4049-497e-b9ed-d4171bedaa19","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":606,"width":72,"height":11}},{"id":"873ad855-6176-4d11-b34c-558378d1190a","block_type":"box","text":"W. Carl Kester . . .","page_number":55,"box":{"x":78,"y":622,"width":126,"height":9}},{"id":"f4055c9d-ef5f-4203-b584-f1b0363efcef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":210,"y":622,"width":594,"height":9}},{"id":"b2cf37ab-191f-4078-a245-60368ea6b238","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":621,"width":72,"height":11}},{"id":"9439dca0-5cd0-4bf5-afc7-e4d22e41dc90","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":79,"y":637,"width":725,"height":11}},{"id":"5762887f-e513-4e50-b557-eac8b8476b04","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":636,"width":72,"height":11}},{"id":"d78c07bc-567b-428b-bdfa-6d4d51bcd694","block_type":"box","text":"Arthur P. Steinmetz** . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":78,"y":652,"width":726,"height":9}},{"id":"b8f72b80-9d93-4479-b7ad-3f1b7704c273","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":651,"width":72,"height":11}},{"id":"70e25f1c-3b09-49e3-a3f5-995c3a2e0a7b","block_type":"box","text":"Interested Directors","page_number":55,"box":{"x":79,"y":667,"width":141,"height":9}},{"id":"8ad39cbf-f11a-4bfc-88d7-28f17c22bd82","block_type":"box","text":"...........................","page_number":55,"box":{"x":227,"y":674,"width":213,"height":2}},{"id":"c42a4abe-a9db-438c-857f-e5b67dc426f6","block_type":"box","text":"Robert Fairbairn","page_number":55,"box":{"x":79,"y":682,"width":113,"height":9}},{"id":"ae8f8986-c8d7-4fa8-8532-4429f07d251b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":202,"y":682,"width":602,"height":9}},{"id":"8c9d0ead-13b3-4a20-9684-b727df7a31f8","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":681,"width":72,"height":12}},{"id":"32f0d83b-15dd-40ec-8fb1-5404da8a4043","block_type":"box","text":"John M. Perlowski","page_number":55,"box":{"x":78,"y":697,"width":127,"height":9}},{"id":"7b3dfe57-ea45-4ccb-9b70-cf1cff4a5aa4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None Over","page_number":55,"box":{"x":210,"y":697,"width":594,"height":9}},{"id":"aedfe867-cea0-4182-adf4-5ade1901aa3f","block_type":"box","text":"$100,000","page_number":55,"box":{"x":809,"y":697,"width":72,"height":11}},{"id":"d078911e-86e0-4845-bc69-64b4c994f250","block_type":"box","text":"* Includes share equivalents owned under the deferred compensation plan in the Supervised Funds by certain Independent Directors who have","page_number":55,"box":{"x":70,"y":722,"width":817,"height":9}},{"id":"87a37314-6e09-4c4a-bcb2-aa35fb14cdcf","block_type":"box","text":"participated in the deferred compensation plan of the Supervised Funds.","page_number":55,"box":{"x":69,"y":732,"width":414,"height":9}},{"id":"451edb9c-cf61-4ec3-b2cb-3d654a9d0bec","block_type":"box","text":"** Elected as a Director of the Funds effective November 9, 2023.","page_number":55,"box":{"x":70,"y":744,"width":380,"height":9}},{"id":"b4bb0b39-0806-4292-a640-e6bb37b3737f","block_type":"box","text":"As of October 2, 2025, the Directors and officers of the Corporation as a group directly or indirectly beneficially","page_number":55,"box":{"x":101,"y":765,"width":794,"height":12}},{"id":"3497bc42-cb2c-49b5-a211-2bdac18f6238","block_type":"box","text":"owned an aggregate of less than 1% of any class of the outstanding shares of each Fund. As of December 31, 2024,","page_number":55,"box":{"x":69,"y":780,"width":835,"height":12}},{"id":"215ea4d2-e264-49eb-abca-59ebb55afc5a","block_type":"box","text":"none of the Independent Directors of the Corporation or their immediate family members owned beneficially or of","page_number":55,"box":{"x":69,"y":795,"width":804,"height":12}},{"id":"9ac00ca8-4744-4c30-a3f3-a43d72428b91","block_type":"box","text":"record any securities of the Funds’ investment adviser, principal underwriter, or any person directly or indirectly","page_number":55,"box":{"x":69,"y":811,"width":791,"height":11}},{"id":"352b8a85-d277-4be2-b711-e72fb68beec5","block_type":"box","text":"controlling, controlled by, or under common control with such entities.","page_number":55,"box":{"x":69,"y":826,"width":495,"height":11}},{"id":"a956e3ec-edd4-443e-b3da-340d1ff1fc66","block_type":"box","text":"Compensation of Directors","page_number":55,"box":{"x":69,"y":856,"width":194,"height":11}},{"id":"948f33ae-49a0-4870-a7a1-10790d8f8552","block_type":"box","text":"Each Independent Director is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":55,"box":{"x":102,"y":878,"width":778,"height":12}},{"id":"8e125bb4-7cee-406a-a3a8-900e10cb9a57","block_type":"box","text":"member of the BlackRock-advised Funds, including the Funds, together with out-of-pocket expenses in accordance","page_number":55,"box":{"x":69,"y":894,"width":812,"height":11}},{"id":"87c0ed1d-32aa-48a7-b3b7-52faae62127d","block_type":"box","text":"with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair","page_number":55,"box":{"x":68,"y":909,"width":827,"height":11}},{"id":"d294aafe-c2a9-49fc-9c89-b15e7fa45939","block_type":"box","text":"I-18","page_number":55,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"12eb4ec5-b760-42e4-ab63-138a82123274","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f85d612b-a289-4b05-a3ce-0a9e8cb11951","block_type":"box","text":"of the Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000,","page_number":56,"box":{"x":69,"y":44,"width":789,"height":12}},{"id":"dada3795-5e01-4293-995e-63eda57857bc","block_type":"box","text":"respectively. The Chairs of the Audit Committee, Performance Oversight Committee, Compliance Committee,","page_number":56,"box":{"x":69,"y":60,"width":772,"height":11}},{"id":"702d27ce-83e5-4c1a-adfc-0e3cd6097f8a","block_type":"box","text":"Governance and Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of","page_number":56,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"131cfbbd-4f3b-4907-8e7c-efe8ab169f85","block_type":"box","text":"$55,000, $42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit","page_number":56,"box":{"x":69,"y":89,"width":767,"height":12}},{"id":"203340df-e805-486b-a389-cc7ed9b366df","block_type":"box","text":"Committee, Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are","page_number":56,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"7f6a4908-9128-4fac-9789-f687e0403f97","block_type":"box","text":"paid an additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service","page_number":56,"box":{"x":70,"y":120,"width":822,"height":11}},{"id":"2bed146d-ab68-4856-8deb-a5852242a01c","block_type":"box","text":"on such committee. An Independent Director may receive additional compensation for his or her service as a member","page_number":56,"box":{"x":69,"y":135,"width":840,"height":11}},{"id":"55a6245c-46a6-45b5-8896-a369bc071940","block_type":"box","text":"or Chair, as applicable, of one or more ad hoc committees of the Board. The Fund will pay a pro rata portion quarterly","page_number":56,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"c533452b-8f9e-41ec-a92d-312ba6e2f7ab","block_type":"box","text":"(based on relative net assets) of the foregoing Director fees paid by the funds in the BlackRock Fixed-Income","page_number":56,"box":{"x":69,"y":166,"width":775,"height":11}},{"id":"5d88a6ca-3150-470d-8544-4bd443c17b16","block_type":"box","text":"Complex.","page_number":56,"box":{"x":69,"y":181,"width":64,"height":11}},{"id":"f8fb838c-aafc-4116-bc8d-f4f561553978","block_type":"box","text":"The Independent Directors have agreed that a maximum of 50% of each Independent Director’s total","page_number":56,"box":{"x":101,"y":203,"width":717,"height":12}},{"id":"ca571e7a-649c-411a-8133-4a74a9e38a09","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":56,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"3ecaf64c-3882-4c20-a513-dd3b6aa3665b","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":56,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"b8cb8c3f-a387-4ce6-bbd2-0464257da062","block_type":"box","text":"a return for the Independent Directors as though equivalent dollar amounts had been invested in shares of certain","page_number":56,"box":{"x":69,"y":249,"width":815,"height":11}},{"id":"03487781-1865-4918-b77d-ae1a5eda4adc","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has approximately the","page_number":56,"box":{"x":68,"y":264,"width":804,"height":11}},{"id":"448b7ecc-cf86-4d76-8700-13e86269daf0","block_type":"box","text":"same economic effect for the Independent Directors as if they had invested the deferred amounts in such funds in","page_number":56,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"c714d053-c606-440c-b2cf-5b0dddcca2f7","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":56,"box":{"x":68,"y":294,"width":800,"height":11}},{"id":"b12b8e46-1416-4516-acd8-72b05e8647e1","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":56,"box":{"x":69,"y":309,"width":760,"height":11}},{"id":"39a2b3ca-5c3c-4ec0-8331-e4a5532b7770","block_type":"box","text":"accounting purposes.","page_number":56,"box":{"x":69,"y":325,"width":151,"height":11}},{"id":"c050d720-a3ae-44b2-8925-25011829478d","block_type":"box","text":"The following table sets forth the compensation paid to the Directors by the Corporation, on behalf of the Funds,","page_number":56,"box":{"x":101,"y":347,"width":802,"height":11}},{"id":"5c8c6fe2-f8bc-48a2-8762-a9e45e44a3eb","block_type":"box","text":"for the fiscal year ended June 30, 2025, and the aggregate compensation, including deferred compensation","page_number":56,"box":{"x":68,"y":362,"width":771,"height":11}},{"id":"92a64399-c337-43bd-8454-2c4a3928b234","block_type":"box","text":"amounts, paid to them by all BlackRock-advised Funds for the calendar year ended December 31, 2024.","page_number":56,"box":{"x":69,"y":377,"width":743,"height":11}},{"id":"7489cf8e-b44f-4ceb-9b97-3e652ef92988","block_type":"box","text":"Name","page_number":56,"box":{"x":69,"y":456,"width":32,"height":7}},{"id":"4a815b06-2487-408d-9e30-119c66ec0b36","block_type":"box","text":"1","page_number":56,"box":{"x":102,"y":456,"width":4,"height":4}},{"id":"37b29457-7b42-46b3-8568-3672a690ad25","block_type":"box","text":"Compensation","page_number":56,"box":{"x":456,"y":426,"width":82,"height":8}},{"id":"fed381d0-a1d8-4725-8f5d-a9c6fd8a943a","block_type":"box","text":"from the","page_number":56,"box":{"x":473,"y":436,"width":49,"height":7}},{"id":"0f2fb37c-cbc6-4ebf-b881-8c812bc9e86e","block_type":"box","text":"National","page_number":56,"box":{"x":474,"y":446,"width":47,"height":7}},{"id":"bbd8a236-3beb-4faf-b8ac-1d4794882d97","block_type":"box","text":"Fund","page_number":56,"box":{"x":484,"y":456,"width":27,"height":7}},{"id":"21ea23ce-5978-44d5-a9d1-6ca91a3217fa","block_type":"box","text":"Compensation","page_number":56,"box":{"x":570,"y":426,"width":82,"height":8}},{"id":"81c6b287-8e5a-495b-905f-0bcd76591ccd","block_type":"box","text":"from the","page_number":56,"box":{"x":587,"y":436,"width":48,"height":7}},{"id":"cf841c7d-0b2b-4ba2-bc13-0df9e82fc409","block_type":"box","text":"Short Duration","page_number":56,"box":{"x":568,"y":446,"width":85,"height":7}},{"id":"16c5e30b-85c6-45c7-aa0a-72acf7be8e80","block_type":"box","text":"Fund","page_number":56,"box":{"x":598,"y":456,"width":27,"height":7}},{"id":"06e1feea-8e5b-45c0-bd29-9aa5c5878001","block_type":"box","text":"Estimated Annual","page_number":56,"box":{"x":684,"y":436,"width":101,"height":7}},{"id":"6896ec12-e50a-4efd-8877-5b55e656ef18","block_type":"box","text":"Benefits Upon","page_number":56,"box":{"x":694,"y":446,"width":81,"height":9}},{"id":"11df87ee-1785-4d9f-9994-774ef1e052da","block_type":"box","text":"Retirement","page_number":56,"box":{"x":703,"y":456,"width":64,"height":7}},{"id":"6d399d21-d99b-4cfb-86ea-c1a801249f45","block_type":"box","text":"Aggregate","page_number":56,"box":{"x":832,"y":406,"width":61,"height":8}},{"id":"e7495251-ef08-44f7-9bde-8080134b4bfa","block_type":"box","text":"Compensation","page_number":56,"box":{"x":821,"y":416,"width":83,"height":8}},{"id":"cd91211c-bc9c-4b89-ab32-94acd94e8dec","block_type":"box","text":"from the Funds","page_number":56,"box":{"x":819,"y":426,"width":87,"height":7}},{"id":"7b824326-d35a-4695-bc57-05f42fae89b1","block_type":"box","text":"and Other","page_number":56,"box":{"x":834,"y":436,"width":57,"height":7}},{"id":"809b164f-e887-450d-9faa-654a08ef70fc","block_type":"box","text":"BlackRock","page_number":56,"box":{"x":830,"y":446,"width":66,"height":7}},{"id":"2c2dbdc7-3143-4440-b179-ecd2335deb6c","block_type":"box","text":"Advised Funds","page_number":56,"box":{"x":816,"y":456,"width":83,"height":7}},{"id":"b63b7ae1-f268-448c-869a-bcd197f98891","block_type":"box","text":"2,3","page_number":56,"box":{"x":900,"y":456,"width":9,"height":4}},{"id":"95721634-252c-45a5-ba5c-a57c630c9370","block_type":"box","text":"Independent Directors","page_number":56,"box":{"x":70,"y":474,"width":156,"height":11}},{"id":"e60feb5b-f024-4e7a-80a1-506ffc2b92e4","block_type":"box","text":"Cynthia L. Egan . .","page_number":56,"box":{"x":79,"y":489,"width":126,"height":11}},{"id":"03e34153-0a7f-48bf-ac8d-6a622060aafc","block_type":"box","text":"...........................","page_number":56,"box":{"x":211,"y":496,"width":214,"height":2}},{"id":"fac242a4-b7a9-4ea4-a7f2-07ef687a6f0f","block_type":"box","text":"$12,767 $968 None $655,000","page_number":56,"box":{"x":466,"y":488,"width":433,"height":11}},{"id":"8c4c5422-124d-4675-8feb-819c65eb29ab","block_type":"box","text":"Lorenzo A. Flores. . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":56,"box":{"x":79,"y":504,"width":346,"height":9}},{"id":"b04913ef-1a41-49f5-8529-052a2f1061ea","block_type":"box","text":"$10,158 $806 None $420,000","page_number":56,"box":{"x":466,"y":503,"width":433,"height":11}},{"id":"bf9eb0eb-ae0d-4dc4-9fe2-41252ae6c017","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,537","page_number":56,"box":{"x":79,"y":518,"width":444,"height":12}},{"id":"9594a524-789a-4c48-bf2b-1755b4c748ff","block_type":"box","text":"$768 None $395,000","page_number":56,"box":{"x":593,"y":518,"width":306,"height":11}},{"id":"54f0075a-663b-4dad-a148-8f21718e101f","block_type":"box","text":"J. Phillip Holloman","page_number":56,"box":{"x":78,"y":534,"width":130,"height":11}},{"id":"c7dea5f3-990f-4788-98a3-2ee901c8cc6c","block_type":"box","text":"...........................","page_number":56,"box":{"x":211,"y":542,"width":214,"height":1}},{"id":"b0675da6-3039-4706-9d5a-308dd13f3a43","block_type":"box","text":"$10,282 $814 None $425,000","page_number":56,"box":{"x":466,"y":533,"width":433,"height":12}},{"id":"e9af528d-fe02-452d-ae7d-da2961e144c8","block_type":"box","text":"R. Glenn Hubbard","page_number":56,"box":{"x":79,"y":549,"width":124,"height":9}},{"id":"51a87fb3-c041-48ad-9b9f-7cd551c98aff","block_type":"box","text":"...........................","page_number":56,"box":{"x":211,"y":557,"width":214,"height":1}},{"id":"d9b0a53e-02e1-4468-805a-d277ac83bdd0","block_type":"box","text":"$14,134 $1,053 None $600,000","page_number":56,"box":{"x":466,"y":549,"width":433,"height":11}},{"id":"3d95924f-6a22-44e4-a69f-c4c69c2db067","block_type":"box","text":"W. Carl Kester . .","page_number":56,"box":{"x":78,"y":564,"width":119,"height":9}},{"id":"3b66d536-343d-4142-afed-f56c71f53724","block_type":"box","text":"............................","page_number":56,"box":{"x":203,"y":572,"width":222,"height":1}},{"id":"f16b3180-16a1-4372-a414-03abc043032d","block_type":"box","text":"$14,668 $1,086 None $746,500","page_number":56,"box":{"x":466,"y":564,"width":433,"height":11}},{"id":"579f75de-11f0-4225-b2c8-a46c62d79ac9","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":56,"box":{"x":79,"y":580,"width":346,"height":11}},{"id":"90004466-10ed-4c46-bf9d-7baefdef0f08","block_type":"box","text":"$13,264 $999 None $695,000","page_number":56,"box":{"x":466,"y":579,"width":433,"height":11}},{"id":"d933cc61-46a6-4586-a5a9-c31690647b8d","block_type":"box","text":"Arthur Steinmetz","page_number":56,"box":{"x":78,"y":595,"width":120,"height":9}},{"id":"edf3c039-4ab4-44e7-af3a-69ac519289dc","block_type":"box","text":"4","page_number":56,"box":{"x":198,"y":595,"width":4,"height":4}},{"id":"bcc3a69f-7cac-4384-9aeb-cd96a90110dd","block_type":"box","text":"...........................","page_number":56,"box":{"x":211,"y":602,"width":214,"height":1}},{"id":"b7740aec-7537-4ae6-a81e-a7ef78ef972a","block_type":"box","text":"$11,214 $872 None $534,206","page_number":56,"box":{"x":466,"y":594,"width":432,"height":11}},{"id":"82265ffa-0f68-4049-9842-14f5722f8055","block_type":"box","text":"Interested Directors","page_number":56,"box":{"x":79,"y":610,"width":141,"height":9}},{"id":"70e32f4c-788f-48db-9e6d-73c3e06c6f54","block_type":"box","text":".........................","page_number":56,"box":{"x":227,"y":617,"width":198,"height":2}},{"id":"b2c1cc65-4786-4b5a-a153-2433d0b38494","block_type":"box","text":"Robert Fairbairn. . .","page_number":56,"box":{"x":79,"y":625,"width":134,"height":9}},{"id":"26b026b3-4d8f-40ac-b7bf-1a041ed1b631","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":56,"box":{"x":219,"y":625,"width":296,"height":9}},{"id":"3876275f-4506-4a64-8204-0d5aff8b1e26","block_type":"box","text":"None None None","page_number":56,"box":{"x":594,"y":625,"width":286,"height":9}},{"id":"252eecc5-a6e5-4603-9e31-0edf5dd5a88a","block_type":"box","text":"John M. Perlowski . . .","page_number":56,"box":{"x":78,"y":640,"width":151,"height":9}},{"id":"92aebfe9-fdb3-4103-af2a-2f1ebe74eb61","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . None","page_number":56,"box":{"x":235,"y":640,"width":280,"height":9}},{"id":"85a508d3-b7b1-47f8-87b8-736151aae5a0","block_type":"box","text":"None None None","page_number":56,"box":{"x":594,"y":640,"width":286,"height":9}},{"id":"aa6329c2-4283-4677-9e83-9c520b41633f","block_type":"box","text":"1","page_number":56,"box":{"x":69,"y":665,"width":3,"height":3}},{"id":"8f6e6006-3521-4322-8b52-9e7d12319e97","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Director receives compensation see the Biographical Information Chart beginning","page_number":56,"box":{"x":94,"y":664,"width":813,"height":9}},{"id":"1d90a5a4-f81b-4106-a3b2-d074cc5d773c","block_type":"box","text":"on page I-15.","page_number":56,"box":{"x":93,"y":675,"width":74,"height":8}},{"id":"9cadae8f-7890-45e7-98a9-d1b1c364d680","block_type":"box","text":"2","page_number":56,"box":{"x":69,"y":687,"width":3,"height":4}},{"id":"b57ec804-dffc-4ee0-b771-dd52a0719a2b","block_type":"box","text":"For the Independent Directors, this amount represents the aggregate compensation earned from the funds in the BlackRock Fixed-Income","page_number":56,"box":{"x":94,"y":687,"width":784,"height":9}},{"id":"4d2afede-6029-4df0-8cb0-3b8df3f962e8","block_type":"box","text":"Complex during the calendar year ended December 31, 2024. Of this amount, Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard, Dr. Kester,","page_number":56,"box":{"x":93,"y":697,"width":801,"height":9}},{"id":"4612c828-75b1-484d-94b1-e5016de5848e","block_type":"box","text":"Ms. Lynch and Mr. Steinmetz deferred $210,000, $197,500, $212,500, $300,000, $58,641, $34,750 and $266,957, respectively,","page_number":56,"box":{"x":94,"y":707,"width":761,"height":9}},{"id":"fde00779-3338-4460-ad39-90471bf55066","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":56,"box":{"x":94,"y":717,"width":457,"height":9}},{"id":"7e1602b2-78b7-416b-a3f4-f700e8edb6da","block_type":"box","text":"3","page_number":56,"box":{"x":69,"y":730,"width":3,"height":4}},{"id":"09b51d0c-412a-46be-a2e6-868ee42efd00","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":56,"box":{"x":93,"y":730,"width":810,"height":9}},{"id":"e6e993d8-95f7-4182-8cb0-7a57b7bb3a4a","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $743,845, $726,494, $773,663, $5,010,835, $2,155,608, $631,953 and $278,737,","page_number":56,"box":{"x":94,"y":739,"width":752,"height":10}},{"id":"9ea3d4b6-9fec-414d-9501-01fda684db94","block_type":"box","text":"respectively, as of December 31, 2024. Ms. Egan did not participate in the deferred compensation plan as of December 31, 2024.","page_number":56,"box":{"x":94,"y":750,"width":748,"height":9}},{"id":"63a8f93f-99c6-4c58-b151-1756b049dca3","block_type":"box","text":"4","page_number":56,"box":{"x":68,"y":763,"width":4,"height":3}},{"id":"e1821ba4-d6e1-47cc-9134-b22776469233","block_type":"box","text":"Mr. Steinmetz was elected as a Director of the Corporation effective November 9, 2023, appointed as a member and Chair of the Performance","page_number":56,"box":{"x":94,"y":763,"width":815,"height":8}},{"id":"1dd73c52-05ad-4b61-812d-12a09730799f","block_type":"box","text":"Oversight Committee effective January 1, 2024 and January 19, 2024, respectively, and appointed as a member of the Audit Committee","page_number":56,"box":{"x":93,"y":773,"width":781,"height":9}},{"id":"5ac00042-3466-41c4-8e14-780e2e21abef","block_type":"box","text":"effective January 19, 2024.","page_number":56,"box":{"x":93,"y":783,"width":158,"height":9}},{"id":"2f895d80-8c9a-4477-8be8-5c17375f1add","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":56,"box":{"x":69,"y":811,"width":432,"height":11}},{"id":"30c83d84-a615-4578-a478-3fbba91d6bb0","block_type":"box","text":"The Corporation, on behalf of each Fund, has entered into investment advisory agreements with BlackRock","page_number":56,"box":{"x":101,"y":834,"width":763,"height":11}},{"id":"c08d8148-c44c-4c5f-9dc6-18f104794f4c","block_type":"box","text":"Advisors, LLC (the “Management Agreements”), pursuant to which the Manager provides investment management","page_number":56,"box":{"x":68,"y":849,"width":814,"height":11}},{"id":"3aa255c2-85bf-44b3-b078-2b92bd8ccbeb","block_type":"box","text":"services and administrative services to the Funds.","page_number":56,"box":{"x":69,"y":864,"width":359,"height":9}},{"id":"a36f17c4-7f85-4c07-abcf-cf8f74ef98ff","block_type":"box","text":"Under the Management Agreements, the administrative services provided by the Manager to each Fund include,","page_number":56,"box":{"x":102,"y":887,"width":796,"height":11}},{"id":"75b6f0d7-3ebd-469a-b337-7b8c696f531d","block_type":"box","text":"but are not limited to, the following: maintaining office facilities for the Fund; furnishing the Fund with clerical,","page_number":56,"box":{"x":69,"y":902,"width":781,"height":11}},{"id":"b75bbd95-672b-4e58-8a70-4d8d8810063b","block_type":"box","text":"I-19","page_number":56,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3501b1dd-7aad-4483-82b5-97139fa0004f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05cc56f0-88fd-457e-a3c4-2caea4321c8c","block_type":"box","text":"bookkeeping and administrative services; overseeing the determination and publication of the Fund’s net asset","page_number":57,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"320767ed-2463-4f74-a166-bb9aff7ea57d","block_type":"box","text":"value; overseeing the preparation and filing of Federal, state and local income tax returns; preparing certain reports","page_number":57,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"345182c7-31cc-4539-b5cd-4540897559ec","block_type":"box","text":"required by regulatory authorities; determining the amount of dividends and distributions available for payment by the","page_number":57,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"8fada68b-6b9c-4d8c-81c6-fcc0fbaf75c5","block_type":"box","text":"Fund to its shareholders; preparing and arranging for the printing of dividend notices to shareholders; providing the","page_number":57,"box":{"x":70,"y":90,"width":817,"height":11}},{"id":"ebcb10f3-6d7d-428c-9233-415a259cadd0","block_type":"box","text":"Fund’s service providers with such information as is required to effect the payment of dividends and distributions;","page_number":57,"box":{"x":70,"y":105,"width":812,"height":11}},{"id":"fe04e5a5-01db-4672-8644-7e210addfaba","block_type":"box","text":"and consulting with the Fund’s officers, independent accountants, legal counsel, custodian, accounting agent and","page_number":57,"box":{"x":69,"y":120,"width":811,"height":12}},{"id":"5e276d8d-a7e5-4961-8196-ffc8468f6389","block_type":"box","text":"transfer and dividend disbursing agent in establishing the accounting policies of each entity and monitoring financial","page_number":57,"box":{"x":68,"y":135,"width":827,"height":12}},{"id":"b121658b-3732-4e12-b55d-94b4224d580f","block_type":"box","text":"and shareholder accounting services.","page_number":57,"box":{"x":69,"y":151,"width":266,"height":11}},{"id":"a0d4f4ab-0147-4777-a416-a955cef409da","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of each Fund’s","page_number":57,"box":{"x":102,"y":173,"width":774,"height":11}},{"id":"d152d661-a6e7-42b2-b8d2-e148ffebfc7a","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":57,"box":{"x":69,"y":188,"width":799,"height":12}},{"id":"32daff8a-1c5f-42eb-89a8-7cf193ea6f2c","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":57,"box":{"x":68,"y":203,"width":726,"height":12}},{"id":"36a5b4f6-c863-410d-b2ed-50858e37b831","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":57,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"b78a3c96-e294-452e-a348-9cffdd4e0d60","block_type":"box","text":"investment advisory fees each Fund pays to BlackRock indirectly through its investment in money market funds","page_number":57,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"9f68dab8-f31a-4d60-b603-d08ad3ef3320","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":57,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"158218e2-4ec7-4eac-a6da-8b8356c73fba","block_type":"box","text":"90 days’ notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting","page_number":57,"box":{"x":69,"y":264,"width":777,"height":11}},{"id":"8c7d684d-765c-419e-a455-83bb85a04b1a","block_type":"box","text":"securities of a Fund.","page_number":57,"box":{"x":69,"y":279,"width":144,"height":9}},{"id":"a2448057-3451-4da1-bb3c-43d97483c7eb","block_type":"box","text":"With respect to each Fund, the Manager has contractually agreed to waive and/or reimburse fees or expenses in","page_number":57,"box":{"x":101,"y":302,"width":804,"height":11}},{"id":"54a94375-ff99-4395-9d9f-afe63e8d6d9b","block_type":"box","text":"order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding","page_number":57,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"aa58d836-50d0-4226-978b-6c323f8508f4","block_type":"box","text":"Interest Expense, Dividend Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined","page_number":57,"box":{"x":70,"y":332,"width":832,"height":11}},{"id":"c7cd8257-84b2-472c-bc9d-ff2a34e0b8ff","block_type":"box","text":"in the Funds’ prospectuses)) as a percentage of average daily net assets to the amounts noted in the table below","page_number":57,"box":{"x":70,"y":347,"width":811,"height":11}},{"id":"049aa67f-6162-428d-b89b-d47481e969bf","block_type":"box","text":"through June 30, 2027. The contractual agreement may be terminated with respect to a Fund upon 90 days’ notice","page_number":57,"box":{"x":68,"y":362,"width":823,"height":11}},{"id":"13e2b167-b15e-4828-bb19-dad516f05a9e","block_type":"box","text":"by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of such Fund.","page_number":57,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"0da1de08-4a06-46ba-9d87-1b2f35a4bff0","block_type":"box","text":"Contractual Caps on Total Annual Fund Operating Expenses","page_number":57,"box":{"x":562,"y":406,"width":347,"height":8}},{"id":"be955958-ee4b-4a4b-aaf3-2d7e96434904","block_type":"box","text":"(Excluding Interest Expense, Dividend Expense,","page_number":57,"box":{"x":596,"y":416,"width":278,"height":8}},{"id":"200a5d02-ca7e-463b-a5e0-1b4d99795c00","block_type":"box","text":"Acquired Fund Fees and Expenses and","page_number":57,"box":{"x":623,"y":426,"width":224,"height":8}},{"id":"c39d56b3-558e-44b0-88bc-627bfad0df7a","block_type":"box","text":"certain other Fund Expenses)","page_number":57,"box":{"x":649,"y":436,"width":172,"height":9}},{"id":"ed351c02-efd4-4817-84d9-8e28489cf838","block_type":"box","text":"National Fund","page_number":57,"box":{"x":69,"y":454,"width":99,"height":8}},{"id":"432559be-8f79-48d5-9589-e3c61343bceb","block_type":"box","text":"Investor A Shares","page_number":57,"box":{"x":70,"y":469,"width":124,"height":9}},{"id":"2de94558-c83d-451a-9646-4d94bc79a8d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68%","page_number":57,"box":{"x":202,"y":469,"width":561,"height":9}},{"id":"81f8499d-8eef-4dc3-ac41-9f4c044f9a5c","block_type":"box","text":"Investor C Shares","page_number":57,"box":{"x":70,"y":484,"width":125,"height":9}},{"id":"57d011b8-c8ac-490d-bfea-e4bd60771e93","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.43%","page_number":57,"box":{"x":202,"y":484,"width":561,"height":9}},{"id":"e8ce41c0-7b03-4315-b21b-59c589fda14f","block_type":"box","text":"Institutional Shares. . .","page_number":57,"box":{"x":70,"y":499,"width":159,"height":9}},{"id":"ac2bac95-08c7-4268-8e7a-1d27c27006fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.43%","page_number":57,"box":{"x":235,"y":499,"width":528,"height":9}},{"id":"9d80732d-f552-4fe3-9e1a-9d58acaf52b1","block_type":"box","text":"Class K Shares","page_number":57,"box":{"x":69,"y":514,"width":109,"height":9}},{"id":"35ed6294-1845-4b77-9f08-74813ba75c10","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38%","page_number":57,"box":{"x":186,"y":514,"width":577,"height":9}},{"id":"8c5eb9e1-4d99-4911-a3ea-01962981eb69","block_type":"box","text":"Service Shares","page_number":57,"box":{"x":69,"y":529,"width":107,"height":9}},{"id":"3386900a-a5c2-4cfb-979e-d14c67943a2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68%","page_number":57,"box":{"x":186,"y":529,"width":577,"height":9}},{"id":"48418a19-66b6-474f-9c66-882eb58a19bd","block_type":"box","text":"Short Duration Fund","page_number":57,"box":{"x":68,"y":544,"width":146,"height":9}},{"id":"48212921-dcd1-4c37-bed4-e05ffe9054d1","block_type":"box","text":"Investor A Shares","page_number":57,"box":{"x":70,"y":559,"width":124,"height":9}},{"id":"3a7e27d9-d850-480e-b73b-f77e5b1552f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.61%","page_number":57,"box":{"x":202,"y":559,"width":561,"height":9}},{"id":"8e787ae9-adca-4bf2-b72d-0f49d8e0e035","block_type":"box","text":"Investor C Shares","page_number":57,"box":{"x":70,"y":575,"width":125,"height":8}},{"id":"0c49861f-066e-472e-9d83-5b7b55dc5881","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.36%","page_number":57,"box":{"x":202,"y":575,"width":561,"height":8}},{"id":"b3e6b3e0-edd5-4cd2-bed3-abcd858d69ba","block_type":"box","text":"Institutional Shares. . .","page_number":57,"box":{"x":70,"y":590,"width":159,"height":9}},{"id":"6079af1a-def8-430d-b8bd-98c1fdd880ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36%","page_number":57,"box":{"x":235,"y":590,"width":528,"height":9}},{"id":"486d7278-cd5a-4b4f-adfd-673e0fb575dc","block_type":"box","text":"Class K Shares","page_number":57,"box":{"x":69,"y":605,"width":109,"height":9}},{"id":"dd1a7435-a6ec-423d-9f35-04f32fb086e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.31%","page_number":57,"box":{"x":186,"y":605,"width":577,"height":9}},{"id":"002ecc4f-0bdb-4cf4-9779-e0317cdabb55","block_type":"box","text":"Investor A1 Shares","page_number":57,"box":{"x":70,"y":620,"width":133,"height":9}},{"id":"868e0707-f8aa-49b5-9ce7-f56117c4b1fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.46%","page_number":57,"box":{"x":211,"y":620,"width":552,"height":9}},{"id":"253ebf6a-f734-43bf-a550-6d341424f9de","block_type":"box","text":"The table below sets forth information about the total management fees paid by each Fund to the Manager, and","page_number":57,"box":{"x":101,"y":644,"width":799,"height":11}},{"id":"4ebdac0e-f72e-447b-a7d6-ef366c3e8c69","block_type":"box","text":"the amounts waived and/or reimbursed by the Manager, for the periods indicated.","page_number":57,"box":{"x":68,"y":659,"width":584,"height":11}},{"id":"2261e3e6-fe1a-459f-bad7-fd616c66b784","block_type":"box","text":"National Fund","page_number":57,"box":{"x":681,"y":687,"width":79,"height":7}},{"id":"261897f9-2008-4077-8251-c83e0e404065","block_type":"box","text":"Fees Paid","page_number":57,"box":{"x":553,"y":703,"width":56,"height":7}},{"id":"0295815b-751f-4410-93ab-4cb9b9f4abe2","block_type":"box","text":"to the Manager","page_number":57,"box":{"x":536,"y":713,"width":90,"height":9}},{"id":"0e0ab08f-9a34-4251-b2d0-13e272aa4fd7","block_type":"box","text":"Fees Waived","page_number":57,"box":{"x":669,"y":703,"width":72,"height":7}},{"id":"d3c98ddc-7b71-46ed-976d-8e4e2a307204","block_type":"box","text":"by the Manager","page_number":57,"box":{"x":660,"y":713,"width":91,"height":9}},{"id":"6b89ac84-ed9d-4926-9c10-ff3d92214d9f","block_type":"box","text":"Fees Reimbursements","page_number":57,"box":{"x":781,"y":703,"width":128,"height":7}},{"id":"cb5d9a93-643e-4b6d-89bf-4527e559bf3c","block_type":"box","text":"by the Manager","page_number":57,"box":{"x":800,"y":713,"width":90,"height":9}},{"id":"508fffe7-3cd8-4dff-a9cd-be0c530dbc49","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . $27,210,198 $1,777,660 $2,122,174","page_number":57,"box":{"x":70,"y":730,"width":818,"height":11}},{"id":"ab5a13e3-e73f-4caa-8372-e9305a661265","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . $34,195,861 $2,342,554 $1,999,866","page_number":57,"box":{"x":70,"y":745,"width":818,"height":11}},{"id":"a60dbc09-0432-4dc1-b514-3b74643145e6","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . $39,294,603 $2,666,304 $1,988,177","page_number":57,"box":{"x":70,"y":760,"width":818,"height":11}},{"id":"6d487a3d-a066-4909-95ce-4d3263cd75fd","block_type":"box","text":"Short Duration Fund","page_number":57,"box":{"x":666,"y":806,"width":117,"height":7}},{"id":"8e518747-35ed-4997-85ea-845bdaf0078c","block_type":"box","text":"Fees Paid","page_number":57,"box":{"x":557,"y":821,"width":56,"height":7}},{"id":"219d4dfa-ad3e-4ba8-915d-731afd943116","block_type":"box","text":"to the Manager","page_number":57,"box":{"x":540,"y":831,"width":90,"height":9}},{"id":"84a30663-5bd9-4ff9-aa9a-5a25144f31f6","block_type":"box","text":"Fees Waived","page_number":57,"box":{"x":669,"y":821,"width":72,"height":7}},{"id":"4578fe54-497f-4c70-a1d1-1622d16e2f64","block_type":"box","text":"by the Manager","page_number":57,"box":{"x":660,"y":831,"width":91,"height":9}},{"id":"ccf3206a-0233-4e06-ae55-d01945d53b3d","block_type":"box","text":"Fees Reimbursements","page_number":57,"box":{"x":781,"y":821,"width":128,"height":7}},{"id":"17153d8a-d212-43c1-a5b4-13ffc71a147d","block_type":"box","text":"by the Manager","page_number":57,"box":{"x":800,"y":831,"width":90,"height":9}},{"id":"d21e7d5c-5924-4575-b8a0-ec9aedd7ad7b","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . $1,334,695 $250,580 $133,337","page_number":57,"box":{"x":70,"y":848,"width":810,"height":12}},{"id":"7d3b471f-800b-4b0d-800e-37796afed456","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . $1,568,551 $296,896 $159,980","page_number":57,"box":{"x":70,"y":864,"width":811,"height":11}},{"id":"8a52f3cc-655c-4352-9182-fba548d56385","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . $2,027,551 $399,813 $146,007","page_number":57,"box":{"x":70,"y":879,"width":810,"height":11}},{"id":"313bd17a-1fac-4562-a2c9-6bd6f9d0ea5e","block_type":"box","text":"I-20","page_number":57,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"11a80f33-2b70-4dba-85d8-0fb3b7960142","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a338a212-8056-4efc-a5d3-e3aa6dacc7eb","block_type":"box","text":"Pursuant to the Management Agreements, the Manager may from time to time, in its sole discretion to the","page_number":58,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"9f24ab9c-b00d-472e-9d77-c3cc7aa09b8c","block_type":"box","text":"extent permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the","page_number":58,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"749ec84d-3f67-4e8f-8c12-dc9f0f8c8c11","block_type":"box","text":"Manager, to perform investment advisory services with respect to the Funds. In addition, the Manager may delegate","page_number":58,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"1376fd2c-f04e-4c8b-813a-296948a9b5f8","block_type":"box","text":"certain of its investment advisory functions under the Management Agreements to one or more of its affiliates to the","page_number":58,"box":{"x":69,"y":90,"width":835,"height":11}},{"id":"0a2fc17f-e550-4222-9582-502d2a94835b","block_type":"box","text":"extent permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation","page_number":58,"box":{"x":69,"y":105,"width":751,"height":11}},{"id":"c113302b-9233-4e2b-bf88-73058f5b7836","block_type":"box","text":"arrangements in its sole discretion at any time to the extent permitted by applicable law.","page_number":58,"box":{"x":69,"y":120,"width":630,"height":12}},{"id":"d9a6ec18-3bc2-47ce-9e37-98adb711667e","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":58,"box":{"x":69,"y":151,"width":335,"height":11}},{"id":"b345cdd7-a76a-47c2-861f-70c837d096fa","block_type":"box","text":"Walter O’Connor, CFA, Michael Kalinoski, CFA, Kevin Maloney, CFA, Phillip Soccio, CFA and Sean Carney are the","page_number":58,"box":{"x":101,"y":173,"width":794,"height":11}},{"id":"2815b853-f5c3-4840-88d2-31d653ebc593","block_type":"box","text":"portfolio managers of the National Fund and are jointly and primarily responsible for the day-to-day operations of the","page_number":58,"box":{"x":70,"y":188,"width":825,"height":12}},{"id":"c85b8952-8f35-46cd-8028-f2a210ff195b","block_type":"box","text":"Fund.","page_number":58,"box":{"x":70,"y":204,"width":36,"height":8}},{"id":"155058a9-09e9-4de1-955e-e882b797a713","block_type":"box","text":"Kristi Manidis, Christian Romaglino, CFA, Kevin Maloney, CFA and Alicia De Lorenzo are the portfolio managers of","page_number":58,"box":{"x":102,"y":226,"width":808,"height":11}},{"id":"d035fbac-4791-4862-a9bd-5325ff43d2e2","block_type":"box","text":"the Short Duration Fund and are jointly and primarily responsible for the day-to-day operations of the Fund.","page_number":58,"box":{"x":68,"y":241,"width":757,"height":11}},{"id":"25e5f78b-8815-4dbb-a8cb-5ebf64bce74f","block_type":"box","text":"Other Funds and Accounts Managed","page_number":58,"box":{"x":70,"y":272,"width":265,"height":11}},{"id":"678a1dbb-631e-42e6-9b1e-762f8f478ca6","block_type":"box","text":"The following table sets forth information about funds and accounts other than the Funds for which each Fund’s","page_number":58,"box":{"x":101,"y":294,"width":798,"height":11}},{"id":"815802bb-fecf-4f9b-89f7-41ca14b0a05d","block_type":"box","text":"portfolio managers are primarily responsible for the day-to-day portfolio management as of June 30, 2025 (except as","page_number":58,"box":{"x":70,"y":309,"width":833,"height":11}},{"id":"573673c7-1763-4a0c-b959-6817f9d8bd20","block_type":"box","text":"otherwise noted).","page_number":58,"box":{"x":69,"y":325,"width":123,"height":10}},{"id":"fa117e37-1960-4921-90f4-2c60376e5d13","block_type":"box","text":"BlackRock National Municipal Fund","page_number":58,"box":{"x":69,"y":355,"width":259,"height":11}},{"id":"214d8865-91c2-4d4c-b97f-574d69582351","block_type":"box","text":"Number of Other Accounts Managed","page_number":58,"box":{"x":383,"y":383,"width":211,"height":9}},{"id":"a709aed7-08f0-4bf0-82d0-91cd3fcda0ca","block_type":"box","text":"and Assets by Account Type","page_number":58,"box":{"x":406,"y":393,"width":165,"height":9}},{"id":"356d8d7a-e30c-4479-bb83-644601d60afc","block_type":"box","text":"Number of Other Accounts and Assets","page_number":58,"box":{"x":656,"y":383,"width":222,"height":7}},{"id":"be9d4dac-2f97-46bc-a814-6387b62a5e56","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":58,"box":{"x":634,"y":393,"width":265,"height":9}},{"id":"b9bc9c90-4f1e-413a-a00c-d104519790a6","block_type":"box","text":"Name of Portfolio Manager","page_number":58,"box":{"x":74,"y":436,"width":157,"height":9}},{"id":"12a7969e-def4-4b2b-b18a-2a273e67f256","block_type":"box","text":"Other","page_number":58,"box":{"x":388,"y":406,"width":32,"height":7}},{"id":"3b3b11b2-6355-44f0-822a-bc6d5f36d7ff","block_type":"box","text":"Registered","page_number":58,"box":{"x":373,"y":416,"width":62,"height":8}},{"id":"d885466f-aa21-4d61-87e7-0304914ace9e","block_type":"box","text":"Investment","page_number":58,"box":{"x":372,"y":426,"width":64,"height":7}},{"id":"e04dcbee-4c45-4e79-9bf3-c5414d4a3e9d","block_type":"box","text":"Companies","page_number":58,"box":{"x":372,"y":436,"width":64,"height":9}},{"id":"2a5ec7a9-203c-4031-bf21-ebccd3e4d7af","block_type":"box","text":"Other Pooled","page_number":58,"box":{"x":465,"y":416,"width":74,"height":7}},{"id":"d7a9a161-cc07-477f-93ec-7c3d82ce3c4e","block_type":"box","text":"Investment","page_number":58,"box":{"x":470,"y":426,"width":64,"height":7}},{"id":"238df70a-2c14-44d4-8e68-3b56688604eb","block_type":"box","text":"Vehicles","page_number":58,"box":{"x":478,"y":436,"width":48,"height":7}},{"id":"464b718b-137c-4826-a970-136c99a6a247","block_type":"box","text":"Other","page_number":58,"box":{"x":571,"y":426,"width":32,"height":7}},{"id":"6ceac916-410c-4ef7-9b4e-1682a24e7a28","block_type":"box","text":"Accounts","page_number":58,"box":{"x":559,"y":436,"width":55,"height":7}},{"id":"6bc4f2d1-5494-4390-8232-37b3984367a7","block_type":"box","text":"Other","page_number":58,"box":{"x":656,"y":406,"width":32,"height":7}},{"id":"67cfda56-d974-45de-aebf-9d296edfc522","block_type":"box","text":"Registered","page_number":58,"box":{"x":641,"y":416,"width":62,"height":8}},{"id":"7e33f431-2753-48bf-b0bc-0e76c610f254","block_type":"box","text":"Investment","page_number":58,"box":{"x":640,"y":426,"width":64,"height":7}},{"id":"6acbc23e-5a13-4ebc-9bd4-73d9ee1b42fb","block_type":"box","text":"Companies","page_number":58,"box":{"x":640,"y":436,"width":64,"height":9}},{"id":"35c3b537-b6d2-4d61-8734-fd82981b2e87","block_type":"box","text":"Other Pooled","page_number":58,"box":{"x":735,"y":416,"width":74,"height":7}},{"id":"217965c2-421d-4542-9d50-50a19144fb1a","block_type":"box","text":"Investment","page_number":58,"box":{"x":740,"y":426,"width":64,"height":7}},{"id":"81ae4633-e609-4038-8f7d-288c817b38bd","block_type":"box","text":"Vehicles","page_number":58,"box":{"x":748,"y":436,"width":48,"height":7}},{"id":"73661357-bd29-4f9f-85ce-3fec7a3b3b3c","block_type":"box","text":"Other","page_number":58,"box":{"x":852,"y":426,"width":31,"height":7}},{"id":"12c05a26-193b-4e97-a85a-a7aa9b7cc4ac","block_type":"box","text":"Accounts","page_number":58,"box":{"x":840,"y":436,"width":54,"height":7}},{"id":"8a7cff9b-c211-462e-b319-2d88c5cf2517","block_type":"box","text":"Sean Carney 3 0 0 0 0 0","page_number":58,"box":{"x":74,"y":450,"width":797,"height":8}},{"id":"ae2b9faa-37a1-4375-967d-87099e27acdb","block_type":"box","text":"$6.96 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":368,"y":462,"width":506,"height":8}},{"id":"290cabd9-727e-4a00-95f8-83687b2a2110","block_type":"box","text":"Michael Kalinoski, CFA 33 0 0 0 0 0","page_number":58,"box":{"x":74,"y":475,"width":797,"height":8}},{"id":"d4344457-1e29-4dd5-bad2-1635be20bef9","block_type":"box","text":"$24.46 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":364,"y":487,"width":510,"height":8}},{"id":"f7528eb7-3cfd-4e75-aab8-f64a3986819e","block_type":"box","text":"Kevin Maloney, CFA 42 0 0 0 0 0","page_number":58,"box":{"x":74,"y":500,"width":797,"height":9}},{"id":"250916f8-9a23-4fdf-ac95-c5457bc4444f","block_type":"box","text":"$33.56 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":364,"y":512,"width":510,"height":8}},{"id":"621556b1-d250-4727-bf24-6449ea3801cf","block_type":"box","text":"Walter O’Connor, CFA* 33 0 0 0 0 0","page_number":58,"box":{"x":73,"y":525,"width":798,"height":9}},{"id":"b94dd5b5-9ef6-4e75-b826-c52b1bd97fcc","block_type":"box","text":"$23.10 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":364,"y":537,"width":510,"height":9}},{"id":"b22b885d-528d-4a87-9a38-1118881aa9a0","block_type":"box","text":"Phillip Soccio, CFA 34 0 0 0 0 0","page_number":58,"box":{"x":74,"y":550,"width":797,"height":9}},{"id":"864f3e2a-a184-4128-9552-03112d4d46ae","block_type":"box","text":"$19.59 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":364,"y":562,"width":510,"height":9}},{"id":"5f1deae7-0d9b-4718-a44d-a02a71164026","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":58,"box":{"x":69,"y":597,"width":271,"height":9}},{"id":"33e81396-a97c-4643-87dd-a63fcc1e3e2e","block_type":"box","text":"Number of Other Accounts Managed","page_number":58,"box":{"x":365,"y":625,"width":211,"height":9}},{"id":"f9eaa9fc-4ef4-40fc-acee-8ce50b88ab8a","block_type":"box","text":"and Assets by Account Type","page_number":58,"box":{"x":388,"y":636,"width":165,"height":8}},{"id":"85f36850-f67e-44e5-87b4-eec629568bc1","block_type":"box","text":"Number of Other Accounts and Assets","page_number":58,"box":{"x":656,"y":625,"width":222,"height":8}},{"id":"2fae299f-fe95-44ee-9f4c-a600f2c56b85","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":58,"box":{"x":634,"y":635,"width":265,"height":9}},{"id":"66105f88-2339-4bcf-bc58-d2e3c747c2ad","block_type":"box","text":"Name of Portfolio Manager","page_number":58,"box":{"x":74,"y":678,"width":157,"height":9}},{"id":"24d9887c-c34b-4595-ac9d-b7bee726e680","block_type":"box","text":"Other","page_number":58,"box":{"x":351,"y":648,"width":32,"height":7}},{"id":"273146a6-9af7-4308-8c21-1c5c9933a66f","block_type":"box","text":"Registered","page_number":58,"box":{"x":336,"y":658,"width":62,"height":9}},{"id":"97066f25-5f11-48c8-afbc-86d6b5b4e86d","block_type":"box","text":"Investment","page_number":58,"box":{"x":335,"y":668,"width":64,"height":7}},{"id":"ecfe55b3-10e6-407c-8356-809162d48df8","block_type":"box","text":"Companies","page_number":58,"box":{"x":335,"y":678,"width":64,"height":9}},{"id":"550cb225-4c34-4100-ab7d-3a20f038e267","block_type":"box","text":"Other Pooled","page_number":58,"box":{"x":428,"y":658,"width":74,"height":7}},{"id":"afd71eac-5026-4c54-97a6-0798c9f1c24e","block_type":"box","text":"Investment","page_number":58,"box":{"x":433,"y":668,"width":64,"height":7}},{"id":"68b62151-3a4e-4ea1-85d9-09f652e265a8","block_type":"box","text":"Vehicles","page_number":58,"box":{"x":441,"y":678,"width":48,"height":7}},{"id":"5fbe2550-bc86-434c-a03f-ac5ca1dd66f1","block_type":"box","text":"Other","page_number":58,"box":{"x":553,"y":668,"width":31,"height":7}},{"id":"82313fdf-4a6f-40bd-aa45-df045eddca81","block_type":"box","text":"Accounts","page_number":58,"box":{"x":541,"y":678,"width":54,"height":7}},{"id":"1ae37811-6087-4e3e-bfc4-419997716723","block_type":"box","text":"Other","page_number":58,"box":{"x":656,"y":648,"width":32,"height":7}},{"id":"89a30224-956a-4ab0-a4b1-28d312b072e0","block_type":"box","text":"Registered","page_number":58,"box":{"x":641,"y":658,"width":62,"height":9}},{"id":"3784184a-dc61-47f2-95d6-7eb097964ded","block_type":"box","text":"Investment","page_number":58,"box":{"x":640,"y":668,"width":64,"height":7}},{"id":"03bca899-be83-4af3-9cf9-7e6a090d1605","block_type":"box","text":"Companies","page_number":58,"box":{"x":640,"y":678,"width":64,"height":9}},{"id":"b0a3c3df-c794-4bb0-827a-dccaa2ab1555","block_type":"box","text":"Other Pooled","page_number":58,"box":{"x":735,"y":658,"width":74,"height":7}},{"id":"ff44d311-670c-4411-9887-feee31d9b915","block_type":"box","text":"Investment","page_number":58,"box":{"x":740,"y":668,"width":64,"height":7}},{"id":"57d3d71b-d3d2-4a03-ae75-1b6e91a664ae","block_type":"box","text":"Vehicles","page_number":58,"box":{"x":748,"y":678,"width":48,"height":7}},{"id":"8d493958-4e46-4f0c-86cd-76139b6357b4","block_type":"box","text":"Other","page_number":58,"box":{"x":852,"y":668,"width":31,"height":7}},{"id":"fb1e4f6b-eda3-4bdc-bc36-49b86ec545cb","block_type":"box","text":"Accounts","page_number":58,"box":{"x":840,"y":678,"width":54,"height":7}},{"id":"e708a33f-4ba3-4ed1-8bdf-9b1aea3c46ea","block_type":"box","text":"Alicia De Lorenzo 5 0 0 0 0 0","page_number":58,"box":{"x":73,"y":692,"width":798,"height":7}},{"id":"c1107af5-6d6b-4b71-ac34-e096258883c0","block_type":"box","text":"$5.41 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":331,"y":704,"width":543,"height":9}},{"id":"fb1e5306-5fd3-46a7-bad0-a27f8f4e6a25","block_type":"box","text":"Kevin Maloney, CFA 42 0 0 0 0 0","page_number":58,"box":{"x":74,"y":717,"width":797,"height":9}},{"id":"8848aa93-95e3-483b-abc1-a40bfa101b06","block_type":"box","text":"$39.13 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":327,"y":729,"width":547,"height":9}},{"id":"c3232ed7-9d7a-455e-b35e-db03213fe80a","block_type":"box","text":"Kristi Manidis 35 0 2 0 0 0","page_number":58,"box":{"x":74,"y":743,"width":797,"height":7}},{"id":"17e91adb-2253-4a93-a075-8490acf814a6","block_type":"box","text":"$23.47 Billion $0 $701.65 Million $0 $0 $0","page_number":58,"box":{"x":327,"y":755,"width":547,"height":8}},{"id":"a8033574-aef8-463c-8557-f72515847ca4","block_type":"box","text":"Christian Romaglino, CFA 36 0 0 0 0 0","page_number":58,"box":{"x":74,"y":768,"width":797,"height":9}},{"id":"d0600aa3-1bfe-4b24-a2ca-6ca5aa8a865a","block_type":"box","text":"$15.78 Billion $0 $0 $0 $0 $0","page_number":58,"box":{"x":327,"y":780,"width":547,"height":8}},{"id":"4d09f78f-f830-4a32-b893-cc9090b73740","block_type":"box","text":"* On or about March 17, 2026, Walter O’Connor, CFA, will no longer serve as a portfolio manager of the Fund.","page_number":58,"box":{"x":70,"y":802,"width":628,"height":9}},{"id":"429ba3be-9128-473e-b68b-09dfd83a9cb0","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":58,"box":{"x":69,"y":831,"width":304,"height":11}},{"id":"5fb2d425-cb3f-4ead-81d1-09ec5f514529","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of June 30, 2025.","page_number":58,"box":{"x":101,"y":853,"width":660,"height":12}},{"id":"5798a8bf-f1f8-49e5-9d38-f0625728d9c2","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":58,"box":{"x":102,"y":876,"width":774,"height":11}},{"id":"9a61b7a9-bf9e-492d-8f33-56cfa77dade6","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":58,"box":{"x":70,"y":891,"width":837,"height":12}},{"id":"e3d7f997-8d58-432b-828a-dd37c14685ed","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":58,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"bde146c5-e288-4c46-a6b6-5ac905328ee8","block_type":"box","text":"I-21","page_number":58,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"558b65d0-be98-4160-bd43-259e4692d399","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e4b248c-14de-49d6-b803-44009850a0cb","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":59,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"156f53eb-9bc8-44bb-af8f-055836f70fa5","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":59,"box":{"x":70,"y":60,"width":670,"height":11}},{"id":"c0e5a80a-af7e-4480-8120-b345d9b5b6ea","block_type":"box","text":"Base Compensation.","page_number":59,"box":{"x":102,"y":83,"width":148,"height":10}},{"id":"5538e686-33fb-4ec9-8392-fa981681c404","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":59,"box":{"x":257,"y":82,"width":640,"height":12}},{"id":"fc65f096-0c00-498a-907c-399c29e22804","block_type":"box","text":"firm.","page_number":59,"box":{"x":68,"y":98,"width":32,"height":8}},{"id":"bf237b7b-19f8-4d68-88b3-15dc54fa5872","block_type":"box","text":"Discretionary Incentive Compensation","page_number":59,"box":{"x":69,"y":128,"width":277,"height":11}},{"id":"14c984c3-ba7f-4b7f-92c1-6c0ac52c084f","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc.,","page_number":59,"box":{"x":102,"y":150,"width":792,"height":12}},{"id":"7431317d-14e6-4458-ae10-89bf4524b571","block_type":"box","text":"the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk","page_number":59,"box":{"x":68,"y":166,"width":800,"height":11}},{"id":"74172194-4142-430d-9dea-042af65fe8b8","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to","page_number":59,"box":{"x":69,"y":181,"width":777,"height":11}},{"id":"8a248eca-a473-4657-bbb3-e14d3bfc1e9c","block_type":"box","text":"predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these","page_number":59,"box":{"x":70,"y":196,"width":817,"height":11}},{"id":"09c9dcf9-46f1-4701-9d67-5296f986a9a8","block_type":"box","text":"portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":59,"box":{"x":70,"y":211,"width":830,"height":11}},{"id":"1cf494c8-048f-4462-9367-e449926c7e43","block_type":"box","text":"which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among","page_number":59,"box":{"x":68,"y":226,"width":809,"height":11}},{"id":"95c22ac2-56e3-4d12-90c8-b7c7d87a93fd","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio","page_number":59,"box":{"x":69,"y":241,"width":819,"height":11}},{"id":"3cc6c85f-0874-40d3-b6ad-c4ae11a4f9b6","block_type":"box","text":"manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio","page_number":59,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"9ddf69b2-0f1d-40a9-8946-2deea52f93c6","block_type":"box","text":"manager relative to the various benchmarks. Performance of fixed-income funds is measured on a pre-tax and/or","page_number":59,"box":{"x":69,"y":271,"width":807,"height":12}},{"id":"bd00b562-5821-47b5-a3b0-18f919d3abe4","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":59,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"2bed802e-f804-4f25-b658-6628b0b2d71f","block_type":"box","text":"portfolio managers, such benchmarks for the Funds and other accounts are:","page_number":59,"box":{"x":70,"y":302,"width":542,"height":11}},{"id":"27c8af34-e1b9-467e-b2cb-838126872f3f","block_type":"box","text":"Portfolio Manager Benchmark","page_number":59,"box":{"x":69,"y":330,"width":261,"height":9}},{"id":"70db9e0e-4aa6-435b-b95a-9ce8739248b8","block_type":"box","text":"Walter O’Connor, CFA","page_number":59,"box":{"x":68,"y":346,"width":152,"height":11}},{"id":"e935a3a9-3c92-4971-b2ce-65dd08439812","block_type":"box","text":"1","page_number":59,"box":{"x":220,"y":347,"width":4,"height":4}},{"id":"7047b60e-3870-46d1-9b85-792d3bd0bd2f","block_type":"box","text":"Michael Kalinoski, CFA","page_number":59,"box":{"x":70,"y":362,"width":160,"height":10}},{"id":"32d27866-e4b8-44e6-988f-8a162780fc4c","block_type":"box","text":"Kevin Maloney, CFA","page_number":59,"box":{"x":70,"y":377,"width":137,"height":11}},{"id":"f114e104-b677-45eb-b033-48e78793a62f","block_type":"box","text":"Phillip Soccio, CFA","page_number":59,"box":{"x":69,"y":392,"width":130,"height":11}},{"id":"01a9f240-6e9d-47a0-8855-5b40e6d71fe6","block_type":"box","text":"Alicia De Lorenzo","page_number":59,"box":{"x":68,"y":407,"width":122,"height":9}},{"id":"a510ae28-0c91-4926-b501-e14bfd5e38f5","block_type":"box","text":"Kristi Manidis","page_number":59,"box":{"x":70,"y":422,"width":95,"height":9}},{"id":"6164b0a3-39fd-44ac-a1be-e62d9c32bccf","block_type":"box","text":"Christian Romaglino,","page_number":59,"box":{"x":69,"y":437,"width":146,"height":11}},{"id":"e6309b8a-e343-4553-9610-9badb119cf55","block_type":"box","text":"CFA","page_number":59,"box":{"x":69,"y":452,"width":26,"height":9}},{"id":"1e51f92c-c913-4f81-8b4c-e843d2a22dfb","block_type":"box","text":"A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain","page_number":59,"box":{"x":264,"y":346,"width":620,"height":12}},{"id":"1b13390f-f114-42f6-8792-0f6354b29142","block_type":"box","text":"customized indices and certain fund industry peer groups.","page_number":59,"box":{"x":264,"y":361,"width":414,"height":12}},{"id":"cfd1a74a-0282-45b6-a685-01b780366271","block_type":"box","text":"Sean Carney A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain","page_number":59,"box":{"x":69,"y":475,"width":815,"height":11}},{"id":"b4397e0e-3af7-48d2-8295-e96eeece7c18","block_type":"box","text":"customized indices and certain fund industry peer groups. Due to Portfolio Manager Sean","page_number":59,"box":{"x":264,"y":490,"width":640,"height":11}},{"id":"47ff7c05-308d-45c3-97d2-f09def0a41b2","block_type":"box","text":"Carney’s unique position (Portfolio Manager and Co-Chief Investment Officer of Tax","page_number":59,"box":{"x":265,"y":505,"width":590,"height":11}},{"id":"badc787c-8b3c-412b-8cc9-2eaea434edc7","block_type":"box","text":"Exempt Fixed Income) his compensation does not solely reflect his role as PM of the","page_number":59,"box":{"x":265,"y":520,"width":602,"height":11}},{"id":"39d374ac-8269-4f38-8bd9-5e00a3028c80","block_type":"box","text":"funds managed by him. The performance of his fund(s) are included in consideration of","page_number":59,"box":{"x":264,"y":535,"width":623,"height":12}},{"id":"1e47d5f4-c0d2-4792-a534-98a8abd0b520","block_type":"box","text":"his incentive compensation but given his unique role it is not the sole driver of","page_number":59,"box":{"x":265,"y":550,"width":558,"height":12}},{"id":"aab29916-b22a-4f45-8869-7c0b0f2670b6","block_type":"box","text":"compensation.","page_number":59,"box":{"x":264,"y":566,"width":104,"height":11}},{"id":"d784806d-a759-4d00-abbf-8d3b4eb21f51","block_type":"box","text":"1","page_number":59,"box":{"x":69,"y":590,"width":3,"height":4}},{"id":"a5a68f68-7ded-4196-8055-bee632a0a5ae","block_type":"box","text":"On or about March 17, 2026, Walter O’Connor, CFA, will no longer serve as a portfolio manager of the Fund.","page_number":59,"box":{"x":77,"y":590,"width":615,"height":9}},{"id":"bb392b71-d7f5-4fa3-84d7-377745cc6387","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":59,"box":{"x":102,"y":611,"width":389,"height":11}},{"id":"f4a86b9c-8f12-48fe-b1a0-e05daf475f1e","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":59,"box":{"x":499,"y":611,"width":383,"height":11}},{"id":"028099dd-6247-46de-8e4a-1a4a6ffd90d5","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":59,"box":{"x":70,"y":626,"width":815,"height":11}},{"id":"624e777e-7e60-4611-a08a-404f6edd6a1f","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":59,"box":{"x":68,"y":641,"width":522,"height":11}},{"id":"05ba6601-9e95-40a4-b94d-6d7986bc7284","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":59,"box":{"x":102,"y":664,"width":760,"height":11}},{"id":"94f22093-10bc-4f8e-b5c7-8ddcb830f5e1","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":59,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"04ef4d14-efa2-4764-81e8-9186320374d0","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":59,"box":{"x":69,"y":694,"width":805,"height":11}},{"id":"bd32b06b-9d44-4256-a2f1-0411d3c45257","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":59,"box":{"x":69,"y":709,"width":822,"height":11}},{"id":"69ab1b3f-d3ad-42b3-b243-d715d96e06ed","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":59,"box":{"x":68,"y":724,"width":839,"height":12}},{"id":"17d5d860-8f5b-4794-8706-c5e505d821cd","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":59,"box":{"x":69,"y":739,"width":802,"height":12}},{"id":"3b9bef80-703b-4360-adb1-8a28c99c3161","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":59,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"31383782-6b8f-405d-ab6e-8a6ad515e1a9","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":59,"box":{"x":70,"y":770,"width":801,"height":11}},{"id":"213fcbe3-c41b-49ce-92c9-60a0ee9cfbe2","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":59,"box":{"x":70,"y":785,"width":831,"height":11}},{"id":"981852ab-1376-4c74-91aa-3a1bd5fbd9cc","block_type":"box","text":"managers of these Funds have deferred BlackRock, Inc. stock awards.","page_number":59,"box":{"x":69,"y":800,"width":501,"height":11}},{"id":"0d1b8375-87e1-4b95-ab89-b9b423175430","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":59,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"02208b94-16ac-4d23-a339-94228f3adbbd","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":59,"box":{"x":68,"y":838,"width":836,"height":11}},{"id":"9d45dd9d-b4e6-4ac5-a82b-1f17a1a79386","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":59,"box":{"x":68,"y":853,"width":821,"height":11}},{"id":"03ac0b2d-2486-4f35-a898-c0461511b929","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":59,"box":{"x":69,"y":868,"width":829,"height":11}},{"id":"32ebc752-392f-40fe-916b-2249e057e20b","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":59,"box":{"x":70,"y":883,"width":835,"height":11}},{"id":"a7ee49c8-fac8-44cc-8b69-45acbc446a0e","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":59,"box":{"x":69,"y":898,"width":414,"height":11}},{"id":"c3d1b35e-7090-4493-a16f-81ea3003664a","block_type":"box","text":"I-22","page_number":59,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e3bc515e-c2be-4ffb-8a96-bb6f7a954dcd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b64ffc96-86ad-4f6a-8007-a1a0680c5685","block_type":"box","text":"Other Compensation Benefits.","page_number":60,"box":{"x":101,"y":45,"width":218,"height":11}},{"id":"2da3913e-d716-48ec-b32d-290ff87dae56","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":60,"box":{"x":327,"y":45,"width":552,"height":11}},{"id":"c2611108-6e4a-424e-b6fe-fc818bb37292","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":60,"box":{"x":69,"y":60,"width":582,"height":11}},{"id":"048756d8-8fab-417f-9a44-861bf6252a86","block_type":"box","text":"Incentive Savings Plans","page_number":60,"box":{"x":102,"y":83,"width":167,"height":11}},{"id":"7325cb2c-c5fd-46ec-ae0c-9f3263816ca1","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":60,"box":{"x":274,"y":82,"width":614,"height":12}},{"id":"a178849d-d425-42ed-b32f-8e4dc40e5442","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":60,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"95b3bc95-cf73-4d43-9764-c0f6318902f7","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":60,"box":{"x":70,"y":113,"width":785,"height":11}},{"id":"4a13cdda-bf1a-4c5c-abe5-ba6571650912","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":60,"box":{"x":69,"y":127,"width":830,"height":12}},{"id":"5eaadd6d-9961-402b-a496-78dd750a7900","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":60,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"59d775d8-4254-47ef-861b-407914950439","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":60,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"7dd4c349-1f02-4ea0-bbf5-9c010199d317","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":60,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"fc6e39da-aff3-40b9-bf31-04c6b1d92a6b","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":60,"box":{"x":70,"y":188,"width":809,"height":12}},{"id":"2a043786-6175-4f4a-840e-35244d286900","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":60,"box":{"x":68,"y":203,"width":793,"height":12}},{"id":"ca9c7227-73d8-4f5a-9b02-591e29fbc521","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":60,"box":{"x":70,"y":218,"width":832,"height":11}},{"id":"f72c9c2b-9806-4fc3-a733-fd2870ccec23","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":60,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"fa019219-552b-4d0a-95e8-4841c71665e9","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":60,"box":{"x":69,"y":248,"width":808,"height":12}},{"id":"6cc965f6-5ce0-47e1-9e52-3e027d0437cd","block_type":"box","text":"participate in these plans.","page_number":60,"box":{"x":70,"y":264,"width":185,"height":11}},{"id":"620a9c0c-13e8-4f48-8435-d6932b1b371a","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":60,"box":{"x":69,"y":294,"width":268,"height":11}},{"id":"fae8eba7-b7c4-415d-92dd-ca0b3ebf7a58","block_type":"box","text":"The following table sets forth the dollar range of equity securities of the Funds beneficially owned by each portfolio manager","page_number":60,"box":{"x":68,"y":309,"width":842,"height":11}},{"id":"0bb34b7b-23d0-41f1-ad06-1566f99b9709","block_type":"box","text":"of the Funds as of June 30, 2025.","page_number":60,"box":{"x":69,"y":324,"width":244,"height":11}},{"id":"47900d97-0ca4-45cc-999a-42f5369449a6","block_type":"box","text":"Portfolio Manager","page_number":60,"box":{"x":69,"y":363,"width":105,"height":9}},{"id":"e4765a7a-1b90-484f-83cd-26398c7b8ff9","block_type":"box","text":"Fund Managed","page_number":60,"box":{"x":593,"y":363,"width":84,"height":9}},{"id":"5442ed9f-dab8-4807-94d0-26376e996269","block_type":"box","text":"Dollar Range of Equity","page_number":60,"box":{"x":759,"y":353,"width":129,"height":8}},{"id":"e612d83d-d141-4934-b537-bf582effff00","block_type":"box","text":"Securities Beneficially Owned","page_number":60,"box":{"x":736,"y":363,"width":173,"height":9}},{"id":"4b3222c1-bb64-4e4e-8263-226e270c6143","block_type":"box","text":"Walter O’Connor, CFA","page_number":60,"box":{"x":68,"y":380,"width":152,"height":11}},{"id":"6eb28ec3-1091-4b90-95c5-7060075ad47d","block_type":"box","text":"1","page_number":60,"box":{"x":220,"y":381,"width":4,"height":4}},{"id":"160fa30b-1c73-4f3b-a458-06cb62517de8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nati","page_number":60,"box":{"x":237,"y":381,"width":376,"height":8}},{"id":"09df9ca7-16c1-40a9-909c-626623666339","block_type":"box","text":"onal Fund $10,001 – $50,000","page_number":60,"box":{"x":615,"y":380,"width":280,"height":11}},{"id":"96c0fba0-ad30-4f36-9f79-c9baaebd7421","block_type":"box","text":"Kristi Manidis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":60,"box":{"x":70,"y":396,"width":462,"height":8}},{"id":"db024d5d-495a-42c5-af4d-a793672c3a70","block_type":"box","text":"Short Duration Fund $1 – $10,000","page_number":60,"box":{"x":564,"y":395,"width":309,"height":11}},{"id":"2dfc9f73-53f5-404f-97ed-72c72875e68b","block_type":"box","text":"Michael Kalinoski, CFA","page_number":60,"box":{"x":70,"y":411,"width":160,"height":10}},{"id":"b221d0ff-97fb-4e3c-8770-f6a55bc49e80","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nati","page_number":60,"box":{"x":237,"y":411,"width":376,"height":9}},{"id":"e8b84fe5-c755-4742-aaba-76eecfa4772e","block_type":"box","text":"onal Fund $10,001 – $50,000","page_number":60,"box":{"x":615,"y":410,"width":280,"height":11}},{"id":"28cbd1f6-8712-48a5-91fa-9d680f7693f0","block_type":"box","text":"Christian Romaglino, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":60,"box":{"x":69,"y":426,"width":463,"height":11}},{"id":"5d818b2c-ff50-4454-972c-602e2875f8e1","block_type":"box","text":"Short Duration Fund $1 – $10,000","page_number":60,"box":{"x":564,"y":425,"width":309,"height":11}},{"id":"f35893ef-0458-45dd-a682-060e950c6410","block_type":"box","text":"Kevin Maloney, CFA . .","page_number":60,"box":{"x":70,"y":441,"width":152,"height":11}},{"id":"1acab8c2-c38d-4596-a347-b1534cf644db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nati","page_number":60,"box":{"x":229,"y":441,"width":384,"height":9}},{"id":"85c912a2-47fd-4611-b79e-2dbc5f6c9f96","block_type":"box","text":"onal Fund $1 – $10,000","page_number":60,"box":{"x":615,"y":440,"width":258,"height":11}},{"id":"66c4f5b2-02eb-4c8c-8134-570d5f25a533","block_type":"box","text":"Short Duration Fund $1 – $10,000","page_number":60,"box":{"x":564,"y":455,"width":309,"height":11}},{"id":"ef6289d2-feff-4e3d-a5e6-1ecd599f29d1","block_type":"box","text":"Phillip Soccio, CFA","page_number":60,"box":{"x":69,"y":471,"width":130,"height":11}},{"id":"c76bf83b-0775-4cb4-a7df-295340214dee","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nati","page_number":60,"box":{"x":204,"y":471,"width":409,"height":9}},{"id":"30958685-3a6e-484c-945b-a9c3febbc338","block_type":"box","text":"onal Fund $1 – $10,000","page_number":60,"box":{"x":615,"y":470,"width":258,"height":12}},{"id":"db9dd638-d103-4041-aa02-2ef139f7d72a","block_type":"box","text":"Alicia De Lorenzo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":60,"box":{"x":68,"y":486,"width":464,"height":9}},{"id":"284ebed3-ef01-47d5-8755-c04a92426aab","block_type":"box","text":"Short Duration Fund None","page_number":60,"box":{"x":564,"y":486,"width":277,"height":9}},{"id":"836a3efd-444f-402c-9ce9-49c7ed073b42","block_type":"box","text":"Sean Carney . .","page_number":60,"box":{"x":69,"y":501,"width":104,"height":11}},{"id":"b3a25f23-779a-409c-adc0-d2e613a8e624","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nati","page_number":60,"box":{"x":180,"y":502,"width":433,"height":8}},{"id":"8ea98567-ee32-4bd2-bcff-edacd4a591df","block_type":"box","text":"onal Fund None","page_number":60,"box":{"x":615,"y":502,"width":226,"height":8}},{"id":"648e8c5c-ce8f-49b1-8913-fa10c59deb01","block_type":"box","text":"1","page_number":60,"box":{"x":69,"y":526,"width":3,"height":3}},{"id":"955d99a5-0fb4-4a88-92e2-809431038be8","block_type":"box","text":"On or about March 17, 2026, Walter O’Connor, CFA, will no longer serve as a portfolio manager of the Fund.","page_number":60,"box":{"x":77,"y":526,"width":615,"height":9}},{"id":"e8138a54-2f4a-46f2-b684-a64df851eeca","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":60,"box":{"x":69,"y":554,"width":403,"height":12}},{"id":"0a6bfe87-3b77-404b-ae43-7ee208805574","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":60,"box":{"x":102,"y":577,"width":727,"height":11}},{"id":"34a90b9d-7a07-47ff-8d56-1ff0e940dc7d","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":60,"box":{"x":70,"y":592,"width":814,"height":11}},{"id":"1ef0588b-da7a-494e-a66e-c59d7dd9f8af","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":60,"box":{"x":70,"y":607,"width":837,"height":11}},{"id":"7bf9a903-19e3-440c-8f2e-87cad1955d4e","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":60,"box":{"x":70,"y":622,"width":810,"height":12}},{"id":"c6f91a4d-701a-472e-9835-204313150625","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":60,"box":{"x":69,"y":637,"width":782,"height":12}},{"id":"96bc36da-04cd-4559-a2fb-6d4c6e9fad23","block_type":"box","text":"management and advisory services to numerous clients in addition to the Funds, and BlackRock may, consistent with","page_number":60,"box":{"x":69,"y":653,"width":838,"height":11}},{"id":"57a781cc-dde9-402b-b253-ed0cc043918d","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":60,"box":{"x":69,"y":668,"width":828,"height":11}},{"id":"21c1fd68-539c-41d4-a44a-17c87c88d949","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":60,"box":{"x":68,"y":683,"width":834,"height":11}},{"id":"97cec592-0489-4672-b3c1-773c67c071cc","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Funds. In addition,","page_number":60,"box":{"x":70,"y":698,"width":785,"height":11}},{"id":"c6060856-e4d6-4082-a351-9ea187125163","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":60,"box":{"x":70,"y":713,"width":821,"height":11}},{"id":"5840c9d7-9cc3-426c-89ee-b466b33a3dcf","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Funds. BlackRock, or","page_number":60,"box":{"x":69,"y":728,"width":827,"height":11}},{"id":"c6909218-5dac-4dca-9b7b-259e7dccb1b6","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":60,"box":{"x":69,"y":743,"width":832,"height":12}},{"id":"92c5b03a-a54f-4e5e-87b7-468da97ef5ff","block_type":"box","text":"families may take different actions than those recommended to the Funds by BlackRock with respect to the same","page_number":60,"box":{"x":68,"y":758,"width":812,"height":11}},{"id":"99e8ff39-7836-4d9d-a841-8641563010e2","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":60,"box":{"x":69,"y":773,"width":760,"height":12}},{"id":"4b955240-6749-458b-a563-2a3d7e774c36","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":60,"box":{"x":69,"y":789,"width":834,"height":11}},{"id":"6c95e210-01e3-4d68-bf25-5ff2eaf74d52","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":60,"box":{"x":69,"y":804,"width":836,"height":11}},{"id":"1c5a2256-3d4d-420c-a2af-1bc3425e8378","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":60,"box":{"x":69,"y":819,"width":822,"height":11}},{"id":"682ad69d-3a28-4c37-a558-7f484a80e6e2","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":60,"box":{"x":70,"y":834,"width":835,"height":11}},{"id":"af5dad79-ec70-43b5-8aac-2cd2e6846a28","block_type":"box","text":"be opposed to the strategy utilized for a Fund. It should also be noted that a portfolio manager may be managing","page_number":60,"box":{"x":69,"y":849,"width":806,"height":11}},{"id":"9893b621-ef12-41f2-9d80-1b7645e8b451","block_type":"box","text":"hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":60,"box":{"x":69,"y":864,"width":811,"height":11}},{"id":"a37e965a-3072-4776-a2d5-8532f90735f5","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees","page_number":60,"box":{"x":69,"y":879,"width":839,"height":12}},{"id":"3187f898-08f1-430e-a263-5183cb6faee3","block_type":"box","text":"earned on such accounts. Currently, the portfolio managers of these funds are not entitled to receive a portion of","page_number":60,"box":{"x":69,"y":894,"width":810,"height":12}},{"id":"c42a4881-a861-4415-b5f3-3b5f886023ce","block_type":"box","text":"incentive fees of other accounts.","page_number":60,"box":{"x":70,"y":909,"width":231,"height":10}},{"id":"424a9243-bd83-4c29-8578-68b9f47f5c01","block_type":"box","text":"I-23","page_number":60,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"b644f3f2-bf16-4e49-ab1e-b0e62fbeb076","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a116757b-8c31-4ed0-8077-2ec52c30a15e","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":61,"box":{"x":101,"y":45,"width":788,"height":11}},{"id":"d1b9e921-5e96-4772-a994-c21762ae6bfb","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":61,"box":{"x":70,"y":60,"width":839,"height":11}},{"id":"fae8edec-d1b9-4284-9a7b-e0b6762b0817","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":61,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"5a56b8e2-18d8-462d-8e2e-4e79e2348a21","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":61,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"d92c9e96-4034-4658-90ad-e2dc1cc79e3c","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":61,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"64a2c1d2-ee1c-41bd-94da-8d42c29e748e","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":61,"box":{"x":70,"y":120,"width":826,"height":11}},{"id":"fd7f6207-fc65-4827-8c32-53201581af89","block_type":"box","text":"Custodian Services","page_number":61,"box":{"x":69,"y":151,"width":139,"height":8}},{"id":"c59fd4fc-ffd5-4d90-81c7-53b8bcef3412","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) has been retained to act as custodian for each Fund and","page_number":61,"box":{"x":102,"y":173,"width":794,"height":11}},{"id":"e9de2372-07ec-4cb9-a1aa-5cc9130afd1c","block_type":"box","text":"is located at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian, among other","page_number":61,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"92048633-7759-4a99-86da-9291ef61c8a8","block_type":"box","text":"things, maintains a custody account or accounts in the name of each Fund, receives and delivers all assets for each","page_number":61,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"897c5aa8-d957-4f11-9179-cb74785463ea","block_type":"box","text":"Fund upon purchase and upon sale or maturity, and collects and receives all income and other payments and","page_number":61,"box":{"x":70,"y":219,"width":776,"height":11}},{"id":"31ed6cc6-ca6a-49b3-982e-4182bcade065","block_type":"box","text":"distributions on account of the assets of each Fund.","page_number":61,"box":{"x":69,"y":234,"width":371,"height":9}},{"id":"b262cea8-ae8c-48c6-81ed-4fbf26855cbf","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":61,"box":{"x":68,"y":264,"width":432,"height":11}},{"id":"e5b16f9c-e99e-432e-ac23-e68a8641490e","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":61,"box":{"x":102,"y":286,"width":784,"height":12}},{"id":"82a73f15-f468-4fd5-9a83-841f510da7a6","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for the Funds.","page_number":61,"box":{"x":68,"y":302,"width":721,"height":11}},{"id":"18009bc1-f391-4004-9588-9b30f8540a5b","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides certain shareholder","page_number":61,"box":{"x":102,"y":324,"width":762,"height":12}},{"id":"cb30b455-3dc6-4dc5-9b34-0e0115fa4cb9","block_type":"box","text":"liaison services in connection with the Funds’ investor service center. Each Fund reimburses the Manager for its","page_number":61,"box":{"x":70,"y":339,"width":799,"height":12}},{"id":"9c031a86-fef7-44a0-94ee-3a4741cbfcba","block_type":"box","text":"costs in maintaining the service center, which costs include, among other things, employee salaries, leasehold","page_number":61,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"1288be44-f55c-4aa4-99d7-e50793c9cbde","block_type":"box","text":"expenses, and other out-of-pocket expenses which are a component of the transfer agency fees in the Funds’ annual","page_number":61,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"1be623e6-4261-4453-b8f8-954de8b85ec3","block_type":"box","text":"report.","page_number":61,"box":{"x":69,"y":386,"width":46,"height":10}},{"id":"4a57ba38-028d-4aff-924b-e7344dec4fbf","block_type":"box","text":"Set forth below are the amounts each Fund reimbursed BlackRock pursuant to the Shareholders’ Administrative","page_number":61,"box":{"x":102,"y":407,"width":797,"height":11}},{"id":"9ef7a6d5-4d2a-4f1e-aa2a-58a353a1afda","block_type":"box","text":"Services Agreement for the periods indicated:","page_number":61,"box":{"x":69,"y":423,"width":325,"height":11}},{"id":"e0164bfa-e7e3-4c59-9fd0-976a08969ecc","block_type":"box","text":"National Fund Short Duration Fund","page_number":61,"box":{"x":683,"y":451,"width":226,"height":7}},{"id":"2d5a8ec8-6972-4e25-9604-21f824737670","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":61,"box":{"x":69,"y":484,"width":239,"height":11}},{"id":"5bb3ed9b-1c23-466b-ac1b-1cd2900fc6ce","block_type":"box","text":"..........................................","page_number":61,"box":{"x":315,"y":491,"width":336,"height":2}},{"id":"a890656a-e24a-4023-be19-6da88610af16","block_type":"box","text":"Fees Paid to the Manager . . . .","page_number":61,"box":{"x":70,"y":499,"width":214,"height":11}},{"id":"e232cb20-a33d-4845-81bb-be5bd2721d78","block_type":"box","text":".............................................","page_number":61,"box":{"x":291,"y":506,"width":360,"height":2}},{"id":"c662f883-cc50-4da9-92aa-52f17ae66402","block_type":"box","text":"$64,872 $2,515","page_number":61,"box":{"x":692,"y":498,"width":185,"height":11}},{"id":"7899b6ca-3e73-4926-9880-e1a7a074cb04","block_type":"box","text":"Fees Waived by the Manager.","page_number":61,"box":{"x":70,"y":514,"width":206,"height":11}},{"id":"e1bf85ec-0181-4ec6-9360-50e79bfd34cc","block_type":"box","text":"..............................................","page_number":61,"box":{"x":283,"y":521,"width":368,"height":2}},{"id":"b0696da6-b9dd-4748-9ce4-41325b8d323f","block_type":"box","text":"$64,829 $1,443","page_number":61,"box":{"x":692,"y":513,"width":185,"height":11}},{"id":"e9a67ae9-01c1-47aa-a7cf-93b1a658e3e4","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":61,"box":{"x":69,"y":529,"width":239,"height":11}},{"id":"394ac83c-78a4-47e8-87d0-4189cae3ef93","block_type":"box","text":"Fees Paid to the Manager . . . .","page_number":61,"box":{"x":70,"y":544,"width":214,"height":11}},{"id":"9d651fd5-5112-4563-b87b-dca5c7d35f82","block_type":"box","text":".............................................","page_number":61,"box":{"x":291,"y":552,"width":360,"height":1}},{"id":"5058b2e8-92e4-4614-8c49-667d6d7ce305","block_type":"box","text":"$54,710 $2,371","page_number":61,"box":{"x":692,"y":544,"width":185,"height":11}},{"id":"71dc591b-85b5-4945-9ad4-093c55145a8a","block_type":"box","text":"Fees Waived by the Manager.","page_number":61,"box":{"x":70,"y":560,"width":206,"height":11}},{"id":"a7071bde-bca8-442f-982b-026a59d0f976","block_type":"box","text":"..............................................","page_number":61,"box":{"x":283,"y":567,"width":368,"height":1}},{"id":"e2f144b3-81ee-480c-b810-a58e3cb33fd3","block_type":"box","text":"$54,710 $1,330","page_number":61,"box":{"x":692,"y":559,"width":185,"height":11}},{"id":"e4c57fda-9e9f-459c-a24f-e8d2475f84ca","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":61,"box":{"x":69,"y":575,"width":238,"height":10}},{"id":"2677eae7-eabc-41e6-a075-ff011239e12e","block_type":"box","text":"Fees Paid to the Manager . . . .","page_number":61,"box":{"x":70,"y":590,"width":214,"height":11}},{"id":"7a5582df-f1dd-44a6-8e5f-d3815f87d8db","block_type":"box","text":".............................................","page_number":61,"box":{"x":291,"y":597,"width":360,"height":1}},{"id":"90bf84e1-45b5-49a4-95bc-013766efa0d5","block_type":"box","text":"$96,838 $4,383","page_number":61,"box":{"x":692,"y":589,"width":185,"height":11}},{"id":"08528e29-2c49-4c3a-ba27-24c6c9f4aebc","block_type":"box","text":"Fees Waived by the Manager.","page_number":61,"box":{"x":70,"y":605,"width":206,"height":11}},{"id":"0dda6b64-2383-4da1-bdcf-dd36abfe9b60","block_type":"box","text":"..............................................","page_number":61,"box":{"x":283,"y":612,"width":368,"height":2}},{"id":"e99a3222-6d04-42bb-acfa-3b0b04a15684","block_type":"box","text":"$96,782 $2,622","page_number":61,"box":{"x":692,"y":604,"width":185,"height":11}},{"id":"bf60a825-0295-4248-ac60-1ba9dc3f11f4","block_type":"box","text":"Accounting Services","page_number":61,"box":{"x":68,"y":636,"width":150,"height":11}},{"id":"c26537cc-34a3-4959-8a69-31197599a25a","block_type":"box","text":"The table below shows the amounts paid by the Funds to State Street and the Manager for accounting services","page_number":61,"box":{"x":101,"y":659,"width":794,"height":11}},{"id":"f701f093-5d52-4dfa-8141-fb68f2beeeea","block_type":"box","text":"for the periods indicated:","page_number":61,"box":{"x":68,"y":674,"width":178,"height":11}},{"id":"f246ea80-2c85-4875-a8de-7475bc94cb75","block_type":"box","text":"National Fund Short Duration Fund","page_number":61,"box":{"x":654,"y":702,"width":226,"height":7}},{"id":"290fdc88-91fe-4bdf-aadd-cb7b15988e9a","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":61,"box":{"x":69,"y":720,"width":239,"height":11}},{"id":"f38065fd-ab38-4542-90f4-a320b78c1201","block_type":"box","text":".......................................","page_number":61,"box":{"x":310,"y":727,"width":312,"height":2}},{"id":"45c6a6a9-1d98-4f0b-81b4-f8bb39064187","block_type":"box","text":"Fees Paid to State Street .","page_number":61,"box":{"x":70,"y":735,"width":185,"height":9}},{"id":"a6e4c7b5-c15e-4339-a55b-a13e1b6e22ba","block_type":"box","text":".............................................","page_number":61,"box":{"x":261,"y":742,"width":361,"height":2}},{"id":"0b939663-43db-436c-9da1-d1d9bfdcca87","block_type":"box","text":"$582,888 $ 80,310","page_number":61,"box":{"x":657,"y":734,"width":200,"height":12}},{"id":"70ef7ee3-8925-4632-ab38-a64de2202eaf","block_type":"box","text":"Fees Paid to the Manager. . . .","page_number":61,"box":{"x":70,"y":750,"width":210,"height":11}},{"id":"4ef57d18-cad8-4367-af98-76d9b12fb132","block_type":"box","text":".......................................... $ 0 $ 0","page_number":61,"box":{"x":286,"y":749,"width":571,"height":11}},{"id":"e6858a6b-3eae-447d-b16c-c45e14ed14aa","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":61,"box":{"x":69,"y":765,"width":239,"height":11}},{"id":"7ef0f976-e70e-4bf9-9769-840ca7acbd80","block_type":"box","text":"Fees Paid to State Street .","page_number":61,"box":{"x":70,"y":780,"width":185,"height":9}},{"id":"f45cb96c-6be5-43f9-b0b3-0cfe2caa41a1","block_type":"box","text":".............................................","page_number":61,"box":{"x":261,"y":788,"width":361,"height":1}},{"id":"c1ae1d81-2876-47bd-9571-466f5cb57ee2","block_type":"box","text":"$752,771 $ 95,696","page_number":61,"box":{"x":657,"y":780,"width":200,"height":11}},{"id":"c407642f-619b-41c8-a85e-147c7572386e","block_type":"box","text":"Fees Paid to the Manager. . . .","page_number":61,"box":{"x":70,"y":796,"width":210,"height":11}},{"id":"c4d1c625-c505-43be-85b0-57184f880e95","block_type":"box","text":".......................................... $ 0 $ 0","page_number":61,"box":{"x":286,"y":795,"width":571,"height":10}},{"id":"a43fe661-36fe-461c-bfce-7360ed149527","block_type":"box","text":"I-24","page_number":61,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d426b12a-b1ed-456e-9ee2-c9944a8eb866","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bff21094-daea-401b-8c83-fd1ef8d83acb","block_type":"box","text":"National Fund Short Duration Fund","page_number":62,"box":{"x":654,"y":49,"width":226,"height":7}},{"id":"8133b4e0-44f5-49f2-884b-c490d13e2234","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":62,"box":{"x":69,"y":67,"width":238,"height":11}},{"id":"d0d56ad4-e438-4806-915e-98499ae19d73","block_type":"box","text":"Fees Paid to State Street .","page_number":62,"box":{"x":70,"y":82,"width":185,"height":9}},{"id":"67df6364-99fa-4641-805a-8a1122342f73","block_type":"box","text":".............................................","page_number":62,"box":{"x":261,"y":89,"width":361,"height":2}},{"id":"0a38b1ce-ee98-4baf-95a9-b00d9dbc60b0","block_type":"box","text":"$770,838 $115,496","page_number":62,"box":{"x":657,"y":81,"width":200,"height":11}},{"id":"768631e5-3e20-4e81-a162-b3e615961ab8","block_type":"box","text":"Fees Paid to the Manager. . . .","page_number":62,"box":{"x":70,"y":97,"width":210,"height":11}},{"id":"5c00df4f-2256-452a-861c-07082af83326","block_type":"box","text":".......................................... $ 0 $ 0","page_number":62,"box":{"x":286,"y":96,"width":571,"height":11}},{"id":"d1528fb2-3e18-4ff5-8220-a23e4a023ae1","block_type":"box","text":"Credit Agreement","page_number":62,"box":{"x":69,"y":174,"width":129,"height":11}},{"id":"6d8b7f70-96c3-4a19-8db0-42049c693ae3","block_type":"box","text":"The Corporation, on behalf of the Funds, along with certain other funds managed by the Manager and its","page_number":62,"box":{"x":101,"y":196,"width":745,"height":12}},{"id":"82be42dd-5af7-4108-978d-25c7e26367e3","block_type":"box","text":"affiliates (“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which","page_number":62,"box":{"x":69,"y":211,"width":834,"height":12}},{"id":"ab813203-52a4-4853-8c57-b2f3a0b7c9f0","block_type":"box","text":"facility terminates on April 9, 2026 unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":62,"box":{"x":68,"y":227,"width":788,"height":11}},{"id":"2bf34f35-2d1e-4e70-8f20-e7b429597899","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Funds, can borrow up","page_number":62,"box":{"x":69,"y":242,"width":833,"height":11}},{"id":"88d91261-3e39-45af-ab26-0a3059326fce","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":62,"box":{"x":68,"y":256,"width":818,"height":12}},{"id":"4036bc5e-4088-4df2-802e-084f2cf05a8b","block_type":"box","text":"limitations as specified in the Credit Agreement. The Funds may borrow under the Credit Agreement to meet","page_number":62,"box":{"x":70,"y":272,"width":770,"height":11}},{"id":"8b7568fb-293c-48eb-bd03-fbfb790a48e9","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Funds may not borrow under the Credit","page_number":62,"box":{"x":69,"y":287,"width":777,"height":11}},{"id":"ce30c942-a80b-4ed0-a602-fe7cb60e9c8e","block_type":"box","text":"Agreement for leverage. The Funds may borrow up to the maximum amount allowable under the Funds’ current","page_number":62,"box":{"x":68,"y":302,"width":789,"height":12}},{"id":"9bcb22fd-d90f-474b-8b3e-c9646b1f3361","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":62,"box":{"x":69,"y":318,"width":812,"height":11}},{"id":"c1da851b-173e-42e4-9412-fd29cfe90212","block_type":"box","text":"expense and other fees and expenses for the Funds which may impact the Funds’ net expenses. The costs of","page_number":62,"box":{"x":69,"y":332,"width":782,"height":12}},{"id":"8d87fad0-6e62-4ac4-92da-fc662fb86c94","block_type":"box","text":"borrowing may reduce the Funds’ returns. Each Fund is charged its pro rata share of upfront fees and commitment","page_number":62,"box":{"x":69,"y":348,"width":818,"height":11}},{"id":"fb51a8b2-6237-4a3f-81b8-23a26494fdfa","block_type":"box","text":"fees on the aggregate commitment amount based on its net assets. If the Funds borrow pursuant to the Credit","page_number":62,"box":{"x":68,"y":363,"width":792,"height":11}},{"id":"7d81bfb6-5ff6-47c3-b14e-ada5b52d4c1e","block_type":"box","text":"Agreement, the Funds are charged interest at a variable rate.","page_number":62,"box":{"x":68,"y":378,"width":436,"height":11}},{"id":"13c1f430-3388-4fba-9c0e-291045cbe86e","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":62,"box":{"x":68,"y":408,"width":491,"height":11}},{"id":"279a5452-69f5-4168-9102-5dc29315066a","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":62,"box":{"x":102,"y":431,"width":773,"height":11}},{"id":"a2ee0ce0-40cc-472b-9ebf-793672583bc3","block_type":"box","text":"received by each Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for each Fund’s last","page_number":62,"box":{"x":69,"y":446,"width":800,"height":11}},{"id":"d8f4d3ed-3ad7-499a-bdd7-31e363674e5f","block_type":"box","text":"three fiscal years. BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as each","page_number":62,"box":{"x":68,"y":461,"width":837,"height":11}},{"id":"d0ad0bb3-91bb-4e50-bb54-d7746e242241","block_type":"box","text":"Fund’s sole distributor.","page_number":62,"box":{"x":70,"y":476,"width":161,"height":9}},{"id":"8a0421ad-1bdd-4b1a-a898-be9754b26e62","block_type":"box","text":"Investor A and A1 Sales Charge Information","page_number":62,"box":{"x":70,"y":506,"width":311,"height":12}},{"id":"94458961-f9fa-4c44-a84d-73f6b447c3e2","block_type":"box","text":"Investor A Shares","page_number":62,"box":{"x":612,"y":535,"width":102,"height":7}},{"id":"62f81a3e-868a-4165-9f4f-5971a979ecc9","block_type":"box","text":"Gross Sales","page_number":62,"box":{"x":436,"y":571,"width":68,"height":7}},{"id":"803bcf99-1bb3-4789-ab10-2dc05f6dc911","block_type":"box","text":"Charges Collected","page_number":62,"box":{"x":417,"y":581,"width":107,"height":8}},{"id":"b0eb8a33-8f61-490f-8fad-1be609d6f530","block_type":"box","text":"Sales Charges","page_number":62,"box":{"x":562,"y":571,"width":84,"height":8}},{"id":"0ae29239-3d01-4a48-9938-c2b75df42d42","block_type":"box","text":"Retained by BRIL","page_number":62,"box":{"x":554,"y":581,"width":100,"height":8}},{"id":"bbd16f11-1870-4670-aaf0-124db73c2711","block_type":"box","text":"Sales Charges","page_number":62,"box":{"x":691,"y":571,"width":84,"height":8}},{"id":"ad6e2e31-71cd-41c2-b5b0-3264565e3778","block_type":"box","text":"Paid To Affiliates","page_number":62,"box":{"x":685,"y":581,"width":97,"height":7}},{"id":"89b14280-136d-4b1b-95e0-83340ba64d92","block_type":"box","text":"CDSCs Received","page_number":62,"box":{"x":812,"y":550,"width":97,"height":8}},{"id":"45614a22-04be-434d-984e-f0efa40b0e13","block_type":"box","text":"on Redemption","page_number":62,"box":{"x":817,"y":561,"width":87,"height":8}},{"id":"05dddaaf-8b68-44c4-aae4-db7348836c27","block_type":"box","text":"of Load-Waived","page_number":62,"box":{"x":817,"y":571,"width":87,"height":7}},{"id":"510a3da0-66ae-47fd-acd2-1c4389a44341","block_type":"box","text":"Shares","page_number":62,"box":{"x":841,"y":581,"width":39,"height":7}},{"id":"2c7f4bbd-41b9-47fe-8aa5-26b0daf3d134","block_type":"box","text":"National Fund","page_number":62,"box":{"x":69,"y":598,"width":99,"height":9}},{"id":"c81549b9-8f8f-4fa2-b99f-414e314b2835","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":62,"box":{"x":70,"y":614,"width":234,"height":10}},{"id":"5590e13e-c88d-4a47-9a9b-10cd8326c5c2","block_type":"box","text":"..........","page_number":62,"box":{"x":310,"y":621,"width":76,"height":1}},{"id":"1938b04c-089b-4775-8e17-50a90b4cea9f","block_type":"box","text":"$165,062 $11,019 $11,019 $ 61,215","page_number":62,"box":{"x":435,"y":613,"width":462,"height":11}},{"id":"6aa5fbf8-8587-433a-af47-26235617a03a","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":62,"box":{"x":70,"y":629,"width":234,"height":10}},{"id":"156897d0-f1e3-4006-92ec-ac9d6da1797c","block_type":"box","text":"..........","page_number":62,"box":{"x":310,"y":636,"width":76,"height":1}},{"id":"014973cb-6b98-4d8c-ad6e-3cdc358c1d77","block_type":"box","text":"$183,382 $12,385 $12,385 $ 69,983","page_number":62,"box":{"x":435,"y":628,"width":462,"height":11}},{"id":"dfa08b9b-f85a-4efd-addd-87201600f746","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":62,"box":{"x":70,"y":644,"width":234,"height":10}},{"id":"db3f552b-d313-472d-8fc5-eb1709ae1c1f","block_type":"box","text":"..........","page_number":62,"box":{"x":310,"y":651,"width":76,"height":2}},{"id":"d8752842-fc24-415a-b665-1201ad4e8730","block_type":"box","text":"$178,926 $12,365 $12,365 $148,092","page_number":62,"box":{"x":435,"y":643,"width":462,"height":11}},{"id":"ee005b82-b8bd-4ef4-8670-f93b567861ae","block_type":"box","text":"Short Duration Fund","page_number":62,"box":{"x":68,"y":674,"width":146,"height":9}},{"id":"336cc51a-9d00-43ad-9d71-ee6cfc0015df","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":62,"box":{"x":70,"y":689,"width":234,"height":11}},{"id":"0094fe80-8ee8-4128-b433-e443739afb9c","block_type":"box","text":". . . . . . . . . . $ 15,059 $ 1,415 $ 1,415 $ 1,920","page_number":62,"box":{"x":310,"y":688,"width":587,"height":12}},{"id":"cfd82206-9b3e-489e-bf42-dac09fc9462e","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":62,"box":{"x":70,"y":704,"width":234,"height":11}},{"id":"40a61be1-cb03-472f-adf1-419efd24a875","block_type":"box","text":". . . . . . . . . . $ 5,395 $ 498 $ 498 $ 6,803","page_number":62,"box":{"x":310,"y":704,"width":587,"height":11}},{"id":"8f6b8ec6-b9f4-4167-8d9c-6857e1ac62cc","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":62,"box":{"x":70,"y":719,"width":234,"height":11}},{"id":"e1dc352c-430b-4e54-b91c-099659c21f47","block_type":"box","text":". . . . . . . . . . $ 14,534 $ 1,386 $ 1,386 $ 17,609","page_number":62,"box":{"x":310,"y":719,"width":587,"height":11}},{"id":"c7b841ea-7fed-43d2-aba1-8a2f748edb28","block_type":"box","text":"I-25","page_number":62,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e7c376f1-be48-41be-8324-9021013270e6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a4de2bc1-002d-43f7-aa06-7964bb13e524","block_type":"box","text":"Investor A1 Shares","page_number":63,"box":{"x":608,"y":49,"width":110,"height":7}},{"id":"db13daa5-39c5-46e0-83ee-0efbf616961d","block_type":"box","text":"Gross Sales","page_number":63,"box":{"x":436,"y":85,"width":68,"height":7}},{"id":"a1ca67db-bad8-4dd4-9ca8-6c06eabc7f41","block_type":"box","text":"Charges Collected","page_number":63,"box":{"x":417,"y":95,"width":107,"height":9}},{"id":"5f7a6f1c-ad76-4b5e-a839-3f5949e71bb8","block_type":"box","text":"Sales Charges","page_number":63,"box":{"x":562,"y":85,"width":84,"height":9}},{"id":"733ae06d-ea62-46ff-9edc-fef506e9b631","block_type":"box","text":"Retained by BRIL","page_number":63,"box":{"x":554,"y":95,"width":100,"height":9}},{"id":"658597ba-09ee-4c93-9dcd-f2b0c4b4d463","block_type":"box","text":"Sales Charges","page_number":63,"box":{"x":691,"y":85,"width":84,"height":9}},{"id":"213e844d-6692-4278-a15f-faa17493f2ae","block_type":"box","text":"Paid To Affiliates","page_number":63,"box":{"x":685,"y":95,"width":97,"height":7}},{"id":"7e128bf7-43d0-454e-97d1-b4a2ebe96f8c","block_type":"box","text":"CDSCs Received","page_number":63,"box":{"x":812,"y":65,"width":97,"height":7}},{"id":"8c22993d-c921-4dc1-9b39-509b438cd47e","block_type":"box","text":"on Redemption","page_number":63,"box":{"x":817,"y":75,"width":87,"height":9}},{"id":"e70fba90-5876-4f42-ad7d-746e0bae4cdf","block_type":"box","text":"of Load-Waived","page_number":63,"box":{"x":817,"y":85,"width":87,"height":7}},{"id":"021fc56d-dc23-4e7c-a253-b240821f99af","block_type":"box","text":"Shares","page_number":63,"box":{"x":841,"y":95,"width":39,"height":7}},{"id":"af5a5a82-c6f8-4c70-a94b-90cb99d77d00","block_type":"box","text":"Short Duration Fund","page_number":63,"box":{"x":68,"y":113,"width":146,"height":9}},{"id":"753dc528-6c24-4062-a854-ac77a9d74ec9","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":63,"box":{"x":70,"y":128,"width":234,"height":10}},{"id":"a1503489-247f-4f91-9e73-c4a01f714f91","block_type":"box","text":". . . . . . . . . . $0 $0 $0 $0","page_number":63,"box":{"x":310,"y":127,"width":560,"height":11}},{"id":"9a5eae6f-fc94-48e7-9ede-3911c7811e93","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":63,"box":{"x":70,"y":143,"width":234,"height":10}},{"id":"60c0a3a7-a139-40be-b95c-98ed764f7116","block_type":"box","text":". . . . . . . . . . $0 $0 $0 $0","page_number":63,"box":{"x":310,"y":142,"width":560,"height":11}},{"id":"7cd46aaa-ca1f-4d80-900f-a76c2603dfe5","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":63,"box":{"x":70,"y":158,"width":234,"height":11}},{"id":"f11e6d46-bc1d-481c-ae27-ddceee8a6e7f","block_type":"box","text":". . . . . . . . . . $0 $0 $0 $0","page_number":63,"box":{"x":310,"y":157,"width":560,"height":11}},{"id":"5f803d49-019b-4d08-bb1a-19ea8712fa96","block_type":"box","text":"Investor C and Investor C1 Sales Charge Information","page_number":63,"box":{"x":70,"y":205,"width":375,"height":11}},{"id":"111d7179-af4d-4ae4-957e-de431bbe5689","block_type":"box","text":"Investor C Shares","page_number":63,"box":{"x":761,"y":233,"width":102,"height":7}},{"id":"a2c44581-c9c0-47be-ae30-84c2824faab5","block_type":"box","text":"CDSCs Received","page_number":63,"box":{"x":714,"y":249,"width":97,"height":7}},{"id":"811c839f-920e-45cf-a326-798e00786bbe","block_type":"box","text":"by BRIL","page_number":63,"box":{"x":741,"y":259,"width":44,"height":9}},{"id":"2211daac-7cda-4bc6-87f6-89c2be355cb8","block_type":"box","text":"CDSCs paid","page_number":63,"box":{"x":841,"y":249,"width":68,"height":8}},{"id":"629d739e-9a2e-4faf-94ac-b958b52d43bb","block_type":"box","text":"to Affiliates","page_number":63,"box":{"x":841,"y":259,"width":68,"height":7}},{"id":"68b15adc-f3e3-48a9-83cc-7003c74ca074","block_type":"box","text":"National Fund","page_number":63,"box":{"x":69,"y":277,"width":99,"height":8}},{"id":"0c68d76b-2913-42e0-a1a9-c91d0f963075","block_type":"box","text":"Fiscal Year Ended June 30, 2025. . . . . . .","page_number":63,"box":{"x":70,"y":292,"width":287,"height":10}},{"id":"45a38586-e801-432b-9286-ecfba9e61b95","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,105 $3,105","page_number":63,"box":{"x":364,"y":291,"width":537,"height":11}},{"id":"91326bd0-1f18-4a68-aee7-1170e92810a9","block_type":"box","text":"Fiscal Year Ended June 30, 2024. . . . . . .","page_number":63,"box":{"x":70,"y":307,"width":287,"height":10}},{"id":"28c9e063-943f-42bf-96f6-d44d956ff738","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,614 $4,614","page_number":63,"box":{"x":364,"y":306,"width":538,"height":11}},{"id":"26920cee-02d0-4dff-bb17-12784b6a37a1","block_type":"box","text":"Fiscal Year Ended June 30, 2023. . . . . . .","page_number":63,"box":{"x":70,"y":322,"width":287,"height":10}},{"id":"a9633d0e-7012-434e-86e6-c0b120def89b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,546 $5,546","page_number":63,"box":{"x":364,"y":321,"width":537,"height":11}},{"id":"bcd2f68f-03fe-4c0c-b4fd-4ecbb7b3482e","block_type":"box","text":"Short Duration Fund","page_number":63,"box":{"x":68,"y":352,"width":146,"height":9}},{"id":"d92150bb-90aa-4661-9d3c-d439d5b71396","block_type":"box","text":"Fiscal Year Ended June 30, 2025. . . . . . .","page_number":63,"box":{"x":70,"y":367,"width":287,"height":11}},{"id":"ef64b463-b1d6-4bab-afe5-46dab21519c5","block_type":"box","text":"........................................ $ 5 $ 5","page_number":63,"box":{"x":364,"y":366,"width":537,"height":11}},{"id":"c225ffc1-8a9e-4ec2-a2d1-e76276a36fb9","block_type":"box","text":"Fiscal Year Ended June 30, 2024. . . . . . .","page_number":63,"box":{"x":70,"y":382,"width":287,"height":11}},{"id":"cd2f91e0-333e-40e8-b724-9b42873afba7","block_type":"box","text":"........................................ $ 0 $ 0","page_number":63,"box":{"x":364,"y":382,"width":538,"height":10}},{"id":"a42c76b7-e905-4f4d-a8bb-39c2bd4a8dd4","block_type":"box","text":"Fiscal Year Ended June 30, 2023. . . . . . .","page_number":63,"box":{"x":70,"y":398,"width":287,"height":10}},{"id":"8dbbdfd2-470a-4568-8340-e3eb64114b2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 251 $ 251","page_number":63,"box":{"x":364,"y":397,"width":537,"height":10}},{"id":"5679df45-4ffd-4598-ac56-e41600d324a8","block_type":"box","text":"Investor C1 Shares","page_number":63,"box":{"x":755,"y":442,"width":110,"height":7}},{"id":"7ad91095-a47d-4802-a08a-4b4bbb3945da","block_type":"box","text":"1","page_number":63,"box":{"x":866,"y":442,"width":4,"height":4}},{"id":"bb5079c8-bfa4-4ae1-b403-8a6b8605f841","block_type":"box","text":"CDSCs Received","page_number":63,"box":{"x":714,"y":458,"width":97,"height":7}},{"id":"2521d775-f7f6-4c52-adae-dae80a5dd141","block_type":"box","text":"by BRIL","page_number":63,"box":{"x":741,"y":468,"width":44,"height":9}},{"id":"7b4fd6c0-a094-4ea7-8fdb-e5356660de57","block_type":"box","text":"CDSCs paid","page_number":63,"box":{"x":841,"y":458,"width":68,"height":9}},{"id":"49a9641f-9f86-4cbd-8e17-03e9914ca961","block_type":"box","text":"to Affiliates","page_number":63,"box":{"x":841,"y":468,"width":68,"height":7}},{"id":"1ca8240f-a544-4790-a9da-703e08dcb773","block_type":"box","text":"National Fund","page_number":63,"box":{"x":69,"y":486,"width":99,"height":9}},{"id":"9fc0c675-abdc-4d5d-be06-ed9a72596516","block_type":"box","text":"Fiscal Year Ended June 30, 2025. . . . . . .","page_number":63,"box":{"x":70,"y":501,"width":287,"height":10}},{"id":"5b8a872c-4234-437f-8aca-9b75057951e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":63,"box":{"x":364,"y":500,"width":520,"height":11}},{"id":"3f5bd5b4-e696-453c-87de-e8848cba090b","block_type":"box","text":"Fiscal Year Ended June 30, 2024. . . . . . .","page_number":63,"box":{"x":70,"y":516,"width":287,"height":10}},{"id":"ddfc4e6b-5431-4a1e-8963-42e17b0c850c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":63,"box":{"x":364,"y":515,"width":520,"height":11}},{"id":"b75865a6-9b21-4d64-8b16-e5efae6b9ec4","block_type":"box","text":"Fiscal Year Ended June 30, 2023. . . . . . .","page_number":63,"box":{"x":70,"y":531,"width":287,"height":10}},{"id":"7c9baec8-e6bd-466d-b599-afd1a4712c8e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":63,"box":{"x":364,"y":530,"width":520,"height":11}},{"id":"a658d910-84be-4fb5-8197-6970a413bf18","block_type":"box","text":"1","page_number":63,"box":{"x":69,"y":571,"width":3,"height":3}},{"id":"9f64c523-5650-44a1-b8f0-d5b7f879672f","block_type":"box","text":"Effective on the close of business on February 24, 2020, all issued and outstanding Investor C1 Shares of the Fund were converted into\r\nIA Shf hFd","page_number":63,"box":{"x":94,"y":572,"width":780,"height":9}},{"id":"38d888e1-28c9-47f9-a92e-d840ffd6f09a","block_type":"box","text":"Investor A Shares of the Fund.","page_number":63,"box":{"x":94,"y":581,"width":171,"height":7}},{"id":"d222f2b9-0ef3-4b5d-b789-e806f222a543","block_type":"box","text":"The table below provides information for the fiscal year ended June 30, 2025 about the 12b-1 fees the Funds","page_number":63,"box":{"x":101,"y":601,"width":782,"height":12}},{"id":"a7055501-f5c3-4a49-8284-3db38fb7650c","block_type":"box","text":"paid to BRIL under the Funds’ 12b-1 plans. A significant amount of the fees collected by BRIL were paid to affiliates","page_number":63,"box":{"x":70,"y":617,"width":825,"height":11}},{"id":"4bb5b6ba-ce10-4ea1-ac48-e8c6a581f805","block_type":"box","text":"for providing shareholder servicing activities for Investor A and Investor A1 Shares and for providing shareholder","page_number":63,"box":{"x":68,"y":632,"width":799,"height":11}},{"id":"cf37ec8f-7333-4696-9efb-283d116bda73","block_type":"box","text":"servicing and distribution related activities and services for Investor C and Investor C1 Shares.","page_number":63,"box":{"x":69,"y":647,"width":675,"height":11}},{"id":"82664019-981c-4d48-9b65-144beea57032","block_type":"box","text":"Fees Paid to BRIL","page_number":63,"box":{"x":726,"y":675,"width":104,"height":7}},{"id":"54e92ff7-d4fb-43e9-bafc-eff9ec9bc53f","block_type":"box","text":"Class Name","page_number":63,"box":{"x":69,"y":691,"width":68,"height":7}},{"id":"1bdf76c4-4173-436a-9576-5009f2018512","block_type":"box","text":"National Fund","page_number":63,"box":{"x":648,"y":691,"width":79,"height":7}},{"id":"af881f20-83ea-410a-9ef6-8b99ffa600a1","block_type":"box","text":"1","page_number":63,"box":{"x":728,"y":691,"width":3,"height":3}},{"id":"02e0a0a7-a6d2-4d05-96ef-47d7f9eecfbf","block_type":"box","text":"Short Duration Fund","page_number":63,"box":{"x":763,"y":691,"width":117,"height":7}},{"id":"d6656a56-4604-41a3-97e3-fda81e271b38","block_type":"box","text":"Investor A Shares","page_number":63,"box":{"x":70,"y":709,"width":124,"height":9}},{"id":"6d3a9eae-d80b-4fa5-b6bd-fb32c9f3a46d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,","page_number":63,"box":{"x":197,"y":708,"width":471,"height":11}},{"id":"8059bc33-957a-4869-bccd-1ece148492ec","block_type":"box","text":"880,548 $478,967","page_number":63,"box":{"x":670,"y":708,"width":187,"height":11}},{"id":"915f9dc1-4be2-4752-9a96-ae76da089f7a","block_type":"box","text":"Investor A1 Shares . .","page_number":63,"box":{"x":70,"y":724,"width":153,"height":9}},{"id":"a364edc0-9e8e-403f-a19b-f1e8a0559016","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A $ 8,384","page_number":63,"box":{"x":230,"y":723,"width":628,"height":12}},{"id":"d0f5ff54-0248-4d8b-8783-7afcef66ccf9","block_type":"box","text":"Investor C Shares . . .","page_number":63,"box":{"x":70,"y":739,"width":153,"height":9}},{"id":"34d8cf31-985d-41f6-9a1f-0c118196bd83","block_type":"box","text":"................................................ $","page_number":63,"box":{"x":230,"y":738,"width":424,"height":11}},{"id":"a93baaa7-503e-40cd-a70e-9c50e1bfd201","block_type":"box","text":"386,692 $ 29,416","page_number":63,"box":{"x":670,"y":738,"width":187,"height":11}},{"id":"1d8edcc2-c5dd-4a41-8532-89efa45dbe04","block_type":"box","text":"Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,682 N/A","page_number":63,"box":{"x":69,"y":753,"width":767,"height":12}},{"id":"db88395f-0e7f-4cd0-abff-b94979bba180","block_type":"box","text":"1","page_number":63,"box":{"x":69,"y":779,"width":3,"height":3}},{"id":"f168ce39-3b36-4d92-b2b9-9aa55e47e3fe","block_type":"box","text":"Effective on the close of business on February 24, 2020, all issued and outstanding Investor C1 Shares of the National Fund were converted","page_number":63,"box":{"x":94,"y":778,"width":806,"height":9}},{"id":"8cb40749-17eb-42f5-a21b-0e0f57443380","block_type":"box","text":"into Investor A Shares of the National Fund.","page_number":63,"box":{"x":94,"y":788,"width":247,"height":8}},{"id":"7475a5bb-ce0b-45fe-a58c-65e0b3541aef","block_type":"box","text":"I-26","page_number":63,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e73e62e7-75b9-4199-be20-f1dca7bf4dcd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0aaf042f-93e1-4db0-9fa9-00776f9db5c6","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":64,"box":{"x":68,"y":45,"width":318,"height":11}},{"id":"34d0d99c-79ad-4bfb-bfeb-c16b113d912d","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of each Fund and","page_number":64,"box":{"x":101,"y":67,"width":734,"height":12}},{"id":"e2dbed07-74d3-46bb-826f-ae955b8add2b","block_type":"box","text":"Investor A1 Shares of the Short Duration Fund based on the value of each Fund’s Investor A Shares’ and the Short","page_number":64,"box":{"x":70,"y":82,"width":820,"height":9}},{"id":"bee083d8-4956-4f06-8ce9-c2b61833068f","block_type":"box","text":"Duration Fund’s Investor A1 Shares’ net assets and number of Investor A and Investor A1 Shares outstanding as of","page_number":64,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"d5acdd2e-ae71-4d83-9c7f-91c4af5bd3a7","block_type":"box","text":"June 30, 2025 follows:","page_number":64,"box":{"x":69,"y":113,"width":163,"height":10}},{"id":"88f0d214-e07d-467a-968f-446aab5df643","block_type":"box","text":"Investor A Shares","page_number":64,"box":{"x":783,"y":141,"width":102,"height":7}},{"id":"49395b14-dd9a-4f2b-a649-4b06bbb82d15","block_type":"box","text":"National Fund","page_number":64,"box":{"x":780,"y":159,"width":79,"height":7}},{"id":"b6ac828d-0516-4670-abf8-b430982e1f5d","block_type":"box","text":"Net Assets","page_number":64,"box":{"x":70,"y":177,"width":76,"height":9}},{"id":"a5b516e4-9700-4ba3-9bec-4b0db723d2ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":64,"box":{"x":155,"y":176,"width":626,"height":11}},{"id":"f817fd04-5f71-4955-9a87-651e71f21717","block_type":"box","text":"780,630,078","page_number":64,"box":{"x":783,"y":177,"width":97,"height":10}},{"id":"69fa419d-f3b1-4161-ab08-97f7b52369fc","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . .","page_number":64,"box":{"x":70,"y":192,"width":307,"height":11}},{"id":"b09c9b7d-832b-4381-9a5d-4788c9b9a242","block_type":"box","text":"...........................................","page_number":64,"box":{"x":383,"y":199,"width":344,"height":2}},{"id":"90f28e42-e178-44ff-a886-eb7a2d173d7b","block_type":"box","text":"181,458,881","page_number":64,"box":{"x":784,"y":192,"width":95,"height":11}},{"id":"800ebf4b-5105-4eed-826a-cb19dd90861a","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number","page_number":64,"box":{"x":70,"y":207,"width":406,"height":11}},{"id":"df35a496-03f3-473d-8744-a84e5e2b9792","block_type":"box","text":"of shares outstanding) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":64,"box":{"x":79,"y":222,"width":452,"height":11}},{"id":"9c004319-9290-4789-ac9e-d29b8454ee65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . $9.81","page_number":64,"box":{"x":538,"y":221,"width":341,"height":10}},{"id":"ac5629fd-119b-4c3d-8771-e3576d23a4fa","block_type":"box","text":"Sales Charge (4.25% of offering price; 4.44% of net asset value per share)","page_number":64,"box":{"x":69,"y":237,"width":534,"height":11}},{"id":"ccd15c4b-1bf8-4fd1-88d4-023a299995fb","block_type":"box","text":"1","page_number":64,"box":{"x":604,"y":237,"width":4,"height":5}},{"id":"16b39c20-35ce-40de-88b9-a1520e6eb6f4","block_type":"box","text":". . . . . . . . . . . . . . $0.44","page_number":64,"box":{"x":619,"y":236,"width":261,"height":11}},{"id":"be4a8ae7-738e-40eb-b945-c0b972e09aa8","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":64,"box":{"x":69,"y":256,"width":658,"height":12}},{"id":"78e3235a-1cf9-429d-b9f7-947df93a7e46","block_type":"box","text":"$10.25","page_number":64,"box":{"x":827,"y":256,"width":52,"height":10}},{"id":"8ecd6187-dc67-45e7-af22-3be36ab6d899","block_type":"box","text":"Short Duration Fund","page_number":64,"box":{"x":727,"y":293,"width":117,"height":8}},{"id":"ee6124a7-c9c6-4080-999c-f980a35a9a61","block_type":"box","text":"Investor A Shares Investor A1 Shares","page_number":64,"box":{"x":664,"y":312,"width":245,"height":7}},{"id":"840c4baa-696e-4f92-9f3f-9f743b39fb5c","block_type":"box","text":"Net Assets","page_number":64,"box":{"x":70,"y":330,"width":76,"height":8}},{"id":"b9f980d3-8c0f-41e8-a862-5af43f516a92","block_type":"box","text":"...........................................................","page_number":64,"box":{"x":156,"y":337,"width":474,"height":1}},{"id":"780a4c20-2647-4cb3-9947-558426481e78","block_type":"box","text":"$195,639,700 $7,969,234","page_number":64,"box":{"x":662,"y":329,"width":235,"height":11}},{"id":"9984bfb7-cdf9-4ea3-95bc-6212001c83ba","block_type":"box","text":"Number of Shares Outstanding . . . . . .","page_number":64,"box":{"x":70,"y":344,"width":267,"height":12}},{"id":"0335216c-4a29-47b4-9c89-0ffc031b0867","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,","page_number":64,"box":{"x":343,"y":345,"width":361,"height":10}},{"id":"5424a0a3-97eb-49a5-bc73-be2002ed5056","block_type":"box","text":"772,725 805,261","page_number":64,"box":{"x":706,"y":345,"width":191,"height":10}},{"id":"5529c56f-60e6-492c-8ab4-8b871c943f7b","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number","page_number":64,"box":{"x":70,"y":360,"width":406,"height":11}},{"id":"90be3dde-585f-40e2-975b-0bb8e59c27ce","block_type":"box","text":"of shares outstanding) . . . .","page_number":64,"box":{"x":79,"y":374,"width":193,"height":11}},{"id":"26436f7f-b4c0-4ca6-b152-8806b7f19c93","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.89 $9.90","page_number":64,"box":{"x":278,"y":373,"width":619,"height":11}},{"id":"7ede375c-2638-447b-9fdd-a02e2f12e383","block_type":"box","text":"Sales Charge (for Investor A and Investor A1 Shares:","page_number":64,"box":{"x":69,"y":389,"width":375,"height":11}},{"id":"64057bdc-9e4f-4d0e-b6a1-a1a0853d46fd","block_type":"box","text":"3.00% and 1.00% of offering price; 3.09% and 1.01% of net asset value per","page_number":64,"box":{"x":79,"y":404,"width":543,"height":11}},{"id":"d82188bb-7e18-4473-b0dd-0e6463d00b0a","block_type":"box","text":"share, respectively)","page_number":64,"box":{"x":79,"y":418,"width":137,"height":11}},{"id":"364dee9a-d642-436f-9d66-717ee0d2e687","block_type":"box","text":"1","page_number":64,"box":{"x":218,"y":419,"width":4,"height":4}},{"id":"f0822d33-3560-49d2-8fe9-c3b0f6677e5d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.31 $0.10","page_number":64,"box":{"x":229,"y":418,"width":668,"height":10}},{"id":"fff8d3eb-2d73-406c-901b-61b9c4ef1f09","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":64,"box":{"x":69,"y":438,"width":561,"height":11}},{"id":"38e3da2d-17bb-476d-bbf5-5c1352f8041d","block_type":"box","text":"$10.20 $10.00","page_number":64,"box":{"x":716,"y":437,"width":181,"height":11}},{"id":"ec66986c-5b43-4549-b3cc-72d6e22a6acf","block_type":"box","text":"1","page_number":64,"box":{"x":69,"y":470,"width":3,"height":3}},{"id":"61e6a787-b9f0-459e-afe2-d0f82f49e27b","block_type":"box","text":"Assumes maximum sales charge is applicable.","page_number":64,"box":{"x":93,"y":470,"width":267,"height":9}},{"id":"70abd452-89a2-44ac-81bf-9cdb959cb9c6","block_type":"box","text":"The offering price for the Funds’ other share classes is equal to the share class’ net asset value computed as","page_number":64,"box":{"x":101,"y":491,"width":787,"height":11}},{"id":"bcfad219-df7a-4f87-be8b-0c58b7930dba","block_type":"box","text":"set forth above for Investor A and Investor A1 Shares. Though not subject to a sales charge, certain share classes","page_number":64,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"14d6d7df-3e65-489e-a0b0-e2419b9d905c","block_type":"box","text":"may be subject to a CDSC on redemption. For more information on the purchasing and valuation of shares, please","page_number":64,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"f022fa61-e34a-4db2-a7c5-11029fbcf859","block_type":"box","text":"see “Purchase of Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":64,"box":{"x":69,"y":536,"width":505,"height":11}},{"id":"07a16a57-4d60-4b23-ae1d-d9ea4b3181f5","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":64,"box":{"x":68,"y":566,"width":302,"height":11}},{"id":"6c096439-d5b4-49d1-bba1-7ce8e27aec67","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":64,"box":{"x":102,"y":589,"width":609,"height":11}},{"id":"08b38e8b-17c3-4281-833d-1d0c54ab293c","block_type":"box","text":"For the periods indicated, each Fund paid total brokerage commissions as set forth below.","page_number":64,"box":{"x":102,"y":612,"width":643,"height":11}},{"id":"9bd0dbd4-b53c-4138-bd1d-0ea2fb9b03df","block_type":"box","text":"Total Brokerage","page_number":64,"box":{"x":639,"y":640,"width":92,"height":9}},{"id":"29abede3-018b-4b81-983a-1f62a3362d5f","block_type":"box","text":"Commissions Paid","page_number":64,"box":{"x":632,"y":650,"width":106,"height":7}},{"id":"091b3dce-79b6-4a73-86c5-43281f7c3139","block_type":"box","text":"Brokerage Commissions","page_number":64,"box":{"x":769,"y":640,"width":140,"height":9}},{"id":"29cb6d84-15f9-458d-bfbd-a71dbc67d1ea","block_type":"box","text":"Paid to Affiliates","page_number":64,"box":{"x":791,"y":650,"width":96,"height":7}},{"id":"6cdfc4da-cb73-47fd-bcd9-2bad600b1f1e","block_type":"box","text":"National Fund","page_number":64,"box":{"x":69,"y":668,"width":99,"height":9}},{"id":"af8fbc5b-15a8-4e3f-bbb2-12e265b3ca6c","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,331 $0","page_number":64,"box":{"x":70,"y":682,"width":778,"height":11}},{"id":"07aa4605-356d-4d6f-8726-befe9b4f4870","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $158,704 $0","page_number":64,"box":{"x":70,"y":697,"width":778,"height":11}},{"id":"5a01d7a3-290a-4409-9b09-cda1de34ed56","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $304,715 $0","page_number":64,"box":{"x":70,"y":712,"width":778,"height":11}},{"id":"cafb54be-a5bd-4946-87ba-6ccc091dfac4","block_type":"box","text":"Short Duration Fund","page_number":64,"box":{"x":68,"y":743,"width":146,"height":9}},{"id":"5575082c-188f-40b1-a5c0-2851e149c84b","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $0","page_number":64,"box":{"x":70,"y":758,"width":778,"height":11}},{"id":"78bd81a2-9cda-4c0b-bd63-27fa418a85be","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $0","page_number":64,"box":{"x":70,"y":773,"width":778,"height":11}},{"id":"cd90fbec-6166-483c-a16d-ee25ba25df8d","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $0","page_number":64,"box":{"x":70,"y":788,"width":778,"height":11}},{"id":"0d1766b1-1b2b-4cbd-a43d-063a30045ad6","block_type":"box","text":"The decrease in brokerage commissions paid by the National Fund during the fiscal year ended June 30, 2025,","page_number":64,"box":{"x":101,"y":812,"width":793,"height":12}},{"id":"b29eb2b5-ff0c-4b2e-a323-9f022b1ca9b2","block_type":"box","text":"was due to a decrease in trading of certain derivative instruments.","page_number":64,"box":{"x":68,"y":828,"width":475,"height":11}},{"id":"d5d89caf-a8aa-422a-8156-c234d82277e9","block_type":"box","text":"As of June 30, 2025, the Funds held no securities of their regular brokers or dealers (as defined in Rule 10b-1","page_number":64,"box":{"x":101,"y":850,"width":789,"height":12}},{"id":"44fe7031-c535-4ab9-b105-4d2573a40843","block_type":"box","text":"under the Investment Company Act) whose shares were purchased during the fiscal year ended June 30, 2025.","page_number":64,"box":{"x":69,"y":865,"width":793,"height":12}},{"id":"6c0286f7-b496-4d4e-bd89-a903411b63a1","block_type":"box","text":"I-27","page_number":64,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"c37645c6-071c-4517-b84f-9b6ee8495155","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97aeec9e-ccde-4ee7-b511-f2045d2802f8","block_type":"box","text":"Securities Lending","page_number":65,"box":{"x":68,"y":45,"width":135,"height":11}},{"id":"28959a6a-5287-4283-b567-f88bab3489f7","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending pursuant to an","page_number":65,"box":{"x":101,"y":68,"width":805,"height":11}},{"id":"d7cd9729-b169-42f2-baec-689c6f0fc7a0","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":65,"box":{"x":69,"y":82,"width":817,"height":12}},{"id":"090d7dc2-ced9-4eb1-ad65-54bc0ad377be","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":65,"box":{"x":69,"y":98,"width":813,"height":11}},{"id":"9fb3e6f6-34ad-43f4-8103-18bbeefe534d","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":65,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"6c7e633c-813d-4e2d-8ba8-76072937a32e","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":65,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"1a406edb-c5ac-4cf5-bc1a-99a3089294a9","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":65,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"d35b958c-44db-4579-8ccc-d0b589679b5a","block_type":"box","text":"To the extent the Funds engage in securities lending, the Funds retain a portion of the securities lending income","page_number":65,"box":{"x":101,"y":166,"width":800,"height":11}},{"id":"ae09bb9c-85fe-481f-a395-05461227843c","block_type":"box","text":"and remit the remaining portion to BIM as compensation for its services as securities lending agent. Securities","page_number":65,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"bd219579-44b3-42ad-b879-629adfdddb72","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":65,"box":{"x":70,"y":196,"width":774,"height":11}},{"id":"4f2dbe1e-8e5d-40f2-9394-a3bdedb5fd56","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":65,"box":{"x":69,"y":211,"width":801,"height":11}},{"id":"6f96b693-a218-4a81-a9aa-5607b8820574","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":65,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"8a21f1d6-e98f-415c-94c5-5f604d27e13d","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money","page_number":65,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"31f69f0a-5dec-472c-ba5f-dd362c16acb6","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":65,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"78af26df-255c-413f-b78f-f27d1c06c267","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":65,"box":{"x":69,"y":271,"width":778,"height":12}},{"id":"93668a9b-982f-48b7-becb-9c2651a428c9","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":65,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"061f60be-bef7-44c0-bac8-525b214ea0fb","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":65,"box":{"x":69,"y":302,"width":296,"height":10}},{"id":"a2c51919-c156-404a-86e5-4f1cd6bc6885","block_type":"box","text":"To the extent that a Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":65,"box":{"x":101,"y":324,"width":762,"height":12}},{"id":"3c99f501-3519-49f4-b4b3-15f2c6874975","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":65,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"e3002104-1777-4d0f-849c-e02192ac0d64","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":65,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"75c7530f-b005-46e9-8202-b4243b0d593e","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":65,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"41b5b9e3-a20f-4fc5-ae23-f18ceefa3093","block_type":"box","text":"Additionally, a Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a","page_number":65,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"10d74039-6c3c-435c-948d-a9a70bc2d625","block_type":"box","text":"single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":65,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"b78b8a96-50d4-4c61-a1d0-0c03a80c5f53","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":65,"box":{"x":68,"y":415,"width":789,"height":11}},{"id":"34055cb3-3077-470b-8c6a-7bdb19641ff9","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":65,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"d55490ab-e5a5-4f82-a04f-75db18859cf0","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":65,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"bb500dc6-55b6-46b9-8c23-5819ca739f93","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":65,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"16e47054-1320-4ab0-b5a6-4b1a665f7573","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":65,"box":{"x":70,"y":475,"width":830,"height":12}},{"id":"5d544658-3f90-4bbb-a207-a979929ea091","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":65,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"510f1f90-6cac-464d-ade2-42db641cbd0d","block_type":"box","text":"Fund’s returns on securities lending.","page_number":65,"box":{"x":70,"y":506,"width":258,"height":11}},{"id":"6342a710-e9ee-4ee9-8727-aeff8b266723","block_type":"box","text":"Additionally, the board of directors of the money market fund or its delegate must impose a mandatory liquidity","page_number":65,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"e4c7c721-829a-4d65-94dd-eff240e2b8e8","block_type":"box","text":"fee upon the redemption of the money market fund shares if the money market fund’s total net redemptions on any","page_number":65,"box":{"x":68,"y":543,"width":826,"height":12}},{"id":"7e93da7b-2c5b-4c1d-b6b9-88fc3e79adb0","block_type":"box","text":"business day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis. The","page_number":65,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"8f113a76-f162-44d7-8d6f-4ed38485666b","block_type":"box","text":"mandatory liquidity fee would apply to all shares that are redeemed at a price computed on that day.","page_number":65,"box":{"x":69,"y":574,"width":716,"height":11}},{"id":"c31e6735-fab7-4e38-a094-9d2664600aae","block_type":"box","text":"The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of","page_number":65,"box":{"x":101,"y":596,"width":800,"height":12}},{"id":"de108456-62ef-4a6b-aa22-489564eeda2c","block_type":"box","text":"the spread, other transaction, and market impact costs (the “liquidity costs”) the money market fund would incur if it","page_number":65,"box":{"x":68,"y":612,"width":834,"height":11}},{"id":"a97a5c69-daf1-401e-805f-83596f749122","block_type":"box","text":"were to sell a pro rata amount of each security in its portfolio to satisfy the amount of net redemptions on that day.","page_number":65,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"dda0eae9-7dc7-4253-98d6-aa98c1d3776d","block_type":"box","text":"There is no upper limit to this mandatory liquidity fee, but the money market fund expects that typically during normal","page_number":65,"box":{"x":68,"y":642,"width":836,"height":11}},{"id":"ff3b5fb7-9448-47ce-af73-4988cd9ac19e","block_type":"box","text":"market conditions, estimated liquidity costs would be less than one basis point (0.01%) of the value of the shares","page_number":65,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"f509d374-c334-4e00-93c5-128277d5ba3d","block_type":"box","text":"redeemed. If estimated liquidity costs are less than one basis point (0.01%) of the value of the shares redeemed,","page_number":65,"box":{"x":69,"y":672,"width":812,"height":11}},{"id":"e8b2948a-d476-433d-8fe7-fa41b8d7cb25","block_type":"box","text":"the money market fund will deem liquidity costs de minimis and will not apply a mandatory liquidity fee to","page_number":65,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"db5995c5-3b07-4aea-9a51-05b767fb9f6c","block_type":"box","text":"redemptions on that day.","page_number":65,"box":{"x":69,"y":703,"width":176,"height":10}},{"id":"5a49ea09-bed7-4074-897f-7bcba77fc880","block_type":"box","text":"There may be occasions when the money market fund cannot estimate the costs of selling a pro rata amount of","page_number":65,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"b02cab98-86d0-42d1-ac64-0e96b6dae288","block_type":"box","text":"each portfolio security in good faith and supported by data. If this occurs, the money market fund is required to apply","page_number":65,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"ff69d3dc-0198-4ab2-a359-e1925f8ae3d1","block_type":"box","text":"a default liquidity fee of 1% on the value of shares redeemed on that day.","page_number":65,"box":{"x":69,"y":755,"width":522,"height":11}},{"id":"e638cbeb-926f-4330-908d-9c4e7d3f8ce3","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The","page_number":65,"box":{"x":102,"y":778,"width":793,"height":11}},{"id":"e9fdaaee-d2b0-404d-89a6-d2fa8b8a6851","block_type":"box","text":"determination of a Fund’s asset class category (fixed income, domestic equity, international equity, or fund of funds),","page_number":65,"box":{"x":69,"y":793,"width":834,"height":11}},{"id":"d065cd8c-b5be-4c9e-9054-223216663088","block_type":"box","text":"each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":65,"box":{"x":69,"y":808,"width":753,"height":11}},{"id":"09bc27be-ef85-4335-b727-82a3b5183701","block_type":"box","text":"Corporation and BIM.","page_number":65,"box":{"x":69,"y":823,"width":149,"height":11}},{"id":"9be2498d-56eb-4477-a00f-c23b5e21ced9","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Funds were to engage in securities lending, the","page_number":65,"box":{"x":102,"y":846,"width":782,"height":11}},{"id":"0e887fee-3a20-42b9-b496-fe3fb8866e96","block_type":"box","text":"Funds retain 82% of securities lending income (which excludes collateral investment expenses), and (ii) this amount","page_number":65,"box":{"x":70,"y":861,"width":826,"height":11}},{"id":"9879ebe1-2570-4283-be46-92bddcf22c63","block_type":"box","text":"can never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":65,"box":{"x":69,"y":876,"width":750,"height":11}},{"id":"7c2c91b5-017b-4bb1-83f2-a44e2cbf3a41","block_type":"box","text":"I-28","page_number":65,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"26cc6ced-ed12-4d06-abea-a5d40d8f86a5","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44387197-9562-4175-a7bb-6453bd2910c3","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":66,"box":{"x":102,"y":45,"width":753,"height":11}},{"id":"11644c1e-d40e-4688-92d1-9fc23fc0b673","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Funds,","page_number":66,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"40a0b7e1-a7ee-461f-9c31-168b40dafd2a","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":66,"box":{"x":70,"y":75,"width":817,"height":11}},{"id":"c4a2da07-c082-402c-bace-d4de5f480bdc","block_type":"box","text":"lending income as follows: (i) if the Funds were to engage in securities lending, 85% of securities lending income","page_number":66,"box":{"x":70,"y":90,"width":803,"height":11}},{"id":"8fa98639-aa1b-4b3e-ab63-d54d330f3f02","block_type":"box","text":"(which excludes collateral investment expenses); and (ii) this amount can never be less than 70% of the sum of","page_number":66,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"0d74e6c7-1878-48b4-8fdb-22888fe35221","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":66,"box":{"x":69,"y":120,"width":446,"height":12}},{"id":"6a572616-46ba-4834-917f-9fae8c28b98b","block_type":"box","text":"Each Fund had no income and fees/compensation related to its securities lending activities during its most","page_number":66,"box":{"x":102,"y":143,"width":765,"height":11}},{"id":"0ec8c880-956d-41bf-9dd8-142f17c174e5","block_type":"box","text":"recent fiscal year ended June 30, 2025.","page_number":66,"box":{"x":69,"y":158,"width":285,"height":11}},{"id":"a856e926-983d-49cf-9e19-39807fdaaaab","block_type":"box","text":"VIII. Additional Information","page_number":66,"box":{"x":68,"y":188,"width":195,"height":9}},{"id":"c6be70ca-7ddd-4f23-b922-7194d2209763","block_type":"box","text":"Description of Shares","page_number":66,"box":{"x":69,"y":219,"width":156,"height":11}},{"id":"55cb3d88-40d3-4b9c-9536-f3f6451c868d","block_type":"box","text":"The Corporation is a diversified, open-end management investment company organized under the laws of the","page_number":66,"box":{"x":101,"y":241,"width":775,"height":11}},{"id":"ef714048-2e65-44c0-a900-91c2c9ec14f9","block_type":"box","text":"State of Maryland that commenced operations on October 21, 1977. Prior to September 21, 1979, the Corporation","page_number":66,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"ee51f23a-9ea9-4300-9c21-f84296b28404","block_type":"box","text":"consisted solely of the Municipal Fund. Currently, the Corporation is comprised of two separate funds: National Fund","page_number":66,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"72ee7ebf-49dc-4702-987b-cccf59a76a0f","block_type":"box","text":"and Short Duration Fund.","page_number":66,"box":{"x":69,"y":287,"width":178,"height":9}},{"id":"123507da-71e3-457e-ac7b-66985168cb44","block_type":"box","text":"Effective September 29, 2006, the Corporation changed its name to BlackRock Municipal Bond Fund, Inc., and","page_number":66,"box":{"x":102,"y":309,"width":791,"height":11}},{"id":"1cfb885e-3597-44dd-bd86-75d10afb0ba3","block_type":"box","text":"National Portfolio and Short-Term Portfolio changed their names to BlackRock National Municipal Fund and","page_number":66,"box":{"x":70,"y":324,"width":760,"height":12}},{"id":"2a68306e-aa1a-432c-a0c5-e45930457cf0","block_type":"box","text":"BlackRock Short-Term Municipal Fund, respectively. Effective February 1, 2025, BlackRock Short-Term Municipal","page_number":66,"box":{"x":70,"y":339,"width":800,"height":12}},{"id":"945e3322-2fa2-4e85-856d-79345f6afbe4","block_type":"box","text":"Fund changed its name to BlackRock Short Duration Muni Fund.","page_number":66,"box":{"x":70,"y":355,"width":454,"height":11}},{"id":"d13307a5-005b-4677-8567-90574c7e7a98","block_type":"box","text":"The authorized capital stock of the National Fund consists of 3,700,000,000 shares of Common Stock, par","page_number":66,"box":{"x":101,"y":377,"width":768,"height":11}},{"id":"c5d9e2ae-b26f-426e-9d8a-3c3839282ec5","block_type":"box","text":"value $0.10 per share, divided into five classes. The Investor A and Institutional classes each consist of","page_number":66,"box":{"x":68,"y":392,"width":746,"height":11}},{"id":"f63e578d-ed59-4673-af26-b4b53f150a8b","block_type":"box","text":"800,000,000 shares. The Investor C and Service classes each consist of 375,000,000 shares. The Class K class","page_number":66,"box":{"x":69,"y":407,"width":820,"height":11}},{"id":"9490c5ce-9537-4655-aae7-a46329b3cb19","block_type":"box","text":"consists of 1,350,000,000 shares. The authorized capital stock of the Short Duration Fund consists of 750,000,000","page_number":66,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"95435778-20a4-48c1-a883-438422ee8687","block_type":"box","text":"shares of Common Stock, par value $0.10 per share, divided into five classes. The Investor A, Investor A1,","page_number":66,"box":{"x":69,"y":437,"width":763,"height":12}},{"id":"023380e7-a46d-4894-b316-5094c1785f89","block_type":"box","text":"Investor C, Institutional, and Class K classes each consist of 150,000,000 shares. Effective on the close of","page_number":66,"box":{"x":70,"y":453,"width":774,"height":10}},{"id":"3783de04-4e41-41db-873e-ff90b99088dc","block_type":"box","text":"business on December 27, 2017, all of the issued and outstanding Investor B Shares of the National Fund converted","page_number":66,"box":{"x":69,"y":468,"width":838,"height":11}},{"id":"671bd555-a59f-41fa-bd7c-a7709ce16638","block_type":"box","text":"into Investor A Shares of the Fund. Effective on the close of business of February 24, 2020, all of the issued and","page_number":66,"box":{"x":70,"y":483,"width":808,"height":11}},{"id":"3488cb48-2f2a-4429-9df3-2930a551a894","block_type":"box","text":"outstanding Investor C1 Shares of the National Fund converted into Investor A Shares of the Fund.","page_number":66,"box":{"x":69,"y":498,"width":701,"height":11}},{"id":"adba9b4c-0566-4134-a974-5a256e604304","block_type":"box","text":"Each of the Corporation’s shares have equal dividend, distribution, liquidation and voting rights, except that only","page_number":66,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"b4eb10dd-39a0-427c-b9ea-9dda57aa94d4","block_type":"box","text":"shares of each respective Fund are entitled to vote on matters concerning only that Fund and Investor A, Investor A1,","page_number":66,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"7ec87a07-6fd2-4212-889f-a43c8a2668a2","block_type":"box","text":"Investor C and Investor C1 Share bear certain shareholder servicing expenses and/or expenses related to the","page_number":66,"box":{"x":70,"y":551,"width":785,"height":11}},{"id":"f7e69f47-2f27-452f-82bb-e99a1ea9f088","block_type":"box","text":"distribution of such shares and have exclusive voting rights with respect to matters relating to such shareholder","page_number":66,"box":{"x":69,"y":566,"width":797,"height":11}},{"id":"f8cc44f3-aad0-42c3-8e86-803bd07fdaec","block_type":"box","text":"servicing and distribution expenditures.","page_number":66,"box":{"x":69,"y":582,"width":279,"height":11}},{"id":"58db6706-6e6f-4f24-8737-3a0bb446b315","block_type":"box","text":"Miscellaneous","page_number":66,"box":{"x":69,"y":612,"width":104,"height":9}},{"id":"341ad55f-f17f-4e54-b3df-603a554b456b","block_type":"box","text":"Counsel.","page_number":66,"box":{"x":101,"y":634,"width":62,"height":9}},{"id":"edf00b64-e03b-4719-bb22-30c65b6dfcdb","block_type":"box","text":"Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019 serves as the Funds’","page_number":66,"box":{"x":169,"y":634,"width":710,"height":12}},{"id":"cf73faae-6208-4cd9-be59-71c7541fda3f","block_type":"box","text":"counsel.","page_number":66,"box":{"x":69,"y":650,"width":58,"height":8}},{"id":"28c62834-fce7-4522-9e51-15c01dc0207a","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":66,"box":{"x":102,"y":672,"width":352,"height":11}},{"id":"3f8147ee-853e-4964-a04c-b0cbc9d6ea83","block_type":"box","text":"Deloitte & Touche LLP, with offices at 115 Federal Street,","page_number":66,"box":{"x":461,"y":672,"width":408,"height":11}},{"id":"819b4b27-d00a-42be-be80-f599bd0d9f09","block_type":"box","text":"Boston, Massachusetts 02110, serves as the Funds’ independent registered public accounting firm.","page_number":66,"box":{"x":70,"y":687,"width":717,"height":11}},{"id":"cc8a23c2-49fb-4b82-a4b9-6872761de7bb","block_type":"box","text":"Principal Shareholders","page_number":66,"box":{"x":69,"y":718,"width":162,"height":10}},{"id":"742d0537-08ef-4d1a-9cec-e0560d836fc2","block_type":"box","text":"To the knowledge of the Corporation, the following entities owned of record or beneficially 5% or more of a class","page_number":66,"box":{"x":101,"y":740,"width":797,"height":11}},{"id":"8acc5521-d173-4129-883c-86b02a28f8f9","block_type":"box","text":"of each Fund’s shares as of October 1, 2025:","page_number":66,"box":{"x":69,"y":755,"width":326,"height":11}},{"id":"68c990b5-2d07-447e-b0e7-0cce06c618ef","block_type":"box","text":"National Fund","page_number":66,"box":{"x":70,"y":786,"width":97,"height":8}},{"id":"78acfba8-4fbc-49f1-b099-dced805616df","block_type":"box","text":"Name Address % Class","page_number":66,"box":{"x":69,"y":814,"width":792,"height":7}},{"id":"9715176e-427b-495d-a267-bec5b282968c","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd, Floor 5","page_number":66,"box":{"x":70,"y":832,"width":568,"height":11}},{"id":"48a3e493-a699-4731-b7be-6c6d7633c91d","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":66,"box":{"x":435,"y":847,"width":197,"height":11}},{"id":"ccd7d374-7dd2-451f-9120-7313228dc754","block_type":"box","text":"32.52% Investor A Shares","page_number":66,"box":{"x":695,"y":832,"width":212,"height":8}},{"id":"33ec1860-a6a8-429d-9095-9b2a7c4a0260","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":66,"box":{"x":70,"y":869,"width":552,"height":9}},{"id":"e309ec34-9d51-42ec-ad77-e95059b514cf","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":66,"box":{"x":437,"y":884,"width":193,"height":11}},{"id":"96c3a67b-7e32-4ad7-874d-43ee42afe0e7","block_type":"box","text":"32.34% Investor A Shares","page_number":66,"box":{"x":695,"y":869,"width":212,"height":9}},{"id":"c3b6fb74-6be9-4d00-bbdd-003255054add","block_type":"box","text":"I-29","page_number":66,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5dc54efc-b869-4abb-bc07-e3e0c28cddd7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac426640-55e2-4464-a9a0-433f297a1974","block_type":"box","text":"Name Address % Class","page_number":67,"box":{"x":69,"y":49,"width":792,"height":7}},{"id":"b2f37c4e-f5c7-4007-b2bf-d4a47c9ce768","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":67,"box":{"x":70,"y":67,"width":252,"height":11}},{"id":"e83a5cdd-b2ca-486b-b3fc-e7a56afa51fe","block_type":"box","text":"Incorporated","page_number":67,"box":{"x":70,"y":82,"width":87,"height":11}},{"id":"5315fee8-9727-44c8-a172-cabb131d45e6","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":67,"box":{"x":404,"y":67,"width":212,"height":10}},{"id":"a35506d4-afca-4500-bb40-07e09bc07356","block_type":"box","text":"rd","page_number":67,"box":{"x":617,"y":67,"width":6,"height":5}},{"id":"2af0880a-fd63-47c1-8008-08a2df1cb262","block_type":"box","text":"Floor","page_number":67,"box":{"x":630,"y":67,"width":33,"height":9}},{"id":"0268130a-3160-4dfe-b4f8-6c60c427195f","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":67,"box":{"x":430,"y":82,"width":207,"height":10}},{"id":"f30cef51-5edc-4cc2-a2ad-cfcfd9e8c82b","block_type":"box","text":"12.92% Investor A Shares","page_number":67,"box":{"x":696,"y":67,"width":211,"height":9}},{"id":"d2183886-c40e-4428-aa61-6c587eeac6ab","block_type":"box","text":"Wells Fargo Clearing Services 2801 Market Street","page_number":67,"box":{"x":68,"y":105,"width":536,"height":11}},{"id":"64833124-b6f9-48eb-9557-9e38d60f67ec","block_type":"box","text":"St. Louis, MO 63103","page_number":67,"box":{"x":459,"y":120,"width":149,"height":10}},{"id":"4197f0a7-c4e1-4c33-99f4-0cdb9b706b75","block_type":"box","text":"20.40% Investor C Shares","page_number":67,"box":{"x":695,"y":105,"width":213,"height":8}},{"id":"58ab1a3a-b104-43d8-9b0b-fd8791186c71","block_type":"box","text":"Morgan Stanley Smith Barney LLC 1 New York Plaza","page_number":67,"box":{"x":70,"y":142,"width":524,"height":12}},{"id":"dffa3b68-3c5d-4151-b8e8-845f9b54432f","block_type":"box","text":"12th Floor","page_number":67,"box":{"x":498,"y":158,"width":72,"height":8}},{"id":"4c42b97c-3d73-4d96-aa85-cfa0d679e76d","block_type":"box","text":"New York, NY 10004-1901","page_number":67,"box":{"x":439,"y":173,"width":189,"height":10}},{"id":"60904db4-8584-499d-ac9f-1e51978baa63","block_type":"box","text":"16.94% Investor C Shares","page_number":67,"box":{"x":696,"y":142,"width":212,"height":9}},{"id":"19cb3a16-f06a-4b45-99b6-0613e8893789","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":67,"box":{"x":70,"y":195,"width":552,"height":9}},{"id":"996801d9-4284-4e4e-a493-684d709b96ca","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":67,"box":{"x":437,"y":210,"width":193,"height":11}},{"id":"73221931-7559-468e-a6ff-84e312bd54bf","block_type":"box","text":"15.98% Investor C Shares","page_number":67,"box":{"x":696,"y":195,"width":212,"height":9}},{"id":"578c20c9-5165-40ff-9dd8-4f4d3fc05cc9","block_type":"box","text":"American Enterprise Investment Svc. 707 2nd Avenue Street","page_number":67,"box":{"x":68,"y":233,"width":548,"height":11}},{"id":"062909d8-ab95-4cae-a511-e3f67bb6d50e","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":67,"box":{"x":426,"y":248,"width":215,"height":11}},{"id":"3488c9ef-8f44-4abb-ba4d-25d413a08c81","block_type":"box","text":"8.67% Investor C Shares","page_number":67,"box":{"x":700,"y":233,"width":208,"height":9}},{"id":"ae28692e-c798-4c70-9895-82bbec5827fb","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":67,"box":{"x":70,"y":271,"width":252,"height":11}},{"id":"c0a4a092-9cf9-47a4-a0fc-f181607ea4ef","block_type":"box","text":"Incorporated","page_number":67,"box":{"x":70,"y":286,"width":87,"height":11}},{"id":"18d9c245-096f-4fb7-bcf5-fac6d190015e","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":67,"box":{"x":404,"y":271,"width":212,"height":10}},{"id":"b950038d-22fd-48c4-81e6-d5938f650a3f","block_type":"box","text":"rd","page_number":67,"box":{"x":617,"y":271,"width":6,"height":5}},{"id":"9e9a0688-e835-47eb-86dd-ca9ddcb69475","block_type":"box","text":"Floor","page_number":67,"box":{"x":630,"y":271,"width":33,"height":9}},{"id":"68dd0f02-f2a2-4e83-a7e9-0fd5798a526a","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":67,"box":{"x":430,"y":286,"width":207,"height":10}},{"id":"720e75b6-a708-4b92-b3da-934ef7ab56c3","block_type":"box","text":"8.56% Investor C Shares","page_number":67,"box":{"x":700,"y":271,"width":208,"height":9}},{"id":"8935b32a-4a1d-4f0a-99c6-17635b97a8b8","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd, Floor 5","page_number":67,"box":{"x":70,"y":309,"width":568,"height":11}},{"id":"7be08ec6-624c-4a60-90cc-76e9ae5e6c44","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":67,"box":{"x":435,"y":324,"width":197,"height":11}},{"id":"10037506-455d-4c78-a020-b697aac6bca7","block_type":"box","text":"6.49% Investor C Shares","page_number":67,"box":{"x":700,"y":309,"width":208,"height":9}},{"id":"d90d0533-5d14-4852-89d7-705c18dfc5f6","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":67,"box":{"x":69,"y":346,"width":523,"height":12}},{"id":"75a7df69-dbaa-4240-b4cb-a38b7afade01","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":67,"box":{"x":435,"y":362,"width":197,"height":11}},{"id":"7fc2d26d-c2c8-4667-acff-09f636ed3216","block_type":"box","text":"5.14% Investor C Shares","page_number":67,"box":{"x":700,"y":346,"width":208,"height":9}},{"id":"b7a95eb8-826f-40fb-b2ec-cc526c38b2a8","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":67,"box":{"x":70,"y":384,"width":539,"height":9}},{"id":"896d6bba-6b2d-4068-b18d-8fb5520d6c94","block_type":"box","text":"San Diego CA 92121-3091","page_number":67,"box":{"x":437,"y":399,"width":193,"height":12}},{"id":"0d2ceb04-4521-49bf-9f0e-769cc88b5045","block_type":"box","text":"5.14% Investor C Shares","page_number":67,"box":{"x":700,"y":384,"width":208,"height":9}},{"id":"3f364224-c366-47cf-aca7-73bb5c04111b","block_type":"box","text":"Morgan Stanley Smith Barney LLC 1 New York Plaza","page_number":67,"box":{"x":70,"y":422,"width":524,"height":11}},{"id":"78eb32e2-9201-4687-bb40-1d6913b99e22","block_type":"box","text":"12th Floor","page_number":67,"box":{"x":498,"y":437,"width":72,"height":9}},{"id":"0744efc6-ffa8-4afe-aec9-0ce233006f56","block_type":"box","text":"New York, NY 10004-1901","page_number":67,"box":{"x":439,"y":452,"width":189,"height":11}},{"id":"4c88a8f4-7336-4471-b011-df5f364f0fb5","block_type":"box","text":"24.01% Institutional Class","page_number":67,"box":{"x":695,"y":422,"width":214,"height":9}},{"id":"43f725ee-a890-4356-ba76-1454fad8afe0","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd","page_number":67,"box":{"x":70,"y":475,"width":538,"height":11}},{"id":"7119d0ec-db57-4792-991a-8b148553cfb5","block_type":"box","text":"Jersey City, NJ 07310","page_number":67,"box":{"x":456,"y":490,"width":155,"height":11}},{"id":"e8e27c3c-5579-449b-8004-9c2e20a8ad97","block_type":"box","text":"18.07% Institutional Class","page_number":67,"box":{"x":696,"y":475,"width":213,"height":9}},{"id":"18237f82-2b68-47bd-97ab-c34d9de44d3b","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":67,"box":{"x":69,"y":513,"width":550,"height":11}},{"id":"b0fb0fc8-1a8c-4f09-9a40-045bad23b7a3","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":67,"box":{"x":421,"y":528,"width":224,"height":10}},{"id":"ebc1f215-f029-44ea-88ec-db37906a6bdd","block_type":"box","text":"13.82% Institutional Class","page_number":67,"box":{"x":696,"y":513,"width":213,"height":9}},{"id":"5982b4e4-5209-4ba2-ab06-be6830cceef7","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":67,"box":{"x":70,"y":551,"width":252,"height":11}},{"id":"79b78767-bb10-44e0-95b2-0d4ecb4ec636","block_type":"box","text":"Incorporated","page_number":67,"box":{"x":70,"y":566,"width":87,"height":11}},{"id":"3edd5e52-5dc3-47bc-8770-8b303a0f8704","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":67,"box":{"x":404,"y":551,"width":212,"height":10}},{"id":"98efe9b1-eb38-42b4-917a-23f574f235f3","block_type":"box","text":"rd","page_number":67,"box":{"x":617,"y":551,"width":6,"height":4}},{"id":"b80ec75e-4392-416f-98a0-57139339143d","block_type":"box","text":"Floor","page_number":67,"box":{"x":630,"y":551,"width":33,"height":8}},{"id":"530fbbc0-d709-4fbc-9a56-6b79806781de","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":67,"box":{"x":430,"y":566,"width":207,"height":10}},{"id":"39de4ac6-5f22-45c6-891e-ddcd9a4b3eef","block_type":"box","text":"11.68% Institutional Class","page_number":67,"box":{"x":696,"y":551,"width":213,"height":8}},{"id":"0d8b8599-3e5e-4041-8ad1-5a1281dbc555","block_type":"box","text":"American Enterprise Investment Svc. 707 2nd Avenue Street","page_number":67,"box":{"x":68,"y":588,"width":548,"height":11}},{"id":"f66f004d-958c-4207-a05e-fb8e137f48b8","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":67,"box":{"x":426,"y":603,"width":215,"height":11}},{"id":"6d5d4bf0-b1c8-4429-94b6-5395c105abe3","block_type":"box","text":"6.12% Institutional Class","page_number":67,"box":{"x":700,"y":588,"width":209,"height":9}},{"id":"e0e5d7f7-6f4b-4280-a710-b829024470b7","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":67,"box":{"x":69,"y":626,"width":523,"height":11}},{"id":"8e7c4fe1-531e-4f45-8b21-76ddc2de2d32","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":67,"box":{"x":435,"y":641,"width":197,"height":11}},{"id":"c21e7f78-9266-4b9a-a13d-4af2ec178e12","block_type":"box","text":"6.09% Institutional Class","page_number":67,"box":{"x":700,"y":626,"width":209,"height":9}},{"id":"7d8498c6-9284-4e56-86ba-188047d8570e","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":67,"box":{"x":70,"y":664,"width":539,"height":9}},{"id":"e6b41f63-4cd9-4765-b3bb-b2664c446531","block_type":"box","text":"San Diego CA 92121-3091","page_number":67,"box":{"x":437,"y":679,"width":193,"height":11}},{"id":"f7819e5e-5f86-4455-9166-184d2b848e56","block_type":"box","text":"5.72% Institutional Class","page_number":67,"box":{"x":700,"y":664,"width":209,"height":9}},{"id":"da93884f-56d8-4bfb-b39c-8acb1caabb08","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":67,"box":{"x":70,"y":702,"width":552,"height":9}},{"id":"cd6fffea-d326-4a77-816f-0757364a2c03","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":67,"box":{"x":437,"y":717,"width":193,"height":10}},{"id":"9109f99f-c5ae-4355-92ec-0a2c77af8116","block_type":"box","text":"62.96% Class K Shares","page_number":67,"box":{"x":695,"y":702,"width":204,"height":9}},{"id":"841f3b6e-453d-4ace-bb16-6f09bc862b18","block_type":"box","text":"J P Morgan Securities LLC 4 Chase MetroTech Center","page_number":67,"box":{"x":69,"y":740,"width":560,"height":11}},{"id":"b3205c02-a050-4049-b1e6-a71a19a48977","block_type":"box","text":"Brooklyn, NY 11245","page_number":67,"box":{"x":463,"y":755,"width":142,"height":11}},{"id":"afc61352-5fb8-4241-b513-c920f9445412","block_type":"box","text":"12.06% Class K Shares","page_number":67,"box":{"x":696,"y":740,"width":203,"height":8}},{"id":"90ffefb4-cdb4-45d0-a3c7-8c474c261db8","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd","page_number":67,"box":{"x":70,"y":777,"width":538,"height":12}},{"id":"ce30951d-b70d-4e23-b907-8382da02a2d0","block_type":"box","text":"Jersey City, NJ 07310","page_number":67,"box":{"x":456,"y":792,"width":155,"height":12}},{"id":"645ef2a6-3797-4982-8ce0-db69ddcb29de","block_type":"box","text":"5.63% Class K Shares","page_number":67,"box":{"x":700,"y":777,"width":199,"height":9}},{"id":"9aa15428-a004-43c9-bc7d-e435607289f3","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd","page_number":67,"box":{"x":70,"y":815,"width":538,"height":11}},{"id":"512e25ed-07a1-490a-ad74-9e8508c55bb9","block_type":"box","text":"Floor 5","page_number":67,"box":{"x":510,"y":830,"width":47,"height":9}},{"id":"479717cf-5dc2-41fc-b338-3c4838b10d30","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":67,"box":{"x":435,"y":845,"width":197,"height":11}},{"id":"021a4019-cb8b-4653-860c-4c595e3187c5","block_type":"box","text":"31.79% Service Shares","page_number":67,"box":{"x":695,"y":815,"width":204,"height":9}},{"id":"4ab646b6-9853-4c8f-8923-f659fcc0c16b","block_type":"box","text":"BNYM I S Trust CO CUST 301 Bellevue Parkway","page_number":67,"box":{"x":70,"y":868,"width":542,"height":11}},{"id":"30e3eb65-7820-45e3-8b69-f167edf5210a","block_type":"box","text":"Wilmington, DE 19809","page_number":67,"box":{"x":453,"y":883,"width":161,"height":11}},{"id":"9999e201-42d4-489e-b6a0-29bb13336c6c","block_type":"box","text":"30.89% Service Shares","page_number":67,"box":{"x":695,"y":868,"width":204,"height":9}},{"id":"ebd445ff-a5cb-4593-8a84-ce5504c94faf","block_type":"box","text":"I-30","page_number":67,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a8d5ee6d-0b4e-4883-9316-7682f9ce9e05","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"378ed863-cef2-4435-a159-d26fe8bc3d58","block_type":"box","text":"Name Address % Class","page_number":68,"box":{"x":69,"y":49,"width":792,"height":7}},{"id":"34cc0106-70d9-4ad1-89f4-a57e51c86706","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":68,"box":{"x":70,"y":67,"width":552,"height":9}},{"id":"9fd79f52-66e4-4d00-a08b-e777584f679e","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":68,"box":{"x":437,"y":82,"width":193,"height":10}},{"id":"47947bad-7aa9-4fa1-8efd-053db616aa57","block_type":"box","text":"6.94% Service Shares","page_number":68,"box":{"x":700,"y":67,"width":199,"height":9}},{"id":"89f7bf53-5c2f-4915-a607-76b81104dc23","block_type":"box","text":"BNYM I S Trust CO CUST 301 Bellevue Parkway","page_number":68,"box":{"x":70,"y":105,"width":542,"height":11}},{"id":"9326827c-e472-4501-9c67-9050d9807383","block_type":"box","text":"Wilmington, DE 19809","page_number":68,"box":{"x":453,"y":120,"width":161,"height":11}},{"id":"2b23342f-7d45-413f-8f5c-404c3fb09f39","block_type":"box","text":"6.81% Service Shares","page_number":68,"box":{"x":700,"y":105,"width":199,"height":8}},{"id":"14453628-9224-44ed-80e7-9550082ed860","block_type":"box","text":"BNYM I S Trust CO CUST 301 Bellevue Parkway","page_number":68,"box":{"x":70,"y":142,"width":542,"height":11}},{"id":"2d192c64-a933-428d-93e4-f5773174c913","block_type":"box","text":"Wilmington, DE 19809","page_number":68,"box":{"x":453,"y":158,"width":161,"height":11}},{"id":"81cdb9a7-ffe8-45cb-995c-8717b6989815","block_type":"box","text":"6.63% Service Shares","page_number":68,"box":{"x":700,"y":142,"width":199,"height":9}},{"id":"3aa02f2f-84a4-43cf-b82f-8049abe99c1e","block_type":"box","text":"Wells Fargo Clearing Services 2801 Market Street","page_number":68,"box":{"x":68,"y":180,"width":536,"height":11}},{"id":"5f052908-6328-4648-84b9-d98cfc507bca","block_type":"box","text":"St. Louis, MO 63103","page_number":68,"box":{"x":459,"y":195,"width":149,"height":11}},{"id":"a9a20730-0762-46e2-9d6f-48671664f7b5","block_type":"box","text":"6.53% Service Shares","page_number":68,"box":{"x":700,"y":180,"width":199,"height":9}},{"id":"c12c39b2-d312-4424-8430-4aea2ad6eb5b","block_type":"box","text":"Shor t Duration Fund","page_number":68,"box":{"x":70,"y":227,"width":143,"height":9}},{"id":"31fa30cb-5333-4c33-8602-6ab9da4a0e30","block_type":"box","text":"Name Address % Class","page_number":68,"box":{"x":69,"y":255,"width":788,"height":7}},{"id":"decca8dc-ce2b-472f-b20d-f6ab85a56879","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":68,"box":{"x":70,"y":273,"width":545,"height":9}},{"id":"f298b7f4-1db8-4ea4-8cff-d4d51d15cc69","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":68,"box":{"x":430,"y":288,"width":193,"height":10}},{"id":"531a67d3-589f-40fc-831b-80573ffd4dc0","block_type":"box","text":"48.76% Investor A Shares","page_number":68,"box":{"x":688,"y":273,"width":216,"height":9}},{"id":"cf511834-f60c-4755-bda7-fe5d28df4d0f","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":68,"box":{"x":70,"y":311,"width":252,"height":11}},{"id":"7876448b-f1e9-47d2-bfc7-17d9cecea78f","block_type":"box","text":"Incorporated","page_number":68,"box":{"x":70,"y":326,"width":87,"height":11}},{"id":"4070b96e-1e2a-4de1-add8-3bacb025b612","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":68,"box":{"x":397,"y":311,"width":212,"height":10}},{"id":"58a23c78-62fe-4f50-9b7e-6c2124c19a9d","block_type":"box","text":"rd","page_number":68,"box":{"x":610,"y":311,"width":6,"height":4}},{"id":"703d7203-5205-4f2a-84b3-c8a1db3758c1","block_type":"box","text":"Floor","page_number":68,"box":{"x":623,"y":311,"width":33,"height":8}},{"id":"1fbd6adb-d685-48b7-9b03-a849d0a0b374","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":68,"box":{"x":423,"y":326,"width":207,"height":10}},{"id":"d57cc11f-4437-483b-a87c-2978403d5215","block_type":"box","text":"21.11% Investor A Shares","page_number":68,"box":{"x":688,"y":311,"width":216,"height":8}},{"id":"b48c6a26-53e2-4ec9-adfb-2289c0329194","block_type":"box","text":"Morgan Stanley Smith Barney LLC 1 New York Plaza","page_number":68,"box":{"x":70,"y":348,"width":517,"height":12}},{"id":"bf090337-64e2-492a-845b-9d8fbc071f2d","block_type":"box","text":"Floor 12","page_number":68,"box":{"x":498,"y":363,"width":57,"height":9}},{"id":"53097c36-8d9f-4706-86bf-435b9584fd7b","block_type":"box","text":"New York, NY 10004-1901","page_number":68,"box":{"x":432,"y":379,"width":189,"height":10}},{"id":"6f068c62-a481-4735-9063-fe10cfab4653","block_type":"box","text":"15.61% Investor A Shares","page_number":68,"box":{"x":689,"y":348,"width":215,"height":9}},{"id":"04c2ab53-e544-4d66-8273-be03f575c145","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":68,"box":{"x":70,"y":401,"width":252,"height":11}},{"id":"ad492402-a704-4cf7-b853-20aa55e0cace","block_type":"box","text":"Incorporated","page_number":68,"box":{"x":70,"y":417,"width":87,"height":10}},{"id":"e7c6e801-4659-4462-9fb7-6a9803d61d2a","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":68,"box":{"x":397,"y":401,"width":212,"height":11}},{"id":"fb2b2b27-fbc0-4a79-b1b5-3bb4ceaa68d4","block_type":"box","text":"rd","page_number":68,"box":{"x":610,"y":402,"width":6,"height":4}},{"id":"bf74aad1-908c-4de8-8256-8136b1d26f7a","block_type":"box","text":"Floor","page_number":68,"box":{"x":623,"y":401,"width":33,"height":9}},{"id":"bf828be0-31bc-457e-8e94-ab9d47d41497","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":68,"box":{"x":423,"y":416,"width":207,"height":11}},{"id":"ea8082db-f4c1-40e7-aedf-ecca2d46be31","block_type":"box","text":"80.71% Investor A1 Shares","page_number":68,"box":{"x":688,"y":401,"width":221,"height":9}},{"id":"98f615dd-8908-4c61-bd26-0879365e3a8d","block_type":"box","text":"UBS Financial Services Inc. 1000 Harbor Blvd","page_number":68,"box":{"x":70,"y":439,"width":519,"height":9}},{"id":"f965a7f8-016b-4122-b1f0-52f63ce3fb43","block_type":"box","text":"Weehawken, NJ 07086-6761","page_number":68,"box":{"x":422,"y":454,"width":208,"height":11}},{"id":"4e727c4b-5925-4e8c-a4fd-2c7ce495e3fa","block_type":"box","text":"5.88% Investor A1 Shares","page_number":68,"box":{"x":693,"y":439,"width":216,"height":9}},{"id":"0e8ca7e2-192a-4145-9ba6-f69f1f021269","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":68,"box":{"x":70,"y":477,"width":252,"height":11}},{"id":"b39c033f-020c-4ac4-b26e-2dd1bad39a83","block_type":"box","text":"Incorporated","page_number":68,"box":{"x":70,"y":492,"width":87,"height":11}},{"id":"3e4c2ccf-aab1-42d3-8407-9a61e7604517","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":68,"box":{"x":397,"y":477,"width":212,"height":10}},{"id":"54ad9f88-3ca0-408e-8622-e3ce9f457f3d","block_type":"box","text":"rd","page_number":68,"box":{"x":610,"y":477,"width":6,"height":5}},{"id":"f02fd739-4d63-4253-86ad-be90c596121f","block_type":"box","text":"Floor","page_number":68,"box":{"x":623,"y":477,"width":33,"height":9}},{"id":"02b86351-57a2-406b-9df9-1260cc6a86bc","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":68,"box":{"x":423,"y":492,"width":207,"height":10}},{"id":"f6471564-06e9-45d8-8189-9bac32ad2ead","block_type":"box","text":"29.65% Investor C Shares","page_number":68,"box":{"x":688,"y":477,"width":216,"height":9}},{"id":"d5bd0ca3-dd68-4eb2-a5e1-bf9eea38c969","block_type":"box","text":"Morgan Stanley Smith Barney LLC 1 New York Plaza","page_number":68,"box":{"x":70,"y":515,"width":517,"height":11}},{"id":"03455517-b069-46de-8670-280ec97d46f3","block_type":"box","text":"Floor 12","page_number":68,"box":{"x":498,"y":530,"width":57,"height":9}},{"id":"c9b02052-2e26-45ca-bc9a-578f516c124f","block_type":"box","text":"New York, NY 10004-1901","page_number":68,"box":{"x":432,"y":545,"width":189,"height":10}},{"id":"ab9398f3-28ca-4823-9a64-a8b1175eee41","block_type":"box","text":"24.17% Investor C Shares","page_number":68,"box":{"x":688,"y":515,"width":216,"height":9}},{"id":"81d9b20a-176c-4832-991e-ff564e0a752c","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":68,"box":{"x":70,"y":568,"width":532,"height":8}},{"id":"89873079-9cf4-45ca-8d89-fbcb810b01ba","block_type":"box","text":"San Diego CA 92121-3091","page_number":68,"box":{"x":430,"y":583,"width":193,"height":11}},{"id":"86c11b97-9c41-4379-8315-d28a2309aed8","block_type":"box","text":"11.69% Investor C Shares","page_number":68,"box":{"x":689,"y":568,"width":215,"height":8}},{"id":"4ebf8883-16fd-4e8a-89e1-e703a25500e6","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":68,"box":{"x":70,"y":605,"width":545,"height":9}},{"id":"940213b9-ff4d-45c2-91ce-ae96eac30dce","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":68,"box":{"x":430,"y":620,"width":193,"height":11}},{"id":"7571377a-804f-48a9-b18c-79a66983cd55","block_type":"box","text":"6.96% Investor C Shares","page_number":68,"box":{"x":693,"y":605,"width":211,"height":9}},{"id":"7c86cfcd-67d7-47e1-8856-445798d18524","block_type":"box","text":"Charles Schwab & Co. Inc. 211 Main Street","page_number":68,"box":{"x":69,"y":643,"width":516,"height":9}},{"id":"f07a704f-8fe8-4b20-b001-f25b233a95be","block_type":"box","text":"San Francisco, CA 94105","page_number":68,"box":{"x":436,"y":658,"width":181,"height":11}},{"id":"9313046c-48a0-4a76-9b3d-3d773b3b1d96","block_type":"box","text":"5.57% Investor C Shares","page_number":68,"box":{"x":693,"y":643,"width":211,"height":9}},{"id":"9f8e4959-6666-423c-85d8-5b109bc98419","block_type":"box","text":"Raymond James 880 Carillon Parkway","page_number":68,"box":{"x":70,"y":681,"width":532,"height":11}},{"id":"ed77ed84-7b4f-482d-b994-e344ef119232","block_type":"box","text":"Saint Petersburg 33716-1102","page_number":68,"box":{"x":419,"y":696,"width":214,"height":11}},{"id":"df53c7f1-a94b-4734-8b94-a20054dfc984","block_type":"box","text":"5.23% Investor C Shares","page_number":68,"box":{"x":693,"y":681,"width":211,"height":9}},{"id":"50d56572-a3d5-4372-829d-821b9746c771","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd, Floor 5","page_number":68,"box":{"x":70,"y":719,"width":561,"height":11}},{"id":"80ea90d4-5ee1-49de-983f-37b3c025d98c","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":68,"box":{"x":428,"y":734,"width":197,"height":11}},{"id":"054acec7-4ded-41d3-b117-40d1d257e6f1","block_type":"box","text":"5.12% Investor C Shares","page_number":68,"box":{"x":693,"y":719,"width":211,"height":9}},{"id":"599c85c0-e3f3-423b-8c05-169f8f02b7fe","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":68,"box":{"x":70,"y":757,"width":252,"height":11}},{"id":"aea8a912-c159-406f-bebd-0f5125e39555","block_type":"box","text":"Incorporated","page_number":68,"box":{"x":70,"y":772,"width":87,"height":11}},{"id":"124a6c38-2c57-44be-a435-5aa044627ced","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":68,"box":{"x":397,"y":757,"width":212,"height":10}},{"id":"a872b3c2-c63e-424a-800e-d1819d998dee","block_type":"box","text":"rd","page_number":68,"box":{"x":610,"y":757,"width":6,"height":4}},{"id":"069be09d-2841-4db7-b274-c5a8ef7c567f","block_type":"box","text":"Floor","page_number":68,"box":{"x":623,"y":757,"width":33,"height":8}},{"id":"78e2a4e5-ae78-49ab-9d62-fb48cdbffcdf","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":68,"box":{"x":423,"y":772,"width":207,"height":10}},{"id":"f5eaa508-8052-4777-b70c-d407f7c9f0ee","block_type":"box","text":"21.98% Institutional Class","page_number":68,"box":{"x":688,"y":757,"width":217,"height":8}},{"id":"48437daf-7f60-446e-8e6f-34ebf4414645","block_type":"box","text":"Saxon and Co. PO Box 94597","page_number":68,"box":{"x":69,"y":794,"width":509,"height":9}},{"id":"a2f82b90-fc49-4479-a1d4-6372730a551c","block_type":"box","text":"Cleveland, OH 44101-4597","page_number":68,"box":{"x":429,"y":809,"width":195,"height":11}},{"id":"b2f2efb6-76c0-4079-8d39-8f27ee8b46cc","block_type":"box","text":"20.63% Institutional Class","page_number":68,"box":{"x":688,"y":794,"width":217,"height":9}},{"id":"9066dcd9-f3ef-425e-8180-7c27e971b9e9","block_type":"box","text":"Morgan Stanley Smith Barney LLC 1 New York Plaza","page_number":68,"box":{"x":70,"y":832,"width":517,"height":11}},{"id":"5da24ea8-8ffd-4ab4-a1e0-8e0f51aa0750","block_type":"box","text":"Floor 12","page_number":68,"box":{"x":498,"y":847,"width":57,"height":9}},{"id":"dfe24668-a63a-461d-a13c-d7511075801e","block_type":"box","text":"New York, NY 10004-1901","page_number":68,"box":{"x":432,"y":862,"width":189,"height":11}},{"id":"b1dc2882-a69c-4265-9b73-f72ee2b33c80","block_type":"box","text":"13.40% Institutional Class","page_number":68,"box":{"x":689,"y":832,"width":216,"height":9}},{"id":"150361d0-4e25-4234-ae96-af0bd60610e8","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd","page_number":68,"box":{"x":70,"y":885,"width":531,"height":11}},{"id":"25f11938-c10e-4e98-8a31-0c1285729bf0","block_type":"box","text":"Jersey City, NJ 07310","page_number":68,"box":{"x":449,"y":900,"width":155,"height":11}},{"id":"12cc601f-5cae-4ed3-a361-83cba419f3cc","block_type":"box","text":"10.01% Institutional Class","page_number":68,"box":{"x":689,"y":885,"width":216,"height":9}},{"id":"d56b29d7-06bd-40b7-8583-dc8bfef11ab3","block_type":"box","text":"I-31","page_number":68,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0d5e9788-0162-40e6-9ae5-baffb36946b9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"faf280cd-3277-4e2d-be2a-387aab3aed51","block_type":"box","text":"Name Address % Class","page_number":69,"box":{"x":69,"y":49,"width":788,"height":7}},{"id":"ce51fb8e-c764-42bf-9f03-7a8b7c4b780a","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":69,"box":{"x":70,"y":67,"width":532,"height":9}},{"id":"9142ff92-af6b-4c0e-8148-b55ddde81328","block_type":"box","text":"San Diego CA 92121-3091","page_number":69,"box":{"x":430,"y":82,"width":193,"height":11}},{"id":"0eac0698-308c-4a89-9ce1-c9034bf3d9c2","block_type":"box","text":"9.31% Institutional Class","page_number":69,"box":{"x":693,"y":67,"width":212,"height":9}},{"id":"3dbd9935-dfed-41a3-97d5-d77b070c864c","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery St.","page_number":69,"box":{"x":69,"y":105,"width":530,"height":11}},{"id":"20ab1039-2a07-4997-8836-9fd37d772f6e","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":69,"box":{"x":414,"y":120,"width":224,"height":10}},{"id":"2753a29a-eca6-4671-a35e-fddc75749b14","block_type":"box","text":"9.00% Institutional Class","page_number":69,"box":{"x":693,"y":105,"width":212,"height":8}},{"id":"a6858ad6-bdef-489f-b1ee-4e3bff288197","block_type":"box","text":"Merrill Lynch Pierce Fenner & Smith","page_number":69,"box":{"x":70,"y":142,"width":252,"height":11}},{"id":"0e73f516-3d23-44a8-a519-89aa7b682d51","block_type":"box","text":"Incorporated","page_number":69,"box":{"x":70,"y":158,"width":87,"height":10}},{"id":"8c7335b8-d446-47a9-8283-85506b4a3863","block_type":"box","text":"4800 East Deer Lake Drive, 3","page_number":69,"box":{"x":397,"y":142,"width":212,"height":11}},{"id":"b15bad5d-c2db-403c-b9ee-e929ef7ceb77","block_type":"box","text":"rd","page_number":69,"box":{"x":610,"y":143,"width":6,"height":4}},{"id":"2670156f-53c5-4b7a-9af1-a51e73789b95","block_type":"box","text":"Floor","page_number":69,"box":{"x":623,"y":143,"width":33,"height":8}},{"id":"2e2c5418-c8ed-4f40-ad44-540b2fefbfb6","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":69,"box":{"x":423,"y":158,"width":207,"height":10}},{"id":"e0763c1e-0ade-4b44-abcb-08b1d18a54fa","block_type":"box","text":"66.00% Class K Shares","page_number":69,"box":{"x":688,"y":142,"width":208,"height":9}},{"id":"caa17553-3cbf-4704-a848-b9fc3ac7738c","block_type":"box","text":"Edward D. Jones and Co. 12555 Manchester Road","page_number":69,"box":{"x":70,"y":180,"width":545,"height":9}},{"id":"d9a2d89f-de69-4a67-8748-473485cdf779","block_type":"box","text":"St. Louis, MO 63131-3710","page_number":69,"box":{"x":430,"y":195,"width":193,"height":11}},{"id":"cdd1af46-422b-4d5b-a9d9-729e28efef17","block_type":"box","text":"27.34% Class K Shares","page_number":69,"box":{"x":688,"y":180,"width":208,"height":9}},{"id":"795f2721-6743-4b2e-ae56-4549113e7046","block_type":"box","text":"National Financial Services LLC 499 Washington Blvd","page_number":69,"box":{"x":70,"y":218,"width":531,"height":11}},{"id":"d154de69-e2aa-4b4f-bb79-2e09accefd0d","block_type":"box","text":"Jersey City, NJ 07310","page_number":69,"box":{"x":449,"y":233,"width":155,"height":11}},{"id":"cbba5f92-df6d-4c11-93b2-cb6962154bde","block_type":"box","text":"5.51% Class K Shares","page_number":69,"box":{"x":693,"y":218,"width":203,"height":9}},{"id":"b6c015ea-34d9-4693-9500-5b9dbdc6fa7c","block_type":"box","text":"IX. Financial Statements","page_number":69,"box":{"x":69,"y":265,"width":179,"height":8}},{"id":"f20b8292-4f73-4b99-a362-7462baa64122","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Funds’ Annual Financial","page_number":69,"box":{"x":101,"y":287,"width":726,"height":11}},{"id":"7bba33e2-9724-4fab-83b4-1d834b347116","block_type":"box","text":"Statements and Additional Information for the fiscal year ended June 30, 2025, as filed with the SEC on Form N-CSR","page_number":69,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"618626b7-d0f6-4330-af00-7b2c6334b86b","block_type":"box","text":"(the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts of the 2025","page_number":69,"box":{"x":69,"y":317,"width":800,"height":12}},{"id":"385d4cd9-d9d9-416b-90e2-7e80db4bc5f0","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":69,"box":{"x":68,"y":332,"width":833,"height":12}},{"id":"5e7a0f2a-fed9-4ac5-9fa6-621a554232c1","block_type":"box","text":"audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such 2025","page_number":69,"box":{"x":69,"y":348,"width":839,"height":11}},{"id":"ed60f333-e596-41e6-9952-4f51810b1f3a","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the report of such firm given their","page_number":69,"box":{"x":68,"y":363,"width":790,"height":11}},{"id":"a27e70ba-bb6d-457c-8cb6-6daa089c3dcd","block_type":"box","text":"authority as experts in accounting and auditing. Additional copies of Fund’s annual and semi-annual reports to","page_number":69,"box":{"x":69,"y":378,"width":787,"height":11}},{"id":"64e25437-20b2-4c43-b8c4-c08542e43852","block_type":"box","text":"shareholders and Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be obtained","page_number":69,"box":{"x":69,"y":393,"width":824,"height":11}},{"id":"cf81304f-2370-418b-89fa-9e75f4241701","block_type":"box","text":"at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":69,"box":{"x":69,"y":408,"width":769,"height":11}},{"id":"57cca771-bbc5-4f0e-8379-16983fd65b37","block_type":"box","text":"I-32","page_number":69,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6ef3e968-5fea-480a-8d39-dafd671f4853","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"753fe342-2e1b-48f1-a0d7-a6d2d5f80fe9","block_type":"box","text":"PART II","page_number":70,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"98973086-71fd-4ff7-b0ec-fa2ed284f29a","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":70,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"c19b50b8-58a4-4736-827e-fa30358b4b04","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":70,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"9c6566d3-5105-43bd-92d8-7d2153f5a6a9","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":70,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"e30aa182-e193-46dc-b4a0-c35727bc16f1","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":70,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"782a27fe-003b-401e-b3db-cf89819e982f","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":70,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"3058e521-af10-45fe-a70a-d805fdea70f0","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":70,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"63df45c2-d75e-4c83-8c8d-5ed2586bcfd9","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":70,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"763d697f-0ac5-45fc-b237-f8b6bbb81297","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":70,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"ebb8778b-36a4-46a3-ae40-60a5a7b6693f","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":70,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"c8c61c72-ca60-4bf5-914c-13a7de70c17e","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":70,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"e2e23408-486b-4c26-badc-83c27297872b","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":70,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"017254f6-8e24-47a7-834c-a609cb3607e2","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":70,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"ac89e258-d74f-41f0-ad3c-87f47f680bbc","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":70,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"f96699e7-3174-4812-ada3-3194271bd28c","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":70,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"bfe95773-4192-4f35-9d3f-36f053e8d0ac","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":70,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"0aad7abf-3a43-420f-8630-fe8d46b4bf7c","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":70,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"f8eb5565-555c-45e4-9c8b-f28aa8480434","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":70,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"0488e9ea-5825-4498-8518-d1798c865457","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":70,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"2327be83-f179-46e2-a005-5c20f68d6eff","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":70,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"3085e150-d166-4688-8f7b-e17f0e88484b","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":70,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"649ebba8-d0d5-490a-aca8-189ec4e5180c","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":70,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"1c3c7005-9363-44ea-9c6a-b507c79be880","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":70,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"d5ae5e89-9463-47c9-9e06-fe29a4a6694b","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":70,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"48660c39-c3f2-4a37-8336-9d0be3e9267a","block_type":"box","text":"particular Fund.","page_number":70,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"a81f1528-ff4d-4374-bd66-788d8a0253e8","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":70,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"c9546517-eb19-4e86-9d29-53ae0ce921a0","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":70,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"e69faa8c-76e5-4b06-aac4-83411369c198","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":70,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"7b237628-6c3c-41b4-836f-7afa929c1bb6","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":70,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"0c37fa04-224a-4807-90c1-a0fb9f733a6a","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":70,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"227e44b6-ce5b-410e-916f-3ec221a25680","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":70,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"b04539d0-b640-4497-9da5-c68754bcc08a","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":70,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"f0bb5a92-fcb6-49dc-a613-bdebbd516e4e","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":70,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"739cac09-ff50-4b6c-8bbe-e8fe9715100e","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":70,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"eedfb043-424d-4e05-822f-250c90cbb04f","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":70,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"dd220739-30ea-4f5d-8716-50e672df2852","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":70,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"302e3bc8-f157-4ff0-afed-ded44c564eb2","block_type":"box","text":"Asset-Backed Securities.","page_number":70,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"427688f7-69d8-463b-95be-c5fce1054e77","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":70,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"9532b495-427d-4182-b182-9fc2f9fb78af","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":70,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"23d07c9b-caac-40bc-8323-8bb7b0366aa5","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":70,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"0687a807-65b2-4440-823d-f8fadaf90c53","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":70,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"6a2ccfd1-aa48-4da1-96f8-1b7cc8d86b72","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":70,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"67299794-859b-44ca-909e-e7e1d0f7bfc9","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":70,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"e0028028-d798-481c-af94-dcde1d772d29","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":70,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"bf0b08f5-c1fa-4b35-b5de-007c33f1c110","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":70,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"814bc47b-284a-48fd-a443-8cddb62ebd73","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":70,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"3f76574b-efc2-445a-9a0d-b2cdd0b50d5a","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":70,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"65ecbba0-a49c-4cc3-b649-a3c9014f64e8","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":70,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"0ace0eeb-6a3a-4cf8-bfde-f00e02d84d79","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":70,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"11feebd9-b2f3-4b0f-b5c0-77f5203b4b44","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":70,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f999ac53-4691-4ab8-be60-a99d8da42651","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":70,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"057eedf5-0521-46c9-bfe8-e66ca9d4495a","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":70,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"93d9c08b-3771-40aa-97f1-3cf6df7c3a28","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":70,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"7e4a1b17-eb37-4666-be22-9366fe9a92e0","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":70,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"9d238f32-8ab1-42e8-b9cb-5065fdfe8794","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":70,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"2c4e16ba-fb36-4ab5-9391-0fe0886b36f8","block_type":"box","text":"II-1","page_number":70,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"ec6dc3d1-2e4a-4e60-b0a8-359b0cda1b94","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e5e955f-7ee3-4bd4-a559-2b7b2a7071f8","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":71,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"d918491b-0311-4e20-a3de-c1221d4e5ac7","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":71,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"d33ffbf6-7276-46b0-9c0c-d3468d19ac25","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":71,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"5dada0ae-aa76-452c-bd53-fe9780b1a8d0","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":71,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"7168d940-f4ea-4f2f-9164-59d7465b5ed4","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":71,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"ff6b2f2a-d138-4b52-b9b9-550fd871b3f8","block_type":"box","text":"Asset-Based Securities.","page_number":71,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"7c5fdc7e-c0da-4801-8571-b2430c31a6d1","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":71,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"c19db536-cb57-4929-9215-73320a5d03b2","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":71,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"bcadae96-e4ab-49bc-9422-63013a2779eb","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":71,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"89d2f02d-d1e8-4ae0-980f-04331dbe7b41","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":71,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"df495e0e-2512-49ef-91eb-14a6922a77ec","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":71,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"cb0bf48c-c503-47c5-b507-6a713f49dc43","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":71,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"b31ccc50-2e72-46c4-8843-9fa3e717d007","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":71,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"18d930a6-f862-4d62-834a-3acece20753a","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":71,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"9bc303b8-a4d1-472f-9443-56e260ba8867","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":71,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"d188b8e0-df46-40d6-a3fa-3fde547b68b5","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":71,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"e18d5033-3ceb-45c9-b861-47ef9669b746","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":71,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"68652b5f-131a-45f3-91f8-d1a4fa95a44c","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":71,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"4075d9d1-35c1-415d-a012-2d21ba1a0e0b","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":71,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"e36b0322-fd66-425f-b321-ae53a0df391f","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":71,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"432ee71d-0274-4a28-87c8-58e3736e33a1","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":71,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"d77beda7-bbe3-4dd2-bec5-f9b1696e1e2a","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":71,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"2d344ac3-88a8-4301-946d-3042308589df","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":71,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"a771c6df-4cb7-4e96-9fb5-8702fd6234e8","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":71,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"7d82e461-39b9-4743-ab5e-d0bd788d7076","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":71,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"1253979f-7f5f-4626-afde-9f8f58a36669","block_type":"box","text":"appreciation in the underlying asset.","page_number":71,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"bd725f24-4665-41dc-bc91-4968b11f5225","block_type":"box","text":"Precious Metal-Related Securities.","page_number":71,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"f509641a-d57d-44a0-8e24-290adb74b02b","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":71,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"dfa44dab-ec23-47e7-83b7-a17dbf401773","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":71,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"ea647df6-6e50-4f69-8ae0-27827927632c","block_type":"box","text":"e.g.","page_number":71,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"b180107c-25ab-4a46-bce5-56daba444e9e","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":71,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"e1032d13-521f-4d80-9431-c8497c608260","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":71,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"cf940d15-612f-487d-a08b-eb1c5fab3ec4","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":71,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"952fb474-a7b9-4472-855f-1c6de88112c1","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":71,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"75007292-76cc-4cfc-8427-2b0d87e3792d","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":71,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"1415cd0b-c17d-451c-a0dd-7cdc9d551549","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":71,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"d60c0f43-4135-4f52-acfc-2b15c7d832e3","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":71,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"234b295d-c040-40b3-9a77-25fae34dddae","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":71,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"fe4bfd5f-20ea-43c8-812a-6af1387571ab","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":71,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"466794a1-b46a-49e2-ae0c-e3f08465d013","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":71,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"16fc6175-4fdc-453a-bde4-fd15a6d906d9","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":71,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"8bb35339-ed83-42f1-b5fb-38285c555e71","block_type":"box","text":"South African gold production.","page_number":71,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"29453573-f3c4-40eb-857e-3b71fd0da216","block_type":"box","text":"Borrowing and Leverage.","page_number":71,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"d3828540-fa77-4b0a-9faf-3fb8dd0ae971","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":71,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"3e5a337c-dd11-42c6-88be-167ee95bdb8d","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":71,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"9f197c39-98b1-4917-aeb5-fb2850b77b93","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":71,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"4ba166aa-44f4-4c9b-96b4-0da4e6cc590c","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":71,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"6fcfa3af-f487-4bb9-8c19-ed2cfce6b245","block_type":"box","text":"other securities transactions.","page_number":71,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"5b48b013-7a48-48c0-9890-b2977e37f932","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":71,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"af70f45c-1307-413f-b162-0fc67702f963","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":71,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"3a121295-d436-4c97-bfc5-a1387d643ce4","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":71,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"a86099cb-f0fd-4574-ac1b-7781fb95f386","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":71,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"b1a06d01-9738-41c7-b2a6-d911e0ac1b3d","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":71,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"e9b85750-3b33-4e2c-8a4c-ee574b3865d8","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":71,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"baa14938-7fa0-405e-a01c-df06bdc936b4","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":71,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"0af502cc-7305-4b41-9921-9085fe83dd4b","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":71,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"928938cb-6023-466e-bc43-99b601e2c037","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":71,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"6b5452f1-ccb2-427a-a6a0-0955666e2856","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":71,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"9099e0ab-0680-4080-bf92-c936eaf8d259","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":71,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"0339ae4c-6fa7-4cc2-97d1-3f3da1f14b42","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":71,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"cda9330d-5cb0-465f-a85d-5176c68ba918","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":71,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b7622fc2-2291-4d43-afa8-841b490f8e83","block_type":"box","text":"II-2","page_number":71,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"254f7ac4-a737-4e37-866f-b41c7b98bdd8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67eda638-736c-45ec-81d3-37cd3c54514d","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":72,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"1c1d1d9b-4c58-425d-a0a0-884c5f31a78a","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":72,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"8051e1df-e9b5-4889-8215-0c8c31df3e87","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":72,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"87a06d7b-e36e-431e-806e-cbc62e90047b","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":72,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"f0e0851d-a5cd-4d14-951e-4bc327209d7f","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":72,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"ba0175f0-2ec8-43fc-9bbc-861f95a8c3bb","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":72,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"5654c257-1e42-4e0e-9538-6b40ed93bc28","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":72,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"1ebb2dfd-eda8-4338-97a4-a7dccc27721c","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":72,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"44af9c51-31c2-4594-85d6-d7b586e8f553","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":72,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"64c86af2-9e8b-423f-8552-2c4927710c91","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":72,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"5e6c660a-4ffc-45b3-9730-00455e51b47e","block_type":"box","text":"Cash Management.","page_number":72,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"1b800a4c-1bed-4e24-860c-70f6d3d6eff4","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":72,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"ab23c230-cc73-40d0-a46e-dee917ecc482","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":72,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"962139e2-173e-4dbf-b57a-6fcec5c01a3f","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":72,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"7cbfbae6-f0fc-4f13-a0bf-63d81e3684bb","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":72,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"c5c454be-d319-40c4-8708-269c70230b91","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":72,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"dfce6900-1359-49b9-b773-99e408ea84f2","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":72,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"d91face1-1c9e-4bd4-9b13-102ef6659a43","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":72,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"094ebce3-0fc6-431c-a6fb-1090b7937a4f","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":72,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"51303995-7bf5-456f-babe-c1be8b73c095","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":72,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"21df102d-9f9f-4dcd-8707-29da2e59aa97","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":72,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"b78a6afd-f702-4711-a606-66d7c6a98d11","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":72,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"cf70cfbd-f006-437c-9da9-5337d2ba9187","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":72,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"e7f79f8b-8c06-471d-896c-a9433bb67112","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":72,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"6fffc02f-c053-437c-a14c-6c18b1e37d53","block_type":"box","text":"Collateralized Debt Obligations.","page_number":72,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"ed030bfe-3c61-4b64-846c-5c1905a872a3","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":72,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"32d94223-94c0-4d9a-a8c1-19cebf83a722","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":72,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"816e8c09-dfa5-4dab-83e9-58f283652e83","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":72,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"3bed5a91-e409-4e57-9261-a003e8ecf57a","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":72,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"f8f73f01-a3c7-40e5-b7e9-566d86bd3290","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":72,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"72443529-c534-46c8-b12d-cd477803b371","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":72,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"82f4abfe-4877-44ed-9f24-e344edfa78ff","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":72,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"92372e75-879b-49cf-bc32-5eeaae09e98b","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":72,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"c3d968fa-8dea-49aa-9424-0552c54c0cb9","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":72,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"eaa9ebc5-72cb-4818-84a0-1183596c2848","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":72,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"f2395d03-938d-4776-b1cd-03b194faf7ae","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":72,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"fa0fd4f1-a3c0-4a3e-ba3c-887d31a5b7ac","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":72,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"d221b5f6-fede-4f53-a507-a98ac9f93069","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":72,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"45abe648-baeb-4426-b017-720607b88cfa","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":72,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"16e0d876-632c-4b60-aa7e-38f22e47ec73","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":72,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"8de00613-52ad-45e0-9a68-09645cefeaf0","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":72,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"4482e8a9-a8a1-45f5-85c1-67db0f340241","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":72,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"4cb86cea-0938-4c4a-a7d8-91c4d13d787d","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":72,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"e61749d2-ad1b-4fa9-8675-72889afac841","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":72,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"58ef721a-050e-4c07-9667-de2544005da2","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":72,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"b5197571-8888-4120-9434-62ddd9fe215d","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":72,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"0acb507d-ae0b-4373-8730-ec17eed97424","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":72,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"0dd2e981-cd1d-4e2c-9bde-0ca66bf22922","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":72,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"dd8ad6e6-c150-4086-9075-c320bf36b12d","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":72,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"576cfc9e-c912-4b86-b160-1f81a5df31c5","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":72,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"c63d3475-4005-44ca-b8c5-a25f559327d7","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":72,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"4c0cfdd3-b284-4e0c-b51e-51e9feb3fab1","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":72,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"a1b6bccb-3926-4f7f-8839-1262ef0b6ddd","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":72,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"8ed021e4-2c26-4b57-89c9-7ed2194c96e8","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":72,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"c1bb4e06-31e3-4d1c-bd6e-09a4faa1e945","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":72,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"c9cd3779-089f-4cb2-9ab1-8ec76cb80faa","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":72,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"6a0cb446-3d81-4d45-ace2-7edf9e6403e1","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":72,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"f07647ff-219a-422e-af39-524d8996465e","block_type":"box","text":"II-3","page_number":72,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"8c71cc43-e398-4d86-a26d-91d5c1c0b251","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5dbab6f-e9cd-45e5-a505-bedbadc32fdc","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":73,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"c5ac5dd3-41e8-4035-b6a1-9ffefb163ae9","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":73,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"d4596e9a-645c-4887-98d9-4fa2305c1326","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":73,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"1b4fff05-d8fb-4a35-9957-c9b2dd5def14","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":73,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"bc3627eb-91f2-426e-818b-891fa355cab6","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":73,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"e39a56b4-534c-4cf8-a426-d2a4be049d82","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":73,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"a73404a1-8e70-4893-ba00-b10345b16bec","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":73,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"c464d4e8-ba07-4845-a6c6-7a47feaf4646","block_type":"box","text":"Commercial Paper.","page_number":73,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"c645cf37-691f-40e9-8140-e996780ef4e1","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":73,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"54aa48fd-20d6-4c73-9c3c-5de73af12fed","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":73,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"b8def8f8-6c3b-42cf-8f03-c2dc5b72e71f","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":73,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"8b5dafea-e1b5-46cb-9ec6-6f5f4e2bfb76","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":73,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"ef8b240a-727d-42a4-82cd-bb92e9e70641","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":73,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"305b4b55-770d-4076-adb4-c481cee43c15","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":73,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"0bdf962f-dd06-4495-af75-48b41c80f2ce","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":73,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"e4b79058-a6a7-438d-9437-7665dbdc72f3","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":73,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"8b758150-1bd2-4f18-925a-7718bfb3c49c","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":73,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"a661781b-86b1-4ab3-a8d0-8a84a6fddb89","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":73,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"0e22210e-31fc-4561-bb41-506cf0cb9f29","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":73,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"84d5436c-3b8f-46b7-8f44-90cb3bda9ad5","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":73,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"08e75302-93d7-4d4f-9762-8a6f0c7f50fc","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":73,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"5cef03e1-bdc7-4d3e-a62e-5ca8a07ebe2c","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":73,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"11d8f670-cc51-481d-88fb-8a7a519120ec","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":73,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"0c4adce2-c67a-4dbb-85c1-c39bc34b4aa8","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":73,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"e1c4b255-a5fd-4c85-b3dd-8e54963ec095","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":73,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"0c3da1f0-0b50-4185-91b3-3df1bed9c127","block_type":"box","text":"variable.","page_number":73,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"7641908c-9e75-4253-8f1f-87a6c26d0c67","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":73,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"013345f6-bebe-4b97-90e6-8d08d5f25929","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":73,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"3ba8f8e8-fb35-40af-8199-84a7deb5f07d","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":73,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"e7cd116e-809f-430b-a11d-4f22bab45690","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":73,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"f25cf71d-3848-4d9f-a827-36923ca36f71","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":73,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"86f0184a-711e-4ca1-a63f-0dd546e32400","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":73,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"033a5424-724a-4792-a66f-2198b1544eb4","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":73,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"b5d66dc5-2eea-4712-9586-9c222472e978","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":73,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"d2d447a4-2eef-4438-9bb9-0177f614b064","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":73,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"f8a6b25b-7cd6-4c64-b84f-e414c852b4d4","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":73,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"acebdb37-604e-4126-b96b-23f1c95f1fad","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":73,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"7969d978-41df-4f0d-a3d9-05fadfacea64","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":73,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"f90d3e54-c2fc-4c33-addb-d8085ccb6f88","block_type":"box","text":"correlation with stocks and bonds.","page_number":73,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"92564673-b692-4506-a87d-868ddbddf8cd","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":73,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"9e1ce44e-e76f-4dcd-b9f5-6819d422942a","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":73,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"f5ff1810-49ad-4078-90f9-50206e0f8601","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":73,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"d555cf0a-b774-427d-997a-9d09e762c323","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":73,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"762432f4-6351-4640-8a7d-d82239f8540a","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":73,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"395e4b74-95b5-41f3-8052-041e1227b5b3","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":73,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"84d66e95-1bcf-4d7a-8d33-5f39f3d94458","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":73,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"a4c18004-806f-4735-b8a1-290adeee9dfa","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":73,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"73657f70-4269-4c0e-8805-1ec14658e8df","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":73,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"7d9064b5-6ee3-4d8d-87bb-74f4da2cd430","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":73,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"ee262939-8655-4d87-a991-8bddc015c47e","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":73,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"8c770f58-9c2e-43bd-bc5b-554f8129c036","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":73,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"5a4decb3-5485-40c7-960e-45ccd36a7423","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":73,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"d9db9501-0550-482a-afdb-051126f5041d","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":73,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"2ec7b4ae-4bd8-491a-80fb-e7df8a3b2190","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":73,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"973a76b8-43fd-4623-932f-a2221f88bf1b","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":73,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"f7e54bc4-e0fb-42cb-aac4-db7af40e5928","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":73,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"f7eaec79-75e5-4132-b86b-884f9f4bd0f2","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":73,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"9202db36-b332-4057-a62d-79a3e839619a","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":73,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"53e91108-e0b0-46a9-a329-a05fe61ffb2d","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":73,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"4f90d41f-39b8-4066-a31a-3a25cc71ba23","block_type":"box","text":"II-4","page_number":73,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"edfdcdba-02d7-4d36-8526-a8ebe3486f03","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d852382-3bbb-46a9-b35d-c21d7a161e30","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":74,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"00074a28-138d-43d8-8484-97924e887a8f","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":74,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"4b4aecb0-6e99-4a22-a44d-6fdbe1f05692","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":74,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"8915748a-4190-4b98-91b5-00f86db2f483","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":74,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"61c70077-b573-4b6e-aeff-f5b4e6818a22","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":74,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"42c2d14d-2aca-418a-9628-2a07be406d9d","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":74,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"af0ae879-75fd-4ad8-89f9-a2c4a1729efa","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":74,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"29ba9b9c-70b3-4ccf-8645-0cbafc27fe53","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":74,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"830a8c1a-738c-4ece-afc4-1fc444cfb0fd","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":74,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"0357786a-898a-4dea-8045-4fcf8786fbc1","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":74,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"2e30d2bf-1bbb-4166-b863-74798cf1daed","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":74,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"b2ce2188-068e-4d36-81bf-b3b6986f8f53","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":74,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"c5e7ef70-f919-4e90-bc57-b5a8223d1311","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":74,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"b6575343-6ec4-4ae9-9f18-e834c51db177","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":74,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"1b8e4aab-088f-4e09-9734-4dbe315e2a1a","block_type":"box","text":"the Manager believes are relevant.","page_number":74,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"e4e6eaf4-0793-40f8-ac19-e2d397f654ee","block_type":"box","text":"Limitations on Leverage.","page_number":74,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"c2030d05-fee3-4feb-8878-6e8938ca239c","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":74,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"e70d5b6b-10af-42ee-80b9-36460063e999","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":74,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"e9b4cc77-8073-4ef9-a213-cfc5c27a9947","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":74,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"a8229027-5e17-4714-98b9-8cfd7ba15cd2","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":74,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"190cb043-8c42-4fc6-9bcd-b512e4477573","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":74,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"ecec7c81-fdae-4321-92ae-a70ab5863e47","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":74,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"a3bd72db-4f45-4509-90b1-0cdf273c029f","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":74,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"77b3eebd-627e-4f8b-9e1e-249d06880cac","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":74,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"0f9878bb-e2c5-4d52-99f1-fc33725653c4","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":74,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"d4d30566-5968-496f-9dae-6969eaafe1bf","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":74,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"6d714c4b-d235-4064-85cb-8b6658b610b9","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":74,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"addaa990-aa44-494f-9c3c-aac6d4cd277f","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":74,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"1f526311-1fa3-4347-8ba0-f4f111f0bd79","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":74,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"5dac9406-2074-45a7-8f1d-678f03ba3076","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":74,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"ac3216b2-e7b3-4f2c-af19-bcb20c52a663","block_type":"box","text":"Counterpar ty Risk.","page_number":74,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"3fd10ea2-d0a4-46d5-be42-7864442155bb","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":74,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"c4f7d1a7-1d9c-4adc-a7fb-faac755316f3","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":74,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"248a1c77-b34c-46bf-9270-bbf7168e4bc6","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":74,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"26c080da-8c69-4682-b556-5031eb2db9e0","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":74,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"5fe902e6-62cb-488c-9c34-74ca230b8aab","block_type":"box","text":"e.g.","page_number":74,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"8c54bdd8-59b5-4a79-a24f-0fa585232a07","block_type":"box","text":",","page_number":74,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"b99e8bc5-bc5f-45af-85e3-7ec08f8c8d3d","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":74,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"790ffefb-33d2-4379-9ff2-f44585c081be","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":74,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"ca8e2afe-96e6-460b-a869-2b429ab3d45e","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":74,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"a8250656-71cc-46de-96b8-882f8a8b0c4b","block_type":"box","text":"obligations under the structured note.","page_number":74,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"27ada468-ae36-464c-8447-7c8b69e1820e","block_type":"box","text":"Convertible Securities.","page_number":74,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"c1ac76bc-549a-4e19-a1d3-496f5cbfeaf8","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":74,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"9dc6e452-9f63-4212-bced-9ba20bc5edd2","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":74,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"793624ea-f12f-4860-a660-cc8250ff878b","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":74,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"1fc424b4-cae2-4484-88e1-5e5516fc576c","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":74,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"1e360686-bf31-4406-9f2a-d56f014bf1f6","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":74,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"24105a8f-50ec-42e6-83f9-21961792be50","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":74,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"20cce44b-49af-4393-b62b-6b0560b7a58b","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":74,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"7065eb58-26e6-49b5-86fa-e47fb700e5ea","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":74,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"91b90dc8-c0ca-41ff-a8d8-a275929c4eeb","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":74,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"4174236f-4a8a-4ee3-b4fd-b994e37d2ea6","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":74,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"7f54eed2-6995-4c42-8bc2-00081e11c8f1","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":74,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"240ddbb7-4c52-49c0-aed3-60212af9ddf7","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":74,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"9b2b4e43-934e-4f9c-8821-2588aa415b3c","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":74,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"251fbfe7-9384-4f2b-a31f-f8a951f34d2b","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":74,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"eb817759-2398-45a5-a939-fa97ade0818b","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":74,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"b290a472-0b8b-41ad-971e-99bc648cbef5","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":74,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"b38abdeb-ba88-4617-94e4-520de5255242","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":74,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"91433441-c68a-4538-9817-1b525012f77e","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":74,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"e692c144-5582-4052-8940-90ff36194d04","block_type":"box","text":"II-5","page_number":74,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"fa431801-5e76-43bc-8926-2dfc125dd8ba","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7db54f51-96de-4a16-bebf-be3dcc4d0cbd","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":75,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"6774e122-ba4d-4e51-8298-09dab9322a59","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":75,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"a5082ebb-78ef-4045-81d6-efd581d7d09a","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":75,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"47183565-cc03-4fa0-950d-a005dfcc27eb","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":75,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"1e9402f0-1c03-4e22-badf-c874fc6ea0c6","block_type":"box","text":"things.","page_number":75,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"f72c389a-e206-47fd-826f-8982e46b5287","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":75,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"3b583b81-21a4-477a-abca-dcd2d510df16","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":75,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"bc64c217-04a5-4655-beae-a3e40cf47f64","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":75,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"92a8ced7-8f0c-476f-85b0-f04fd1e6c929","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":75,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"e77f3c9f-ea9b-4085-b896-4bc193eceebe","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":75,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"2c59a4e5-5b30-4547-a8f1-2673785111bd","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":75,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"346c7404-d649-4e10-be4a-3d27245863fc","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":75,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"a013ed15-ea38-4f57-a12c-6187a25181a1","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":75,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"a293367e-d1d6-4bdf-9438-3344fb390961","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":75,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"61e1bed1-0dbd-4294-83ad-38a61c5ef4f6","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":75,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"e1b76780-2776-4685-9e2f-eea5f6f6ab54","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":75,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"f53c4f06-1536-45bf-846b-d14783eddd8f","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":75,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"7ff5e8e4-03f3-437f-b56c-fb2adafecc82","block_type":"box","text":"i.e.","page_number":75,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"0309eed9-7d49-46d0-877e-405195c09051","block_type":"box","text":", strictly on the basis of its yield) is","page_number":75,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"9b89a45b-9a6f-421f-a7af-e9073611995d","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":75,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"9adf6c27-0561-4ee0-9841-5f4089b6fd06","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":75,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"82152aac-1754-49f2-a6ea-14af53ada009","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":75,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"13dae143-b81e-4a01-a701-42695dceb3f8","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":75,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"265086e7-0405-400d-85f8-193e04b846a9","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":75,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"c7325aa3-bd25-4a34-8c63-e72464e290c6","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":75,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"d46f52c5-473d-46ff-87ee-71ed6eadb77d","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":75,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"739116be-abc2-4976-999a-240a8ea5bf71","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":75,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"abb3d6f1-e4e3-41af-bbb9-3c4ca6ff9c37","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":75,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"d163fce2-8d26-4c27-a9e2-02a18878b621","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":75,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"1dbdf243-6dbb-4297-b38f-598218176997","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":75,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"52987535-7386-4a67-baa4-809f559ac3cc","block_type":"box","text":"than the securities’ investment value.","page_number":75,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"4d49e854-0dda-44a9-8695-d7c626d1c43e","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":75,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"f42f0e51-7c5c-4d40-9b3c-6a26cd95ae2f","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":75,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"23837767-2a82-455a-92f9-87b649b6520d","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":75,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"317c193f-3fe6-421b-85b0-948ba55d8253","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":75,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"92649e61-83d4-4c10-aaa4-f41ec14efe94","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":75,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"05fe1995-dd17-4f2f-8589-06b27a284874","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":75,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"a2e032e9-4e4d-4f98-b900-6ca99a3736ab","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":75,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"7dc21b43-ca5d-45c5-8210-d978ddc6d415","block_type":"box","text":"security under certain circumstances.","page_number":75,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"5847365d-181f-41ae-999a-5eccdbcac9e8","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":75,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"9f588210-4493-464f-aff8-d25292ac6371","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":75,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"a908b615-782a-4138-b9cd-6357a519ae67","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":75,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"a499a29d-d39a-48cd-a183-c97098f2021a","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":75,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"26dcf579-1985-4426-addc-5742ee86eef1","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":75,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"c9eb111c-2a5f-445c-895a-3ebea47da5e1","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":75,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"bac4597a-383b-42b6-b9a2-4b0ac2d12116","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":75,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"86437e4e-bdf9-4b66-89d9-721dcc6677ce","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":75,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"2070547f-f08f-47ed-9a51-53413297b63c","block_type":"box","text":"i.e.","page_number":75,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"8f07499b-4c19-40fe-a50c-4c5c86572130","block_type":"box","text":", fixed-income (“fixed","page_number":75,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"a1315e30-8774-4b1b-9e47-cc74e6921b6b","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":75,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"33fa4ae3-3f06-440c-9667-7bce6aaa258f","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":75,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"664cc129-5a65-41cc-86d7-4f586b9830f1","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":75,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"6ed7cb77-a081-4ee0-9ceb-9f7054d4a255","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":75,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"b64ce0d6-3515-43c5-8138-b30ba043a4b5","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":75,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"df3dd497-6603-46f2-a63e-bcac7f7d4bb7","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":75,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"71185eb8-4fd0-447c-a546-3e2ad9b742ae","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":75,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"0d081fa0-1c98-4781-88ad-114bb0db849a","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":75,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"eb492541-b500-4eca-9e0c-cee77b76c0fe","block_type":"box","text":"II-6","page_number":75,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"60dddd90-34a6-4dcc-ad62-724f8c1fe1aa","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34cb813c-4dbb-4dad-b736-dd7cbcc3a49d","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":76,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"98ac47d7-feae-4215-b483-384518dd259b","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":76,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"425918cf-fd88-447c-9931-15cb7be61970","block_type":"box","text":"component.","page_number":76,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"baa450fb-b1d8-4144-aa3d-881fa70c0192","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":76,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"adaa5b48-53db-484d-99f5-92340189c7f4","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":76,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"4111a2c8-17f6-46af-b55d-04d0c2bc5643","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":76,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"7307394c-d085-4312-b111-6353fed86a53","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":76,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"d22c4f6c-1679-4524-8dd2-40991349b10e","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":76,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"fca32b81-d6b1-4389-99c3-212932a58ea2","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":76,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"1f3e096c-7572-4748-8bae-2fb8e4d173c2","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":76,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"fab8a6cc-ffde-4e52-926a-0f1b66fe0130","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":76,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"25cff212-793a-4fcc-b702-ff7034b4627b","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":76,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"f891e0be-97ce-41b6-896a-f3ff1bec1cdc","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":76,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"094496c4-d56b-41a0-9b32-7c9f3e43da6c","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":76,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"6bb70040-b97f-4177-ab7d-8b82b00061b2","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":76,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"d39e2f2f-aaa6-4350-bdd4-e99234e6d499","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":76,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"eddd85dd-ac54-4642-ab04-d5590ab5af34","block_type":"box","text":"favorable market conditions.","page_number":76,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"6c744abb-2d0a-4352-844c-232e67ed889c","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":76,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"80d5cb51-01d4-4b4c-9261-21fc4fdf5cbe","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":76,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"dfaab7c8-34c5-4656-8850-8b139add6ef1","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":76,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"2ef35de2-7b12-41ee-88f9-af875f9d5ff3","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":76,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"38056a5c-6d7e-4187-9837-ee1a35d4d6b3","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":76,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"3eb8faeb-bdb8-476f-90be-c8fb713aba75","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":76,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"a52e0eb7-575d-4446-a118-c2a8f990c1bd","block_type":"box","text":"Corporate Loans.","page_number":76,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"ce4b55a7-0f56-4445-a0da-fbb2f9a394a7","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":76,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"edaaaddf-1f90-4417-9fba-8d45cad131c6","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":76,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"25e67d7c-c9a5-4c59-b7eb-8a2c55d2c2bc","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":76,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"10ad73c3-c655-44d3-b799-f4cd45839ebb","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":76,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"74345efd-a177-4504-822d-f53cda649d6d","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":76,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"c591d635-f1b1-4de9-bd98-2627d6a4c6b2","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":76,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"526bf43f-10b7-4a50-81a0-542b343f1709","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":76,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"2bdf0b85-192d-4907-954d-358d7a6d4c73","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":76,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"e15b890e-d8ce-446c-9b30-0ae98f1ed6db","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":76,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"54071ef3-47a0-4884-8ad6-c6f168972ab0","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":76,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"eefc7cac-00b2-44a4-9c90-0c294001aee5","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":76,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"a95c3572-bb91-49ca-8522-2ff91d5c0b5d","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":76,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"981a1f09-0031-49bb-8fbd-989881994019","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":76,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"45ce7f27-df85-4588-b425-232b9f5f8c17","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":76,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"d986fb04-521b-4ff6-8259-d9924f1a7375","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":76,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"d8511415-f86c-4d57-9310-5e00525ebb1d","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":76,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"d7f51f68-e171-4e9a-9322-97f922e8d43b","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":76,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"119fb837-f0d7-4578-a21b-6e14ac3bb842","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":76,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"ca4a4c44-43e3-4aae-a3c9-b55a4fcfc318","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":76,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"003db348-d87b-45fe-87f4-ed429c863506","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":76,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"7ab7e504-bcee-4b4d-b24a-04396d652728","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":76,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"febd1ecf-3010-4537-b9cf-2b538acc1074","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":76,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"b779e4c7-1272-46b8-8343-b457851a513d","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":76,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"c5c8c719-3143-4e18-b5ca-0ff8782e2544","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":76,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"668474c9-bfa6-48eb-a6db-5ab205698c92","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":76,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"9ed26662-7dc1-4431-bcac-c09818b588fa","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":76,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"9e5e800e-6cd4-4cb8-96e3-51bdff88aafe","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":76,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"81008f3b-b4c9-4892-a068-1a5947d6f4eb","block_type":"box","text":"of the borrower.","page_number":76,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"d87db832-e447-4907-9424-49613b86365a","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":76,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"06b48626-4a25-42ab-964c-c4eadeb91dde","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":76,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"1774028c-7f1b-4419-872d-a3f12092ecde","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":76,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"490af380-3a32-4303-a537-3da41e2a05d6","block_type":"box","text":"II-7","page_number":76,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9a63e23f-cfee-4695-a3ed-4a3a60951fef","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c998b987-829b-4b4c-8740-d008081206e0","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":77,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"01bd94a3-59e8-4d99-b725-4c236ed92e04","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":77,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"f59eda94-3b38-4df5-b7c0-6a2bbdf9c975","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":77,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"ce8066e5-7e34-42a1-811f-57e78a87973e","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":77,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"2323335d-9e6e-48ec-ad84-aa2e650ed0f1","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":77,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"bd47b2e7-1a71-4f07-8163-0a1419ee0a1c","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":77,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"97ff9ddb-a1db-4273-b2d7-6b12dbcda71f","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":77,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"24bf725d-fe94-45b5-ad23-c9fbfe84bee4","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":77,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"33c80078-1994-45c9-8cba-5a4d9817cb08","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":77,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"bbf14014-3eff-4075-8965-23840a47ba04","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":77,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"8b07ccea-0aba-4533-931c-2d4d45465a3a","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":77,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"216eb5e5-8b97-4b1b-ad15-6560e7319cc0","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":77,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"6b57ba78-5e3a-4e55-b5b0-fd85e5a7c10c","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":77,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"aa63ea02-4bb4-4aa9-85ab-999d23aca027","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":77,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"257bb185-96d5-41cf-bef0-60cdaabccca6","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":77,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"45314bdd-0989-4df6-abb2-b530a2504f7d","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":77,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"c7eaece1-4a0c-495f-8c57-c134e9c4f264","block_type":"box","text":"state law.","page_number":77,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"dd5f027c-a950-4fa3-a792-7c835e856366","block_type":"box","text":"Direct Lending.","page_number":77,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"a191abee-b201-40a8-a717-026341bf64bd","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":77,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"e6f49f41-fc65-4930-a88e-77e5254ba7b8","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":77,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"75ad10c7-8720-4986-b527-75fa09af6be5","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":77,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"60688bf3-87c9-4bff-b8b9-bf4518aaaf7a","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":77,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"24def02f-50d6-4b3e-b91f-22735208990e","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":77,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"f1b2ea4b-0564-4a97-af03-2ae3afa04245","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":77,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"4e56df37-fc59-47e3-80ba-3f4ad50d3806","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":77,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"0649f34d-3e8f-4b99-ac49-90b1ec5947a9","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":77,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"005437d1-47c5-455e-bff0-638a90f53d16","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":77,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"b2aed09a-2e72-425a-8b8e-3a8313637598","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":77,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"0f04889f-52dc-4bc7-b7c8-08e5a19b2553","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":77,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"f32dfc7d-8774-4037-a40f-d8b07700aa1f","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":77,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"065c523b-4b02-47dc-913c-77f828d4f781","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":77,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"7201a720-2a7d-4ee3-a6c0-2288eb119b4e","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":77,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"107dee3e-69e0-4d98-9b54-fea25290e9cc","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":77,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"a0e4ac00-fa78-43b1-8f75-3513090b72af","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":77,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"83ecc1e1-b2c0-4982-bd96-b6dd5cdefebe","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":77,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"316529b1-34b7-4ade-835b-d5eea91b22f1","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":77,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"1d724a74-c265-47ef-a426-1854cef8aaa2","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":77,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"fb62cf55-0bfb-4ae4-abc0-592776d60701","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":77,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"6db05717-ef32-496b-8128-d341fa9dd1d0","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":77,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"45b7e7d1-6041-4e67-b5aa-ab08aa87e6dc","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":77,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"bbe4470f-a5c3-43ec-ba60-c6fc3e484b96","block_type":"box","text":"Credit Linked Securities.","page_number":77,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"564e47ef-d267-4e1c-8390-e4af1acb51af","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":77,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"4364ab93-728b-4400-8541-a3887cf07897","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":77,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"5dddeec7-5a9b-4d5f-b643-33f428596760","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":77,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"53791d94-d92d-4ae0-9e28-44f886c5b65d","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":77,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"a13e8131-aeb6-4179-9b96-d2312e84fbaa","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":77,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"08d11b84-cb7d-4f3d-ab45-b96eb6b317c0","block_type":"box","text":"traditional income producing securities are not available.","page_number":77,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"a0a59f33-b122-417f-bb9d-202011279f9a","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":77,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"48e717d8-1608-43b9-bd9a-666f0bef1627","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":77,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"0dddd76d-f7cc-4332-a0ac-a0b5f006c5bb","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":77,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"4009d302-6625-4fa6-9b5d-fcdddfc6c826","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":77,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"be65abf7-18e1-4556-9ee4-67a79a9ac1a6","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":77,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"14527ac8-58d9-4a0b-8073-a91bfe848215","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":77,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"93da9f55-8454-464d-bb05-e5e7680b77d5","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":77,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"1aa52ccc-2091-47e3-9880-cddc3098c883","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":77,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"38e663d8-9da6-4a89-821f-ca7004977c44","block_type":"box","text":"II-8","page_number":77,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"89abb2ae-1256-4fca-b846-95a815691c62","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b17abf4-24e1-4997-97b7-4f5985f1e31e","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":78,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"b07dc223-e979-407b-a015-98786f2d078c","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":78,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"0444b889-cc85-431a-9fb8-d5121d899a0b","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":78,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"d36811ee-fba0-443a-a028-dc1b4fe2481d","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":78,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"cd35942c-cc89-4c66-b8ce-1bf771d419cd","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":78,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"d071bbc1-a562-4c56-9399-ef2093dc6fd7","block_type":"box","text":"investments.","page_number":78,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"95491d12-df6d-4770-bc94-18a7e14b54f0","block_type":"box","text":"Cyber Security Issues.","page_number":78,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"4da3dce7-c39b-4691-ab11-b3e36fc352ca","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":78,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"8b1c21a2-2981-46a2-9cb8-dd9f444f2037","block_type":"box","text":"Fund, Authorized Participants, service providers and the relevant listing exchange are susceptible to operational,","page_number":78,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"b9282620-0e4c-4dbd-9a13-e92b7dea1c53","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":78,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"2efd9d8f-9ef8-4f57-9cc4-c8c78dec674a","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":78,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"840caa05-c191-4bd6-b6c2-defcae676be3","block_type":"box","text":"e.g.","page_number":78,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"5a1ee678-0f2c-49ee-b4c1-9c9dcf59c0d2","block_type":"box","text":", through","page_number":78,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"b96530b2-1228-45d5-9123-1eaeca18b422","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":78,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"26c23c0a-10fc-46aa-b4d3-1cf1182d1dc2","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":78,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"750b04b6-3123-4ab1-bb5a-fccaf35ffc00","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":78,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"78d6f600-982b-40aa-a3d5-46b171abe716","block_type":"box","text":"i.e.","page_number":78,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"72000707-76ac-45ef-b677-afe3f6a4d973","block_type":"box","text":", efforts to make network","page_number":78,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"48d083c8-3787-4df2-b118-163ab3d7e5e5","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":78,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"1db031fb-0b25-47b6-ae75-7b06af6f8db8","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":78,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"37a6a87b-29c2-49d5-987b-e558fd205d58","block_type":"box","text":"and administrators), market makers, Authorized Participants or the issuers of securities in which the Funds invest,","page_number":78,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"0e8df6bd-2e3e-4bd9-b37d-8d8e8a1b6efa","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":78,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"9b2aa7a8-d16e-47a1-967d-dec72a587c7f","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":78,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"3b832836-b917-44cf-9122-533bb5576b6e","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":78,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"4e629a0f-19bc-4afc-a0bf-ad1b869fe73e","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":78,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"87392717-b43d-484d-b620-3d89fe32e9ac","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":78,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"ee25e4cd-18ee-444d-a694-8ed992aef69a","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":78,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"050e6e47-31c5-4716-86a6-d0dd8d062f8d","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":78,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"3602aebf-379b-4c8d-b50e-293fa81e1004","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that certain risks have not been","page_number":78,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"d7498583-52fd-4b73-ae38-188bbc4526c6","block_type":"box","text":"identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":78,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"52408790-3cb7-4c43-aa0d-5dd140b3d830","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Participants. The Funds","page_number":78,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"3dd7cb15-6dc1-438b-b436-f72777d52fc5","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":78,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"cd29b932-8f26-446d-98f4-b17a7d5e28d6","block_type":"box","text":"Debt Securities.","page_number":78,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"40dd24fd-1fd1-4e06-b6a1-17e76649c4ac","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":78,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"a66c7785-c675-4618-ae3a-e895353c39cf","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":78,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"5dd55b34-d954-408e-8c41-dc855a4eb5f3","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":78,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"24f983d2-e73c-4f89-b610-e685f1231bae","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":78,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"955f47e3-e0b1-4eaa-a42c-1b70c124dfe5","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":78,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"c8c30e29-c66d-4911-893f-c85b453d88c2","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":78,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"73b5e5ad-da4a-490d-90cb-1dcfa38440c5","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":78,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"9c0369bd-55f7-430c-942c-e37390b35305","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":78,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"5d799cb3-50b4-4c07-a706-0e217ef523b5","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":78,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"c9de82d6-1637-4bdf-bf14-3d78c458bf55","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":78,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"c18e2933-ea64-45a9-943a-880470090d10","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":78,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"ae384226-e191-4016-ae51-3409b820eca1","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":78,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"67c3946a-909e-4961-8216-59bbc23e6aab","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":78,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"a0a804f7-3aec-4a8b-a27e-23619a22916f","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":78,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"5e97acb0-e5c9-4475-8034-410fbba0b23d","block_type":"box","text":"lose value. This is known as extension risk.","page_number":78,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"37391005-2137-4206-bd6a-a823c14316da","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":78,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"137ff859-3458-402b-8195-7c0658b9c8b6","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":78,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"e99e98c9-9561-4b44-b96d-27f335235e5c","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":78,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"352a3fbb-893f-4850-8ff7-4783d20d1175","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":78,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"5538ff01-8544-4c7f-a964-bd7c67f0c4a0","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":78,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"409ca15b-43df-4b8d-b521-9ecde8922638","block_type":"box","text":"Floating and Variable Rate Securities","page_number":78,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"cc6c8231-782c-4f71-ab30-99d618b83079","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":78,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"521a2470-4e4d-4cbf-9b6b-98015a639d31","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":78,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"43be1fce-63c9-4837-a63f-739643cd745c","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":78,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"dc147345-bb88-4454-bcab-061db7b97dda","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":78,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"000e2964-6187-44dd-9fd4-17c22884be87","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":78,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"6cd097af-8d18-4951-832e-8b82547df0f2","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":78,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"3a9273a5-f91c-4f5f-810a-26829eb84159","block_type":"box","text":"market interest rates.","page_number":78,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"05daf50e-17ec-41f3-a4a9-6cc263e90f50","block_type":"box","text":"II-9","page_number":78,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"bcf9604e-5af8-472b-981d-08b3c62398bd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d892fe3-f742-4785-ba79-239e0d8f2da8","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":79,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"aa0bb797-e1d0-4080-a773-e2ecfbf99080","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":79,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"65a74811-1b2f-4c79-9cf0-ea6e4cacc4ec","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":79,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"c9211777-abe6-43dd-a833-5fed07f28ace","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":79,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"fa48c457-ada4-4703-9138-24c4dcd3b991","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":79,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"5da9e058-b0e0-4a02-937f-1df13da3d18f","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":79,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"2204ef48-4eb3-423e-94ab-f445f72e0111","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":79,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"43e4ad38-c1a9-4759-98c3-8fc744805dbe","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":79,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"955c255b-b4f9-49a9-a284-8d8665eb08b6","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":79,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"8f5d10e2-2e35-4769-8339-5a1093b63ac1","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":79,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"48c93ed8-c2f0-456c-8cba-f8c2342d6d79","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":79,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"c683552f-7013-4c13-b867-6a429afd9f52","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":79,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"7e372c4a-6d25-4e8e-a9e5-be81dd56707e","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":79,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"754e443a-b52a-4148-8ee1-995e19a2c29c","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":79,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"d01e4f53-faac-4709-ae40-f0ece9de058a","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":79,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"76565b96-9392-4503-b5fa-51cddc93d44b","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":79,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"a60eef17-dd03-4410-a335-01707ea89f96","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":79,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"9671a590-c0a7-4963-a29e-2f408d97800d","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":79,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"b787459f-ff91-49b4-a019-0e47dd1dbf4d","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":79,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"790812e9-5abe-4d7d-a385-ad9fdbea5dbf","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":79,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"6d181fc6-c72f-4763-ada1-49c4969b99d1","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":79,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"bf4e145b-b414-4fbb-8def-80a4aecaa6cb","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":79,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"34702f21-31f6-4253-bc38-372d1717b20f","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":79,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"d3f3d788-dd9e-486a-baae-217f5378c1e0","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":79,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"397ebc4d-314c-4a48-8453-9a47fb0794f7","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":79,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"b2e4ea88-5bca-40d5-84b4-04ff8f2fea23","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":79,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"07e13b08-81e7-416a-97c2-787df03a6f4b","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":79,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"36e99930-0645-4485-b0c4-4be9e844b2e1","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":79,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"e6a99e6b-9531-4e4d-ad7a-6ec0130007c1","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":79,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"01eef467-84db-4145-9bb7-e4888bfc2c66","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":79,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"70f178da-d904-43fd-9f32-db1d249e5c0f","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":79,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"47b40978-6614-4212-b5c8-9055015cfe1b","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":79,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"c514c973-6040-46e4-a322-5788e41fd386","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":79,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"0d16c22f-39db-41cd-8801-231ce7a5ce40","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":79,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"0110bf92-b139-4381-abe2-8d8f2b4a2dde","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":79,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"1661c332-2b7d-4d1e-a980-480773f0bff7","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":79,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"1f34d01d-655f-4f11-b976-5198f43692c2","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":79,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"fffb5d20-a981-4d8a-8037-37742c8f826f","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":79,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"adb86f1f-4380-4076-b1db-3ac6c6ac21d7","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":79,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"2f6cfa2c-5432-46e9-ba0c-5029810e81a3","block_type":"box","text":"United States.","page_number":79,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"4011211e-6a32-444b-bf9b-44c434995904","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":79,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"c3a9afc6-d460-4c27-9928-0d643f53346a","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":79,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"2ab2a003-0b61-43f2-a715-16f77bd865d2","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":79,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"69ba06a3-d620-45a1-978a-61f389977b18","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":79,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"b27af1eb-8f1b-4d22-af3d-f12121171780","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":79,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"cd6b5cb0-2050-4a3c-9905-ca8d98be9fa9","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":79,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"793107ed-4d30-4059-a778-1da9ae92180f","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":79,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"42225b60-64d2-42fc-95ef-5c43aecf08b9","block_type":"box","text":"i.e.","page_number":79,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"612f27ce-df8a-4f6a-b4f3-b3990d10a5cc","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":79,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"f4a138b5-b7d6-4ab7-8574-88d82393f7d8","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":79,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"ace332d2-7b65-4f0e-9e7f-fc2d041c6cec","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":79,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"a1f47c60-9024-4547-a968-de5c2f93ecb8","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":79,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"22cc122d-d1d7-480e-bfe0-8c5f639829e5","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":79,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"8b88652f-1a53-4a14-abd1-be896484ba11","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":79,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"63f314c1-c117-4e1a-9eac-5ae148a8a37d","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":79,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"e37b0717-728c-406e-87b5-60c1772f144c","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":79,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"65845125-ba37-4280-92d9-f11cac1388e6","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":79,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"00d664be-d041-4385-af50-8c12631b53f4","block_type":"box","text":"II-10","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1649d7ca-b1d0-4d35-9d9c-e8fde338bd5a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dbaab3f5-ff6c-44b6-a60b-13508ac00c11","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":80,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"24e3c04b-1342-4849-9ae4-0b1e30593f47","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":80,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"8762e044-da7d-4a14-81eb-70ed7e34c287","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":80,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"458a164b-ce9f-426a-8283-83d19da394bc","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":80,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"baf73ee8-7dc2-45e6-9505-d95910e5e18f","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":80,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"bdae13c3-adce-4a8e-be7c-b47a0f888ea7","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":80,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"f60a22bc-acbd-46ae-9d6d-3203337da220","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":80,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"360c5dac-5512-47f3-980c-670f1b11d164","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":80,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"8c28b457-2325-4d5a-a436-c2739c610891","block_type":"box","text":"risk than higher rated securities.","page_number":80,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"4baeb413-91de-4eae-9829-47281c143f2e","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":80,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"9ab0557f-1ebf-41f9-aa17-6673ba107323","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"cfaa1fde-758e-4adb-b34c-1e4c1efb42d8","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":80,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"d8a345ca-83a8-4072-b853-1e80c20cdf63","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":80,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"4a39b263-9308-4004-b7e6-dacfa03633bc","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":80,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"531f86f6-1950-4556-b15f-d0e85f60dced","block_type":"box","text":"unavailability of additional financing.","page_number":80,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"7a411fdb-7cdd-405d-b22b-93c0eedeccb0","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"3d26d800-a29c-4085-bc3b-90f8960b1ad9","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":80,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"632a3e9a-c435-4fa2-8b20-81b3b9b3c07b","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":80,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"5b9f2919-9af6-42c6-94a8-6bc79c0b33dc","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":80,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"d488a60e-6873-458f-af95-617a65122585","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":80,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"cfe67dc2-ef03-40e6-b800-833193ca3ba8","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":80,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"d9a67ae0-b579-40bd-932d-ead6b03e61d6","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"522dd7e4-1961-4447-9702-7e6f38e6fa9d","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":80,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"58c98ae8-68a2-4dd7-92a1-ae01929ac747","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":80,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"fbfcc16d-a298-4c0f-91ba-281fabddcc04","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":80,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"048190eb-a061-447c-b452-5381bd893643","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":80,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"8b8535e0-dcbe-40c7-85c0-bc13f996c508","block_type":"box","text":"investors in higher rated securities.","page_number":80,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"d5abc359-7856-4f73-81c2-43346d6a6414","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"b6bcf3a9-976e-4754-8e99-cab3f618183e","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":80,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"b25ce977-4f08-4e99-9dd2-815193270f34","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":80,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"4cae7870-c05a-43e5-bc10-bf426acde9e6","block_type":"box","text":"lower yields and may lose income.","page_number":80,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"375fcfe6-8f15-4f48-a241-061e229c3df6","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"81aeb588-e26a-4909-a3c7-0751934da4d5","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":80,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"9e7e781d-2b9f-4e5f-b178-dc3e7ad2a908","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":80,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"d9cbc773-e24c-4781-a16e-62922555e79a","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"1b223f30-c549-4034-8c33-77e43c1d249e","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":80,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"fc4c099b-5290-48ee-862f-734dcc1ebcdf","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":80,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"5379b024-eb53-410d-8ef5-f2ef16a9b057","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":80,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"ff008db1-f6e2-401d-95b8-7b0aeb6329f9","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":80,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"9befc84d-52b4-4864-bcf8-fb65307767d0","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":80,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"6b435707-a879-4d16-852e-8f9e17e812ca","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":80,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"1f5fbad5-26b7-4668-8a93-77c08fe80e0d","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":80,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"431bb806-d49c-4fd3-a19c-76ad8f8563a8","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"ac4a76c6-f92a-44a6-84ac-8d1949b86f33","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":80,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"48f0cfc7-b6de-455a-993b-14257cb75f52","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":80,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"6eee41ac-93f5-4d5d-82a3-8194a8a32931","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":80,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"254f9bd8-1eab-414f-a6c8-c2c64e037d3f","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":80,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"8efd33d2-6b6a-4ce1-a85c-26c03e09676c","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":80,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"f165c0ee-978f-4b5e-9430-250a2e6bd820","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":80,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"4d32b0c0-608b-4a46-a3db-944376c4b8bd","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":80,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"0e2be03f-a0cd-496c-bec0-3e3aec2420b9","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":80,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"5ff9a048-88e0-458f-a1ff-b489458d9454","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":80,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"c3e21af5-7e93-4432-9f34-6f3d9763dbf8","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":80,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"a466d88a-7d33-4812-a8a3-532b4cf8eba9","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":80,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"429a2de7-11b9-42fa-ad50-b7777f02b09e","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":80,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"befd94b4-1023-49fd-a462-6f51a0391bf1","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":80,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"a7ffbac2-ba80-4ffa-9827-a628a04f09c5","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":80,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"802c40cb-aab5-4ae1-8686-107c8e649edc","block_type":"box","text":"role in determining such valuations.","page_number":80,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"a7028ffd-fc3b-4e9a-bf25-e2cd1b18a1cc","block_type":"box","text":"•","page_number":80,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"7ceebba7-4a09-4314-9979-e9383161d1e0","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":80,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"10765e73-d04d-4cd1-9fde-892f6ae580cc","block_type":"box","text":"a defaulting issuer.","page_number":80,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"dfafae90-8893-474a-8e59-13a3dac01e81","block_type":"box","text":"II-11","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2841d510-5f1b-4ca8-b47c-8dc41aba5b0e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25b2bbaa-f15a-4851-a02b-6071a81e9c6d","block_type":"box","text":"•","page_number":81,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"d8c60b2f-4a3f-400a-b8bc-22f60ed8e436","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":81,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"825a81c6-11da-4e3e-a262-a0fa8d798de0","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":81,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"97b67957-9aca-42e6-8653-f32700e42118","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":81,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"7d7b22e8-8daf-4be9-a193-5f7a8e992281","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":81,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"43053e8a-1991-4f5f-bbb5-e738249c0937","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":81,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"741c004d-693c-4803-a7be-1d2dd2f18ebd","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":81,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"d63e30b3-9ab4-406a-8477-7456e8ce2e2b","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":81,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"cd67688f-94bd-409d-864a-19461319b9c3","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":81,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"64353272-7f9e-41ea-ae74-eb9e4dba39eb","block_type":"box","text":"•","page_number":81,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"af0aad38-a231-4ef5-8719-f003130660cf","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":81,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"028b8368-1478-4bc7-88a5-b41bee5efc83","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":81,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"905ece37-a03d-4083-b261-9c799b92f48b","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":81,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"a30afcc9-2052-4023-999c-9818d126cb66","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":81,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"bec58329-7459-4592-b1df-6d52247488a7","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":81,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"147fa31c-6aa0-4ba0-a204-e804464499ab","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":81,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"2bc9765d-9852-4eb9-8574-9c789cb62e91","block_type":"box","text":"higher-rated securities.","page_number":81,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"100504d4-dd39-46a7-9986-2c4b18b3d6cc","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":81,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"9df67577-7de5-4742-b038-6b1bf32b820d","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":81,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"a1f39bb7-dd25-47e7-9c70-2de5df3eef1a","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":81,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"7b76a2dc-4db1-4bff-b226-24a7330605d0","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":81,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"ec535e95-1474-4321-8f3a-244fe60f930a","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":81,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"79ca1aa6-27a7-4e43-a410-422fc82b9881","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":81,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"62db821b-25a6-488c-b569-cac04877fb1f","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":81,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"b2869d38-abbe-4fe7-8e7a-a1ef94339592","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":81,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"e145a256-4039-4b0d-b2b5-0c9fcda2df18","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":81,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"99741931-48ff-4670-9191-f97c93c6fde1","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":81,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"4ceca023-efcb-4d35-bfe6-336a2880d5be","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":81,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"60b1587b-039e-4186-bf1a-b2a0401ec844","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":81,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"2e1dff41-57ce-4672-94ad-824e46e76e14","block_type":"box","text":"Mezzanine Investments.","page_number":81,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"6c1c0eea-bf3a-479b-9edd-b78bec904dbd","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":81,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"12768fa5-d8b3-4d77-b677-465d1480bb9a","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":81,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"a0f97d14-12b4-4668-99f9-93033139d191","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":81,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"5f01943f-04a0-4f96-99e1-d2244ae1e3c2","block_type":"box","text":"e.g.","page_number":81,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"808bb714-66c0-46df-9d15-e5a7623108fa","block_type":"box","text":", with","page_number":81,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"4b349cf9-4ef6-4995-a640-6c5293ed90f3","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":81,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"2d338e02-de9b-48bb-837d-da9cee419938","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":81,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"41a86c53-8b43-41bb-ac9c-1f7352434fc0","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":81,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"f92b8e7c-81ac-4460-8a1c-c76d1b10c365","block_type":"box","text":"other obligations of the issuer.","page_number":81,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"6544900c-dccb-4788-83ce-91e344b982b4","block_type":"box","text":"Pay-in-kind Bonds.","page_number":81,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"14736f5c-f323-4884-949b-c1d7ef930993","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":81,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"9ea89ff7-e348-46ad-90ed-00cac8e71a74","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":81,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"285d43e2-631c-4335-9dfa-700507b2c378","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":81,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"9c7be399-5b27-4c0d-abfb-43d71df6ce7f","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":81,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"fac30647-df8b-480b-b15d-6635343534df","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":81,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"dd1699e9-abe8-46de-a2b6-43664d12d94e","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":81,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"d08f4ae3-a33d-4b6b-83fd-f648db696dc3","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":81,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"bbfe81bd-b291-4837-a53f-57d5172a683a","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":81,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"b993dbe6-048b-46d4-b206-573bef7874a2","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":81,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"627814f4-8e60-4332-a52d-ff7f6d23307d","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":81,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"67bfc856-0c21-47c3-a350-f1a70a336fa1","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":81,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"99d3763e-c7e8-4a02-9e91-a517ce222949","block_type":"box","text":"Supranational Entities.","page_number":81,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"d526ec4e-a143-4599-bb09-8a36bb2be050","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":81,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"ba197c4d-174f-4e0b-811e-98e11a56a248","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":81,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"9f6305f1-5cd8-4793-88cb-4b3eaff32dca","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":81,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"3e3d8ccd-ab72-4b1c-b1ae-2d23e6881deb","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":81,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"d494e59f-985d-4515-a94e-cfe93a752ea7","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":81,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"e7c0dcb0-5cb9-4248-acad-a64dd4b4f6ad","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":81,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"2e106570-1d51-41af-bd23-e064895abd14","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":81,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"35660d88-bcf5-42cf-8e39-4777f7402647","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":81,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"56cef649-8916-44eb-914c-1f0e7a9eb5ca","block_type":"box","text":"II-12","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fbede246-52be-4df0-8647-703c06676a04","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"feb7d641-237e-4653-b491-73974924f267","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":82,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"4c4abf1e-2456-4730-b688-cfacd4a98f05","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":82,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"38255f1a-91f8-47d9-9daf-9866b7b42ab1","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":82,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"d9667b84-a52b-4696-a71d-c185cde868a4","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":82,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"f231d917-02fc-4ea7-9277-bcfafd8e0af7","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":82,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"672c31a7-e93d-473c-965b-b7b0095ba6cb","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":82,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"eee3ae79-4a52-4078-a617-c68d0fb2314a","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":82,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"afbeb220-e06e-448f-88ba-1102c322c2d1","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":82,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"5d2d6bff-9973-46c2-88a2-04593c194459","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":82,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"65399847-2adf-49a1-9cb2-7382d30b843a","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":82,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"e9ac6e0a-3695-435d-a8dd-1dae0c3d1d62","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":82,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"31d76bc4-301e-4785-8467-9c08dc73768f","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":82,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"1fc5c72a-7ea8-4009-9517-8c6d7905360c","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":82,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"0fd1f373-9bd9-4496-b4ce-3d9e05a9d5bd","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":82,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"9aab15a0-596b-4884-8eb6-48baba664c34","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":82,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"42c84695-7f2a-4623-86fb-96976a5e0e5f","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":82,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"40101551-8fe4-495b-8b72-0128bf77e89a","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":82,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"282c211d-8b98-441f-9476-78323e2bf646","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":82,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"a1425c39-1ede-4f30-b66b-dfcc51fd014f","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":82,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"6785053c-1948-40c2-81f0-e16122f1081a","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":82,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"f59c2e54-df9f-48a4-bc21-68a4534b8c0e","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":82,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"5f2aa0c3-495c-413c-ae11-192bc49f17e4","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":82,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"2b619cc1-38fa-4da6-b807-cab06298ef18","block_type":"box","text":"Derivatives.","page_number":82,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"13b1d327-2550-4c09-b397-c2e8b058a7f2","block_type":"box","text":"General.","page_number":82,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"11081396-f4a1-4125-8eb1-0f3f5be1122d","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":82,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"b92cf524-61ad-4693-b9d1-75cc565b7b9b","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":82,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"ccac91a8-a3af-48fb-a4cf-761afc504aad","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":82,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"91f17adf-7c29-4441-a272-842aa7bdab0b","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":82,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"71a69409-f1ac-4b89-81e2-c1b1ec4ad3e1","block_type":"box","text":"other transactions. Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":82,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"7042b26b-3ed7-4e03-9d83-50a7afc01b03","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":82,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"4b672cbb-499d-43fa-abff-5c42a45c664f","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":82,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"ca4b2961-90af-481c-8151-0d04a2cb057c","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":82,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"5b4e77fd-9881-405a-bfc3-0c5fa3d4703b","block_type":"box","text":"i.e.","page_number":82,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"e0534e60-91bb-48c2-b48c-1cca8c679ed5","block_type":"box","text":", the payment obligations of","page_number":82,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"28a53e91-5fe1-4927-a911-0b824ecd41ce","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":82,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"236cd70b-e2e7-40f8-8bef-bf217db30f60","block_type":"box","text":"net amount of the two payment streams.","page_number":82,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"c5d9dec9-b946-4db7-9b9c-ab4ef2bdb528","block_type":"box","text":"Hedging.","page_number":82,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"566fbc20-5690-408e-b1b3-c71b300e2b33","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":82,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"a7c178aa-8e56-4fd9-98b9-3dd9edb93e08","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":82,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"3d5859a6-d5e3-4d27-b075-22bb2aa8131a","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":82,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"adff007c-bed2-4f63-9c2f-a730a5509019","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":82,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"5fd971ce-8aa3-45ce-96f4-9209a298a2ec","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":82,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"675dfa28-05d2-4796-b5a0-014bc26c0b3d","block_type":"box","text":"correlation risk,","page_number":82,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"e5faccda-cba9-4282-83a5-df3f8335fc68","block_type":"box","text":"i.e.","page_number":82,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"a8e10355-fa78-48a0-99ae-1eca0903d62b","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":82,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"92d08ce5-c2bd-4cf7-ba68-692e40b1550d","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":82,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"63dbd95b-2a4a-4584-8faa-09346a44e0ad","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":82,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"e599a1df-4981-4e93-95d2-64ddd5b9f08f","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":82,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"25fba48e-d02f-46b5-8aa4-fcfc5b93e332","block_type":"box","text":"Speculation.","page_number":82,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"3d38aefb-1b11-4c03-bb45-ed6f208b63b1","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":82,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"0d206d3a-8e41-40d1-af0c-5c0ae16ca025","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":82,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"b9ea3184-9d08-47a9-ae5a-ddc453e05215","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":82,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"cd9fe070-f63d-4ee6-b546-56e53f2a19cc","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":82,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"9ff52f6e-5707-4ec8-bfb5-a5c47e2483e9","block_type":"box","text":"in certain cases may be unlimited.","page_number":82,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"5a394d4a-8b7e-4b5e-9836-da63bb7d2a69","block_type":"box","text":"Regulation of Derivatives.","page_number":82,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"e3540d1b-7835-472d-ad4c-1c14cbedb1e0","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":82,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"de8643f1-6aa8-4f44-ac65-8d910191db54","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":82,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"00547ff1-18d4-4aec-aaf8-3e6f4f3ed6b1","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":82,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"fd3670af-a913-423b-97f8-a54a4b7e9e38","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":82,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"97650644-9c3a-47b1-bd57-0b75ee183f96","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":82,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"13be9b53-15f8-478a-ad9f-2efe441da59a","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":82,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"84d65509-4c0f-421e-a711-7cf312b97ddd","block_type":"box","text":"coverage”).","page_number":82,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"e41443d8-f680-4233-a672-d14289ecf090","block_type":"box","text":"II-13","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a591af8f-d732-4f7e-88a3-83ce6b4c61f2","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2240830-f462-47de-95f2-9c1a0d21d2be","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":83,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"c3dbf7f4-8609-4998-a19e-7bdfb2aeb678","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":83,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"e92b7076-f1b9-4d4a-9f05-7a4519cdc9b7","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":83,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"064eebb0-7ee0-43d3-8758-8a1aab5c4127","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":83,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"d4dc5fac-869b-40e2-8371-9842c59db7b1","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":83,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"017954cd-abfb-440c-b2b1-4dc638949c0d","block_type":"box","text":"financing transactions (","page_number":83,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"8f8d8270-7de6-4a4d-86bb-41960ae01d9f","block_type":"box","text":"e.g.","page_number":83,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"0115eb4c-abb6-476b-96d1-13f15ae380d7","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":83,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"ce3d261a-81e4-4e9c-b43e-ee8592a3a651","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":83,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"f5541307-9373-4011-9c80-caf1ccbf52bb","block_type":"box","text":"securities (","page_number":83,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"40cb68f7-3a72-41b0-bb75-e29b130a774f","block_type":"box","text":"e.g.","page_number":83,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"c94eb507-e55c-4c8f-965f-61fe3b48fd3e","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":83,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"e726bf77-3b74-485a-9263-0088346f9077","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":83,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"1cfc5c6f-acc8-4837-b3a3-943dd1a71748","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":83,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"3c695378-643e-4be7-a2ec-4792deeeec3c","block_type":"box","text":"Commitments”).","page_number":83,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"dfb86424-29b4-4847-b6ec-db8d1de37c6d","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":83,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"6aee995f-5f36-4fa1-a338-93c095a26ad2","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":83,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"11b0e4fd-41aa-41ab-bd2c-27ba3a1e3176","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":83,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"e3095367-dee3-4f4f-b1c9-87a9c2423cda","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":83,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"84c6feaa-6352-4a04-a93b-68e74fb35fd5","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":83,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"bd9bc0b3-f050-4d66-afc9-57bb52a474c3","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":83,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"f7902ef9-8eea-49d1-b10e-07e340fea383","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":83,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"e3c56a82-f330-424a-9af5-80958cb9f32e","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":83,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"8d0b696d-8d3a-41e7-bd3c-cf41e25aee0d","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":83,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"c8605b56-13a4-4a93-86c7-415ce74948ef","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":83,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"a2549da9-97e0-4d0d-8061-39dd5ebf9324","block_type":"box","text":"Dodd-Frank Regulations.","page_number":83,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"d0c9d63b-3670-4447-b8b5-16c2a2f43576","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":83,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"cc09c0da-e184-4c81-8f63-73952fffdf4b","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":83,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"e5726efc-8199-4acb-9c72-38685d3efb75","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":83,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"11656b51-dce5-4b76-a91a-908354911aed","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":83,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"68ef463a-1ad6-499b-a75a-762aafc06732","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":83,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"e3deb40a-7259-4b21-9708-6f6ae5bb85cc","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":83,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"58773285-a0df-4a57-96be-54b4960b7b3a","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":83,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"ab5e6d64-cfb7-4aa5-a661-55efd9211b63","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":83,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"40dfa358-ffdf-42d9-8c04-12c6f7eef3c4","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":83,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"5605eef7-f690-4fba-aa99-fe88b7065585","block_type":"box","text":"requirements.","page_number":83,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"872ef65d-dcee-4481-9e6e-8aa0482020df","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":83,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"bb1dbbad-612d-4d04-a947-ad31db73a77b","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":83,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"3056859d-d7a6-4b3c-b49b-441ac23a7064","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":83,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"6c7a409b-2284-406c-9323-011d7af9449e","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":83,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"8ed42fa4-eecf-4b50-94c1-72e846eaee8f","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":83,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"82c88054-e7f7-4b21-b9ef-69a1efbd2cb6","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":83,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"42f97526-9b9f-412d-8fb7-42a6bf6951d0","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":83,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"17030b14-41d9-4a37-ad6d-a75bf26a384c","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":83,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"a0d3a4a5-91bb-40e2-a8de-705f9647d54b","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":83,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"009b4c0c-01b3-4ff1-aba1-21889365a3e4","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":83,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"dacd9523-d787-4975-b118-e32c11936b17","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":83,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"22ef9a2c-d906-42dc-8e32-a66e5218ab10","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":83,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"2846914a-a6fc-4629-96cd-36d94fb4df22","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":83,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"1b6c4692-2767-472d-824f-5e5df3e40832","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":83,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"8f305e1a-43b0-4c67-943a-bb3ab1b02101","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":83,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"e1a5b45d-f8e8-4715-8ed7-a752798beba6","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":83,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"4755eb6f-a038-4b76-884c-397c619ea3cd","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":83,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"889a25df-6571-4ba1-9012-1788a4f9a45a","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":83,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"08f55ef6-be50-4d13-a715-0888d79a5479","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":83,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"886d31ce-0f46-460c-bdeb-1416ae83c624","block_type":"box","text":"member.","page_number":83,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"0fa561f3-5be8-40af-b7f4-4e4d1c26afa4","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":83,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"777f3e62-5ee5-4635-a805-6ef41ce53565","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":83,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"219502db-b705-4fbd-9b2d-2bb08b3d4ca2","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":83,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"b462f685-e390-4475-b735-6e6d1989c1b4","block_type":"box","text":"II-14","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2a9237c-6606-45a0-bbd9-93c7f36fe235","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b05de08b-4066-438f-b5bb-44ff03ad7ff7","block_type":"box","text":"clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with","page_number":84,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"6a01d14d-d472-4026-84ab-8480812856af","block_type":"box","text":"their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":84,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"5a1b97a6-8696-4d6c-94cb-8e32bef007de","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":84,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"1f93d00a-16f4-4ef7-84b1-ffe9481cc75b","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":84,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"90f8b66f-fc47-4c57-9450-be55265e9417","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":84,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"c6d808ba-6a8f-446d-8e51-9d404ee1c317","block_type":"box","text":"derivatives. Furthermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":84,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"89134901-afff-4902-8cdb-e051e5c39cdf","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":84,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"667b383d-7701-4254-bd97-c36511647b58","block_type":"box","text":"derivatives bilaterally.","page_number":84,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"c3fe4a6b-efcd-46ad-b89b-feff356d62c5","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":84,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"4a59eb03-f62d-4788-ac4b-f2f4e521d3ea","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":84,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"dfdadd11-6b02-43da-804d-22e3520f88e5","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":84,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"f7f7470e-c4cb-446c-b2b2-e25127df778b","block_type":"box","text":"(other than certain money market funds) may not be posted as collateral under applicable regulations.","page_number":84,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"daedc66e-63b8-49b7-a646-98062cbc9df1","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net short speculative","page_number":84,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"80d1ceaa-681b-43c9-bf4a-16cc5d05d371","block_type":"box","text":"positions that any person may hold or control in any particular futures or options contracts traded on U.S.","page_number":84,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"ecfebacd-dd36-4d19-a780-078fde063263","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":84,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"faf6d266-29f1-44e5-8fa8-11f24c03c886","block_type":"box","text":"agricultural commodities (","page_number":84,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"5ba108d4-f1a1-4c33-b1dc-f6a31cdcde59","block_type":"box","text":"e.g.","page_number":84,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"7a3134d0-bfc0-4b1a-aaf2-6275ab6294d3","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":84,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"10341482-2c67-4588-84dd-9debbb2cfcf1","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":84,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"f4dac36c-7401-4ec4-9b60-0882148f2c70","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":84,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"78d2306e-5e83-4d0c-a710-598719beb383","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":84,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"6398455b-a3d2-4f4d-8bea-35cd4c12d1dd","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":84,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"05f02a19-a87f-44db-b3c4-68ce7fe61a45","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":84,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"5ff342ba-20da-4d14-af0d-3cc47376c5ca","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":84,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"eadeeee9-9246-4a4d-ae8e-40af2a4c78fb","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":84,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"3823d32e-3750-4241-95da-5c5b47d71623","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":84,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"90d14b7a-8b9a-483d-a24e-36ff837e16cf","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":84,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"4d847ba2-660c-4613-8fd1-33e8d5cdd20a","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":84,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"11f2c40f-c417-4cc5-9581-8f2c40411f66","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":84,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"cf8fe780-838c-4774-b3b8-b266c4070018","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":84,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"8674fadd-af2b-4eb8-8612-6f03421f1dc9","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":84,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"8a5acb65-66f8-41b4-a13a-475b0103c6d5","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":84,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"0be07914-e0c5-4dda-838e-e601ff59cf07","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":84,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"04041f0a-be46-4e7a-ba72-1c04c7dff1c1","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":84,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"2cdb24c7-1941-44ec-b4bb-d69dba6b471d","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":84,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"fbb1c4b6-3b51-47a1-8e83-46ddd9993b2d","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":84,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"0e74edd7-c5d2-40b5-b8ce-272a0f57d19f","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":84,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"0acfa9d4-9aa9-45f8-8c23-34ab51fac090","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":84,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"f3f4dc80-b5a8-4453-9d2a-c389060c49f9","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":84,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"4ffd20bd-2a32-4b03-80aa-4f4bba9436c0","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":84,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"b9aaea4b-4d3d-439c-9ec4-c2226fdcd2a2","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":84,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"208a21e2-b424-4858-a0d1-87b32c0f2a2f","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":84,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"e6d6e11c-b4d9-4f6b-8c64-847df4b921cc","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":84,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"8473dc10-19f2-4abf-b259-56a4ec89a108","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set forth a list of enumerated bona","page_number":84,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"40e97f1b-243b-48c7-b9d8-4b4c88f7af6c","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":84,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"ef83c427-46ab-4925-959c-7c260b2825a6","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona","page_number":84,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"4586c557-7711-4315-9730-ba009345810c","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":84,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"21c2bbcb-a5e0-47b2-aa8f-18f86852d0d2","block_type":"box","text":"non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted","page_number":84,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"36483262-a3fc-4780-8c04-ba1bdc71293a","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":84,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"43785a0c-28d7-439b-b839-8d4846f9b022","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":84,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"cfbd032c-6979-45b8-8fdb-2c204ae98bb6","block_type":"box","text":"the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":84,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"6fac0595-7d23-45ac-b7de-868fb5c5a1d2","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":84,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"0ccf93d8-0d61-4ecd-b9bf-520bc801b0ce","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":84,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"a7f87b9c-17a7-4b98-a149-f3ab2a7d0e18","block_type":"box","text":"restrict the ability of many market participants to trade in the commodities markets to the same extent as they have","page_number":84,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"43ff837d-b686-491b-ae52-e3bb4f17365d","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":84,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"9715a7d1-9f4a-41f0-a9e0-6125a24b6a6a","block_type":"box","text":"duration of positions available to market participants, and increase costs in these markets, which could adversely","page_number":84,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"720882d9-1b79-430d-9050-a5a5c453e09e","block_type":"box","text":"affect a Fund.","page_number":84,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"6d21435a-b238-4fcf-9698-88ce25ea3356","block_type":"box","text":"II-15","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6bc7ee2c-0be2-48a6-a0d2-6ebe8496b480","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34083995-a96e-489e-868d-e627170afb3a","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":85,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"e0a45887-1bcb-4a50-95ca-72cf2ba8114f","block_type":"box","text":"market participants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":85,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"2889de02-477e-4e6c-a788-2f3e8215d413","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be","page_number":85,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"fe53e68a-01c8-4970-8844-300d3f847bf0","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":85,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"846ee62b-1d4b-4a58-ac72-ddfee8d1eea1","block_type":"box","text":"affect a Fund’s returns.","page_number":85,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"f73a8131-d14f-4e5d-ab7d-4358b207ce97","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":85,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"1e7f19e0-420b-4e1b-a6a7-5ee7194d1cec","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":85,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"c1671e93-69b3-48ff-b89d-974b8103084b","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":85,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"11647f34-b95e-4112-9006-1456888579a8","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":85,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"7e0b97d2-5644-4c4a-b596-3aa08d639252","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":85,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"bc57b69c-6bf0-4f73-b7e4-b5adf8f6cd24","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":85,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"843abd0b-b4b9-43a5-a17c-6f259f1202fb","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":85,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"0dabee9a-d016-413e-a7bc-1cbd4cc8062b","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":85,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"ee0e1e68-cf93-437a-9259-faa855934a73","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":85,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"f24d408f-099d-4c4a-89fe-e6a0beaf009a","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":85,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"a600d693-cbb4-4611-b22e-d68a4f9f754b","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":85,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"e19e50cf-0746-4b86-851a-6d8e4c39186d","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":85,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"cc7e2e90-1f4f-4a06-b32f-b1f5d8ee4f13","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":85,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"91e63c6d-13d5-4c4d-8ca2-660836a9fc69","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":85,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"78b07e24-fd6e-4891-aa8d-59f0376eab91","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":85,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"f5b7611e-5e54-4fe4-a5ba-498d31d5c766","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":85,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"50474c7f-3b4e-4c7d-b3ed-d22b046ded20","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":85,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"bd084fcb-ba84-4674-861e-95a07031fede","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":85,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"26b4949e-b1e1-4fa8-952f-a6c8078c6c32","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":85,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"b31b6087-3210-47af-81b9-a6d2535d9fb3","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":85,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"240efafe-a06e-4afc-a0e2-d6ddd158e752","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":85,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"2a590445-9136-4209-8393-e140295617a0","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":85,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"c92b1e8d-9460-4b53-994a-f283885f4b08","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. It is possible that these new","page_number":85,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"0cd0d851-dd09-4533-9ac8-3fd9c94584f5","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":85,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"931bad8f-f70c-4022-849d-3ab0ffc8fbfa","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":85,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"865c7f28-671b-4ec6-afe1-4af63ebedbcc","block_type":"box","text":"received under such contracts.","page_number":85,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"5614fc09-a194-4756-9d00-714d475753d5","block_type":"box","text":"Risk Factors in Derivatives.","page_number":85,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"e6074a86-fe4e-4162-88ff-ce70936f2392","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":85,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"b392fe7a-c372-45f9-8cdf-6215d1f77c5b","block_type":"box","text":"Correlation Risk","page_number":85,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"915a9328-2137-4c35-bc63-f98dd0eb3679","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":85,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"8c6ff7f3-c2b6-41c2-8c51-cd9465235e43","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":85,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"999d497f-9602-4951-8ca7-1a49e36a4490","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":85,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"569fbefc-dfe0-44b0-ac3a-52d00b22c332","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":85,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"894b588b-ca22-4442-9ef8-76b91f876d81","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":85,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"5bff04b4-ef1e-4efe-a21c-77dad32ca61c","block_type":"box","text":"Counterpar ty Risk","page_number":85,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"0e5ffbc8-a6d2-4890-a8ec-7c6616bd4a6b","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":85,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"591835b2-7b94-4056-9cb4-3d13f51ff18f","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":85,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"2742df99-ab88-4a49-9982-6fafba2910c5","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":85,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"529bd759-bcd6-4d5e-bca6-b0375a1b6370","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":85,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"51ff9ebc-2ed0-49ac-857e-100572574299","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":85,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"50a389cb-3b9f-40bc-a7f9-aade9c1cd58e","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":85,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"a444bcf7-9ca4-48f8-969a-db6b268101bf","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":85,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"26142619-8afe-4852-989f-7de0b9be620b","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support.","page_number":85,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"e5f09a5c-a656-4c02-93a0-7f3bbd771f17","block_type":"box","text":"Credit Risk","page_number":85,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"445178ea-532b-4f7c-894c-47a30da9d6dd","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":85,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"48f6e7ae-fe90-4e8e-b0c5-b004b584abf9","block_type":"box","text":"honor its financial obligations.","page_number":85,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"bb589c37-dcc7-4bef-9518-b6ad821e5396","block_type":"box","text":"Currency Risk","page_number":85,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"ee83e440-f957-46ee-83ff-be8cbd95abbf","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":85,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"75652539-292f-418b-8876-5c44d93aeca8","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":85,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"4855e521-0fe1-4b5f-ba61-bc9b8078c5eb","block_type":"box","text":"Illiquidity Risk","page_number":85,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"762fc2a5-c182-4198-a716-68a8c2fcec3b","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":85,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"32d909ad-3ed1-4285-b56f-dc3e30a7ae54","block_type":"box","text":"or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments.","page_number":85,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"01f384be-2439-46fe-b04b-06568aac1b55","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":85,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"958ca5eb-6d9e-41a6-8c40-75b469e0c54e","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":85,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"d1046670-2060-47eb-96a9-277f82ffc3dd","block_type":"box","text":"II-16","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"539f79b5-6582-4398-8ace-8d0e70a934ea","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ba0b18b-d1f8-449a-913b-d8e7dcc09f5d","block_type":"box","text":"without incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve","page_number":86,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"5b8ec44e-df13-4705-873c-230768c29a90","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such","page_number":86,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"70036944-381e-4a2f-85ed-66d7b755dd24","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":86,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"aa054aac-6dd6-418d-97cb-fafa30867f84","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":86,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"cd804ef8-733e-4c90-aa17-5195e56290eb","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":86,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"b52aa3f5-e86a-40a0-ac8c-a49481a59c3c","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":86,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"a5dda2b0-1844-4323-8306-c56e4068ddb6","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":86,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"2c098989-d023-4c70-a0c8-0a38545ad981","block_type":"box","text":"supplies, the participation of speculators, government regulation and intervention, and technical and operational or","page_number":86,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"6f8f1274-2338-4a29-814e-f0d0adb2ffec","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":86,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"d87fa919-2ad6-4664-a631-b622c3fa7cc9","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":86,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"cffb5536-e359-4d6c-8a9f-d51c194af6f8","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":86,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"8d1f6212-c634-4a3a-a248-70962ae79fca","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":86,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"835da093-87de-41a3-a9ba-cc31a454938f","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":86,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"62d2f4bd-5fbd-41a8-8167-cac814584004","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":86,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"b6ff7815-4804-4a77-bb9d-793d8281ad3d","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":86,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"9b725401-0815-4d31-a183-97287c639a8f","block_type":"box","text":"Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a","page_number":86,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"6c450354-77b2-4134-ab5b-16c62f1b1423","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":86,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"be3d808a-bfde-4620-b534-03e6cf71c426","block_type":"box","text":"Index Risk","page_number":86,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"a7ca4819-6c74-4e92-ade5-83537371ef71","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":86,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"d15cf776-1e02-42d9-a3d1-f81a6e0470e6","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":86,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"238a737e-ca0d-4f4e-872b-8f847ca0adbd","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":86,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"03b883b3-e4b8-414d-8bd7-d706d77263a7","block_type":"box","text":"Legal Risk","page_number":86,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"13b0eb26-d813-4569-958d-bf02a20732af","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":86,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"1c6bd040-d51e-4e99-ba29-de4014771f70","block_type":"box","text":"or enforceability of a contract.","page_number":86,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"80047a0c-b315-49a1-b426-e2f4025584ec","block_type":"box","text":"Leverage Risk","page_number":86,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"e959b125-c682-4f91-b41c-9fe9f5584303","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":86,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"fadf2f81-6648-4843-a588-e23ced25ec26","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":86,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"546ded36-793c-4d66-86f0-c251a3a1fb84","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":86,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"11b5a9ad-2e66-445a-b41a-71af30ea9682","block_type":"box","text":"Market Risk","page_number":86,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"8ef9fdfe-338b-44e8-8583-d3a3feb73134","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":86,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"6fbee3d2-05c7-4e9d-9070-701f5968ddaa","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":86,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"a8b4fd05-2026-454b-9251-a3e808966a94","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":86,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"cdfce45e-82a5-4e07-ba99-06988dee20a1","block_type":"box","text":"affected.","page_number":86,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"e181589d-3faf-40cb-8b57-a1f9a40e8556","block_type":"box","text":"Operational Risk","page_number":86,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"08e7519d-5e70-4e28-a53d-7d33b350acf6","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":86,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"c9b661e2-5a5a-4473-890e-c1aea538b985","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":86,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"052b61d9-35a9-417a-8edf-bddd866fa62d","block_type":"box","text":"Valuation Risk","page_number":86,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"7ffa0417-dcdf-4e39-b94a-794f1b3d5b1a","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":86,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"fd123ec5-84f2-4c31-94f0-a2a08ee5529b","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":86,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"33c4f892-dd28-4d21-a8ef-03735094da96","block_type":"box","text":"complex instruments or quote prices for them.","page_number":86,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"cd322598-d3c1-4498-983a-a398e74b8e3f","block_type":"box","text":"Volatility Risk","page_number":86,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"3c8f2460-3545-44bf-9e40-6b8070e0d4f5","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":86,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"f14ae53a-ec8f-4bab-bab9-1098543a3e75","block_type":"box","text":"Types of Derivatives Transactions.","page_number":86,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"512b2dc2-c2ce-4666-a169-89479814ef66","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":86,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"ca1fa34d-c840-4efd-bfc8-978c1c13feb1","block_type":"box","text":"including the following:","page_number":86,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"b9e03c7d-5120-4a8c-be72-3ac0a47c7b65","block_type":"box","text":"Futures.","page_number":86,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"982956ec-8751-4a21-8149-048f879d80bf","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":86,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"0d456546-6279-476b-bc32-50caa222a143","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":86,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"ab20cd7d-39bf-42a3-bce2-1386b706cf10","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":86,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"0ec4143c-c318-4ae6-b9be-d80183785c47","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":86,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"3d0efb75-60c7-49c8-8363-29d454125b90","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":86,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"7933b9e9-c99b-4a5b-a828-0525b7a0ff00","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":86,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"1b5eba83-0ea3-43cf-9c8c-09d5be39c6fe","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":86,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"55e3ff12-26c9-4a65-98d9-63e1b7cf9bce","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":86,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"3bbe09ea-4634-4499-bb78-995bbb60e493","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":86,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"8777ae1f-b69f-433d-8c99-9324f35601fd","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":86,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"515cb1f9-f0b9-40e3-b48f-b446653285db","block_type":"box","text":"of the futures contract.","page_number":86,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"193f226b-a973-4fd0-b2af-4ad529e17f9f","block_type":"box","text":"II-17","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf1dd75c-b66b-4010-8063-812cd0cdf7ee","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"128f7bd3-4c45-43e3-95da-4eae8da2c345","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":87,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"8255b5e9-d356-4f37-8a6c-81d2d289e043","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":87,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"614e8f8c-abe6-4658-afc5-07b885bf1778","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":87,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"e8a668e2-52fe-47e3-aa0c-269681722fa8","block_type":"box","text":"relating to the futures position.","page_number":87,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"18e45b5d-ae9f-48a9-9d59-e4a34840ee58","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":87,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"3e2a823c-d44e-4e7a-9014-309a4cb35e32","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":87,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"de24f4c8-acf6-49d5-8166-cc1a5c2c17d3","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":87,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"041bb636-2e9c-4e23-b428-3110e3ccdd94","block_type":"box","text":"Regulations” above.","page_number":87,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"e89d1637-a502-4280-9a5f-7270c44c27db","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":87,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"276a0573-da6d-4771-9532-432c568032b0","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":87,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"6c5e5d92-74df-402a-8dd6-e6e7a45b5ff9","block_type":"box","text":"(","page_number":87,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"e15502d0-7262-45a8-9bdb-b98c314880fa","block_type":"box","text":"i.e.","page_number":87,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"eaeb633f-e9ca-404d-a804-8b0a49b4575f","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":87,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"69e80156-62f5-4533-b6bb-23f46c78256b","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":87,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"b6c96d77-7ab0-4bb5-ad77-ef021491126c","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":87,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"827f43c1-ac02-4b19-a92d-4b3e6ff005e1","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":87,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"e880be58-c169-4790-94a3-a8b6b3d73708","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":87,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"e7ff966d-f15c-4f5b-84da-89e43545727d","block_type":"box","text":"Fund intends to purchase.","page_number":87,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"1670af8f-d710-4cc7-b8ab-25e7013cf6ea","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":87,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"1e986ae1-55de-4f68-afe9-ef9d5313bdd4","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":87,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"3859ce96-c1f0-48fd-83d6-ebfddb4da8dd","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":87,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"5fd87c1a-88b8-43b7-b299-36cb5a509cad","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":87,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"19f9d958-aef8-4a50-bc1b-903c833e0634","block_type":"box","text":"illiquidity.","page_number":87,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"a97bcb8f-f8c6-412c-b526-b7b5a85ecfb1","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":87,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"90460888-3e19-4ee9-9b00-9aaf47faa536","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":87,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"21438dfa-2f41-44c3-8ebe-925f82a3182f","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":87,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"c62daba2-1b7b-4477-a5ef-f043ee0327fd","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":87,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"24c8bd46-bc86-42a9-8744-b776e935cdb9","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":87,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"09211d73-fd10-4650-bb95-0557aa23636e","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":87,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"55ceb667-b358-440a-88c4-02cecfbf5436","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":87,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"7431eed7-b6ca-4189-bdc3-531420142e5b","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":87,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"111858a5-4d7c-4bb9-97a8-8df6e6003ec2","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":87,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"cbd17cea-2a6a-4a01-a5e9-6b74b1c1b3ae","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":87,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"2c704312-3fb7-4dfc-b507-16034d0b5fd5","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":87,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"2f2d343e-88d8-44c6-9c5d-a438a0c02188","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":87,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"020f4a81-c1e7-47fc-a8c8-b67975bb2aee","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":87,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"aa2487a3-9420-4f27-a323-f9e62b6faaea","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":87,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"c37dc8a5-0e00-4958-bf3a-5033b4ff8e16","block_type":"box","text":"Swap Agreements.","page_number":87,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"fe86dd0c-61b8-49f0-ad76-24341aaff409","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":87,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"bdebf19e-cc73-48e6-ac9d-6a946ec13c3a","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":87,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"f60979ad-010d-440f-93cf-efe8a3209ed0","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":87,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"5c747cde-e932-4a16-811d-5bee909e5347","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":87,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"37e250f9-76ab-4f60-8e8b-0d3bc47d6c5a","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":87,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"de53d23b-296f-474e-ad5f-0e4f6a98b61c","block_type":"box","text":"a “notional amount,”","page_number":87,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"b6ce1886-69e5-4995-9b16-b24710c12368","block_type":"box","text":"e.g.","page_number":87,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"909c2c98-eb20-4375-91a2-5c373ceb79ab","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":87,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"fbf66dc9-f96b-4589-aab9-89001c329cf8","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":87,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"bf697e23-3c59-4e77-9ced-ec19e2975678","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":87,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"05f98db6-131b-4360-89a5-ba0bdbfd58d4","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":87,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"353bcb78-6f9c-42e3-b516-9b70c8005e9e","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":87,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"60666e13-96d4-4421-8404-9cdaa6cd1582","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":87,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"f9c10655-360e-41fb-b077-2aeba2492962","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":87,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"631422fe-3994-4e32-b15e-113096b4cd75","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":87,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"aafbed73-47eb-4893-aee6-3ce42acd24f5","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":87,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"1e3a5f28-2df4-46d0-89a9-ecb7988e9d80","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":87,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"64b105e1-06bc-4a35-8c77-60345b1a53ef","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":87,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"31c8f4fd-1660-45c2-b3ee-9dc9057007ca","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":87,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"7b53f7f1-2013-4205-86ca-83b16e482cba","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":87,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"1e3f05d2-7c7c-437e-ad2c-74cecaf08bfa","block_type":"box","text":"II-18","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"935cfa05-20ec-4819-8312-6a546e7afdf9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2a27494-017b-4e37-b228-02437ce6cfb5","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":88,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"58f48730-7445-400c-8456-54eb8b34e878","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":88,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"852e85a1-a8b1-41cc-95f2-a31218d29027","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":88,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"ddbbb05a-3bf6-4f9e-b83b-5ace732d8fcf","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":88,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"ba1d47fe-ce29-46a4-96c3-bf561a34cbce","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":88,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"43261704-239d-4fed-80fe-6d68afc6effd","block_type":"box","text":"index CDS.","page_number":88,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"7d4db9b0-fec5-436b-9879-5e82f122297a","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":88,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"2250c3ca-3771-4537-8e91-3491dc469b26","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":88,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"aeffa9ba-be1e-424f-9e54-723b0211654a","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":88,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"f8e031f7-7c57-46f0-b74d-5ebc0e082085","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":88,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"6599c14b-e388-4dc8-adaf-a0dfe0ff959e","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":88,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"65c11d2c-552e-41b3-9b67-6ce8cc4984f0","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":88,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"47d68091-beec-49f1-9ffa-04e6d0bcd948","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":88,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"c33c3425-5866-4609-a6f5-4db6a3f0d2f8","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":88,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"70418e69-b053-43b0-9cee-ab5d3c3b6a72","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":88,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"78647cea-fa53-40e2-ab9a-5669bc0649c7","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":88,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"873182cb-ddb1-45ea-bf86-d2484a9790c1","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":88,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"420cad91-fc47-49e0-8f00-4e9a13cc6570","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":88,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"0c1092f9-d42c-43c1-b4e0-b8671dfd763c","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":88,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"4ff3c7c2-431d-45ca-9881-cf0e2dd6d054","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":88,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"69ed3db4-0939-4d9f-9c0e-ee8f6b2ba52f","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":88,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"f5e2b828-512c-4ad6-9c45-76ea4fa04755","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":88,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"c749804e-0374-4436-a311-f42cc31456c1","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":88,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"469cd0a9-aa47-45e1-98d9-568d10c9e72e","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":88,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"9e2a2aa0-ab7d-4c07-817b-041ff0923b6f","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":88,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"26ce6ddb-ed97-49eb-80ae-0da45869cb33","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":88,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"03f6b875-8408-4426-8af5-9757155cc563","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":88,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"df6ffccd-c1ed-42a4-9e59-b37258159a15","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":88,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"4d0a4975-1805-4fc7-9338-f5790dae3511","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":88,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"1ef404ac-b924-4ccd-9cac-8069509f3356","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":88,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"745780f6-2982-4286-9f2c-ce4f6bd74071","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":88,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"655893e1-5c43-4593-84bc-4f65182d738e","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":88,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"c41eaf5f-700e-497b-8762-7cddb9fb9b49","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":88,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"b898c8c1-247c-4d81-9416-f663e6eab1c0","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":88,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"5d69023c-8b0a-4645-a3c4-ca7fd97ae5af","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":88,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"a0e9e3ee-4017-436a-b8ae-afa095ba34cb","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":88,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"5945c363-7f17-418a-8b3c-5b27b858b7a8","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":88,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"aac055c3-1c93-4571-bd42-80131e491d4a","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":88,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"ff632a2c-9ad8-4264-82b2-de0f40871f2b","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":88,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"0e6e8570-a53d-4f45-b898-c1e7fbeecf88","block_type":"box","text":"conditions.","page_number":88,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"5d25b7ff-12c0-4038-9711-22eda9243aa5","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":88,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"b68dcc28-d35a-4755-9fa8-2ec27aa20e3d","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":88,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"607a2411-1cbf-48ef-859c-38141694b91d","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":88,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"ce66b619-ea80-4588-8f8d-4eb8f75e5028","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":88,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"49c895f5-6fea-4190-bcbf-d7a838703006","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":88,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"4a52463f-3836-4f77-9d99-becb984bfd71","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":88,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"80355fa0-050f-4759-a2ae-3711b8e7d09e","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":88,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"adb523e6-5dc1-43d9-ac6e-60d9bb7ed297","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":88,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"f5230f80-4109-468a-816e-373c2cc8fb65","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":88,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"bad48b29-4805-4b9b-bf9d-939ff8e6a4cb","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":88,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"cd0611de-095c-4f26-ae6c-03961539f7e4","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":88,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"6b479960-e6f7-4403-85ea-f0713b1d1e0c","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":88,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"0ae4c38a-9f85-4552-8644-1ed240ec42bc","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":88,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"865ca72f-085b-492d-9969-363f43d37089","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":88,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"58072e02-ede6-4491-bacd-6a2e36a66215","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":88,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"d0f9545d-6d9f-4ee8-89f8-8298cc95bb72","block_type":"box","text":"II-19","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"55f0d4b5-3ef7-4523-a163-cb510a7fa35c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbb395d6-3a10-4272-b7c6-6dd860ff9a82","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":89,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"23bea1e8-088a-40b3-a581-fb921bc70610","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":89,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"b11c5008-6550-4051-b07d-5a6e3e802b87","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":89,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"e925a5dd-de78-491c-b025-679d2d4a4bdc","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":89,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"60a7890c-14f8-4786-8906-cfcb85cd66be","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":89,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"18fdb677-5cfe-4cad-8379-1781faf14e83","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":89,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"56484143-bef6-4047-81cb-09a67657b155","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":89,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"6af46056-f694-4a1a-82b5-3e649846cce6","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":89,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"c8ba827b-bced-4c45-a621-b7643108265a","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":89,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"f8867560-1deb-417d-8d9f-b7c3599f17bd","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":89,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"409b4d29-3a60-4aae-b6fd-bc6fea3d7c7a","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":89,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"0f095ea6-3214-4187-a243-f4dee9f67b52","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":89,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"39d42691-6e04-4170-a662-4ac281ed1007","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":89,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"b2b20b64-9256-4529-a657-25f58a8751cc","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":89,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"7b910287-9020-4a53-bedd-1c128d60effb","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":89,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"bedaf94f-d038-465e-9b2f-8dda7e0c2460","block_type":"box","text":"cleared interest rate swaps.","page_number":89,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"f52fed0a-f22e-420b-8d59-4fac2099ef1d","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":89,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"5832efe2-b074-48d7-9f57-8937382488f8","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":89,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"df336f1d-d3ca-4909-bf92-82379745c494","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":89,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"6b74f285-2596-4d26-8df7-43f3f7ffa8bd","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":89,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"44484a6e-67ef-4970-a6ba-f7734ba6e33f","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":89,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"4def2fc9-2905-410e-8b64-8860decaeda6","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":89,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"938ffef4-e343-4924-bea0-8e5ec01cf1e9","block_type":"box","text":"to enter into certain interest rate derivatives due to applicable income tax requirements.","page_number":89,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"573b9fac-f020-4bf6-9cd3-7ed329ef93c3","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":89,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"75b2a4a5-2757-4ac0-aa3a-6ec317efac6e","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":89,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"8f26ba66-4817-46f9-8df1-28dc6795829f","block_type":"box","text":"or variable interest rate, index or asset.","page_number":89,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"f08e57dc-24cd-4d2a-8309-670a4fbd4f01","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":89,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"cea77830-e92c-4d0c-bbc3-0c9e9e20ab6d","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":89,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"21aed3fd-7811-47e1-815d-9d31d04fadd4","block_type":"box","text":"such interest rate floor.","page_number":89,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"84f1daae-1e76-4a22-ba48-d6b589bab00e","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":89,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"bc1a7ba9-8ed0-4832-890f-16d311549bb7","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":89,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"a1180088-057c-48b0-bf99-71ad6a04e508","block_type":"box","text":"such interest rate cap.","page_number":89,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"8c6362f7-f038-4452-a32b-26b9c06cbf3b","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":89,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"5312cbf8-e288-48f8-8b68-e5b27b281a16","block_type":"box","text":"commitments to pay or receive interest,","page_number":89,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"03f17348-2027-47de-96a5-d4f49b3bb225","block_type":"box","text":"e.g.","page_number":89,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"12b038de-26b2-4f49-9466-2dc065f44a00","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":89,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"a2ef332a-aa95-42c1-a591-83219692c7a2","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":89,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"0c3b5f3d-e196-4628-82be-e11bde65592f","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":89,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"02e16d71-09c1-44d4-b314-497e8fbc096d","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":89,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"7618a3fa-464c-4266-a6f0-b4e3506e0f72","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":89,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"2182ad04-11a1-4a04-9369-f1acadc5aef6","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":89,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"802284b5-5511-4ea9-900a-0e7295f00d59","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":89,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"3412d595-0f71-4d5d-bc7a-c324a550422b","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":89,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"2d46dae1-906f-448b-a03b-2d1482e9586c","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":89,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"1572b6a1-a24c-45e2-b3e5-949622b5a7bf","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":89,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"a03e6973-fd67-4f6c-a1a3-6e2ef7b5ddb6","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":89,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"feed49f1-f07e-421c-99b0-b999325ffd68","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":89,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"54fb6d55-9671-42d6-87d7-3992333db580","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":89,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"a55d2a35-0c63-4eaa-8ea7-7990d8dbee28","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":89,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"e524b8a0-429d-423f-9a6a-1a9b772d06d2","block_type":"box","text":"Total Return Swaps.","page_number":89,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"fd9ebe76-5103-4aab-8585-dd75b744ae28","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":89,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"371ecb39-99a1-4189-9726-ba0b21500764","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":89,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"0a011592-b59e-47a3-9c09-62e5c5cfbf27","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":89,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"5d40622e-ac1a-4812-9475-107646898e99","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":89,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"dacafbaf-73a8-46ec-8df8-4a466752dd9f","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":89,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"9c95ce7c-fbc7-4f82-b5b3-36e0ccc64805","block_type":"box","text":"II-20","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10f3ec9d-b996-441e-acc3-e077e919092b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bd95761-9813-49cb-9d98-8fc79acfdf38","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":90,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"7b287c55-f2ed-4574-b01d-aaf48b65cf0e","block_type":"box","text":"“contracts for difference.”","page_number":90,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"882bc11e-ac2a-4114-b7d2-dced62d34608","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":90,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"0e69429a-a62e-4e61-b496-f79d8ba1b9f3","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":90,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"9f0ab385-9c35-4e5f-aad6-8575d89d03eb","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":90,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"f09bcfda-2149-40ed-a878-fbcaa76fac24","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":90,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"cb3b66d1-a354-4f69-9ba1-efeb176f1892","block_type":"box","text":"the notional amount of the swap.","page_number":90,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"c5568878-d2ac-49d5-8670-33493a9a1331","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":90,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"947a50cd-ead9-4375-9a6b-589b1572dc7e","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":90,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"90219b8c-966e-4a14-95e2-2902675d7c94","block_type":"box","text":"Options.","page_number":90,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"23c03f5c-a048-44ba-a37a-bcc4f7036999","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":90,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"b4bc042c-6b96-4bda-afbf-b6eb5b5285d4","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":90,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"df200ce6-2196-417d-924a-87710f663064","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":90,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"3132ed26-3aa3-4c9e-9438-f244453618e9","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":90,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"bfdf34f7-1480-4aa9-9cca-24b301c87a1a","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":90,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"87ac8a86-3728-4f47-ba70-b8472ee74b70","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":90,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"574db64b-7052-4421-8ebd-d6b26f731aff","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":90,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"6abbf611-d0a2-4bbd-bc9d-d543d838f352","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":90,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"ed3c3737-9295-4e0b-a411-a19e6e852cd4","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":90,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"4218493f-979d-4d79-ab7d-275cadced7fb","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":90,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"3285aa84-00e1-4d05-9fc4-9d6fc932cf81","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":90,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"8e596754-74b6-4d10-a4a6-cae672d9598b","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":90,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"d1ea0c91-e1eb-4e70-a68d-ab0cb9f9aed9","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":90,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"78893e90-0aaf-4551-bc84-ffcbf0ea9cf5","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":90,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"3bd43af9-e0f1-4d57-98f6-bc16b253c586","block_type":"box","text":"OTC markets.","page_number":90,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"d69c3bf1-25aa-49bf-94d0-a5e74450fbdb","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":90,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"89f6ce7f-a632-4c54-9912-c91725bc7ae4","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":90,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"0c1189e2-dfba-483d-98a9-62655cf2ab62","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":90,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"df641812-8a28-4664-b9e3-b0971b57437a","block_type":"box","text":"market for particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":90,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"e7435f2d-7b48-464f-957f-e83007fb09db","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may","page_number":90,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"eca93423-df19-4852-af7b-72b906e2d9c9","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":90,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"95a4058a-2a85-467e-9eda-0ed332d601bb","block_type":"box","text":"other restrictions may be imposed with respect to particular classes or series of options or underlying securities;","page_number":90,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"96aa6e6e-62e4-4639-a1ae-f9b4ae11f0a7","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":90,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"9f8e38f7-6afe-4cf1-bca0-213a997fdfe2","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":90,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"60606dff-df98-4a28-88ef-883595172ded","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":90,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"0c679178-1cf9-4387-9e5a-c44495f4c3c4","block_type":"box","text":"the trading of options (or a particular class or series of options), in which event the secondary market on that","page_number":90,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"9f6b52ca-97af-42a0-8f82-2eebe1783933","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":90,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"276d9b78-fc3b-4f90-8020-df09735dec75","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":90,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"53d87064-3316-4de7-8a53-86c5f12a29b4","block_type":"box","text":"accordance with their terms.","page_number":90,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"694dd22b-2ee8-4064-8e73-4fe3756a4191","block_type":"box","text":"Call Options.","page_number":90,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"2a5edb9e-8e3e-483e-a5a1-495b0a6cbb54","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":90,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"ab41fb1f-7416-4d0f-98cd-c8218453330a","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":90,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"412fe757-c5a3-46f6-b4d1-402a54586e22","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":90,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"a0f31975-8e24-4a14-b273-bd33e6f47b5e","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":90,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"849f2d4a-2ed3-43b5-8a35-2f7e71dd5a88","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":90,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"3b87a377-40de-4943-86b8-72f7a7506d31","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":90,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"93ca1295-0c62-4823-b0a9-abb74a05e437","block_type":"box","text":"of the option.","page_number":90,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"c2ee2fad-6c5b-4629-aff6-838bca702ccd","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":90,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"ca2f3baf-8cef-43cb-8a8d-a26d6552bb26","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":90,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"44718241-2f5d-46fa-a272-b019f4d1bde4","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":90,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"4db9e839-831d-4a1c-882a-f79314eabb90","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":90,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"89180957-8e2e-48de-ad43-489fbd10623d","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":90,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"aaa85b38-aa8d-419f-9eff-19dbfa50cf82","block_type":"box","text":"A Fund may write (","page_number":90,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"704fab26-8bc2-4cec-9dfa-09b9fccc14a9","block_type":"box","text":"i.e.","page_number":90,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"2adf7b2d-0b2d-46bc-bec9-c8438e1e7338","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":90,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"4f75cbfe-378c-485f-aefa-acb6e3605555","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":90,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"5940771c-4e87-4895-991f-9b82af5d3987","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":90,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"8de349e4-0fe7-48bb-a819-15e5cf7059d7","block_type":"box","text":"II-21","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b07a52fb-e4f6-4dbd-8734-6dd20ed16465","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5420138f-4c16-4c2f-b73d-08fba8b5ae72","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":91,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"6d8f875d-6182-4035-916d-11a617bd5b36","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":91,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"16593110-1ec3-4a26-b119-e2b361925f63","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":91,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"aa2c8afe-213e-48cd-a4ea-ae9b967d2349","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":91,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"19de3541-cf46-4490-a9f2-ba9128b6ac9b","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":91,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"ed692bd5-1a25-4c3a-b3b5-07f49db27d06","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":91,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"8887f9c9-3f7b-4c20-b44c-bd3a99d312de","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":91,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"decfa4ca-e5bb-435f-ac86-8f41b02fa45f","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":91,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"2119d72a-b150-4b6b-a88f-41b38190a504","block_type":"box","text":"A Fund may write","page_number":91,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"752e3509-366e-4e52-b8cd-5280e8c05cad","block_type":"box","text":"(i.e.","page_number":91,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"e2a5520c-53c7-4854-a96d-9bfc4c810e0a","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":91,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"8ef5e3f7-55a7-42b1-aaae-f7b51c708ca5","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":91,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"5a3f312c-6bf2-4f10-9c85-b6f19e1389e1","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":91,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"9cff04c3-e55f-4b2c-94c7-211a6b9fef33","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":91,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"9a342dd2-d8f0-4744-babb-e8657ceed36b","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":91,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"f19616ae-d229-48f0-a9b5-26efc09c14f9","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":91,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"e3bc3d00-8086-43ec-8242-29b615050a99","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":91,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"c42ac68f-5981-4cc7-873b-d022e676255a","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":91,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"fc24a27c-174c-485b-98b0-c86c5178653f","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":91,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"f79b0f3e-9ef1-4e1f-8904-e8b1a820517d","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":91,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"5f785f1f-ca92-47ad-8fe7-f8ccefbf9742","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":91,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"251600ae-ab26-4393-a2cd-1991e01e02fb","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":91,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"10dec5a0-38f4-4186-aca7-38a3f7346c87","block_type":"box","text":"Put Options.","page_number":91,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"52b0fd53-fa5c-4111-bf2b-819db3b2051a","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":91,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"a11cfbc4-b311-416c-aef1-27d6866548b9","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":91,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"0c02a755-4489-40c0-94b7-5ea7c68e8508","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":91,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"0ccab343-0342-47e1-93bd-8aafb1993777","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":91,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"4ddbeca6-5d75-452f-b06a-4d14151c43ba","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":91,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"8db00cf2-e30f-4eac-9166-403b6c9ff964","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":91,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"d3864290-8057-4ba9-b52f-f07fc07e04f7","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":91,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"f69cda15-d533-4f51-b1eb-fa298f709cab","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":91,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"6bc05ed8-3a1d-4177-b1ac-9d9dc76925b7","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":91,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"5613e522-f55f-4638-b130-22d8386ec557","block_type":"box","text":"purchase uncovered put options.","page_number":91,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"0ee617a7-2162-4ac6-8d42-08257668df5b","block_type":"box","text":"A Fund also may write (","page_number":91,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"a2058106-890d-496d-ab05-121e87cc2829","block_type":"box","text":"i.e.","page_number":91,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"c62ff6a2-d3ec-4ef1-9895-0f3db91c07c7","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":91,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"ab793ddd-f811-4d1b-b308-0877d7e5d32e","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":91,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"d7e46457-6b8b-4d84-8dbb-2094fe5ff958","block_type":"box","text":"A Fund also may write (","page_number":91,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"5bdbe66f-9dda-4ae7-ad5e-8686d16eaa7e","block_type":"box","text":"i.e.","page_number":91,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"8df421d8-071d-422e-b0e1-efa93898d24d","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":91,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"017f75e0-9893-4581-a87d-3857d715dbfa","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":91,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"2347e2a3-625e-4613-8d32-77b143fdfd8f","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":91,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"8aa5d1ae-b12f-4653-9782-468f17652385","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":91,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"5a8cd590-7f0c-48eb-b794-ee154ea8f670","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":91,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"9a52a311-2403-4b16-843e-26ae3b7da901","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":91,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"6ee574ed-05b0-4e3a-a704-41ce602f6e39","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":91,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"21fe63fd-bad2-4774-811f-f010a8fb46ca","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":91,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"f27ff23c-4ff1-410f-9604-a3d2715aad6e","block_type":"box","text":"the exercise price.","page_number":91,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"cf590a31-1f59-4ba9-a8cf-9b974f33b0af","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":91,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"2cffd929-e4eb-4802-9b5b-ea98f51fc085","block_type":"box","text":"The following information relates","page_number":91,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"d33d7824-ae1d-41a1-93f4-9dc3e9f0d84f","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":91,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"e40a8f4c-a61a-4b25-9689-daa09ad9b0e1","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":91,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"fb4381ac-5136-46c5-a9ec-2b0b9500d221","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":91,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"10e7f98a-6d00-47d6-a085-193c4ecd6a57","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":91,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"293f93de-b2b9-4945-81c1-e187429b5236","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":91,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"3d3e7e31-f37e-4f01-a3a8-7dc3e59be870","block_type":"box","text":"market in order to maintain its “cover.”","page_number":91,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"133a0c0b-a0f7-4f4c-93eb-5990120818bc","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":91,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"d202e21f-8005-4e03-b065-a5619b1ef427","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":91,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"46da2046-cc16-4c7c-9dfe-1da14513fa1a","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":91,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"84b6eac5-6650-4f3f-9fa4-164633fda5fd","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":91,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"d6e46eed-1aaa-4f73-aff8-d323bcbfbce4","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":91,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"1f2f6835-1c17-4c15-a5b6-72c5420c976f","block_type":"box","text":"and incur transaction costs.","page_number":91,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"f85e0cdb-e6ee-40f6-8454-47cd03638e52","block_type":"box","text":"II-22","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffb4d7a2-6da4-436a-8a86-9ae85445d26c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d99b1714-84eb-41b0-9813-c765384c0d48","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":92,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"4f527a21-3d33-4f85-835e-7a82addbb6eb","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":92,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"58804181-0c48-4ed9-aa86-b7b07e4b200e","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":92,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"e40d8972-6930-45cd-b43f-0cb818503567","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":92,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"cbc89fbb-345f-430a-8eb8-f7300bb1ae57","block_type":"box","text":"i.e.","page_number":92,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"f8a025c8-b709-45f3-bc21-afff990003ea","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":92,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"6ac2e875-ba8f-49d8-aae7-649576210d48","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":92,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"16f33f22-62eb-4c9a-90c3-8f2ad5f6ed70","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":92,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"b4200cfe-ca4e-431f-897c-59d0f48f3427","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":92,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"0c411422-8479-436c-a39c-df17b77e26aa","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":92,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"94306996-61cf-4ac3-b729-d2b2b581b15f","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":92,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"1f250cd3-7533-4001-8b3d-6f9a524a965a","block_type":"box","text":"required, to be cleared.","page_number":92,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"883e8377-78e2-468f-828a-10fc9b70d746","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":92,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"d35e1adf-528f-4f1f-912a-1bd34f0cd586","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":92,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"7c16f394-aae7-42c3-a92f-2a11f2fd52db","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":92,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"3a10cc81-bb4a-49e1-882d-ec7050706bac","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":92,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"da21d898-14db-49b2-a528-c7fa90eafbf5","block_type":"box","text":"Derivatives” above.","page_number":92,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"01856b3d-21cd-41fd-a795-6f2465edae26","block_type":"box","text":"FLEX Options.","page_number":92,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"84b4da45-6a59-4127-b9ba-85b299991c79","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":92,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"54f652d8-2730-48ef-92e4-bccf570f1ffb","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":92,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"4c905b56-f3a0-4b92-91ac-1d2347cd60b9","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":92,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"a3bb22cd-9921-4821-8b42-9e405523f1f5","block_type":"box","text":"exercise prices, exercise styles (","page_number":92,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"b630b85c-7c3c-4f21-8f36-792ff73fccd3","block_type":"box","text":"i.e.","page_number":92,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"17d9fc9f-21e0-4af8-95e6-b4a23d237570","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":92,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"7fec842f-0468-4c99-ae3e-1e40edf23eda","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":92,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"36e3fec4-09bd-41f5-98a9-41bd87eef11a","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":92,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"ffe6e6fc-5d5f-40b8-949c-4555b8d9da02","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":92,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"1dcce8de-c499-4b8f-8b81-300271729dec","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":92,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"bab8abb8-5c16-437a-983d-20dfbe7f6d80","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":92,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"d73be6ca-bd91-4521-9f3d-457997ec5ce4","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":92,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"e639266f-5245-4c3c-9ad0-10ac7aed4d00","block_type":"box","text":"FLEX Option’s expiration date.","page_number":92,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"5a3c6fb0-a794-4a04-ad71-e89fc6f9a2c3","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":92,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"435cbccd-cee7-44de-9a0f-9d7477d63ae2","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":92,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"3a6a8153-91b0-4e4c-a3ec-d7f493ea4af7","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":92,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"726c52a4-9369-4c45-8392-6f1b335b5ac9","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":92,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"af5c9602-a39e-4aa0-b70c-3db987a46ad6","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":92,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"1eed1eb3-bd74-4cc1-b3a2-0f5371ef17b7","block_type":"box","text":"FLEX Options contracts.","page_number":92,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"04426227-d76f-4ffd-a993-406dd26a8004","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":92,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"a9f0c97e-da0f-4221-ba02-5a06949c8fcc","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":92,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"a37b9677-5359-4066-b996-c9d24bfd9f81","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":92,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"866116c2-be60-40c5-8330-a7d64b178eeb","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":92,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"c3e17312-9eb3-463a-a435-bd7a69c19bf5","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":92,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"96c96bc5-e984-432e-b307-d0664a574684","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":92,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"421af514-ece2-44c7-9908-76c4fdef6f30","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":92,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"ade9b5e0-64c0-4d5a-9798-fa857f482385","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":92,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"c5c8ca7f-28d6-43a4-835a-aae837299387","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":92,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"5edb512b-66b1-4d2e-aa29-de733d02ebe0","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":92,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"c0b1b103-1c8e-4e4b-86c1-25df21578e04","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":92,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"c24d75b9-1332-4812-afdf-bdc599b3500d","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":92,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"97f899f6-0c53-4621-a5a6-5f2bbd666f36","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":92,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"b2b44aaa-fbff-4df6-94f5-f6db040eaaaa","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":92,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"903c1bf5-d4bc-47ca-beb4-3796549d3877","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":92,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"25d9da8b-7e86-465f-9496-4b6c77841215","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":92,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"ec750864-fdba-45d0-a7f6-a7b9cd0ef67e","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":92,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"14277fcc-1d3c-494e-87ca-8edd49e1e4d4","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":92,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"d84d5140-d019-4d35-96c7-b3e6e7994910","block_type":"box","text":"expire unexercised have no value.","page_number":92,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"fc330fbf-ad38-4c50-abc1-3cc5416caa4a","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":92,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"16632b4c-0b56-4a38-a4a4-b0ba007f4243","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concert","page_number":92,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"d00b5ad1-291a-45c7-b497-76a989aa2960","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":92,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"102c2458-be65-449c-9345-a408056b1266","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":92,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"77f5c3b0-a3df-477f-b763-b4a7009a39ce","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":92,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"d13b7798-9d9e-4080-bef3-6e61d1556cfe","block_type":"box","text":"II-23","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fbff08f8-7c58-4bfc-a116-66ff7b9fa031","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b553777-0099-4345-95f6-80dbffe0009e","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":93,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"69767c6e-8528-4b6c-bec3-d37fb4811121","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":93,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"8215441c-647a-4d0a-b341-cafc242779b0","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":93,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"80a130c1-a762-41f7-b6a4-ff0229ba77d6","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":93,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"0ac5f367-a9e9-4f16-b663-3087927c2b3a","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":93,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"de941af7-d13d-4185-a490-c6144973e1a0","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":93,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"16a94d32-46c5-4043-b2bf-de0472c4d9d1","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":93,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"9dab0b7c-bfde-4446-95df-f7cb023e9333","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":93,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"99701122-08de-4b98-8f7c-66b0ce75dfad","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":93,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"a3853ef8-2dbe-4009-b03a-01782177a91e","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":93,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"292a9b51-3bf7-4311-b527-6f3191b19176","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":93,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"01fae2db-2555-469c-b310-8d9a02a5d089","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":93,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"6e49747c-6b22-409f-9f6c-1006730679e8","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":93,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"94ed0053-3bff-4f04-8d98-3a60698cc532","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":93,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"aaf6b3e8-594f-4a14-9994-b133ba9d2f43","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":93,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"d5bc21de-386b-4be4-8e90-ede314336b7e","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":93,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"cc69e953-f7c7-450c-b52e-e19e248f31ef","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":93,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"326b23b5-129b-4d86-963b-000cc815bcb0","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":93,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"25fe9488-239a-48d0-8218-baaa552330bd","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":93,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"e9548d2a-20c1-47dc-9f54-0ef6290ce571","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":93,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"4c89af80-959f-4866-873a-7de93ff01648","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":93,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"ce1f4c10-372c-4155-becf-199505cb5d1d","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":93,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"1d042180-4128-49b0-95f6-2ccc7ecd4182","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":93,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"9bc74547-74b8-4a2f-9ad4-e71bc3052eaf","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":93,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"72f43833-7806-4ba8-b6a0-fb5e43427a84","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":93,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"633724cb-e348-44f5-8e93-faeb22d9b159","block_type":"box","text":"Foreign Exchange Transactions.","page_number":93,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"890bdbcf-093e-4f4a-9251-9fa4ee1052ff","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":93,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"c7336be2-2fe7-446c-8bad-5e5344578164","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":93,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"5b78b12e-d7be-4162-ab74-68e5c57eaddd","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":93,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"bac91d1a-e68b-4b9c-86e4-c737728fd822","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":93,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"6c286571-d508-4775-9217-8dd4371350ee","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":93,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"4a2186f5-b1fa-4355-ac95-fb77e807c47a","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":93,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"06041b04-34f6-4688-b547-151d55f765a6","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":93,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"76543207-1925-4087-99d0-6d2032fdb236","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":93,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"975f0c55-7194-44c2-85dc-9b82e181fd92","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":93,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"0d1401f0-2710-40c7-80e2-c34276745f19","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":93,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"a3b04e20-31a5-4bfc-98dd-746f53036c28","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":93,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"00487b3d-f7c9-4a44-aa5c-82a296c6b7cb","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":93,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"69a3be59-6c1a-4d29-82dc-11fa27d555d4","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":93,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"38a98096-5b09-4221-be65-c52b22509116","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":93,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"6f1b2fe0-90f4-48f5-b5c8-bec42bcadd0c","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":93,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"5b70db82-89e2-4210-979e-1876ebe86984","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":93,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"b9d4b58c-622a-4111-aedf-ddb6bd8743f3","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":93,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"7873414b-0e25-4610-8fe5-a4670beb2dfa","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":93,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"5638e70a-61ce-4b89-a34f-c55cf38db3e5","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":93,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"cb5cbf64-7edf-46fc-aebb-27ea29c6c941","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":93,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"aac11732-a4cc-43f8-80f8-27e17948e7e0","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":93,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"e6b8a3c7-d532-4dfa-a0c9-f1c7afcfc6d1","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":93,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"1365846a-0f73-47d9-ae48-c15d4060e345","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":93,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"9be3c2fe-f89d-4ddc-bb04-a3a3bf4d8719","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":93,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"0baa7ad9-2180-4c47-a02e-a44319cd5280","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":93,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"03f0fbff-8159-4231-adcb-c7759bcc5a3b","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":93,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"56106042-b13d-41f8-ab36-976eaa3040ce","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":93,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"53a1812c-2a03-408f-a4a5-3ecff70e111b","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":93,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"be98a3f2-b2e9-4bd5-9c6a-761a541e379c","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":93,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"1aac1451-71d4-4a7e-b165-b7aa4562f695","block_type":"box","text":"II-24","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fec1ba7e-99d8-4bab-be9c-5e0d18e6d31d","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c0693cf-def2-4794-9e90-8195e78ed62d","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":94,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"fa2c3453-040e-40c7-b623-b85a1a016991","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":94,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"ca13b5ac-fcb6-4e31-a80f-fdc8fcbea11a","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":94,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"e007b77a-0dc2-40dd-bf04-7cc71b8adf8f","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":94,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"068d6d9d-5fe6-4ee6-afe2-c37713f13971","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":94,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"2d1ebfa6-8d83-4ad8-b427-56aca5226da8","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":94,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"d81346d3-bd1d-43f6-a238-a2e3743f2032","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":94,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"a17abce1-5aa3-48af-be13-474b7f951c82","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":94,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"d51a5132-ef79-4405-a9a2-7e716ff07995","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":94,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"c6f6bd4f-e4fa-44b8-aaff-aa349767cb31","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":94,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"5bbc6ff3-c4c9-4520-a589-08f77819f9c5","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":94,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"44105c5b-bc28-43a3-acfa-f9116828b70b","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":94,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"6d66164c-bf6b-4848-bdcd-881f2217e730","block_type":"box","text":"involved.","page_number":94,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"e3f7dcbf-190a-41a3-a202-b23bb27daca0","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":94,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"c1bfa86e-cbf7-4425-a1d7-1e6357effe3c","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":94,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"d74ab5ee-257e-49a6-8ae1-fd1000d5ef04","block_type":"box","text":"denominated in such currency.","page_number":94,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"fb3ac964-fa50-4f97-bbec-fefe54e1d8b0","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":94,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"7de0efb0-6ed5-4639-a1c3-13b781c2f2a7","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":94,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"dbe0a5be-7693-4481-bde9-2199caebf03d","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":94,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"a9061d22-20ad-4e7c-8879-9c475f990a02","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":94,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"c2e67b4a-ac07-4364-a66e-b4da9f9ec3d1","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":94,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"eec18e6a-06da-4767-b53f-e896ab950840","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":94,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"69b1a030-b3fd-4105-b60a-175200f2e2e7","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":94,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"dc2abade-0a9c-4513-ace5-4884b91e6a33","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":94,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"76c0fa43-c80d-4cce-8302-14377e6d7aa9","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":94,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"2fd5d909-ab2d-4405-bb15-be0b9261ec70","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":94,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"29f9af51-8c3a-4e0a-acb4-d51c35115260","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":94,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"ea97a4b7-3566-4b04-be86-b41d5c4c7089","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":94,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"9cd41fbc-603c-400f-9f3d-141f40692d57","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":94,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"5820341f-6a30-4a90-888c-dcb79ed7a406","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":94,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"8083fb54-570d-4ba0-93fe-36577dc6bd1b","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":94,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"ce31f4ab-0812-48c9-8a45-099691ad2139","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":94,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"3b8f7e9e-db9d-4607-a413-6520b71f9a61","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":94,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"67d8c981-4a1e-4594-8989-02f477e3fbb0","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":94,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"5b8233a6-bb29-48ba-8161-3e0c58acaf3e","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":94,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"37386cbb-942c-42b3-ae90-0f947114cfdd","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":94,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"0cb4a993-eb75-4151-bcb6-65b6358c1c0c","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":94,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"1c997f3e-da90-40be-8d98-9f2a77d4e240","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":94,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"33d78256-bd01-40c6-898c-8fa233f4430c","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":94,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"ad4a1d9e-0ed1-44de-a19e-5335d02b853c","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":94,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"71958c74-de32-49e4-9731-815b12541595","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":94,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"5a916d2f-e0d0-48c3-99c8-7263029589cd","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":94,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"48b61495-78a9-4d25-80a0-c33acc916c40","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":94,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"58fd3b7f-c976-4b42-b6f3-30c4ce41d2d6","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":94,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"64998a2f-7925-40b8-8e5c-d42478f2f39c","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":94,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"ac845b66-c3e4-4a9b-968c-fc7dca2240a3","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":94,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"e4571ffa-51af-4a09-8a57-ee95533f4b32","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":94,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"c0fdab73-4281-4023-94d3-a13ca92f4247","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":94,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"3d6c406e-20c2-487c-b36e-0cd798ad2ab8","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":94,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"28fcc211-c92a-4d6b-84fa-1e89a3b833c8","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":94,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"f746d62e-5bc8-421c-86cc-d6ae7de7910a","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":94,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"c977cd29-f599-4df0-abd6-8831290a0095","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":94,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"61e5f182-b90f-4254-a064-d1921943fdfc","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":94,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"ba917893-97ca-4784-9c1d-f8ed9b921200","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":94,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"f35434c0-4ee1-447a-923f-b59cef7e85fe","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":94,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"6abc90f3-dfd1-4e30-bf81-55ca935618fe","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":94,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"a8098da7-9766-41ab-b986-0b79505a7774","block_type":"box","text":"II-25","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0cf8793-0e2d-4040-bacd-3ad17de861ff","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc97cfef-e270-4d77-a126-1b874de71643","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":95,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"590b1926-8911-4a3c-b16b-b11d4efdb277","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":95,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"df6a0c21-692b-415a-b0e2-ba0694d6bf32","block_type":"box","text":"traded.","page_number":95,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"efad6563-23b5-4adc-9e08-1344a3cb755a","block_type":"box","text":"Currency Futures.","page_number":95,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"d6829b82-7717-4f7d-992f-c50fce593937","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":95,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"e19a682c-cd8e-446c-8f8a-d9c7fc18212d","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":95,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"b3efd636-fd06-4681-9583-d2e72ac48f88","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":95,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"97617097-2fc7-4eda-be9f-a260b48649b1","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":95,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"caf4c1e1-70ff-4ae2-bf9a-1351c89d5bf3","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":95,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"168eaacb-a774-4f93-b8e4-b40462931f00","block_type":"box","text":"Currency Options.","page_number":95,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"694a3f76-4370-45c6-a46c-c7831f142fb6","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":95,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"d03a810e-9314-40bb-818f-24f0856e19ff","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":95,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"0888e890-f6a9-42d3-ba0a-daeb2123e89c","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":95,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"42a68cd2-491c-48ad-8df9-b52ff5df3121","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":95,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"424f3dd4-40fc-43ef-852f-feee3d3900e5","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":95,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"825391ff-490c-413e-ac34-a603aa13e413","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":95,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"66c73f61-ac55-4837-abf2-922b4ca6dcea","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":95,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"f8b6f252-ae5e-42e3-84b1-3d2f6f5a631b","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":95,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"96a18ba7-6274-471e-aaf1-29f02e123f79","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":95,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"1ea9e258-911d-496e-adf2-4e974104320f","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":95,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"2c1586ac-3a75-4a61-8f5b-d878fa25a1c6","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":95,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"24097a1d-18f8-4f67-873b-88b60c485738","block_type":"box","text":"Currency Swaps.","page_number":95,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"f56ae3ca-1956-48a6-9e51-0c72522a1337","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":95,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"17fa8d88-3bec-447c-9945-cc0b2f2f6fc2","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":95,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"f36675e9-ab3c-49fc-9ffe-784e377811b0","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":95,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"8afe0d6a-6620-4750-8dda-a39c86d387dc","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":95,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"9eb17351-3a74-443d-b992-a5a0bf680d2c","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":95,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"1eb797d0-b81c-40af-8dda-a98312ffdc4e","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":95,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"e3e9036d-06d8-40f3-88a0-d10a3b036146","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":95,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"59d1067e-f4c1-4c85-92fa-1d41671d9aa7","block_type":"box","text":"Distressed Securities.","page_number":95,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"b24ee77e-3d5c-42da-ac24-01f16d071db3","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":95,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"0249e90a-df95-4592-a44e-86ee8925c9e7","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":95,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"7d3e2b16-3611-43bc-9de3-bde3de4ea0c2","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":95,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"a5e1883f-c7cd-4e42-917f-d809173effeb","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":95,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"c9b5a017-5e73-49ff-a89c-623d57aec9b0","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":95,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"133a9ad7-bf0b-4079-95d0-2872b4e49696","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":95,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"8353a8dd-2b98-4a1d-a44f-ae781a7f6877","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":95,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"c6160f0d-a116-4dad-8de1-2b8e89b18cb8","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":95,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"f6074f56-8821-4675-91f3-e19247bdd23a","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":95,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"891550cf-a09d-4a6d-bd8d-ffcd19065e06","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":95,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"176cf240-bb1e-42d0-ad68-0b91be71003b","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":95,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"a01e0575-e79b-4dc3-8d4a-82a22f387a4b","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":95,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"061e4f9c-0738-40f6-93a3-4ace5fc82db1","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":95,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"70fa78f6-3507-4e88-a367-1ed904a8d127","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":95,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"46fb9c7b-6efe-484a-898a-690ff13c660e","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":95,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"d472d2b7-7d5d-4052-bee9-f6d834b4947d","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":95,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"601a0659-31bd-4749-908f-42fe38cee79c","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":95,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"f96d516e-99ab-439f-80ac-7d6a0b50daa6","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":95,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"cc2df94e-3148-4c59-9b05-7c8d918e503a","block_type":"box","text":"satisfied (","page_number":95,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"959fff94-69b1-4444-84d5-a737869b87a4","block_type":"box","text":"e.g.","page_number":95,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"608fcb49-d29a-4514-99c9-eb395ec97a53","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":95,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"5b974739-b52d-4d1a-8515-5a3b2effa35d","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":95,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"b05d58e0-3e94-4d16-941a-e876e369703e","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":95,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"e655bb9d-5504-4915-ac32-e7f9275c5ad3","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":95,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"ab59b49b-cfa3-43ec-867a-fe8f8034b7f0","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":95,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"f04a66a3-c73e-49a9-970b-bc3ee5e5148d","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":95,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"a6b9976f-b7bf-475f-b163-1cc1cef93f62","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":95,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"5a620215-094f-4c9a-9377-6fec6bf82be1","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":95,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"ff7f7871-a0ed-493f-b4de-572421a03867","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":95,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"1c6e65e2-7a5c-4ee1-98c9-ee647163ea01","block_type":"box","text":"II-26","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a08424a5-4bf9-402d-bf49-6ad5f94d72e4","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84041a93-1c48-46bc-bcad-779c00468fc4","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":96,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"c191e69c-cb92-41e2-b159-a3768e74ed0c","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":96,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"76d92105-cbc3-40d4-bd39-96a8ef9c4ad0","block_type":"box","text":"affairs.","page_number":96,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"91a0b990-3f68-4158-9734-cf58c7d39b2e","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":96,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"b8f0a28a-a2e4-44cb-b525-51800267b6dd","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":96,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"cb7d9b89-6233-4d3b-affd-ae9c6a3de497","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":96,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"7aaf4490-9a94-426f-9e91-929d4e2cecbf","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":96,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"67fb0996-89a9-4671-9827-960d0e034c06","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":96,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"2ebf39fa-cd16-40b1-9b83-38a180a5e4a2","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":96,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"88e11511-7c27-4c22-9d01-d0f781fa5ffd","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":96,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"9f7579be-e1a8-4b86-9785-86e00f3adcf4","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":96,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"dbeb7be6-78b7-4b77-b566-3dc4783aeec8","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":96,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"e6ab8705-5fa3-4475-9054-202f2517d9e1","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":96,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"d2831d34-c827-42c1-9da7-b5565f2e5d12","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":96,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"ef95f784-16c2-4c6f-8983-0e77b282a9e0","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":96,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"13c51517-60a7-4f14-ae84-fae1c58f2460","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":96,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"ae327953-3e7d-4e03-8ef1-035034b5dcbf","block_type":"box","text":"Equity Securities.","page_number":96,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"d15d74ca-016d-43f6-bed3-5174c8ea644d","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":96,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"2c5705b3-b9be-4fde-9a30-8e0fda3447b5","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":96,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"ce612d8b-877d-47f2-b8cd-17e65cfd35ae","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":96,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"194fb27e-63ab-4876-bc4a-aed919b67103","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":96,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"0c5712c7-c608-4dea-8519-6aa8c90cb4f3","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":96,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"fb33ab7b-d03b-4ab0-96d6-07ec5e8f052b","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":96,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"a6d99978-47ff-4d98-a6e9-9c46dcc3a1b8","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":96,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"7bd67ebc-baed-4aef-97d0-dbecd1337986","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":96,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"67c12449-705a-4f41-a07b-f12e7480cc36","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":96,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"9eb23006-2d5c-4be2-adf1-71976cac1ae0","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":96,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"cc9fd7c4-88d7-40e6-b88e-a39ad63f1d5c","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":96,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"6e6cfcb4-0e42-4f0e-ad49-ee7a6bbef54b","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":96,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"df3addd2-dfd0-44d0-8ca5-131583d1356f","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":96,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"81b4757b-8443-4c12-8266-64b7a65d0fc3","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":96,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"533ebe08-7874-471e-a1ee-3573e134c8d3","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":96,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"76278255-9dc9-44f3-85c7-93d154611aae","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":96,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"c0c9395d-401a-424b-bbc7-812ef8a1b088","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":96,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"bd79a965-b02b-4354-80ca-8cc521228070","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":96,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"0190b0bb-9255-4410-9901-a49d0315fd7b","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":96,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"32dffd30-12dc-4366-9907-da9227b1d6f7","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":96,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"194a4733-4c47-411d-840f-1b5727574990","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":96,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"1c7f3b64-f272-4d31-96d1-cc91c865c001","block_type":"box","text":"initial public offering.","page_number":96,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"1565006e-77e3-4876-9ec1-f9c59ad26dbc","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":96,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"b492a744-63f5-4b64-bab7-74a75f7dd3e6","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":96,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"f6e0b64f-3976-451a-8ecf-c228204ebdbd","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":96,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"0bbb61d6-d143-4b78-be56-a440a82f8922","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":96,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"75a6e17e-8656-47c2-9ca2-bc30fab6bccf","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":96,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"7373f574-727c-460e-98eb-5c7da69dc1af","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":96,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"f2deb7db-46a8-488f-9344-bbf3fc806f6f","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":96,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"0c3d00e6-4c26-4196-a1e8-aa680aaf667c","block_type":"box","text":"more established companies.","page_number":96,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"fbf41923-7f46-40dd-b509-a52dcf1369c7","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":96,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"2086b4c6-767b-47f6-9b09-937c35cac754","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":96,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"ce49579f-f61c-4f22-917e-2c2a72dae2e3","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":96,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"ea12c13f-2364-46d6-9950-022b80a95eda","block_type":"box","text":"below.","page_number":96,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"13617619-3566-4dfd-9e0c-f43274df1f26","block_type":"box","text":"Real Estate-Related Securities.","page_number":96,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"1ce014f1-fc98-4c5c-81d6-e414cb25aada","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":96,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"9717f3a7-b425-4fbc-8a48-fe52fc86a387","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":96,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"a37beaf6-7531-40c8-a6c1-676eae4a0092","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":96,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"ed6d6d48-9117-45e5-a724-a4d884979910","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":96,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"9251985a-a780-4848-be45-6f2716777628","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":96,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"c929f4ae-d345-41db-804f-55df53f40969","block_type":"box","text":"II-27","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"25e61fa4-2f1c-4e5c-99e8-6f7a7f50137e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fe4e463-8677-4e22-ae27-9c9128b9f00c","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":97,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"0b4c3df2-e16b-4a21-a1c4-2cb13132ac65","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":97,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"4ec17e2c-45b4-4210-971b-fa3d18196bc0","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":97,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"07ed26b0-ccaa-4026-bca8-c0d904d66c65","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":97,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"941a0acb-65f9-4088-8ac4-8b0222a9e0a9","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":97,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"26d4e008-1b74-4f5e-b7ef-bdbbd28e3361","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":97,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"ce6a2229-235c-40dc-a3f1-a68debe948bf","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":97,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"ff49e773-074a-4206-b6e6-109669c96edd","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":97,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"f4ef5fb7-7b7e-4f4e-860e-3ae55a2812b6","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":97,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"bc2ffec2-658f-49d8-940c-14c8dede8468","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":97,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"15d451d2-09e6-49db-9f7d-a51184397296","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":97,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"6ba4a4dd-3c96-459d-880b-f47892f19f8f","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":97,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"4314f94e-d914-4256-82c9-19ea4ce8fcd2","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":97,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"b687a872-72be-430d-8c4e-7a7c7c185b68","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":97,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"fb614e56-d4d5-4c4f-a96d-a8cd690ae90e","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":97,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"e0805498-4e1c-4034-8b88-10223a8c8310","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":97,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"5b3a5447-1b1c-4b07-bf29-060ac974b4f4","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":97,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"a242902a-a631-4dd0-9b77-85d73e31a3c6","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":97,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"590ae2ce-edf6-41f5-bafa-8137072504b1","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":97,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"1cef5a65-fddb-4531-91bf-1fc667fc2b33","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":97,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"1f2dd777-6c92-47e1-be7a-be3faaef1de3","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than","page_number":97,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"aa96bb44-a095-4b7e-9d66-c49c19ba2621","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":97,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"2a912f1d-a2e9-40ee-b5f2-bc77bf82a169","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":97,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"25fc98e4-1786-4b04-9de8-796652aed779","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":97,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"a0627170-d149-4c28-9b3c-08210ed82722","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":97,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"a842d9ef-85e1-460c-b9ad-57dadb5fe7ed","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":97,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"07a20d3f-7065-434a-adb4-35d5c8f36bb3","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":97,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"8fa2037d-fcbc-4746-9ff5-c23363fa0c08","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":97,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"088f1916-deef-4134-bb3f-4642f5045f26","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":97,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"ef4dcb58-11b3-4d2b-9a84-1ef4848c9b94","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":97,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"570db06b-87a8-4c3c-8eb3-ada933762ff0","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":97,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"d5c14be2-e314-4403-affa-f8e48dc275a7","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":97,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"6bfdde8c-7e1e-4a88-947f-c272356dcb89","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is particularly important in this area as many","page_number":97,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"ce7adf50-eadc-45aa-a3b5-b216883ced50","block_type":"box","text":"new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small","page_number":97,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"ec241283-7667-445d-9647-f69c30b411f3","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":97,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"2b32742f-ba59-4c54-9b53-f289fdd72304","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":97,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"ba7629af-3a36-4c3b-80c0-1f9a41f84da1","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":97,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"78ef3863-c90c-4a22-ade3-05c762a25763","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":97,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"f43655a4-2cf4-495f-9c60-574abe2fc286","block_type":"box","text":"opportunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":97,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"c8eca647-4afe-4e49-baf6-e447a2e06e9b","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":97,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"61424f1a-aaab-4747-a2f7-4c7c741f7e3e","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":97,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"4f70f4ad-9435-4f53-bd11-23d91c260f82","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":97,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"8d521c6f-d804-4d53-945f-bb432264b07e","block_type":"box","text":"investment community can provide above-average long-term growth to the portfolio.","page_number":97,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"97da2963-4226-4051-86c2-246c73789339","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":97,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"58e582ad-96ae-4e13-9519-fcab4cd3d480","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":97,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"05c5f0b8-1542-424a-88b0-a3ba0e5a118e","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":97,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"0e9f79d5-ba4e-44e1-946f-5916127b8ecc","block_type":"box","text":"cycles, presenting attractive investment opportunities at various points during these cycles.","page_number":97,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"6e0a740e-e997-4231-b353-005a9fe1cc2b","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":97,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"de32e40d-12fa-4c33-a1f2-9868ecf2a389","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":97,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"f5c68ffd-47b8-4af1-9994-c0b7e0f53dce","block_type":"box","text":"Tracking Stocks","page_number":97,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"403073bc-d5b8-4a53-8108-373971add7f0","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":97,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"b0df7dbc-fef9-4d1c-8aad-9329f6c85d8b","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":97,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"78659937-c7ef-494a-bd35-ba182d64d13d","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":97,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"af397680-b241-45fd-8d47-7e7d8957d48c","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":97,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"3d785dac-c1a8-4511-b6b7-5e6421a887d3","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":97,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"8021baf0-0e7a-4a0e-a037-76a29572b911","block_type":"box","text":"II-28","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b9570de-ad33-45e8-b9c3-c80470e5097a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adbf0d1c-f687-4d41-b9c6-b336b301d1bc","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":98,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"09a7ce2c-a826-4245-b1d4-e6ba32b48964","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":98,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"dddf6cdd-54b6-43cb-bc70-4dc3d0122ca6","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":98,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"a20901c1-0dee-4fd1-a061-6ffdf82da24e","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":98,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"ab84bca5-bc92-4f78-a205-d7d612c0d8bb","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":98,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"9c542757-ed36-41a7-9708-e1c3ca88d891","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":98,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"3475f493-3f70-4ae4-984d-32c055394a6b","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":98,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"088a3193-1bd5-4266-9b4a-b5d483110743","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":98,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"a7e0857d-e9eb-4460-bc96-42ad1c39f68e","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":98,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"4919000f-59e4-453b-a289-d9f3bf671059","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":98,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"cdd103a8-2f36-4354-bef7-c673c548ff1b","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":98,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"cb50cef9-ec1d-4abd-9172-8c4bf7fc49a8","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":98,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"d86bf34d-754b-47b7-ab3c-2012417fd74b","block_type":"box","text":"replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their","page_number":98,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"1682f9c1-f904-44be-95a9-843211ad82fa","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":98,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"5d54f42a-4c52-4a26-94f5-6939e093b530","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":98,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"eb951dd8-a493-446e-97fe-08a1514d3c60","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":98,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"998b8ff4-ab67-444e-b807-be16a8e4f798","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":98,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"5307f807-f472-48dd-81bb-190616f11bb0","block_type":"box","text":"loan still needs to be repaid.","page_number":98,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"9921e66e-d590-45fe-ac28-fd9ceaf0559c","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":98,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"52869851-8cfe-4e06-a12d-6e88bd1ec1e4","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":98,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"82800f34-6121-4992-9591-8edb3efbfaac","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":98,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"9a59e1d8-2ffe-4190-84b6-8effcbe599c7","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":98,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"9332d75f-b187-4d7c-b79c-fc47b8f9042b","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":98,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"a0aa6275-2095-4e1a-b562-b3b06c9c113e","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":98,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"5d6ff98c-4b2d-4fef-9689-4a24fbe8b569","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":98,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"2d4085a5-67f2-43b9-8a27-dc800fe37e46","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":98,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"9208b0cb-d422-4659-b8f8-e8a355370fd2","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":98,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"9c57b58f-5b6f-4d31-808f-86484f01801c","block_type":"box","text":"Foreign Investments.","page_number":98,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"c14fcd53-848a-4896-a7fd-5bbc825b89b5","block_type":"box","text":"Foreign Investment Risks.","page_number":98,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"5777910e-8d50-482d-ab41-cdfb18a61399","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":98,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"76c25171-d920-479f-a743-af0a6524a904","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":98,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"1d9d864b-6d1e-43d3-be82-19c9aaf67ac4","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":98,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"48b88a9a-a136-48ab-8b66-122d4d64166c","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":98,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"f149490f-55a3-4dd6-94f7-2eb7f699dbf9","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":98,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"cf7a0e82-3de6-45e0-b7c7-038894fec1ba","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":98,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"edcf414e-44f6-4b69-ab92-eb6f1ccb905b","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":98,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"1088d02d-14e7-4cbb-ba21-26bf8d46d4e3","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":98,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"aae8bae2-bed0-40d8-858b-b6d092367bad","block_type":"box","text":"benchmark index.","page_number":98,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"d66accf1-4753-4633-975b-f3cd104db512","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":98,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"8e2bb467-b61a-4592-b877-e7b34e2542a4","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":98,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"6b9947b8-c317-48c0-a44a-d5b670e51fbd","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":98,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"f3368824-fbe6-4ec8-a0bb-4b07a62e2858","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":98,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"1c31180f-eeec-47b0-bef6-66646c08d254","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":98,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"e841d830-de97-4fbe-809f-32a1db6ccc2f","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":98,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"94f22ad6-295b-4288-8dbb-493cd955ce2f","block_type":"box","text":"securities and zero-coupon securities.","page_number":98,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"dfecea1e-1d54-49d1-b431-7725f98a8d0c","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":98,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"4114a754-f980-47d2-babe-0740146dc81c","block_type":"box","text":"taxes.","page_number":98,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"5c1c425d-315e-4a59-83e9-0e1dcd6440cc","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":98,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"e4badec5-9cc7-43e9-bcc5-9ffceff5d915","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":98,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"dd1ad1ab-7b47-4913-92d7-584b3837aa58","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":98,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"1adf90a4-c98f-4503-8e69-0fd15bd496c9","block_type":"box","text":"underlying security (","page_number":98,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"683f22be-1849-4d62-97a3-166ae626a39a","block_type":"box","text":"i.e.","page_number":98,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"32efe4d7-ce46-4f2c-b42f-4c3720daff33","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":98,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"4c3e32bf-7a2f-4656-8c53-3de4cbb93450","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":98,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"9bef1f1a-d135-4a3f-b625-edeb5b3487e3","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":98,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"fe8d8536-00dc-4788-aa57-c9ae8a9b2621","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":98,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"bd653db8-03b6-4317-83f9-3aee8cba441c","block_type":"box","text":"II-29","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95b25fdf-d5af-46f2-ba8c-4c9974d9307b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fcf03e1-e4ba-44d2-83bc-83852d5b1004","block_type":"box","text":"Foreign Market Risk.","page_number":99,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"f7d0e7dd-e233-423c-aee1-d14a49bab3e0","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":99,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"b18851f8-af53-4c9c-ac22-4372366278c6","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":99,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"1951e490-3947-4bc8-b7d8-48be319b1f1c","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":99,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"31f39f71-a2b5-4c38-b196-f105c5930679","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":99,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"0d321cf8-76ac-4877-8dac-430c1f4e2b61","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":99,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"3c62c9ac-656e-4f22-a871-cf8629e02a5c","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":99,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"645ba6f4-1a4a-43cb-b8c9-74193771a674","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":99,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"4c2c9a07-996b-464b-8cab-4e84d0dadafb","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":99,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"eaab40c8-e276-41e5-9159-ef51b7385671","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":99,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"113c471e-b1d7-4237-add7-92e25bb89f7e","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S.","page_number":99,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"21f98658-3dbb-4574-9c1d-c31a95e45405","block_type":"box","text":"Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":99,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"b226bdc4-0aed-4d79-88a8-c1853e7d064b","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital controls","page_number":99,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"35acc449-bf8e-4005-bc42-a3c62838aa45","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":99,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"5b7fd9c1-6c8d-4ddf-b97a-27cd3eaeaa62","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":99,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"2f113e30-575e-4dd8-af5a-f4b339c2a944","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":99,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"2b3bce91-2fe0-49ce-a4e1-a38549f2433f","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":99,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"0af7fc44-e59b-42fc-89b2-89c4badd430d","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":99,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"f774b967-3ccf-4605-a6b2-3d839b6b7df6","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":99,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"849021f4-872a-4cbb-b69b-7d7d172bf8ad","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":99,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"019958da-7ff9-4c75-944c-4a0c09750fb0","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social conditions,","page_number":99,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"b8ba30a5-89d3-4377-b6b8-3f55de47e45f","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":99,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"a9033357-59ff-48a0-b1a0-6672ae872eb8","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":99,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"5d005f06-4a3c-4634-8473-e3e549120baf","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":99,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"a1f45b5c-de97-48a5-94cd-b4ef18385a87","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":99,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"6030a70e-0cda-41ed-848f-7edc62274593","block_type":"box","text":"could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund’s","page_number":99,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"15ce4440-a451-4d77-a163-68c09ef35e9d","block_type":"box","text":"operations.","page_number":99,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"bfc11dd6-ab42-499f-b3dc-c2baad574918","block_type":"box","text":"Foreign Economy Risk.","page_number":99,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"adf8afe5-701c-4be9-ade6-3d93eb608a64","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":99,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"13817552-6ac5-4c5a-a545-9e84c5052433","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":99,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"31269c2f-7e39-4439-9606-ca53af0afcb2","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":99,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"07e0654d-748a-450c-9131-60c8c6e31946","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":99,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"d1b0ff51-821d-4222-8144-3c8a840f1883","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":99,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"2e147330-fe61-49da-9b08-3e808a3a05c4","block_type":"box","text":"measures.","page_number":99,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"b4c58425-f3ae-48fd-b681-14c8a6dcb4b1","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":99,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"b190a04a-487f-4ec8-b9eb-69d75aa624df","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":99,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"61de2cd6-5d5e-4c53-bfff-8dd9cde8fe61","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":99,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"c13f416e-e1e7-409d-a4c9-49c0c3b01226","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":99,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"d5c7d2e1-e253-480f-906a-80b80997ad21","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":99,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"b024ca0e-e295-420d-8a43-54000cdf2e14","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":99,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"caf2a93b-abb7-4c14-849c-df2499dde60f","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":99,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"2b49c361-7824-443a-ad33-ea25358a2873","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":99,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"380566e9-3839-4413-a658-2adeeebb3690","block_type":"box","text":"those returns.","page_number":99,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"89f3bc8e-8fea-4bf8-8075-3735ca1a3928","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":99,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"35f8fba6-4a0d-4dab-8bed-6e128b7fbf2f","block_type":"box","text":"Many foreign governments supervise and","page_number":99,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"c3702e18-5d0e-4a63-a6f3-7dac70812b16","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":99,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"c85396b3-54ec-4363-a8f0-c604530c0c65","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":99,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"9c711bda-2b50-4f87-b55d-c9491947d0aa","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":99,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"bd94a02c-099d-46b7-804e-7600d833e95e","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":99,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"8e40ef74-4491-48bb-afc8-0b15328fac35","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":99,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"4dbb10c9-b71f-4213-878b-8a1b231dffef","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":99,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"f28f3406-6762-43c5-8e5a-6c7bfef598c4","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":99,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"bd2c4e1f-c478-45f2-acd3-fa2132a0562b","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":99,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"56361f7a-aa0a-4a55-aa9c-d19acc31a726","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":99,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"62086ec8-b6de-429b-8144-c48dd0082327","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":99,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"d971e2f0-83ad-4ba8-8a72-bc315c5805fc","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":99,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"dc80e93b-867d-4d02-8816-51e382966426","block_type":"box","text":"investments.","page_number":99,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"34569058-c7bf-4c72-afc0-2644c924a432","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":99,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"6c990856-70c3-4785-9fe0-67d88b4e7c44","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":99,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"52aff328-bc88-4222-aae8-8ae6b616f0a9","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":99,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"a6c17182-f797-43ce-8d69-585714a47a43","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":99,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"0d36f39c-4ffb-48bb-866f-a0d683b3ad65","block_type":"box","text":"II-30","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"681b3b5d-5e8e-4ccc-b8f5-d18383ebd83e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7556877-acbb-49ce-8563-c57df19acadb","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":100,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"b8a00560-60d8-48a4-b476-37aae749a2ee","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":100,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"cf5e505a-df8d-4f34-8e31-b86405882648","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":100,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"278ec7f2-83fc-463f-82d1-d59a2c929ad4","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":100,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"dcc88f53-0967-4911-9be6-f051e58a629b","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":100,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"14d61762-32d7-4caf-a2b2-b86d273766b5","block_type":"box","text":"States.","page_number":100,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"2d74a19e-704c-4244-8732-df05ad34e7ff","block_type":"box","text":"Publicly Available Information.","page_number":100,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"76758fe6-a88d-4bcf-89c3-7875d6b59daf","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":100,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"9ad5ac0f-5d52-4bbc-8adb-dd1e9fc4cb5d","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":100,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"c3763020-81d3-401c-a1f8-8a08334a26ec","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":100,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"720b6835-5788-4fee-a426-dd77d38688a6","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":100,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"32bd7266-b192-4469-aefa-4cfa1055d533","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":100,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"ac50c2b4-7740-4096-bcf5-946c22ec086f","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":100,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"f82eb3a3-e474-4a66-806b-def74b5ef6a2","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":100,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"ea293726-2e2a-4211-af1a-fd78afaab287","block_type":"box","text":"United States.","page_number":100,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"82302d01-5cd9-4ccb-9dcc-8e519833448e","block_type":"box","text":"Settlement Risk.","page_number":100,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"b9d18ac1-1615-48a3-b5bb-bccadc76fd19","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":100,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"8b6e19ed-e678-4b9b-b576-490123747942","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":100,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"58711ce1-e932-4542-a32b-01b348b21896","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":100,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"8d62d489-1b2f-487e-97fb-b5fc746e5ab3","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":100,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"7ad61b67-f0f2-48bc-8290-d3c84930cd68","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":100,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"d0bedda3-df2b-4cb6-8d9a-d546d6185a2b","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":100,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"391c693a-84e2-4065-a53a-5e4b5ed0522c","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":100,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"8f73a0bb-b324-4ce2-b87c-4003901b0303","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":100,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"233aa420-5ce3-4c80-b485-7c31edd163a1","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":100,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"fc8255c3-b35e-4e85-a544-f5ba077a1a3a","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":100,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"29d68fd6-c557-43f5-ba3c-4f813b5789f6","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":100,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"98a007c4-5cd3-46e0-86b1-e357870273bb","block_type":"box","text":"Sovereign Debt.","page_number":100,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"1a88a659-9361-4cc4-8d65-72057b3e47f6","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":100,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"ddd12052-8db9-4351-832a-fe3a0bce62e1","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":100,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"1023724b-36d0-4db4-982e-a474a1f78a47","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":100,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"a3ee10df-82bf-423c-afed-f1c1799718b7","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":100,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"72315bc1-a762-48ef-90e6-e413001a4034","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":100,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"c3cc4943-956f-410c-ab6f-b604ecf5e639","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":100,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"68f4d828-b59c-45ba-9dd5-37a7911ba309","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":100,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"b08de506-4231-424f-bb5b-8a14b9c77ec8","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":100,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"ba109e5f-f958-4d5c-aaf7-1b1bfc42b433","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":100,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"1f83fea1-8149-4f5d-b422-a5beb396de8f","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":100,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"a0ec085f-907f-4e37-9e3f-1041736a1112","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":100,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"c8d717ba-c100-4138-b506-c9fa59545ae0","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":100,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"f7a31ed6-7f65-4cd1-9427-6208c7cad478","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":100,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"95f4530e-c1a6-4771-baed-fcc6c89dbe09","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":100,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"17e75d8d-e916-497e-9774-c51ec70cf862","block_type":"box","text":"debt.","page_number":100,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"0138ac8f-cc94-4069-a53f-43924d67aab7","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":100,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"aa7986de-d2be-492b-9218-5f743cbdf9b9","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":100,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"e97b48eb-b474-4417-9701-1c8657544419","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":100,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"afd087e6-1905-4d9e-aaec-b05424fa8e4d","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":100,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"6148630a-ad08-4853-8aca-bef36115931a","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":100,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"4c30c305-2706-44bf-b154-7e7129ba95c4","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":100,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"c56be84c-651a-4a80-b9f5-42eb48ba51bd","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":100,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"e65b2eb5-656f-4362-a110-f1b3ee2b2da8","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":100,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"0720d5b6-6716-468f-850c-d4681aca9921","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":100,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"9c45c5ca-4bda-413c-ade9-e60bbc4d08d4","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":100,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"aa2de7ca-2d47-4dc0-930e-6d08a4bca7e4","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":100,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"effb2dcd-423b-405b-89fe-a6a487b601a7","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":100,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"f311490e-3030-4805-9f7f-a1539bca5e2f","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":100,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"07db27ac-6306-40ce-bbf8-faaa80168edf","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":100,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"65ca7b3b-4137-4aee-9c7f-5e8c776823bd","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":100,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"a760425e-ca86-4f2d-8ae8-6f6ecd992ff1","block_type":"box","text":"II-31","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"703b6691-70b1-4c9a-951d-6e53f037b52a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"267cb624-f47d-462f-a74e-cdaf88672207","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":101,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"e5a834bc-9620-4ece-80d7-eb0caab79000","block_type":"box","text":"in the Fund’s net asset value.","page_number":101,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"f74970f8-f9a3-41ff-805b-7dd06723e4ed","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":101,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"b7ea1027-3b40-4d02-9fe4-3cd54bdc78da","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":101,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"6f3bc0df-3cf5-41b5-8378-2e0ccd907a58","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":101,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"2d831648-c9ea-4e3f-85ae-a363571b9a30","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":101,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"3ff9d72f-eead-42b1-9d15-bf42d00429eb","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":101,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"2f312150-e10d-4554-a934-b52bf3c43303","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":101,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"d579cb14-4008-4396-ba0d-f2b1e85d375f","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":101,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"fedea470-9dde-43de-972c-acef12a106e6","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":101,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"4fd1e040-6293-4679-89bc-f76a521c2700","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":101,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"d5d39922-f83b-4fbd-bcc2-b3f6133a292c","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":101,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"c627fe58-628d-4cc9-8f50-e5c263b8a11e","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":101,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"f7c44ff8-09e2-4430-8406-6c03bdd36721","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":101,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"19b68486-74eb-40d6-b09a-d7d7a0db6a4b","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":101,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"af4a1bfd-b6ce-4784-920b-f95cabd7c5d4","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":101,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"824a74d7-44c3-4807-b02a-55bda06bb566","block_type":"box","text":"Fund may invest.","page_number":101,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"39285779-02a1-4c0e-bcd9-580e0b2c7972","block_type":"box","text":"Funding Agreements.","page_number":101,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"f552783b-c129-499b-a237-69a0f59409db","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":101,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"0c1d6c09-e64a-426d-a28a-a9e8febee041","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":101,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"f7f68abe-50a6-4609-bcbe-a09cc590054e","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":101,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"03e064b1-933c-4b3f-9f7d-030541e417d9","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":101,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"23bbcd86-9e81-4234-89a8-4c9271e8a665","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":101,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"e5a15dc0-607e-4bd3-8f46-8cc2df9b362b","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the contract is paid","page_number":101,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"fb08b373-428b-47c1-bf54-44bced262a1c","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":101,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"efccac98-3921-483c-ba43-9e2c27a68e3e","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":101,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"03edbf9d-3693-4d4d-b0d2-11ffc6d30d6e","block_type":"box","text":"agreements does not currently exist.","page_number":101,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"26a979be-e158-4d4b-adb6-05124a4bf823","block_type":"box","text":"Guarantees.","page_number":101,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"d4c11c80-4a76-4a06-9fa3-6e28799f9eca","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":101,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"b865608a-d48f-42b2-850f-0ce87fa725e6","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":101,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"91360061-039b-49c4-871c-e111fcf159a9","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":101,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"4f23fec9-b950-4ee0-be4e-0bb7336c8cab","block_type":"box","text":"Illiquid Investments.","page_number":101,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"8f0fb38b-d84c-4b09-a01d-8a32289fb26e","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":101,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"989ae1d2-854c-40b6-99af-7a42869b22d7","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":101,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"5c4f71ef-2701-415c-9fd5-c21fb2748479","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":101,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"29a21323-bff1-4c58-b26d-7023575a1ad1","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":101,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"7049572d-8aff-45ab-9ab6-aa149bc71cb1","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":101,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"2fd2ba03-b4d5-4ab3-8385-beb4d4c7dbdb","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":101,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"3c00f427-3fb9-4faa-adf6-f6df274dede2","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":101,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"f1c953d2-72d6-4320-9961-286e982e6bd8","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":101,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"34c15dfa-1b30-42b3-806f-c119c9e09959","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":101,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"e3362215-db75-4c9a-ac85-7745d597cc58","block_type":"box","text":"Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares,","page_number":101,"box":{"x":70,"y":642,"width":829,"height":11}},{"id":"f195d08a-e862-4b11-b9ff-7687b93bd277","block_type":"box","text":"the Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger","page_number":101,"box":{"x":68,"y":657,"width":814,"height":11}},{"id":"7ee2d195-d3f5-4313-9fa8-bf52ae4bb8cc","block_type":"box","text":"portion of the Fund’s holdings. If illiquid investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as","page_number":101,"box":{"x":70,"y":672,"width":790,"height":11}},{"id":"d735667e-3724-46b4-b669-7d8cd97741cc","block_type":"box","text":"defined below) and the Liquidity Program (as defined below) will require that certain remedial actions be taken.","page_number":101,"box":{"x":69,"y":687,"width":789,"height":11}},{"id":"5a94cf8c-b820-485c-aeff-620642b3e289","block_type":"box","text":"Illiquid investments may trade at a discount from comparable liquid investments. Investment of a Fund’s assets in","page_number":101,"box":{"x":70,"y":702,"width":814,"height":11}},{"id":"4c272ac9-e51c-4ca4-a458-6f38432eb7c9","block_type":"box","text":"illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair","page_number":101,"box":{"x":70,"y":717,"width":830,"height":12}},{"id":"d836ed8b-ccf7-4fe3-bf63-def33481128d","block_type":"box","text":"price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be","page_number":101,"box":{"x":70,"y":732,"width":791,"height":12}},{"id":"6321d8b3-bffa-46c8-81e5-dbc33d1294e0","block_type":"box","text":"particularly acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays dividends,","page_number":101,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"7866eae0-a16a-45a6-b411-003e13281086","block_type":"box","text":"and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale","page_number":101,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"f27765e3-168c-4f5c-a810-36443644f9a4","block_type":"box","text":"of illiquid investments.","page_number":101,"box":{"x":69,"y":778,"width":159,"height":11}},{"id":"bcf2bd5b-1320-45d5-b5d4-c00308cb9ed7","block_type":"box","text":"Index Funds.","page_number":101,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"b9cdc297-14b7-4f8f-9beb-7e05bf7ef5e2","block_type":"box","text":"Cash Flows; Expenses.","page_number":101,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"6f99ed97-bb97-47aa-bc78-ecc68697a29f","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":101,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"11f6f0a3-3a63-4c26-bce5-b6372f2e6a61","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":101,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"ce6e3e54-02e3-47cc-a4c7-df49d4b352bc","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":101,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"2e4353e5-b59b-48f1-b648-80a68aefa79c","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":101,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"62c1569c-d962-4db4-9752-a2336d833842","block_type":"box","text":"the investment performance of each index is a hypothetical number which does not take into account brokerage","page_number":101,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"d1a1288f-b451-4627-a19e-202efc350ed4","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":101,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"794b2a7f-352f-4f66-a23b-fd7783828d3a","block_type":"box","text":"II-32","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54caa0f8-895a-4a27-8a32-e2f1aed855fe","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"427408f1-740f-4735-b9cc-bd95c4f27bdc","block_type":"box","text":"(","page_number":102,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"fbe013fd-9620-4b34-8065-a1d2399265b3","block_type":"box","text":"e.g.","page_number":102,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"b9860421-9f71-4606-985d-cb2245c1cad5","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":102,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"55b71443-7f26-4321-a27f-e8892cf3c113","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":102,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"48f44db9-7ab3-45b9-8fd1-a53073c88102","block_type":"box","text":"particular security as an investment.","page_number":102,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"90e7bccd-5800-4b70-a84d-8c436ccfcd03","block_type":"box","text":"Tracking Error Risk","page_number":102,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"0422b8f7-6188-4856-a0d2-97ec15e3a4b7","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":102,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"ae46988b-f6ae-4e07-a77e-96d9ba9d4ef4","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":102,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"aaa3a1f6-4c93-4ddf-8b4a-dfeeb4c7e20f","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":102,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"2775ca3c-328d-4897-8cd0-21d876ea8fbf","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":102,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"ff6b49cc-53f1-4912-9f65-bdd618058e22","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":102,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"79c87590-2f70-4554-adae-1cb05956a638","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":102,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"ef7ff82f-793b-42ed-a654-0028415ff6bd","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":102,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"83861104-7ae3-4d4c-a51b-1d9670fdf320","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":102,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"4a434be3-6da9-4ee1-91c0-75a53dfad8ba","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":102,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"a4d5dad0-cc1f-4a76-b86d-a4fd40d1dd4d","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":102,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"30b97361-817d-4356-bac9-e482d76e4b93","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":102,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"75b0029b-1eae-488e-81dd-2132b47b1331","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":102,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"a201f2c4-5137-41d6-92d6-4bf94d092efd","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":102,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"a4dcb874-f09f-49d5-92a4-3b393f7cd1f0","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":102,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"2f9c7f31-1acf-4f37-963a-73809400fee8","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":102,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"173854e4-998b-41ed-85ed-78165cd136de","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":102,"box":{"x":68,"y":332,"width":778,"height":11}},{"id":"def3cfe0-2fa5-4b13-915b-037b07374627","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, alert the index provider as to the alleged issue. The","page_number":102,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"60297545-8ce4-4727-97e2-13c0f02a3a8d","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":102,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"37b6b4c3-de94-4bd7-ad87-45719420a7b2","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may underweight or","page_number":102,"box":{"x":68,"y":377,"width":819,"height":12}},{"id":"2a82c34b-7ebf-4419-a649-8be6f5e0ce59","block_type":"box","text":"exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be subject to increased tracking","page_number":102,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"cf2cf8dc-989c-4991-bd70-eabee648d294","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. The application of the","page_number":102,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"83f0ef29-4f97-4645-b8b4-2f5faea00c84","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":102,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"c729a850-9192-40fd-b5df-1f44040389ee","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":102,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"1e376be5-9551-4e21-b0b4-552510f26d91","block_type":"box","text":"from an Underlying Index or a Fund’s portfolio, and the inclusion of such securities will result in an adverse impact to","page_number":102,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"971a3a62-a690-4458-80b2-548e06deea35","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":102,"box":{"x":68,"y":468,"width":536,"height":9}},{"id":"ae530990-93e1-478d-afd8-bebdb24515f0","block_type":"box","text":"S&P 500®","page_number":102,"box":{"x":102,"y":491,"width":64,"height":9}},{"id":"ac132e06-49a2-4281-b74d-666fa137cb5e","block_type":"box","text":"0®","page_number":102,"box":{"x":166,"y":491,"width":6,"height":4}},{"id":"a9b19427-3617-483f-9aff-97160b5cbf01","block_type":"box","text":"Index (“S&P 500”).","page_number":102,"box":{"x":178,"y":491,"width":134,"height":11}},{"id":"f900ec3c-fb4a-4d12-b19f-3af7a71a326a","block_type":"box","text":"“Standard & Poor’s","page_number":102,"box":{"x":320,"y":491,"width":136,"height":9}},{"id":"baedc308-b0bf-4f9e-b8dd-05a25a87a5e9","block_type":"box","text":"®","page_number":102,"box":{"x":457,"y":491,"width":6,"height":4}},{"id":"eaa20a33-99be-46fa-8383-1a6634036053","block_type":"box","text":",” “S&P","page_number":102,"box":{"x":465,"y":491,"width":53,"height":10}},{"id":"fd5279b2-4841-4774-845b-7712c724b6c0","block_type":"box","text":"®","page_number":102,"box":{"x":518,"y":491,"width":6,"height":4}},{"id":"3de68540-bd82-450c-8664-e796bd6de8da","block_type":"box","text":",” “S&P 500","page_number":102,"box":{"x":526,"y":491,"width":87,"height":10}},{"id":"0cf60256-8a70-4c93-b570-da026efe6d02","block_type":"box","text":"®","page_number":102,"box":{"x":614,"y":491,"width":6,"height":4}},{"id":"e079882a-ed45-4506-b3ce-a9e5fc582762","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":102,"box":{"x":621,"y":491,"width":280,"height":10}},{"id":"59751992-2ba6-4f4c-ad89-ef5a93379462","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by certain mutual funds sponsored and advised by","page_number":102,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"50baee60-916c-4eb4-8673-e77fd53de5de","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":102,"box":{"x":70,"y":521,"width":836,"height":11}},{"id":"6e8d7055-de32-426f-9c4e-3b937be9bd7c","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":102,"box":{"x":69,"y":536,"width":818,"height":11}},{"id":"bcef9529-fc3b-4031-9ba0-d3199560e76b","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":102,"box":{"x":69,"y":551,"width":783,"height":11}},{"id":"e5e1e988-66e1-4154-a538-7f2d1b7fd557","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the S&P 500 to","page_number":102,"box":{"x":69,"y":566,"width":823,"height":11}},{"id":"18729eb2-c8ea-41f0-8d8c-62ed0982309a","block_type":"box","text":"track general stock market performance. S&P’s only relationship to certain Funds is the licensing of certain","page_number":102,"box":{"x":68,"y":581,"width":769,"height":12}},{"id":"8a09c481-a96a-4335-bf68-1f5f7d6ebcb1","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":102,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"adf27975-a6ee-4eae-a6cc-476b44b4bd33","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":102,"box":{"x":68,"y":612,"width":811,"height":11}},{"id":"7c0a0bbf-8a84-474a-ac67-e97d0a043a3c","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. S&P is not responsible for and has not","page_number":102,"box":{"x":70,"y":627,"width":803,"height":11}},{"id":"4c26340e-ca5d-4b2e-9e76-e0f132881d53","block_type":"box","text":"participated in the determination of the prices and amount of any Fund or the timing of the issuance or sale of","page_number":102,"box":{"x":70,"y":642,"width":787,"height":11}},{"id":"15b9ae7d-fb44-46f3-be5a-24a2b08b345a","block_type":"box","text":"shares of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash.","page_number":102,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"3acb8e25-2059-49f4-9960-2790834b3cc5","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":102,"box":{"x":69,"y":672,"width":742,"height":11}},{"id":"3bc3018c-3497-42e6-86c9-d6e9ecef2239","block_type":"box","text":"S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included","page_number":102,"box":{"x":102,"y":695,"width":761,"height":11}},{"id":"a6748f70-7637-4959-9700-22fa1562a030","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty,","page_number":102,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"c11cbbcf-9151-4454-ba13-02e8378810e5","block_type":"box","text":"express or implied, as to results to be obtained by a Fund, owners of shares of a Fund, or any other person or entity","page_number":102,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"47b2d29f-bb81-405e-9401-afed051dbc22","block_type":"box","text":"from the use of the S&P 500 Index or any data included therein. S&P makes no express or implied warranties and","page_number":102,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"6fbe5d16-19b0-476b-9734-ab5560dfd35a","block_type":"box","text":"expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P","page_number":102,"box":{"x":69,"y":755,"width":840,"height":11}},{"id":"5c7e0172-4a75-43a7-9843-0f8b309de297","block_type":"box","text":"500 Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability","page_number":102,"box":{"x":69,"y":770,"width":826,"height":12}},{"id":"4c02626f-706b-488b-86b1-354bf1e66d57","block_type":"box","text":"for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility","page_number":102,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"e8ab79c1-0faa-4961-a919-6e178bb0d10c","block_type":"box","text":"of such damages.","page_number":102,"box":{"x":69,"y":801,"width":125,"height":11}},{"id":"11444b6d-a663-403e-91f9-2fe5bad9fdad","block_type":"box","text":"Russell®","page_number":102,"box":{"x":102,"y":823,"width":52,"height":9}},{"id":"efcdf375-446a-407c-b135-756d426be4d1","block_type":"box","text":"l®","page_number":102,"box":{"x":154,"y":824,"width":6,"height":4}},{"id":"b435bd0e-b3b0-4622-b46c-db19c590075d","block_type":"box","text":"Indexes.","page_number":102,"box":{"x":166,"y":823,"width":57,"height":9}},{"id":"b9dfe063-6e37-46bc-abe6-f33237afc221","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Russell","page_number":102,"box":{"x":231,"y":823,"width":611,"height":11}},{"id":"766bae6e-5f35-4d2f-84ea-b73b82f87416","block_type":"box","text":"Investments. Russell Investments is not responsible for and has not reviewed any Fund nor any associated literature","page_number":102,"box":{"x":70,"y":838,"width":831,"height":11}},{"id":"89a705fd-d30f-4aad-8c8d-f06d79408f3c","block_type":"box","text":"or publications and Russell Investments makes no representation or warranty, express or implied, as to their","page_number":102,"box":{"x":69,"y":854,"width":776,"height":11}},{"id":"d8de4829-7973-4d23-a3f7-417430bc9f82","block_type":"box","text":"accuracy, or completeness, or otherwise.","page_number":102,"box":{"x":69,"y":869,"width":291,"height":11}},{"id":"de8de38e-8a6a-47d7-ab6f-383d1ac4741a","block_type":"box","text":"II-33","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7869b3fc-dc33-4476-89ab-5f7db5d6bced","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cf4661b-4f4d-495f-87a6-59650548ee99","block_type":"box","text":"Russell Investments reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":103,"box":{"x":102,"y":45,"width":794,"height":11}},{"id":"a0c925b5-b20e-4ab5-bf25-aec3272343bf","block_type":"box","text":"change a Russell Index. Russell Investments has no obligation to take the needs of any particular Fund or its","page_number":103,"box":{"x":69,"y":60,"width":778,"height":11}},{"id":"3a7da605-9d7d-46ba-9e3e-9099acfad6a7","block_type":"box","text":"participants or any other product or person into consideration in determining, composing or calculating the Russell","page_number":103,"box":{"x":70,"y":75,"width":815,"height":11}},{"id":"ab155caa-27f5-42b2-839f-65bb7d30fb6d","block_type":"box","text":"Index.","page_number":103,"box":{"x":70,"y":90,"width":40,"height":9}},{"id":"d3da1955-0c7c-451f-aec2-0fa1208cf568","block_type":"box","text":"Russell Investments’ publication of the Russell Indexes in no way suggests or implies an opinion by Russell","page_number":103,"box":{"x":102,"y":113,"width":766,"height":11}},{"id":"798f39b9-6d06-4846-8d46-b6d7db868663","block_type":"box","text":"Investments as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell","page_number":103,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"20e96621-bf8f-47a6-9da8-08e87c36b28e","block_type":"box","text":"Indexes is based. Russell Investments makes no representation, warranty, or guarantee as to the accuracy,","page_number":103,"box":{"x":70,"y":143,"width":765,"height":11}},{"id":"fce1c36f-f6a5-460d-b760-1b69a551e107","block_type":"box","text":"completeness, reliability, or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell","page_number":103,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"737d0aad-02bb-489d-ada9-88832064c05d","block_type":"box","text":"Investments makes no representation or warranty regarding the use, or the results of use, of the Russell Indexes or","page_number":103,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"424f7902-35fb-4262-a19f-49b5234cf39c","block_type":"box","text":"any data included therein, or any security (or combination thereof) comprising the Russell Indexes. Russell","page_number":103,"box":{"x":69,"y":188,"width":757,"height":12}},{"id":"5597b277-ce23-428c-aa81-91924826db2e","block_type":"box","text":"Investments makes no other express or implied warranty, and expressly disclaims any warranty, of any kind,","page_number":103,"box":{"x":70,"y":203,"width":767,"height":12}},{"id":"c66d4a97-133d-4507-babe-9c3683ec4c08","block_type":"box","text":"including, without means of limitation, any warranty of merchantability or fitness for a particular purpose with respect","page_number":103,"box":{"x":70,"y":218,"width":833,"height":12}},{"id":"a620aec2-e346-442b-b6e9-6318d777143b","block_type":"box","text":"to the Russell Indexes or any data or any security (or combination thereof) included therein.","page_number":103,"box":{"x":68,"y":234,"width":651,"height":11}},{"id":"926c3144-ff75-4507-8110-ed7ff47bde26","block_type":"box","text":"MSCI Indexes.","page_number":103,"box":{"x":102,"y":256,"width":100,"height":9}},{"id":"3ad7efa4-0f50-4bce-bf4b-b883fea6798b","block_type":"box","text":"The MSCI Europe, Australasia and Far East (Capitalization Weighted) Index (“EAFE Index”) and the","page_number":103,"box":{"x":209,"y":256,"width":696,"height":12}},{"id":"a75a0774-9efd-4810-84b4-8fbec61aecfc","block_type":"box","text":"MSCI All-Country World ex-US Index (“ACWI ex-US Index” and together with the EAFE Index, the “MSCI Indexes” and","page_number":103,"box":{"x":70,"y":272,"width":818,"height":11}},{"id":"83c714cb-ed8a-4a75-b377-c7d1470aa9eb","block_type":"box","text":"individually an “MSCI Index”) are the exclusive property of MSCI, Inc. (“MSCI”). The EAFE Index and ACWI ex-US Index","page_number":103,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"bcf27f87-15b0-4f21-8bee-855133296c36","block_type":"box","text":"are service marks of MSCI and have been licensed for use by the Manager and its affiliates.","page_number":103,"box":{"x":69,"y":302,"width":658,"height":11}},{"id":"b865177c-711f-49a3-9633-2bf49e170033","block_type":"box","text":"No Fund is sponsored, endorsed, sold or promoted by MSCI. MSCI makes no representation or warranty, express","page_number":103,"box":{"x":102,"y":324,"width":806,"height":11}},{"id":"f864b499-1bda-422e-b58d-bd405840fb64","block_type":"box","text":"or implied, to the owners of shares of a Fund or any member of the public regarding the advisability of investing in","page_number":103,"box":{"x":69,"y":339,"width":811,"height":12}},{"id":"54389754-89d4-40a5-a227-e49c5f13fa3f","block_type":"box","text":"securities generally or in a Fund particularly or the ability of an MSCI Index to track general stock market","page_number":103,"box":{"x":69,"y":355,"width":743,"height":11}},{"id":"d9dff40d-6a60-4553-96ce-15ed1334558b","block_type":"box","text":"performance. MSCI is the licensor of certain trademarks, service marks and trade names of MSCI and of the MSCI","page_number":103,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"a435276d-d99f-4e95-a433-5f3315e993e4","block_type":"box","text":"Indexes. MSCI has no obligation to take the needs of any Fund or the owners of shares of a Fund into consideration","page_number":103,"box":{"x":70,"y":385,"width":824,"height":11}},{"id":"7f11c241-1201-43ea-bbab-bd9758e887b4","block_type":"box","text":"in determining, composing or calculating an MSCI Index. MSCI is not responsible for and has not participated in the","page_number":103,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"20d19fae-412c-4ba0-b824-c337d7428004","block_type":"box","text":"determination of the timing of, prices at, or quantities of shares of any Fund to be issued or in the determination or","page_number":103,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"7440eec2-226b-4b2c-a18c-7d19ea32eb2e","block_type":"box","text":"calculation of the equation by which the shares of a Fund are redeemable for cash. MSCI has no obligation or liability","page_number":103,"box":{"x":69,"y":430,"width":835,"height":11}},{"id":"d87acfe9-ea45-4b2b-b180-14071f6e244d","block_type":"box","text":"to owners of shares of a Fund in connection with the administration, marketing or trading of the Fund.","page_number":103,"box":{"x":68,"y":445,"width":724,"height":12}},{"id":"e399b22f-1237-49c9-a6b6-d320a55fd2d4","block_type":"box","text":"Although MSCI shall obtain information for inclusion in or for use in the calculation of an MSCI Index from","page_number":103,"box":{"x":101,"y":468,"width":751,"height":11}},{"id":"795d5586-357b-4e54-b061-81e6d2947bf4","block_type":"box","text":"sources which MSCI considers reliable, MSCI does not guarantee the accuracy and/or the completeness of the MSCI","page_number":103,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"6d07dd97-b27a-4465-b053-ca864b76de02","block_type":"box","text":"Index or any data included therein. MSCI makes no warranty, express or implied, as to results to be obtained by","page_number":103,"box":{"x":70,"y":498,"width":797,"height":11}},{"id":"99c62495-54be-4cc3-ab8a-d19c7b659ec2","block_type":"box","text":"licensee, licensee’s customers and counterparties, owners of shares of a Fund, or any other person or entity from","page_number":103,"box":{"x":70,"y":513,"width":812,"height":11}},{"id":"158e6f55-f034-473d-bd4c-c345041d1186","block_type":"box","text":"the use of an MSCI Index or any data included therein in connection with the rights licensed hereunder or for any","page_number":103,"box":{"x":68,"y":528,"width":804,"height":12}},{"id":"0484d42d-fe3d-4f5a-9eb7-06d677eba395","block_type":"box","text":"other use. MSCI makes no express or implied warranties, and hereby expressly disclaims all warranties of","page_number":103,"box":{"x":69,"y":543,"width":758,"height":12}},{"id":"1d637c45-f02a-43cd-94e5-43d74d306713","block_type":"box","text":"merchantability or fitness for a particular purpose with respect to an MSCI Index or any data included therein. Without","page_number":103,"box":{"x":69,"y":559,"width":840,"height":11}},{"id":"3683608d-0e87-4cb3-b988-6496a5eeebb9","block_type":"box","text":"limiting any of the foregoing, in no event shall MSCI have any liability for any direct, indirect, special, punitive,","page_number":103,"box":{"x":70,"y":574,"width":777,"height":11}},{"id":"ac19715b-4c92-4937-ab6b-99195316e383","block_type":"box","text":"consequential or any other damages (including lost profits) even if notified of the possibility of such damages.","page_number":103,"box":{"x":69,"y":589,"width":782,"height":11}},{"id":"10c42e57-cebb-428b-8789-2150840a12a1","block_type":"box","text":"Financial Times Stock Exchange (“FTSE”) Indexes.","page_number":103,"box":{"x":102,"y":612,"width":355,"height":11}},{"id":"af4bc971-75f9-4ea5-8d70-45669dcda7f2","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any","page_number":103,"box":{"x":465,"y":612,"width":422,"height":11}},{"id":"3344bbc1-0012-4f1c-b53d-56b6d0c7e829","block_type":"box","text":"way affiliated with FTSE. FTSE is not responsible for and has not reviewed any Fund nor any associated literature or","page_number":103,"box":{"x":68,"y":627,"width":824,"height":11}},{"id":"382ec195-3695-4144-9222-b243849d756e","block_type":"box","text":"publications and FTSE makes no representation or warranty, express or implied, as to their accuracy, or","page_number":103,"box":{"x":70,"y":642,"width":736,"height":11}},{"id":"7ade7c72-2de8-4510-a8ce-08c3e76e35fc","block_type":"box","text":"completeness, or otherwise.","page_number":103,"box":{"x":69,"y":657,"width":202,"height":11}},{"id":"21a100c4-a221-49ab-b4a3-18d6113da6bc","block_type":"box","text":"FTSE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a FTSE","page_number":103,"box":{"x":102,"y":680,"width":794,"height":11}},{"id":"07e211e7-d6b9-4a9c-a25d-28e3ec3b86e3","block_type":"box","text":"Index. FTSE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":103,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"6e95d900-2b17-4251-b2ca-36641590630f","block_type":"box","text":"person into consideration in determining, composing or calculating the FTSE Index.","page_number":103,"box":{"x":70,"y":710,"width":587,"height":11}},{"id":"ee32b529-b0f5-413c-b98f-1f89f62f538c","block_type":"box","text":"Bloomberg Indexes.","page_number":103,"box":{"x":102,"y":733,"width":139,"height":11}},{"id":"c2f28934-5588-4352-95f7-7637fe3f8453","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Bloomberg","page_number":103,"box":{"x":249,"y":732,"width":636,"height":12}},{"id":"3ccd4552-0ab5-43ba-991c-6e99d784334b","block_type":"box","text":"Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg is not responsible for nor has it reviewed any","page_number":103,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"0e5e4f66-a781-40f8-a21b-f20bb44923af","block_type":"box","text":"Fund nor any associated literature or publications, and Bloomberg makes no representation or warranty, express or","page_number":103,"box":{"x":70,"y":763,"width":821,"height":11}},{"id":"ab3d000d-3137-4992-afbe-4a6e8521473e","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":103,"box":{"x":70,"y":778,"width":430,"height":11}},{"id":"e4f7b578-bead-40f5-985e-4f276d7e5bf7","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a","page_number":103,"box":{"x":102,"y":801,"width":795,"height":11}},{"id":"7ec67e10-ab84-4965-a4bd-d641e0d58308","block_type":"box","text":"Bloomberg Index. Bloomberg has no obligation to take the needs of any particular Fund or its participants or any","page_number":103,"box":{"x":70,"y":816,"width":802,"height":11}},{"id":"8005330e-ab5e-42b8-82f3-32c42f852a9c","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":103,"box":{"x":69,"y":831,"width":735,"height":11}},{"id":"8a0c9be3-2909-496e-a6e9-ec37434e5d5f","block_type":"box","text":"ICE BofA Indexes.","page_number":103,"box":{"x":102,"y":853,"width":124,"height":9}},{"id":"13704f3e-ed5a-4de1-ae2e-7a95c9432e1a","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":103,"box":{"x":233,"y":853,"width":670,"height":12}},{"id":"ae51cf29-69b7-4811-b92a-4ad26f87dd58","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":103,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"41f6a87e-7a78-456a-ab1b-936cb6ee86ce","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":103,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"4c402468-e197-4655-a45a-9ee1e78f489f","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":103,"box":{"x":69,"y":899,"width":793,"height":11}},{"id":"3580ba77-1c53-47b0-ac69-62840ed8ec02","block_type":"box","text":"II-34","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"abc1597d-7c07-4921-bc9e-947daf491ed7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af793c63-2058-41dd-9ddd-44b692601c73","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":104,"box":{"x":70,"y":45,"width":785,"height":11}},{"id":"8fb96350-9afc-4ab1-bbb6-180081afc514","block_type":"box","text":"completeness, or otherwise.","page_number":104,"box":{"x":69,"y":60,"width":202,"height":11}},{"id":"943ce5ea-743c-4886-ad8e-87dd2a37e9d8","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":104,"box":{"x":102,"y":83,"width":779,"height":11}},{"id":"09542c61-b8dd-4762-9b12-fa30b8ef0721","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":104,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"d87353a5-a613-416d-bdcd-d856e46a1c5a","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":104,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"afd25452-c33e-4def-ba98-5fabc7fd65b9","block_type":"box","text":"Indexed and Inverse Securities.","page_number":104,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"973b6b34-da57-4383-bb8e-afa34778709b","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":104,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"f54e6361-6a31-4fbc-bdb6-4f20eb2342ef","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":104,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"dd0adddc-3de3-48ed-8594-96299bfd59ba","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":104,"box":{"x":70,"y":166,"width":814,"height":11}},{"id":"c221db00-141b-4c14-a015-67a1cd1c7602","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":104,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"2c37622a-353b-419a-9818-d441d2eaee3b","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":104,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"0a824511-2eba-48e3-9a01-025bb53a68e7","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":104,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"77aeee9c-1cd0-4e2d-939d-289cdc89e34a","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":104,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"4dc33191-b852-41fe-a0f4-a9c954458bfb","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":104,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"7e8f6da2-2329-413a-9fdb-efa63177577b","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":104,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"14f75e5a-3259-4003-a110-22d736b01562","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":104,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"78d9477a-ce17-4cf8-8af1-ab31ce2fb3c6","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":104,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"25236d86-a135-4310-b998-a2b23de7dfac","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":104,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"26a338c2-472a-4f8f-ae65-57c912310def","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":104,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"2ecff5d1-4811-4dce-855f-41e26ad41575","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":104,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"c181f6e2-9f50-4df6-a832-07ba85f64d4f","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":104,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"057f1cda-7159-47c2-82b2-8a9bc2d88768","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":104,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"2b8682c1-b046-497a-b571-a3dc77d08eff","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":104,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"4ef73cab-b739-4f28-b391-3917864eade4","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":104,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"6d6e1230-7022-4970-a1e1-e5c3559c79c5","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":104,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"eabe7f4a-0a69-4243-a60f-1311e2bc73f0","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":104,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"9b4d82fb-8608-4f50-a8fd-9572a40cee17","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":104,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"43db947c-8ba2-4533-8a24-1d7508fc3442","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":104,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"5291bf9a-5cbc-418a-8a91-0ebf64173b9d","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":104,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"01f271ef-73d9-4d8c-a4c7-1ece638003fa","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":104,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"6679f667-bd1e-4480-92ff-3c8bc68367c5","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":104,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"de4d0388-9aa9-4968-8ce9-6170889d4b33","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":104,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"20866432-7717-4725-bfd1-00fa647e554a","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":104,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"72169b83-117a-4ed5-bac6-3a213aa43432","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":104,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"0291a7ae-dffa-4406-a374-e83c032be2d5","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":104,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"2bf0932d-e84c-46b2-8b5b-985d8485261c","block_type":"box","text":"Inflation Risk.","page_number":104,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"e909f77e-95b3-443c-9577-6231b6133644","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":104,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"45fff096-6c0f-4fa7-b6f2-b2051110016d","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":104,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"12614f57-6399-4c2d-a5fe-73865e5838d5","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":104,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"553cf133-65df-4e86-8bad-30e706aad74c","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":104,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"da3ed522-27e0-4dcd-b88a-b9a9bf166d9a","block_type":"box","text":"The volume of initial public offerings and the levels at which the newly","page_number":104,"box":{"x":361,"y":642,"width":499,"height":11}},{"id":"0fece7f9-f750-4925-b1e9-edd90caa4faf","block_type":"box","text":"issued stocks trade in the secondary market are affected by the performance of the stock market overall. If initial","page_number":104,"box":{"x":70,"y":657,"width":811,"height":11}},{"id":"afe704e7-9cee-4b8f-8389-4e46b40f124b","block_type":"box","text":"public offerings are brought to the market, availability may be limited and a Fund may not be able to buy any shares","page_number":104,"box":{"x":70,"y":672,"width":823,"height":11}},{"id":"4be9b5de-eca4-4737-aa90-9a679f95fb3f","block_type":"box","text":"at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it","page_number":104,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"cbfac872-85f0-4978-a69a-97f4db2ae740","block_type":"box","text":"would like. In addition, the prices of securities involved in initial public offerings are often subject to greater and more","page_number":104,"box":{"x":68,"y":702,"width":839,"height":12}},{"id":"86f53a53-e888-45f9-9937-2e0529b43a50","block_type":"box","text":"unpredictable price changes than more established stocks. IPOs have the potential to produce substantial gains.","page_number":104,"box":{"x":69,"y":718,"width":805,"height":11}},{"id":"7ac4b58f-988b-4068-9507-8da9f3b49c07","block_type":"box","text":"There is no assurance that any Fund will have access to profitable IPOs and therefore investors should not rely on","page_number":104,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"38a31be3-54aa-4aeb-ac1b-e3ecadced57f","block_type":"box","text":"any past gains from IPOs as an indication of future performance. The investment performance of a Fund during","page_number":104,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"aca9d041-77a0-4dce-9a75-907c2000280f","block_type":"box","text":"periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do","page_number":104,"box":{"x":70,"y":763,"width":837,"height":11}},{"id":"dba320e5-e92e-4fd4-9f03-a695d23446d9","block_type":"box","text":"so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":104,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"c569122e-14ae-4c0d-badf-6858613b93bc","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":104,"box":{"x":70,"y":793,"width":823,"height":11}},{"id":"52452bb9-35a6-4dac-a93c-29009fede5c1","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":104,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"a6bbe7d5-2108-44c4-90d7-7953df0ea4f8","block_type":"box","text":"limited periods.","page_number":104,"box":{"x":70,"y":823,"width":107,"height":11}},{"id":"4dedeaa5-229d-4e9b-85a4-8578f7308260","block_type":"box","text":"Investment in Emerging Markets.","page_number":104,"box":{"x":102,"y":846,"width":242,"height":11}},{"id":"4c874457-9b32-4d70-b53f-d591bc13677d","block_type":"box","text":"General.","page_number":104,"box":{"x":102,"y":869,"width":58,"height":9}},{"id":"5d4873a5-e9e8-4e2f-8142-983db73e04ad","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":104,"box":{"x":102,"y":891,"width":748,"height":12}},{"id":"29df69c2-3c0b-4cce-876e-720c01942a7b","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":104,"box":{"x":69,"y":907,"width":840,"height":11}},{"id":"099e5604-1402-4979-bf80-4709aa15dbfa","block_type":"box","text":"II-35","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddc48dab-07a4-436f-9b71-21bdf778ca46","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bcc66d2-b306-4f2c-bfea-a12ffcd05744","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":105,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"f969e2e4-8aff-4b37-8115-5f68714777ea","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":105,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"c40054c4-e5c2-4bea-baa0-8a68aa35461b","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":105,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"37859bba-92e1-43ef-a4ad-5ecbdc77b14e","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":105,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"c1a93a2a-56c3-4994-84df-2ac75ba66198","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":105,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"d51792b9-9447-49bb-ac58-0728815f4ed7","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":105,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"e160c34f-a72b-4b12-8514-cc7bc7f36e09","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":105,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"adfd1f08-7c19-4801-bb9a-3e32e0544ebf","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":105,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"643758a9-f50c-487b-a57b-bd57bdd38c0e","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":105,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"5372bda4-d0d4-418b-a6ed-f6351d1690e9","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":105,"box":{"x":69,"y":188,"width":809,"height":12}},{"id":"225da3f9-16ae-44ed-9d5e-fd11bf03394f","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":105,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"4fb7d859-b236-44d4-8e26-8d159cf1e0b0","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":105,"box":{"x":69,"y":218,"width":800,"height":12}},{"id":"5289b8eb-1bc2-4828-bf55-b8e18aa88cba","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":105,"box":{"x":69,"y":234,"width":811,"height":11}},{"id":"a12f6e0d-dd60-4ad0-8fff-52757519411b","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":105,"box":{"x":70,"y":249,"width":824,"height":11}},{"id":"78f85141-a6f1-42ed-ac6e-b85ef0ec8344","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":105,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"e20d5fee-4c6c-40a6-a23a-15c937a2d45d","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":105,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"24d2f556-75bd-4bd6-9ac6-3d59c834d12b","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":105,"box":{"x":69,"y":294,"width":694,"height":11}},{"id":"10368955-f8db-43cd-b6ca-4854f7b574bd","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":105,"box":{"x":102,"y":317,"width":767,"height":11}},{"id":"0c5ff0f3-165e-4548-b013-b962d1d39ec9","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":105,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"f74d4215-6cdd-4320-a793-f0e68ae42acb","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":105,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"5ea3b056-0f87-461f-b0d0-1a3c3a6fef05","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":105,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"8abea0df-f7da-45e7-8180-03f2677b094a","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":105,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"da26b536-6d8e-4219-8dd7-e9346952a1fa","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":105,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"e6bd30d6-a7b2-4c4b-8fc6-484b299e04c6","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":105,"box":{"x":70,"y":407,"width":802,"height":11}},{"id":"04044e9d-7f0a-4293-a415-acfc34683bb9","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":105,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"b9c37054-a232-4be6-9faf-673210b1c887","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":105,"box":{"x":69,"y":438,"width":788,"height":11}},{"id":"26894dbf-68bb-460c-92f9-07ad2cffc0c2","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":105,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"d778fede-cfc1-4253-81f6-886a0196b5df","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":105,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"c4f87b75-8b1b-4b10-a675-f958d1122fd5","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":105,"box":{"x":68,"y":483,"width":513,"height":11}},{"id":"e3fa2bfe-28c7-4827-a8d5-205323c1a57c","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":105,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"90527818-e115-4c63-858e-e258d430bc8a","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":105,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"1f325adc-196f-4be4-863a-8f005ae93127","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":105,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"8ea6ff24-5d24-43b8-8d1e-79d64478f447","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":105,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"53aed0fb-1ef0-4cb7-b864-5ee31e5936b3","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":105,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"7411c400-5e24-4833-a1d7-9094003355ec","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":105,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"b1914c4c-5fdc-4a19-9a6c-7720cd44805a","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":105,"box":{"x":69,"y":596,"width":814,"height":12}},{"id":"d3739f21-e695-430a-852b-7383684d41cf","block_type":"box","text":"acquisition or disposal of securities.","page_number":105,"box":{"x":69,"y":612,"width":257,"height":11}},{"id":"808df40b-e871-4687-82b7-871cad550c2e","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":105,"box":{"x":102,"y":634,"width":800,"height":12}},{"id":"705c006b-49b8-4821-9953-7cc07bea3146","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":105,"box":{"x":70,"y":650,"width":769,"height":10}},{"id":"236b7923-6cf8-468c-a9cd-34c2c69bb594","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":105,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"f68127a7-df80-4b05-9b99-477d2f15ec83","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":105,"box":{"x":69,"y":680,"width":819,"height":11}},{"id":"908c44e1-4866-45d1-b976-994527e1ff24","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":105,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"00c18426-e751-4c67-8a9b-8d2a014032c3","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":105,"box":{"x":69,"y":710,"width":794,"height":11}},{"id":"edfac481-c5a8-4935-ae24-405b6d8880c5","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":105,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"913b2a0d-e4a0-41eb-abdb-223021ce48e4","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":105,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"af12df0a-a3de-4825-ae17-f40699bfdcfc","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":105,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"a1125f98-e6d1-42b5-b87e-8b2ca25d9468","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":105,"box":{"x":68,"y":778,"width":777,"height":11}},{"id":"7677894d-663f-4639-ab66-b94e0c841aae","block_type":"box","text":"generally less available or transparent in these markets.","page_number":105,"box":{"x":68,"y":793,"width":401,"height":11}},{"id":"94a460fc-05e0-4c62-b52a-da68f3be7c30","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":105,"box":{"x":102,"y":816,"width":778,"height":11}},{"id":"8b9336c1-10da-42e8-89ff-5216c053cdaa","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":105,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"3b327aad-5d77-4ee3-9153-21bb88175161","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":105,"box":{"x":68,"y":846,"width":797,"height":11}},{"id":"6fbf5e9b-46a0-4a5a-abf9-a33adb975774","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":105,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"9ec6d85f-54e1-4866-90fc-4dbacf8ba72c","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":105,"box":{"x":68,"y":876,"width":799,"height":11}},{"id":"796a01fc-cce9-4383-bfdb-991e7ef7a390","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":105,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"afeabc84-7e6d-4cf8-bd05-0a9933ef1415","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":105,"box":{"x":68,"y":906,"width":740,"height":12}},{"id":"3773b3dc-d739-425b-92c1-ae443c42170a","block_type":"box","text":"II-36","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d04d8d4-bc48-48ab-abd7-5ff75253e1d9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"934a9547-f33b-4942-8e44-e874df5bc320","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":106,"box":{"x":102,"y":45,"width":305,"height":11}},{"id":"a814220b-0241-45ad-b71e-cb19967f75bc","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":106,"box":{"x":414,"y":45,"width":485,"height":11}},{"id":"cc1cb292-2c75-43f2-833c-80373a810844","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":106,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"067fb2ad-4685-4a46-b53f-1e58b2a7e377","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":106,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"59474716-896b-44f8-b872-0f063236498b","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":106,"box":{"x":68,"y":90,"width":838,"height":11}},{"id":"960e3e1b-3c86-4317-83f2-22daa15f5569","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":106,"box":{"x":69,"y":105,"width":834,"height":11}},{"id":"e3ee1bae-3e54-451c-86b8-9ec9adac4da9","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":106,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"4b744073-3f84-4f21-bee4-ee1ed854bf8b","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":106,"box":{"x":69,"y":135,"width":804,"height":12}},{"id":"2e66d117-0c6e-4cf2-bce7-c29361dde89f","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":106,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"ae976eac-e356-46a5-b90c-af976b27a1f7","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":106,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"4a6261a7-442e-4c2c-b381-4bdfeec2db29","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":106,"box":{"x":70,"y":181,"width":766,"height":11}},{"id":"569e59bc-6444-4332-89e2-4d39ef4e660d","block_type":"box","text":"performance of the Fund.","page_number":106,"box":{"x":70,"y":196,"width":179,"height":11}},{"id":"96007647-0eaa-4cd9-ba8e-6982c8ca6cf2","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":106,"box":{"x":102,"y":218,"width":784,"height":12}},{"id":"d53e2e95-75a8-41c3-a967-e52ada279238","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":106,"box":{"x":69,"y":234,"width":803,"height":11}},{"id":"fd3b43c6-83f8-426f-af70-acd4ec1a07cd","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":106,"box":{"x":69,"y":249,"width":788,"height":11}},{"id":"3b4538f3-e359-47e0-8592-b8127000883c","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":106,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"7f98a7ee-e0f5-4ccb-9cc3-7259924fdf37","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":106,"box":{"x":68,"y":279,"width":823,"height":11}},{"id":"e6938bc7-b4e8-45a3-9a4e-aa0bd757f34e","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":106,"box":{"x":68,"y":294,"width":822,"height":11}},{"id":"59713896-8812-42fd-87b9-20ca9369ae95","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":106,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"01ad5ecb-6b68-4811-bf6e-dda730687afd","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":106,"box":{"x":69,"y":325,"width":821,"height":11}},{"id":"fcd40efc-fd8f-4962-83be-20fb6cc61c2a","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":106,"box":{"x":70,"y":339,"width":827,"height":12}},{"id":"654f6e0c-11d3-4479-94e6-dda49e683f76","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":106,"box":{"x":70,"y":355,"width":803,"height":11}},{"id":"3446eaf2-7e03-48f7-b4fc-c06d26e1f1d6","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":106,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"3a7e557a-340d-45d5-a0ea-388416c1668b","block_type":"box","text":"affected by a variety of factors.","page_number":106,"box":{"x":69,"y":385,"width":220,"height":11}},{"id":"f7a86fac-5fc2-4b8a-8480-eb47fa7ac0fa","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":106,"box":{"x":101,"y":407,"width":785,"height":12}},{"id":"fc92bde6-a18d-431e-ab7d-2863d4b0ef0a","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":106,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"3184435b-4c30-41aa-8f9c-80e6ac27bb85","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":106,"box":{"x":69,"y":438,"width":814,"height":11}},{"id":"49e77959-7e72-4b89-98c7-f245650d4f24","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":106,"box":{"x":69,"y":453,"width":813,"height":11}},{"id":"7e92116c-e94a-4b2c-819c-16d6125cf00e","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":106,"box":{"x":69,"y":468,"width":777,"height":11}},{"id":"6d57e513-75e7-4599-8cfb-623461ba0685","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":106,"box":{"x":70,"y":483,"width":652,"height":11}},{"id":"b6ca043f-8c31-45f6-bb38-171b59fd07c9","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":106,"box":{"x":102,"y":506,"width":737,"height":11}},{"id":"89d1d9de-744f-4474-a82d-a25fdb2abfac","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":106,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"7c912536-b5e0-4aa5-a16d-9a25af399a0b","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":106,"box":{"x":69,"y":536,"width":801,"height":11}},{"id":"0bf1043d-8de0-4b13-b00d-cf0da39b3173","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":106,"box":{"x":69,"y":551,"width":793,"height":11}},{"id":"6fd8da5a-2416-4113-a38a-f7ffa379396d","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":106,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"f212e447-58cc-4011-a627-19144ce72bbb","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":106,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"657b9d96-7cd6-4f88-8fd3-1e1b3055ba6b","block_type":"box","text":"nations.","page_number":106,"box":{"x":69,"y":597,"width":56,"height":8}},{"id":"01c45cc1-0df2-47b8-b2a1-9860850bb58c","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":106,"box":{"x":102,"y":619,"width":794,"height":11}},{"id":"f3ad9153-1bbc-45a3-942e-428e8ca27e82","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":106,"box":{"x":68,"y":634,"width":773,"height":12}},{"id":"70193a59-7b18-4b4c-8f26-2dd18234f20f","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":106,"box":{"x":69,"y":649,"width":808,"height":12}},{"id":"65c6f38a-ba9c-4f58-b671-35db07c8d820","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":106,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"079ac0d6-2373-4502-b229-eba0f1f7f58c","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":106,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"84712456-a3fb-451e-af8b-761b9beb94c8","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":106,"box":{"x":69,"y":695,"width":790,"height":11}},{"id":"eda85888-3bbe-4f2d-852b-5ad3e4933e0c","block_type":"box","text":"market Asia-Pacific companies.","page_number":106,"box":{"x":69,"y":710,"width":220,"height":11}},{"id":"31b5b8a4-15aa-4bd4-9de3-a97c25205c11","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":106,"box":{"x":102,"y":732,"width":780,"height":12}},{"id":"68d13c47-993d-4387-866f-418565145ba2","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":106,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"436f31cd-ec2e-4817-bf3f-3f54533afbe2","block_type":"box","text":"services for such securities outside such countries.","page_number":106,"box":{"x":69,"y":763,"width":367,"height":9}},{"id":"b5bd4586-87f4-4e05-bc9d-a6678c2dc3a8","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":106,"box":{"x":102,"y":785,"width":795,"height":12}},{"id":"36ac78ad-e3ab-45e2-8eb5-1f2f8ee24443","block_type":"box","text":"to commercial banks and foreign governments.","page_number":106,"box":{"x":68,"y":801,"width":335,"height":11}},{"id":"05b9c3dc-93eb-4a48-b7db-97502caa0428","block_type":"box","text":"On March 11, 2011, a powerful earthquake and resulting tsunami struck northeastern Japan causing major","page_number":106,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"e81262cc-497f-4f2e-bf4b-1698c3033b94","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":106,"box":{"x":69,"y":839,"width":813,"height":11}},{"id":"79c0e881-3001-48ee-89b2-560ea11a9f35","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment portfolio and, in the longer term,","page_number":106,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"aec17519-f438-434d-b32c-ff6ab3e7070e","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":106,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"8253cb67-40ac-463b-adec-18d09dbc5465","block_type":"box","text":"conducted.","page_number":106,"box":{"x":69,"y":884,"width":76,"height":9}},{"id":"184c9f99-b04a-4e48-8f27-360f1ab27b64","block_type":"box","text":"II-37","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f84e4cf7-b3a2-4ad7-ac78-93c61496ffc2","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65ebf691-0596-427e-b37a-24108aceaf55","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":107,"box":{"x":102,"y":45,"width":782,"height":11}},{"id":"f28090fe-295c-44b5-9d8e-d76a4d3ea0df","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":107,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"c1619add-75f4-4ca0-8cb8-164b1df78c3b","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":107,"box":{"x":68,"y":75,"width":711,"height":11}},{"id":"aacb16df-ca98-4101-9a02-8dd042ab502c","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":107,"box":{"x":102,"y":98,"width":435,"height":11}},{"id":"e7964c43-5ac6-4d49-90b1-c519680b0e2a","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":107,"box":{"x":543,"y":98,"width":355,"height":11}},{"id":"361ecb13-a70f-4166-919d-e4049cd1a2b8","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":107,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"bddda9cb-0d91-4942-aa55-7dc2b8285542","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":107,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"7cda4c15-5630-4da0-b537-867aae1818f9","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":107,"box":{"x":68,"y":143,"width":828,"height":11}},{"id":"9e31439a-cc38-490c-984e-65b9cb407524","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":107,"box":{"x":69,"y":158,"width":794,"height":11}},{"id":"0af20ae5-dda6-45ec-8aa8-1cc49b41fbff","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":107,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"a722448b-a326-4a78-a2ff-073e8ad70f35","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":107,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"b81454e7-a7f6-4910-880b-5a36d8fed7b2","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":107,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"a87aa90b-1974-4989-8e30-dc5e03d148ec","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":107,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"1e26345f-ba32-43e5-89f6-15fcf2c38534","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":107,"box":{"x":70,"y":234,"width":434,"height":11}},{"id":"a6cda4e1-cf55-4a44-acf5-bf16fba4f0af","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":107,"box":{"x":101,"y":256,"width":787,"height":12}},{"id":"e5047b19-15ab-4c79-95bf-45987d73276f","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":107,"box":{"x":68,"y":271,"width":833,"height":12}},{"id":"8fc12edf-3b8e-4f09-8f43-369a31b6a4b3","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":107,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"108730f4-055e-4603-bd9b-0a87fe6847d1","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":107,"box":{"x":69,"y":302,"width":831,"height":11}},{"id":"dc92ea14-9583-42e3-be84-9344c22c8bd1","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":107,"box":{"x":68,"y":317,"width":834,"height":11}},{"id":"222a2b56-72b8-4c4f-b2a0-d6c693a439e3","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":107,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"a68cea9c-ccab-4efe-ad15-b50c9da665a9","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":107,"box":{"x":69,"y":347,"width":800,"height":11}},{"id":"f2f71101-b3e6-4f1f-a42b-e9d8c6dacc55","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":107,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"de61de43-c0a5-4246-9cbf-95e086775f92","block_type":"box","text":"investment at that time.","page_number":107,"box":{"x":70,"y":377,"width":168,"height":9}},{"id":"41c0be46-d7c3-4557-9266-728c24c1eb87","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":107,"box":{"x":102,"y":400,"width":774,"height":11}},{"id":"b6b395f2-abc9-4d91-9d2f-f084d363e6cc","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":107,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"53b99085-dd33-46ba-85b8-a5ebefd13398","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":107,"box":{"x":69,"y":430,"width":789,"height":11}},{"id":"876d93d7-12af-4acf-83e1-0f5b0c03a37e","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":107,"box":{"x":69,"y":445,"width":826,"height":11}},{"id":"d8877b7e-68f9-464b-b215-e2240a1c7236","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":107,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"90616d3d-8816-4bd1-ac3a-980eb03f5965","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":107,"box":{"x":68,"y":475,"width":826,"height":12}},{"id":"e612f4cb-0d4f-43dc-8f45-017034cf48e8","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":107,"box":{"x":68,"y":491,"width":800,"height":11}},{"id":"6f9e7437-5383-412b-a8aa-ff2f75b36977","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":107,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"8b67cf7a-f072-45fb-9500-306ceaec4466","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":107,"box":{"x":68,"y":521,"width":798,"height":11}},{"id":"b5b18e79-2b6b-434f-87c4-c1cf6f45a684","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":107,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"a0545ebd-26ab-4c45-ae42-b3f1b0cb93fd","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":107,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"01b0b750-ceab-4304-a0be-3d831a03511d","block_type":"box","text":"government).","page_number":107,"box":{"x":68,"y":566,"width":92,"height":11}},{"id":"67034b47-a71f-4363-9703-8cadffaeee5b","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":107,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"cd49a324-9fd6-42da-b5cf-e8b324df7bbd","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":107,"box":{"x":68,"y":604,"width":828,"height":11}},{"id":"644da7b7-7eab-40d3-95cf-1b94e06331f0","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":107,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"192b0ab9-68a2-4144-9255-5a6e6915ef63","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":107,"box":{"x":69,"y":634,"width":829,"height":11}},{"id":"2ff601d0-236b-45da-94bc-a44490e76d66","block_type":"box","text":"foreign banks and other financial institutions.","page_number":107,"box":{"x":68,"y":649,"width":322,"height":12}},{"id":"f8de82e3-5cd8-44e0-97fa-30bf1aa9fe35","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":107,"box":{"x":102,"y":672,"width":767,"height":11}},{"id":"c1e353bd-bf83-4c7e-adaf-3f257ef32d75","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":107,"box":{"x":69,"y":687,"width":814,"height":11}},{"id":"99a40f77-b81d-4d86-9b97-5438db142939","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":107,"box":{"x":69,"y":702,"width":809,"height":12}},{"id":"384589ab-3c60-4a94-a468-e8c7b6423d2d","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":107,"box":{"x":69,"y":717,"width":812,"height":11}},{"id":"71c059ea-7ce6-48d1-9ae2-5a665c653ad7","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":107,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"da520e05-7669-443e-83f2-dd543880d32c","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":107,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"18166e95-86aa-4a45-811c-12369fee499a","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":107,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"ca5cf5e3-7ecd-4fb9-a0c3-fa596e1bff8d","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":107,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"9916dc76-2119-4b63-ba50-853121a76681","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":107,"box":{"x":68,"y":793,"width":837,"height":11}},{"id":"04a9ccd4-a128-41d7-864a-6cc908027d98","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":107,"box":{"x":70,"y":808,"width":771,"height":11}},{"id":"56de4ee5-87ce-4159-aa3a-baeb39aceca7","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":107,"box":{"x":69,"y":823,"width":711,"height":11}},{"id":"734b8c1f-ac64-4fa4-b7dc-e1769b826b88","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":107,"box":{"x":101,"y":846,"width":779,"height":11}},{"id":"b5856cb5-ff06-4e87-89ae-b8225a551384","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":107,"box":{"x":68,"y":861,"width":840,"height":11}},{"id":"a7851850-2374-4679-8fd8-32d55142efa2","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":107,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"f3164997-266e-430e-a50f-20c2c05a3ce8","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":107,"box":{"x":68,"y":891,"width":802,"height":12}},{"id":"38fd9517-29ca-4d6a-8225-7580ea0f5526","block_type":"box","text":"foreign securities.","page_number":107,"box":{"x":68,"y":906,"width":127,"height":12}},{"id":"197bd955-eb25-4f3a-b74c-06ccbe600506","block_type":"box","text":"II-38","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"572c684e-9e85-4f66-a3f3-f43aeb3d2021","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7731bd2-3b2e-4ac5-a816-0307577f52e3","block_type":"box","text":"Risks of Investments in Russia.","page_number":108,"box":{"x":102,"y":45,"width":224,"height":9}},{"id":"27df3250-070a-4d6c-8955-c3c654fc263b","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":108,"box":{"x":332,"y":45,"width":539,"height":11}},{"id":"c33b44e4-9be9-42d0-aa6e-cb6fcf2d072f","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":108,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"0a01fba8-913f-4129-b933-baa32222cfdb","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":108,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"df35b45a-10a9-405e-930a-29aca166d7f1","block_type":"box","text":"and a substantial portion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":108,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"55669a16-09f5-417e-a446-332292cce4a0","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":108,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"6b61dc0d-1d6f-422a-b6bc-8d83d72fd7f9","block_type":"box","text":"obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed","page_number":108,"box":{"x":69,"y":120,"width":804,"height":12}},{"id":"79c41098-6ae7-433f-b1ab-7357b0e90845","block_type":"box","text":"markets.","page_number":108,"box":{"x":69,"y":136,"width":61,"height":8}},{"id":"a8e1af59-a9f6-4cf3-962a-26b98541b17b","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":108,"box":{"x":102,"y":158,"width":753,"height":11}},{"id":"a8c0e0d0-af60-4f11-b712-b0dd756d0d9f","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":108,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"b96ca612-2434-4a78-b3d2-8b5a78db860b","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":108,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"0fb2ea43-23f8-4743-9bbc-e0a4f4538be0","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":108,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"8da2a016-7345-4ff6-b6de-a6e944546267","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":108,"box":{"x":69,"y":218,"width":815,"height":12}},{"id":"d3a513fc-4dc5-4968-8a35-7cc78ad672fd","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":108,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"6ea6f9a6-2040-4e3d-b1e5-3fb6252dcfb3","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":108,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"d94189a7-75f4-4491-b185-6c5cf62d8aed","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":108,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"1921f147-70e8-436f-afa7-f22d40b438de","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":108,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"714c79d0-abd8-42d7-99fd-779278329a84","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":108,"box":{"x":70,"y":294,"width":825,"height":11}},{"id":"3cfa3992-2bd4-44de-9f67-398847d5555d","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":108,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"a8c4cc90-9e73-4d05-9cce-886fe078ba25","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":108,"box":{"x":68,"y":324,"width":833,"height":12}},{"id":"9e6bbaed-7fcd-4a65-901f-bf8aafab37cf","block_type":"box","text":"or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":108,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"2159dc4d-14ad-479c-a809-c2da15de1754","block_type":"box","text":"otherwise remedy the loss.","page_number":108,"box":{"x":69,"y":355,"width":192,"height":11}},{"id":"17daeee2-a031-4df4-9654-0ce3630be924","block_type":"box","text":"In addition, Russia also may attempt to assert its influence in the region through economic or even military","page_number":108,"box":{"x":102,"y":377,"width":765,"height":12}},{"id":"a433d2f5-977c-43c7-8a74-507bac77db04","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":108,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"58df74b2-20b2-4808-9502-9c0783062480","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":108,"box":{"x":70,"y":407,"width":782,"height":12}},{"id":"fa7c0cde-c212-49c5-828f-98f20730a864","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":108,"box":{"x":69,"y":423,"width":824,"height":11}},{"id":"39ae8bd8-f390-423b-9976-17a954ea089a","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":108,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"4cc1a4f7-6c26-4f3c-8dcb-b757f29797d1","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":108,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"136203e6-550e-4240-b802-7d4b45503a7a","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":108,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"1c8f3a39-e626-4245-b759-0f131b60030b","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":108,"box":{"x":70,"y":483,"width":759,"height":11}},{"id":"05944b05-e0f0-422a-8710-c0200c27b62f","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":108,"box":{"x":70,"y":498,"width":822,"height":11}},{"id":"9a1823c4-c1f6-4af1-a0c0-fe67554ff034","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":108,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"3b8909d0-d7e8-46da-876b-961821674c69","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":108,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"e4a1eb1f-e861-44a5-989b-11703a6c7c34","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":108,"box":{"x":69,"y":543,"width":832,"height":12}},{"id":"6941273b-bda4-4b0b-8db7-bec0a69cb69e","block_type":"box","text":"markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":108,"box":{"x":69,"y":559,"width":786,"height":11}},{"id":"531b1391-233a-462d-a729-5fc65caf110c","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":108,"box":{"x":69,"y":574,"width":521,"height":11}},{"id":"67bc0e23-9203-49f7-8e2d-060ee38d84be","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":108,"box":{"x":102,"y":597,"width":745,"height":11}},{"id":"ba9f547e-9562-48bc-b2cc-24623a9c24eb","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":108,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"1843c0ed-9a6f-40aa-8354-81ba63472e63","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":108,"box":{"x":70,"y":627,"width":799,"height":11}},{"id":"56876c87-20c6-4411-b1f4-de0bffcc6b49","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":108,"box":{"x":70,"y":642,"width":788,"height":11}},{"id":"840ce17e-7dc8-4b9f-9bb4-b8076faffe5a","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":108,"box":{"x":69,"y":657,"width":807,"height":11}},{"id":"7c1fc20c-ae9a-4b29-8021-f88c66381b8c","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":108,"box":{"x":70,"y":672,"width":782,"height":11}},{"id":"eea406df-dbbd-4636-a98b-e1e778c12113","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":108,"box":{"x":70,"y":687,"width":802,"height":11}},{"id":"3918b83c-f663-47ec-a60b-2ed1bd251eba","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":108,"box":{"x":68,"y":702,"width":826,"height":11}},{"id":"e3f5eded-4983-487e-96e0-5bebf257cb38","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":108,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"097dcb38-71a4-4fdd-a682-b600dc593f5f","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity","page_number":108,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"6db2c155-1de4-416b-80c2-d649201f4e33","block_type":"box","text":"of Russian securities.","page_number":108,"box":{"x":69,"y":748,"width":153,"height":9}},{"id":"2c948a87-4a48-464e-bf10-af49efec16ce","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":108,"box":{"x":102,"y":770,"width":241,"height":12}},{"id":"953ff29f-c984-4b1c-8586-b82455d56556","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":108,"box":{"x":350,"y":770,"width":523,"height":12}},{"id":"32e2da61-2443-4056-8243-02b8bdf4f406","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":108,"box":{"x":70,"y":786,"width":838,"height":11}},{"id":"f16ed7c9-c59c-470e-81ec-c4bff0227a17","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":108,"box":{"x":69,"y":801,"width":814,"height":11}},{"id":"28eccff1-cb6d-4ba1-96d6-2dc30b7bda9f","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":108,"box":{"x":68,"y":816,"width":793,"height":11}},{"id":"5a0d9afd-a216-4e1f-8290-732bd185d2b9","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":108,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"4fc3ab1a-8da9-409b-9798-06e6e6749caa","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":108,"box":{"x":69,"y":846,"width":777,"height":11}},{"id":"3a639da0-563c-4c64-8f5a-835e33abc84a","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":108,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"285bbf44-5be7-4e5e-90d1-4eabff7b2edd","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":108,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"97b9579d-c636-47e0-b6be-736b469ef7d6","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":108,"box":{"x":69,"y":891,"width":765,"height":11}},{"id":"3e86f569-b2c5-4e7d-9c8b-6b83e7889724","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":108,"box":{"x":69,"y":906,"width":838,"height":12}},{"id":"c824c10a-3c3d-421f-b537-7bf8e6eb0f14","block_type":"box","text":"II-39","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b34746b3-747e-4b19-b106-928f27773e61","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"284db48a-309b-4cef-85e3-fc71f451252c","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":109,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"3bee62ce-0b1e-4c80-95f7-ee0f15d2337c","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":109,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"e1f6f84d-36d9-464a-964b-3156dc2dbd4a","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":109,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"f76eaf8a-80d4-49e0-b435-aee5126643d1","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":109,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"eed8947d-1952-4e19-8661-5641d3f8700e","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":109,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"b1778171-70ed-48d5-886c-84dec881cd46","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":109,"box":{"x":69,"y":120,"width":797,"height":12}},{"id":"02447f02-49d1-47dc-a89f-bbf8f028d9cf","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":109,"box":{"x":68,"y":135,"width":781,"height":12}},{"id":"a409ccf3-b02e-48c1-9ceb-2766146fcb84","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":109,"box":{"x":69,"y":150,"width":811,"height":12}},{"id":"741a942c-d185-42f4-9c0b-c96421e3b417","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":109,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"ba72c86a-9709-499a-9bb1-d8037a3b9877","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":109,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"b75cfd39-039f-48ec-87fe-4c6a1dce3a64","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":109,"box":{"x":69,"y":196,"width":823,"height":11}},{"id":"0eb62609-823a-44a1-8ada-79254188208d","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":109,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"74884539-4656-49fb-9aae-871afad39644","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":109,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"7d2638ab-8862-401c-84d8-ab7dbb869786","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":109,"box":{"x":68,"y":241,"width":799,"height":11}},{"id":"f1f5e777-c8ea-4b75-8714-3abd3ef38028","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":109,"box":{"x":69,"y":256,"width":815,"height":12}},{"id":"ec88b973-fb9a-4646-9a6e-a01e2b8af27a","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":109,"box":{"x":68,"y":271,"width":818,"height":12}},{"id":"3e5e0a96-51ee-4883-a235-25b9f1d5e448","block_type":"box","text":"impacted.","page_number":109,"box":{"x":70,"y":287,"width":67,"height":10}},{"id":"d7445735-56c2-4abf-a272-8da26958a284","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":109,"box":{"x":102,"y":309,"width":773,"height":11}},{"id":"34812379-20b7-4035-a6d7-7cb9ce6807dc","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":109,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"0ca4b8ad-7ae3-464f-a163-8e33702c01ed","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":109,"box":{"x":70,"y":339,"width":818,"height":12}},{"id":"1a5ae59c-8466-4c17-80bb-a46a259d4751","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":109,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"29e20893-f4b1-47e8-8e21-b6a61b63190c","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":109,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"35c87bec-d122-4ba7-8023-f07f2bf247a2","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":109,"box":{"x":68,"y":385,"width":809,"height":11}},{"id":"e1075a0a-ab9d-4305-b44b-fab1799bb0c9","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":109,"box":{"x":70,"y":400,"width":790,"height":11}},{"id":"48a91cb9-af28-4aa4-92f0-61598f1bef80","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":109,"box":{"x":70,"y":415,"width":798,"height":11}},{"id":"f4adb4dc-0e4a-4207-85d9-febdc569f029","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":109,"box":{"x":68,"y":430,"width":781,"height":11}},{"id":"ae61510e-90bd-44ba-a7b7-64627546c2c7","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":109,"box":{"x":70,"y":445,"width":836,"height":11}},{"id":"94cd0f17-4aa8-400b-b245-e6e5f3fe0858","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":109,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"d7157ffd-6b48-41a3-8b72-479a52c6ae20","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":109,"box":{"x":69,"y":476,"width":838,"height":11}},{"id":"5f885247-0e87-4f7f-8d2f-7ecfaf279805","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":109,"box":{"x":69,"y":491,"width":790,"height":11}},{"id":"a8bb7699-1efe-4002-9f15-5190a3cc9c02","block_type":"box","text":"economy.","page_number":109,"box":{"x":69,"y":508,"width":65,"height":9}},{"id":"aa13f86c-647c-4228-b06b-c17db5dce4b0","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":109,"box":{"x":101,"y":529,"width":747,"height":11}},{"id":"833707e0-571c-4244-9a90-83de762b180d","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":109,"box":{"x":69,"y":544,"width":776,"height":11}},{"id":"96e6b937-d9fd-4e30-aa27-6b042eedf4dd","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":109,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"b979ba1b-92be-42e6-9073-e44c5447521c","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":109,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"f327d82d-0fbd-4197-934c-5b89a4a9b2ef","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":109,"box":{"x":69,"y":589,"width":813,"height":11}},{"id":"25611a66-b5b3-495b-a4fd-1284e77918d5","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":109,"box":{"x":70,"y":604,"width":822,"height":11}},{"id":"94149743-b97f-4ffb-aad4-01582dfaeda7","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":109,"box":{"x":68,"y":619,"width":837,"height":11}},{"id":"7fed41e2-6259-42e7-a7a4-62bf9691cc07","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":109,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"f8d6e13b-15e6-4184-8634-50716f4b6945","block_type":"box","text":"typically the case for investment managers.","page_number":109,"box":{"x":68,"y":649,"width":309,"height":12}},{"id":"d190e904-2b43-4f2d-93bf-10a8d94d04be","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":109,"box":{"x":101,"y":672,"width":806,"height":11}},{"id":"91583135-1149-41ec-a872-841ef3e66371","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":109,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"f6be2d7f-ec5f-47dd-9c48-8218c6ae1428","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":109,"box":{"x":70,"y":702,"width":777,"height":12}},{"id":"0921c0bd-4be4-4d6a-8878-90a470d680d3","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":109,"box":{"x":69,"y":718,"width":796,"height":11}},{"id":"ec8475f2-481e-4eca-b321-c42509a6c72b","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":109,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"0793fe21-3348-4cf0-91dd-6fcf8a5c1f62","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":109,"box":{"x":70,"y":748,"width":827,"height":11}},{"id":"aacae807-6466-431a-95ab-da149a896e1f","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":109,"box":{"x":68,"y":763,"width":764,"height":11}},{"id":"5afdb53e-5d86-4d5e-9863-01369e984680","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":109,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"9ea2a8f0-98b7-4d1a-b6ab-35faa195b3fc","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":109,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"3e13490b-9ba2-4efb-a398-23d0749073fb","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":109,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"5b2fce43-356b-46ac-9266-55340bfe94d3","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":109,"box":{"x":69,"y":823,"width":815,"height":11}},{"id":"2a9b8690-5794-4ed6-8b7e-60c238b2dd88","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":109,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"77acf115-6516-48ce-a5ea-55c8d7bb4c65","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":109,"box":{"x":70,"y":853,"width":797,"height":12}},{"id":"fe4d6b46-2149-4404-b79a-d046ff236939","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":109,"box":{"x":69,"y":869,"width":510,"height":11}},{"id":"92d0a44e-7d93-4d71-a3f2-2a67c714b332","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":109,"box":{"x":102,"y":891,"width":773,"height":12}},{"id":"a6823353-9405-4711-a287-3c66ea6ed95f","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":109,"box":{"x":69,"y":906,"width":820,"height":12}},{"id":"8a9d48e8-3b8f-4acf-827d-965f3198d164","block_type":"box","text":"II-40","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78c56d6e-c77e-4dcf-930e-05bb71c05dca","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba935e62-59d9-4202-9fb7-cb9942823fa7","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":110,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"1b5fa34b-8696-44d5-a24f-960cd619a0fe","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":110,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"608db63a-0d97-4139-a4b5-b7d808e2b6c8","block_type":"box","text":"will be indirectly subject to those risks.","page_number":110,"box":{"x":68,"y":75,"width":277,"height":11}},{"id":"20682df1-5584-4d21-a0d4-e0ec21ff7f9f","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":110,"box":{"x":102,"y":98,"width":223,"height":11}},{"id":"2ef34e33-c8a9-455c-a60f-3c44f86b4753","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":110,"box":{"x":332,"y":98,"width":521,"height":11}},{"id":"186eba45-e29c-4631-a244-42209c8d6ad2","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":110,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"765efb1a-abfc-4e96-af6d-dd712b6be07b","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on export of natural","page_number":110,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"fb113fad-076d-45a7-b7d5-49383bc4c267","block_type":"box","text":"resources to key trading partners. According to the Organization of Petroleum Exporting Countries (“OPEC”),","page_number":110,"box":{"x":69,"y":143,"width":769,"height":11}},{"id":"f626c8c1-0357-4e44-921f-4ae1ad52ae55","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry report, Venezuela also has the","page_number":110,"box":{"x":68,"y":158,"width":757,"height":11}},{"id":"d3a5edf0-c93a-4d45-97fa-7621bc2d96fc","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":110,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"2ee62ea2-6e79-4f95-a498-13febd591c94","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will","page_number":110,"box":{"x":69,"y":188,"width":817,"height":12}},{"id":"e5c382a0-f6ae-419a-a494-15dfaf501f17","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":110,"box":{"x":70,"y":203,"width":810,"height":12}},{"id":"b34b5101-4efb-4c97-86fd-d27eeaad7ec7","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":110,"box":{"x":70,"y":219,"width":726,"height":11}},{"id":"335ace7f-a861-4b88-8262-362d364823ff","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":110,"box":{"x":68,"y":234,"width":808,"height":11}},{"id":"41c46e11-8ebb-4ba5-a067-8eb5dd3c5124","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncertainty.","page_number":110,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"aafceb14-bd6a-4280-a4dd-a76e7cb9f5dc","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":110,"box":{"x":70,"y":264,"width":821,"height":11}},{"id":"1ac097ec-60c1-4772-9dfe-ba25195d61fa","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate","page_number":110,"box":{"x":68,"y":279,"width":820,"height":11}},{"id":"e08be08c-c28c-4045-aecb-beb6853e670c","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":110,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"d79e0623-87ab-45fc-ae19-8e11d1bb827a","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":110,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"74edfe16-fb93-427b-b92e-e664931e9ba3","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":110,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"40b228d5-da2a-4bc2-b5e4-5a5082b47e31","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":110,"box":{"x":70,"y":339,"width":838,"height":12}},{"id":"28ede97f-7f5d-4ec5-b980-7f45f53102c2","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":110,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"b93c6920-d22b-4caf-a58f-eb909f7118ed","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":110,"box":{"x":69,"y":370,"width":296,"height":11}},{"id":"4356acff-749e-4703-aadb-9faee2f1b41e","block_type":"box","text":"Brady Bonds.","page_number":110,"box":{"x":102,"y":393,"width":92,"height":11}},{"id":"3565b59b-004b-40e2-b0c8-a366ba65be76","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":110,"box":{"x":201,"y":392,"width":689,"height":12}},{"id":"e9622bea-e7fa-459a-bf9d-07ece2565f4f","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":110,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"b7b5620c-3307-4816-9e57-7267316ef624","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":110,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"68eb63f5-f11d-4e85-aba5-34e362070037","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":110,"box":{"x":69,"y":438,"width":784,"height":11}},{"id":"8197a710-93d1-4bf7-9c7d-8f3b20a757b6","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":110,"box":{"x":68,"y":453,"width":837,"height":11}},{"id":"ecab97a2-704a-4bfb-aae8-b398c942b90f","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":110,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"75e93955-2752-4a76-8558-54943249767d","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":110,"box":{"x":70,"y":483,"width":555,"height":11}},{"id":"c70d2b92-36e3-46fa-8cd8-0a19793b6bf6","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":110,"box":{"x":102,"y":506,"width":798,"height":11}},{"id":"6def7255-ad82-468b-af5d-5fed1908fe0f","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":110,"box":{"x":69,"y":521,"width":780,"height":11}},{"id":"b328c8d7-5b53-4b05-9b04-1717e5b47ec7","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":110,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"309148d5-3c3d-4e86-9484-c053d6785c5e","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":110,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"54c75476-cf76-49e0-9b08-bfa2cf508874","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":110,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"4a232d53-3a49-426d-acad-21698dec795f","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":110,"box":{"x":68,"y":581,"width":823,"height":12}},{"id":"297d98f8-0807-4601-a0b0-f4e559f8ee5b","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":110,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"c4edd9df-86aa-428d-92d1-fe1d8cb853bb","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":110,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"78e9cb3b-89ba-4ef8-a3aa-fdcbfa1ce9a2","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":110,"box":{"x":69,"y":627,"width":818,"height":11}},{"id":"79975daa-f314-4d56-aa2d-b4ca6d9d4e20","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":110,"box":{"x":69,"y":642,"width":804,"height":11}},{"id":"7d80cd42-cfbb-4726-aae9-77d3dd429ddb","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":110,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"78d9ab39-1f5b-4a22-9437-042ab89d747d","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":110,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"56c52d6a-8cb3-401e-ba5f-46a0500c2371","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":110,"box":{"x":68,"y":687,"width":780,"height":11}},{"id":"b4470069-e73f-447a-992a-13fed6809a24","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":110,"box":{"x":69,"y":702,"width":790,"height":11}},{"id":"effa26d6-1bf2-4a6e-b4dc-817e6be66692","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":110,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"25269cee-4acc-4132-b383-3fbac2f11651","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":110,"box":{"x":68,"y":740,"width":770,"height":11}},{"id":"91103e0b-6b8a-434a-9301-025e3ef502f8","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":110,"box":{"x":70,"y":755,"width":745,"height":11}},{"id":"49305f0b-48e1-41d8-b0a2-3e792dfabbb7","block_type":"box","text":"bondholders. A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":110,"box":{"x":69,"y":770,"width":837,"height":12}},{"id":"e334410b-04f8-4060-9c29-68ab79910da9","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":110,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"f76ea42c-538e-4ad2-8233-2ba013421052","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":110,"box":{"x":70,"y":801,"width":820,"height":11}},{"id":"58b9268f-d0fc-47e8-a7d8-984a97419a42","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":110,"box":{"x":68,"y":816,"width":790,"height":11}},{"id":"da99b498-c5d0-4a23-9a07-f325a7d94c98","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":110,"box":{"x":102,"y":838,"width":807,"height":12}},{"id":"853b38f7-5309-48a5-806d-9ad83c66b9c0","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":110,"box":{"x":68,"y":853,"width":838,"height":12}},{"id":"e8f94aa3-b749-4646-97b3-0f9bf8791a45","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":110,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"c2cbff16-14cc-473d-9b96-c38698e9416d","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":110,"box":{"x":70,"y":884,"width":835,"height":11}},{"id":"d029e157-ac43-49d8-9d4e-3338716fb9d8","block_type":"box","text":"II-41","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1423f63b-ae9f-46dc-8d05-65fcf0d06a13","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aedeeff9-4a2b-4d82-9062-cd3c8d14afa9","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":111,"box":{"x":68,"y":45,"width":841,"height":11}},{"id":"98338143-c581-4e29-a719-3333ca7d61d7","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":111,"box":{"x":70,"y":60,"width":351,"height":11}},{"id":"1503a1dc-206a-4e3f-86a0-487f931397d7","block_type":"box","text":"China Investments Risk.","page_number":111,"box":{"x":102,"y":83,"width":171,"height":8}},{"id":"53715479-834d-4b91-a165-15136a89cfcb","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":111,"box":{"x":102,"y":105,"width":763,"height":11}},{"id":"fdede3c3-1c26-4024-bdfd-5bad5eda269a","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":111,"box":{"x":70,"y":120,"width":830,"height":12}},{"id":"573e8d21-1848-4603-853a-a97c5341a260","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":111,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"5113ef28-e6e7-4641-9c8e-cd8ef98f9c7f","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":111,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"3195dab4-47c8-43ca-9751-e6962b3e2c0b","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":111,"box":{"x":69,"y":166,"width":713,"height":11}},{"id":"13030720-450c-405a-84e1-8828814ae8e4","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":111,"box":{"x":102,"y":188,"width":762,"height":11}},{"id":"155ebdbf-b7df-42cb-aff7-9c5a873ab429","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":111,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"0f8c8f76-5140-49c6-94b1-e2aa618f2600","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":111,"box":{"x":69,"y":219,"width":820,"height":11}},{"id":"c898f194-27ee-435f-9b57-3f3b9e1591ca","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":111,"box":{"x":68,"y":234,"width":777,"height":11}},{"id":"f60aa438-eb84-47b3-9997-a39e0f1c0765","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":111,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"ea542979-8894-44e3-81df-9197b586652c","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":111,"box":{"x":69,"y":264,"width":805,"height":11}},{"id":"1bf212e9-60cc-4e92-ab28-d16b438f3732","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":111,"box":{"x":70,"y":279,"width":770,"height":11}},{"id":"0977d261-95cf-4d73-9a06-d95e2199d51a","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":111,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"e5ad13de-a1fa-4873-84d6-a853cfb03654","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":111,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"ad905e08-1625-4b7e-bb36-410b1a53fdb8","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":111,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"2e823930-3894-47b5-936e-7dd1129d96e8","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":111,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"0e3a2822-d11c-4447-996f-4bcdf1f87dca","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":111,"box":{"x":69,"y":355,"width":769,"height":11}},{"id":"547467b0-c017-48c5-9fd6-12b0213f5b31","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":111,"box":{"x":70,"y":370,"width":836,"height":11}},{"id":"ebdda957-679f-4984-a4f7-656a094d50d7","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":111,"box":{"x":68,"y":385,"width":810,"height":11}},{"id":"1ae21ad1-6cd0-4bb0-afcc-f8c4deb06b4f","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":111,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"ecbb2797-e581-4b34-ae74-ce2c525da875","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":111,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"2d8b9e89-360e-4aa2-8fd2-20045feb2267","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":111,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"6662c5fb-598f-42d9-9f76-f6995879123f","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":111,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"48ac3bfd-234f-4bd0-adbe-ba6b059bd215","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":111,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"3f372aef-9e80-4ee7-b4fe-a237c7aa2d06","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":111,"box":{"x":69,"y":475,"width":819,"height":12}},{"id":"569a137e-50b9-4766-907e-68db7402ae18","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":111,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"e3d4626f-acd9-4b2a-8b45-cea2217edd58","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":111,"box":{"x":101,"y":513,"width":792,"height":12}},{"id":"8b74d3ee-2d97-4f2f-90fa-241b1f665789","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":111,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"bf48bee9-1cf2-4207-b27b-b2083d80e111","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":111,"box":{"x":68,"y":543,"width":835,"height":12}},{"id":"92ca8a7d-b330-47c3-8921-06cd8b476010","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":111,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"53dbcfca-4b7e-4876-8129-67cd0fd965a1","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":111,"box":{"x":70,"y":574,"width":763,"height":11}},{"id":"78a520f5-4060-43f4-910e-482456e80707","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":111,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"32b23d08-c264-461c-952d-77529c97717f","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":111,"box":{"x":70,"y":604,"width":813,"height":11}},{"id":"f2f495f4-5a41-4876-828f-9eae388681be","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":111,"box":{"x":68,"y":619,"width":653,"height":11}},{"id":"f50de94c-a509-43b3-9efa-8b03987b86f1","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":111,"box":{"x":101,"y":642,"width":783,"height":11}},{"id":"b814b8fb-5935-476c-bc6f-00c31cb30382","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":111,"box":{"x":69,"y":657,"width":805,"height":11}},{"id":"01ce6dce-c43d-4b8a-b040-7f02af6f8204","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":111,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"0b7336ef-6ece-422f-8008-2c65359260a0","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":111,"box":{"x":70,"y":687,"width":821,"height":11}},{"id":"0f70c821-ce2a-4741-8943-946912f95963","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":111,"box":{"x":69,"y":702,"width":683,"height":11}},{"id":"4b43f904-3d82-4bb6-b864-e956e856b4c1","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":111,"box":{"x":102,"y":725,"width":797,"height":11}},{"id":"ca68d21c-d702-409e-9c18-0da2977bb4eb","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":111,"box":{"x":69,"y":740,"width":779,"height":11}},{"id":"fb3d3584-002c-45e5-8908-1d768347d780","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":111,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"74afe82c-a847-437c-9c03-18f7402a3c7e","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":111,"box":{"x":70,"y":770,"width":836,"height":12}},{"id":"d150e01f-dcc0-46d3-a782-fe88cc68116b","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":111,"box":{"x":69,"y":785,"width":778,"height":12}},{"id":"14bbdd14-d4e6-491b-94d9-466c066c6075","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":111,"box":{"x":70,"y":801,"width":803,"height":11}},{"id":"1f4a405d-8692-449c-b42b-4881ab62c2aa","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":111,"box":{"x":68,"y":816,"width":816,"height":11}},{"id":"2544a24f-2bb7-4843-8e4a-07d2879368e6","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":111,"box":{"x":68,"y":831,"width":816,"height":11}},{"id":"c3d1ef99-48a2-4b29-ac46-7689c6192c52","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":111,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"d83a855e-f740-4c44-bc2e-42e1fabbbeb2","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":111,"box":{"x":68,"y":861,"width":826,"height":11}},{"id":"645d6dcb-3bb6-4c7c-990c-b44ccd3864ea","block_type":"box","text":"sub-custodian.","page_number":111,"box":{"x":69,"y":876,"width":102,"height":9}},{"id":"37012d15-383a-4ddc-991d-d2b08e41b142","block_type":"box","text":"II-42","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"109a5b62-30de-4b5c-9482-527a19d585da","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d0c549f-2749-488d-b263-12b7e5960879","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":112,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"cc67d2a3-02ef-4efe-8b6b-d288f470b349","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":112,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"09667de6-bf66-481a-bdfd-20b5ed32df57","block_type":"box","text":"on investor protection considerations.","page_number":112,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"7beae2ab-c379-400f-ae4d-d8e32a22c927","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":112,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"657fc5ac-b866-424f-a221-3aafb64c377d","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":112,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"65f3a514-0d84-4641-bb36-c8d2fd5e1042","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":112,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"5170b49b-3c66-4ca5-a8a6-474b29603b3c","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":112,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"47f202c1-15ba-40f7-a98f-05cbb41815aa","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":112,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"4599f487-b29a-4559-900b-3049d71dd8bf","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":112,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"2f26f1b8-222e-47ef-bede-dcd88c7b3aa0","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":112,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"c223f6e2-d821-458b-b4f6-3437ca18fbbd","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":112,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"2653aa2f-e405-43aa-8269-f653fb5cd531","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":112,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"8f96b6ff-1c63-4c8c-bc52-585310566456","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":112,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"f7bec345-9e72-4d1b-91ea-20658e4d7e94","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":112,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"8553bd46-893c-420c-afe6-c0c9e7e59619","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":112,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"3f5b058a-6757-422c-aeef-00f782ed7deb","block_type":"box","text":"accounting firm.","page_number":112,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"e676c1d6-d3a2-421f-a3e6-97882caffaf8","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":112,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"1f0233da-563d-4d8b-adb5-dcb55ffd1594","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":112,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"1cd31375-51e3-4e40-80f1-b00679af115e","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":112,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"b13b3b4a-c266-4153-bc14-e1f24228e166","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":112,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"e2cfad24-8a2a-47f8-825e-e48ddf319e34","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":112,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"abafd02f-15e3-41e1-b60f-ffabc0af35ce","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":112,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"12b71741-4bc6-49b6-9f18-04c6ffe66a90","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":112,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"a6dfe5bf-46b1-4d56-a3fa-c9f03e7a22dc","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":112,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"058463f2-4a48-4fe0-b06f-61a812119ee3","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":112,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"f0eec7a8-563d-4292-8f0d-f751e683fe23","block_type":"box","text":"RMB (“CNH”).","page_number":112,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"e73ed578-26de-4e5e-ba64-9990858a01ca","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":112,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"be7706ca-f092-4c5a-9f20-ccbf4e200155","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":112,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"ecb01218-2283-4d15-919d-aad4c1bea3f4","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":112,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"ea84fd7e-9918-4b4d-a146-e5df84f805ac","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":112,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"87a89401-89fa-4d05-b7ad-4ba6c7e1568a","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":112,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"293ee18d-48f8-4535-8a56-3d55593759eb","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":112,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"d52517fd-dade-4783-85e8-fe1b06147873","block_type":"box","text":"represent equity ownership in the operating company.","page_number":112,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"a292793c-c831-4c59-a80c-a159e32f48c9","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":112,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"5033f192-4b46-4dd6-a6a4-16135f7c4e23","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":112,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"e0315605-0acf-42dc-85aa-aabbb1ef825d","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":112,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"c452dc8c-2050-4be7-81c6-90ae58a6d694","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":112,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"729a03b9-2257-40de-b0c6-a8a05c99d5b9","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":112,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"ce67d483-803d-4eeb-be61-a7d112d90dbe","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":112,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"9be2d4ab-b14c-4c1b-89a4-64e1d3d96fa2","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":112,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"c0255f96-d545-4c5f-829c-2f26a43b2a45","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":112,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"230e3411-47a5-47b7-96d9-0b445c4f7433","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":112,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"052777ce-04a5-4cda-9f0e-5b0fb71afd82","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":112,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"e047386e-5070-46de-aad5-51c01f9fc4df","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":112,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"c5dd2e83-a0d5-47ee-8cd5-39a8e7dbcc50","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":112,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"c5f1ec2a-ccdc-49c8-96da-9c321e7bc9b4","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":112,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"5c706b52-4016-4f3d-973e-682ddb380058","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":112,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"10dfb0aa-fe2a-4528-ad63-dc4f8e03122a","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":112,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"4709f4d2-63f3-4e8e-9457-5be242a8044b","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":112,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"f1eb7a88-8a9c-4940-9efc-3183f043db4a","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":112,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"5f9b2c6d-14b2-4c1d-b17c-76a774ef8a30","block_type":"box","text":"losses to a Fund.","page_number":112,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"e7cb8f02-e0e5-4051-abff-e66bd75dc1cb","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":112,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"636f4acd-a7e6-4225-b7b6-4eb071f8823c","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":112,"box":{"x":68,"y":869,"width":827,"height":11}},{"id":"dbde215e-df69-4069-a8f6-e0b90157c53e","block_type":"box","text":"aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial","page_number":112,"box":{"x":69,"y":884,"width":836,"height":11}},{"id":"110d209f-af7d-4478-9d28-d1d9581effd1","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on export growth.","page_number":112,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"cc4633ee-f3af-4300-9cd7-7eedd5b80502","block_type":"box","text":"II-43","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24bfa388-8243-4a21-82a4-a59dc8acf621","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4426fe64-f347-466c-88d5-7961a52be7f5","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":113,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"c40b72b8-532b-4977-be89-ac8497b9b348","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":113,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"140abf05-d700-4188-b023-7e55318bff7b","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":113,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"f77f6e8a-959f-4940-b7c8-f8f147566e9c","block_type":"box","text":"key trading partners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":113,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"5680043d-4299-4545-b412-069dd50c386a","block_type":"box","text":"invests. Certain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":113,"box":{"x":70,"y":105,"width":775,"height":11}},{"id":"e67389ff-bb61-46ab-b25c-fff82351942f","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":113,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"60361be4-6fc7-436c-80df-5fb60bdf30bb","block_type":"box","text":"other concerns of such government. For example, certain foreign technology companies are subject to U.S. export","page_number":113,"box":{"x":69,"y":135,"width":813,"height":12}},{"id":"279d2ed4-7b9b-4b7a-87dd-8be53e940438","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods","page_number":113,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"c37e14e7-7961-4a4b-acc4-0531c530d83f","block_type":"box","text":"produced in certain regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":113,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"2b82f035-78c0-445d-a544-9ea404133c8b","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":113,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"9d961e03-506c-444e-afd2-bcc3fa959a23","block_type":"box","text":"targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":113,"box":{"x":68,"y":196,"width":812,"height":11}},{"id":"d8560be5-8dc3-431d-84c4-152b7b29b9de","block_type":"box","text":"cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":113,"box":{"x":69,"y":211,"width":820,"height":11}},{"id":"a3e1e1df-d68b-4172-9afc-1ee762091b61","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":113,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"08641a3a-f072-4382-ba18-06f597e5da68","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":113,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"efec2d3c-34ac-4936-88c1-1cda742723f5","block_type":"box","text":"such companies.","page_number":113,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"880603b9-d337-4fd3-b493-4f723b0d0535","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":113,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"1f0df65d-690f-4523-90a1-ed8ace9f140d","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":113,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"fa585abb-2f15-4c60-ab2d-086d9cf2ba70","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":113,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"bf06838e-e946-4a21-b6f9-a4a2c7f3c134","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":113,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"839996b0-9061-42e0-b721-6b257956791d","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":113,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"f59ca5c6-731e-41dc-b56e-0b7dd48e0e7b","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":113,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"7406bfea-e92f-4d4d-ad06-c578359823f1","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":113,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"25c8b8f7-367c-4277-9e9d-b800b26cc207","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":113,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"f11f1e9e-fa0c-4c7c-b88b-f28f37574eb5","block_type":"box","text":"standards.","page_number":113,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"4e5fdabf-6564-4a16-905e-45c5dd32a4ce","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":113,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"f030e08f-c6e0-4ada-95a8-d7fe75596644","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":113,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"b4737dac-6d2f-457f-87ad-29dcacdda4af","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":113,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"a64cefa2-cb62-4b94-ad91-3d8d9c452ac7","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":113,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"743951fd-9620-49e9-bb0b-5bcb0bfdf2df","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":113,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"ec8d788c-c21f-4872-a25c-8192286ef2b0","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":113,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"2f9c0589-b38d-47d0-a22e-71bce35561e0","block_type":"box","text":"General","page_number":113,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"213f4ecc-4b06-46bd-a815-a9240e2f28f0","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":113,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"99739135-fdc7-4196-b2c0-be73e4618542","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":113,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"a4d4619a-df20-40a9-b94a-ee9b13109cb2","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":113,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"0296ec71-fb03-4fbb-a311-7b2366bc5c48","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":113,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"5d736fa8-3ac1-4037-981a-cd221e87ac41","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":113,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"cbeb526f-805f-45e6-933e-49b63de1a6e3","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":113,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"df6be4e4-78e6-40a5-99e2-980f536bb29b","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":113,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"1e9a5ee4-e209-43ff-b441-416688041012","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":113,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"4ca71560-0045-42f2-863d-59aaa8e44bb4","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":113,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"7da576a0-37f5-43d5-87cf-7432c4230c44","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":113,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"ac4fbb0e-7d9f-47fb-bc4f-f8b4ef23932b","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":113,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"9156b1a9-1880-42cd-a502-7d055f5d1ca8","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":113,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"9afeda7c-99b1-46ec-8d15-de256ac45782","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":113,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"f2a72c18-0d31-4df7-b066-bf7b6693f479","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":113,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"5879a3da-2838-43ef-b506-8e8f27e2cd56","block_type":"box","text":"company established by SEHK.","page_number":113,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"f319b878-2a2d-424b-8994-6ba29cc56226","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":113,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"f83e32f3-4fd0-4cf1-a79d-06c820643dae","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":113,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"2f199699-a010-49d4-99b2-91404fb5bfa8","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":113,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"d13556c3-6330-4e11-ad4a-47a8ba6ac2aa","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":113,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"fa74a13f-552f-40a9-8cde-6624603b3bc7","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":113,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"d68c3a28-9091-4ced-86e4-d9a2e537ca69","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":113,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"95088a45-7c9a-4019-a0b1-93ee629453a2","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":113,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"01f09bac-ba15-4921-ac64-dbac5a9b0b7b","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":113,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"dce3a2d4-ca87-40fe-8995-a5a0b17e4846","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":113,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"aaa89f52-b750-4137-9c86-b26380e09df6","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":113,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"e2771b12-7fbc-4254-9e77-29525f99ec01","block_type":"box","text":"II-44","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32e7e32e-2e1b-4924-b929-efaa33d77b9d","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f179b22-f311-4c29-9336-5e68cc51393d","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":114,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"462c0dd4-0cd7-4834-9bab-263a66a50085","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":114,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"b8f8937f-7a31-46b8-b554-c2bc82c69d2a","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":114,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"164e4207-f1b1-49e9-b3b3-bef3f05ca69e","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":114,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"f7a0d51f-fdd4-431b-8dfc-e52e944ff673","block_type":"box","text":"i.e.","page_number":114,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"29bc5788-05a5-494d-a350-0a6433a33d8c","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":114,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"db5d9b1c-cb85-4224-8615-2ec69293cac6","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":114,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"5b4c02a8-afb8-4c7a-85fc-506e841e44b8","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":114,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"a9551d81-cabf-494c-a1db-184dd2da207f","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":114,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"0ff63b5e-1dec-4b15-8bb5-4efe954083b7","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":114,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"e94b500e-959c-4fad-b5a5-91d827355c77","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":114,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"22d17d8e-127c-494c-b473-2ff0be7a76c7","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":114,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"a9499a91-bd79-4d55-8758-f65b34a4c4fd","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":114,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"822c253e-7a91-4060-8a21-0ddac44a09d6","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":114,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"594214c3-008f-4c63-b229-deccde90bdb1","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":114,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"fac03cc5-9744-4b22-8c65-56bca6877558","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":114,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"78baba30-3930-4b0e-938b-d62853ea662a","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":114,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"57e65f87-553c-4163-9895-6ab05aeeac5b","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":114,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"9e1bae71-18cb-4668-8f00-643d6a66f491","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":114,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"895498ad-05f8-4364-b92b-b606ae23d030","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":114,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"44c200c3-1017-45fa-94f4-a96f2204eb73","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":114,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"c7ce1112-b805-4678-a046-605f23ccae60","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":114,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"aa5e8f1a-4726-4a2c-8b1f-1993d7f12ef3","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":114,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"ab16dae2-02ce-428f-bd45-5b9cd8ec50c7","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":114,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"6e4088c8-3726-4f9d-8a29-4fb4d9b8fc88","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":114,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"9a0f837f-19d7-4774-810e-5686e7c41652","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":114,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"93929d5b-37f0-4d2d-a2f6-d7404ffc8be4","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":114,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"4c7b948e-0d84-486d-97c8-3bee3b1dc124","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":114,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"cd54308c-7993-4e35-953e-43e8d4b2ea8e","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":114,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"e3e3d510-23a4-4b2e-8d54-32d33aac1fcd","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":114,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"7f74999c-4904-47cc-865d-133b6c0a961c","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":114,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"cf6dd72b-15b1-48be-bb6e-f99805e7d6ca","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":114,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"e1ce09bb-15b0-4d26-8618-28d39cc96e45","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":114,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"ae0ce0a7-babf-4a4f-a625-410f5fc84670","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":114,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"93975b2c-2100-44b9-946f-039e1930158e","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":114,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"9df77d89-827e-428d-939a-f6dba7f5490c","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":114,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"e395e64e-270d-485f-b126-51516367f07a","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":114,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"f89d1c89-36b1-4489-9d1b-572546355468","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":114,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"917ecd60-c859-42c9-bdcb-3fe1adfcc0c1","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":114,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"f1cc6e2b-d280-49b6-af30-343cd7924d1a","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":114,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"25ced6ad-a0de-48f6-94be-3577e14e082d","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":114,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"c5b78715-e380-4e59-9c62-978d2a0be709","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":114,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"ae5efcab-5f20-4a80-8261-8b0e00ce451d","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":114,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"4235db2f-ad90-4d3c-8a67-90e9639c1c63","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":114,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"b3760ab0-43df-4f16-ba5b-d6dce319874f","block_type":"box","text":"PRC.","page_number":114,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"74230c69-ccc2-4162-9232-092ccf8a304e","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":114,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"7c705536-db82-44ba-a2cc-82b4b7a6d860","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":114,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"403f1251-16cf-4899-adf9-e313eb0d9d86","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":114,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"81d57be9-1af6-463c-b487-c621a8276b95","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":114,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"e5e8864e-5094-436f-afbd-6da166a2cebe","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":114,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"e15362fc-230d-4556-a873-72ead42ae253","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":114,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"a2723f12-ab69-4f18-bd93-771fab1a2eeb","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":114,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"b6294b2d-345f-415a-9b85-a1e549fda679","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":114,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"d3a57046-fc77-4d27-b0a3-82b2e7e05e38","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":114,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"d661c314-0cb2-43c8-9eff-942f2d7ed2a8","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":114,"box":{"x":69,"y":861,"width":787,"height":11}},{"id":"e6e6c6b0-0782-421c-9aa9-2d0e6484455c","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":114,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"2de99756-0637-49be-aabd-d460d2da8a66","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":114,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"d1343447-888e-4ca4-b4bf-060a44006f7d","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":114,"box":{"x":70,"y":906,"width":815,"height":12}},{"id":"1253cda8-9ced-4126-b752-66537e756ff6","block_type":"box","text":"II-45","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a9b2ad5-4fa9-47b1-bb76-1113a9b61305","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1df43414-884d-49c8-9fbd-86e3d179e758","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":115,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"22570b96-c4eb-496f-b203-52dd4988de05","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":115,"box":{"x":68,"y":60,"width":807,"height":11}},{"id":"425b270d-73da-406c-ba8c-c48e56cb1941","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":115,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"1a980ae4-ed4a-47d9-b573-2144623afa4f","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further,","page_number":115,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"688988e5-648b-46c5-9849-2e4b5fb37e17","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":115,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"6682f789-3b0f-4cf9-9173-4d4da9ff883c","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":115,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"85cf0eb6-6f01-4a25-83cf-081a7cebf5e8","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":115,"box":{"x":69,"y":135,"width":407,"height":12}},{"id":"af4e3693-7b6f-4254-b8c8-57e2051226a2","block_type":"box","text":"Suspension Risk.","page_number":115,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"dab735d4-c6b6-4776-b65e-5bc40111b32d","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":115,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"992cc3d5-e814-4d3b-934b-11c7300bdc48","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":115,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"1a711bfd-7231-4fe4-b17b-52dd0bd1f2a1","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":115,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"a1d53ad4-3b46-4ab3-859f-c40d9557e181","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":115,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"9999baa1-aa12-42cf-824b-c2c15db8c8ff","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":115,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"06966b88-1a83-4477-852a-504d38d0f891","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":115,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"1cdfd7c5-a25c-420f-8bdb-6b953c187594","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":115,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"1d0b22a5-0960-48c1-9319-b12c73f88392","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":115,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"df12fa33-204b-4c9c-a06a-d95f6bbd98ff","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":115,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"19b097af-8852-46de-ac52-133d25bf295f","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":115,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"3b9987b4-be06-46d8-bc0c-521c1fd56427","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":115,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"11ff39f8-3ab2-4a0f-880a-b76769a533bc","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":115,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"5c600856-061e-490e-8320-270500ee8f20","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":115,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"ba984fe9-5837-40f1-9c0e-fea8ffa3559b","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":115,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"09debc67-c04d-4439-8908-2d9e651b7028","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":115,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"a2109414-e101-4f44-878f-836afd039f4b","block_type":"box","text":"A Fund may invest directly in the","page_number":115,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"070496d8-b501-4fa5-b4f4-40fd5b11ac6f","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":115,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"cf189f3b-1be8-4771-ae7c-90f3fd17c8fa","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":115,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"75a5addc-7bd6-49d1-bb2f-bee9bfe25490","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":115,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"3875be05-da9d-40f7-8808-888c5f95e9c2","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":115,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"91846c4b-9674-4fb9-9443-d0cf4a7e5e86","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":115,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"2e5ff178-79cd-4695-8e54-d1c01aba595b","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":115,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"711782a7-d121-443e-9fce-5cfa0944ee6f","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":115,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"17cb8877-7de7-4aa5-98e9-ff8269049ac7","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":115,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"9b96507c-b50a-408e-bbc7-bad744b35bf2","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":115,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"a7ce7a66-54e9-4fcf-89f5-15e456c55760","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":115,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"f89ac237-e795-48cc-a27a-3c2ae6084cf4","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":115,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"ffd977cc-1932-489f-9398-c40444bd8b12","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":115,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"200df1dc-630a-459f-a591-2013c5fe3851","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":115,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"eec65c84-cd71-4cac-b081-7623f0f68987","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":115,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"3cbbd703-d595-4cc3-8297-9ce1d21c5753","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":115,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"ce70490e-082c-49c7-b976-71c5362fbf91","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":115,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"db921ae1-5bc7-4ee1-a45b-eb1ba60c6c20","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":115,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"0280b4d1-eaa7-4e8c-bf22-69cd49ae39eb","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":115,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"27746673-c365-4c51-b779-762b0c0c90b3","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":115,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"d35abcf2-e436-4aaa-82e7-46add2beca89","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":115,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"580cc1ad-75a0-4cfc-8391-1563a016c59a","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":115,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"ab73009a-7e74-45b9-b8d8-cefea5a799ff","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":115,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"5a544586-0083-4d92-84e2-e928edbd4be9","block_type":"box","text":"i.e.","page_number":115,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"e6c38dda-7f8f-4f62-99fe-0a279b35c876","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":115,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"8ff2dc9f-8535-4741-ad5f-7c537cc9d2a9","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":115,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"2b78baac-e85c-490b-8912-2374940b7e7d","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":115,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"6ead40c6-bf0d-4974-bcdb-9b003d0ed483","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":115,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"7f71bd09-6c6a-492e-ac8e-caff29998467","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":115,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"f5043014-e5dc-47e0-bbcd-4cc1fc537460","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":115,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"a235671e-7386-4331-9228-be91a4f4ec74","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":115,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"06350ef0-555a-4bf0-893b-63d777e58e93","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":115,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"584a073c-bb2d-4418-8ed2-85042e5f60f4","block_type":"box","text":"parties.","page_number":115,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"7fc3e1a0-6fe8-4fbf-b150-7d3a18ee0a0a","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":115,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"2af31335-9b7c-42db-a975-29f9dcf7d04d","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":115,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"d3f4a19b-8fd4-454f-babc-3dbecfe4c072","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":115,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"46529ab2-2c74-41e1-812c-7f79a16c69c4","block_type":"box","text":"II-46","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a62667b9-4e08-445b-9747-3aa14d60bc53","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d911be28-77fa-40df-aadd-e123675e43ef","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":116,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"7b6785a1-e36c-47f8-8418-4a2e1690b436","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":116,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"5858b408-42b0-47bf-b06e-8b294ead7fb7","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":116,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"306a92f5-e590-4495-adad-74aff5176179","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":116,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"bb4c2154-02cd-4b8f-9081-187e7aa7effa","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":116,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"1ea57492-a3ef-4dce-af8f-847d9364eb58","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":116,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"d4d1af4a-07ca-4c98-8f6c-3e61abb825cf","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":116,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"208aca37-6330-4c9e-b201-907540133078","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":116,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"fb33bf74-b3f0-4a13-888c-8f027b83a1b3","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":116,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"fe82d8b1-8e73-41d2-bd98-0f603328de80","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":116,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"7fed059c-f121-4422-af95-2f0c4f69f110","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":116,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"3c9dc133-7648-4c08-b254-43825124345c","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":116,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"06209939-6d2c-4ef3-97c0-497276d735e5","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":116,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"94fe95a7-8d97-4392-a0fd-4fc457abea5a","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":116,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"fc595613-b78d-47f3-9ed4-232227769e5b","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":116,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"bb4de22e-505e-43b4-acad-707a78e8675f","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":116,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"84bfc461-f90e-4db5-871e-9481318815cf","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":116,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"27baf46d-4f20-42ec-9e87-385a91738416","block_type":"box","text":"performance.","page_number":116,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"9c358f6e-d226-41d8-89c9-03865af1e91e","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":116,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"6978425f-f80c-448e-bc6f-68e508ed4eb9","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":116,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"97c50cdb-0aa2-40a2-b30f-d29a23f6dba5","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":116,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"33d79ced-e5e5-40a5-a077-a3d9396655a0","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":116,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"77e51689-09b8-4a0a-86f6-4595ac2fe924","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":116,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"8cbcf441-8cd9-48bc-8b4d-69a28fe9ed92","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":116,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"3d062300-3c81-468e-adf5-e67b05d9bcae","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":116,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"6734515c-ac20-490f-b617-63bc9a87a77f","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":116,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"907f3b9f-6946-4864-84d0-832bde563b3d","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":116,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"f759536d-2899-4fe5-8cbc-a5cf6196293b","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":116,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"e611122e-a00d-414c-9a62-5c75917c5f34","block_type":"box","text":".","page_number":116,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"c501a32d-4508-4715-aa35-fe4b34300905","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":116,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"7ad152a1-5909-41a4-864f-306aee9e7682","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":116,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"fa91e189-baff-4b74-800f-57c9c303393f","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":116,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"09a3f9bb-a84f-4639-8408-bfc0e0db8a81","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":116,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"84c7f613-f71b-4147-aee7-b64d5606707e","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":116,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"db2e3a6a-4118-40ff-b547-2281bf70324f","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":116,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"f5c9094e-4a49-4bbf-9023-9d919e807b73","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":116,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"0df86f71-8353-4002-8f86-f7d97267fdfa","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":116,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"0ffdc79b-2df7-402f-94bb-fbb57b5ca2e4","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":116,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"a59e257e-f2ac-4b56-a2f3-fb37c19ddc20","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":116,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"70bfed1f-9a93-4c89-b6e2-d50af666e883","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":116,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"4f53f831-2acb-4073-87f4-12424f10a381","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":116,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"a68e22d9-5879-410e-a20e-f9edf57de473","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":116,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"3d6ca21e-3e01-41dd-99c5-905ff827c3b5","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":116,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"884b6484-261b-430a-b603-6b22c3077210","block_type":"box","text":"without notice.","page_number":116,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"3613d15a-423e-4b6a-bf19-f0595615be0f","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":116,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"2433172c-c989-4782-8ebb-d532c573d4dd","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":116,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"e88ee544-bbcd-4af5-8f72-2c57dc121bbf","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":116,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"ee66de2c-2bc7-4b57-90be-5112d17b5622","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":116,"box":{"x":70,"y":808,"width":806,"height":11}},{"id":"5e1abe40-4100-4064-bb53-fb3cd5d2a73d","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":116,"box":{"x":69,"y":823,"width":473,"height":11}},{"id":"33afa81c-6964-47d8-bf38-867baa4612d3","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":116,"box":{"x":103,"y":846,"width":225,"height":11}},{"id":"3b007061-5a1c-4327-8731-418e967c18ad","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":116,"box":{"x":333,"y":846,"width":569,"height":11}},{"id":"ed4ff319-8400-40e1-86ad-f0bda30471e5","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":116,"box":{"x":69,"y":861,"width":528,"height":11}},{"id":"898edf63-e540-4a12-abcc-3c1256815117","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":116,"box":{"x":101,"y":884,"width":697,"height":11}},{"id":"9f87ed73-d61e-4ea1-b9b2-ce9522a247e6","block_type":"box","text":"II-47","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b25210f-c057-4b8c-987c-b701c687d66e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8336af1b-4de6-4de4-8bcf-0451fd89b61a","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":117,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"ba933713-4ac1-445c-8a13-ddaa2662fba6","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":117,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"8c0dbb2d-5911-4981-b0c1-3465a397882b","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":117,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"903abffc-2363-4099-bd3a-3f9472b401ef","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":117,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"61f9c072-79e4-44dd-b29b-ea4e94074f7b","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":117,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"666a0350-9347-4a6a-a0fb-3fe1f0034c2d","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":117,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"27acb96e-d737-4a7a-806f-c735251d2769","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":117,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"1a2b404c-8b6b-428b-b2ab-79828e94c22a","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":117,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"3dc45f9b-8ea6-4b3b-b549-de2523e3e1e7","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":117,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"d39eb188-9809-4d64-91dc-afb7f14cfd18","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":117,"box":{"x":68,"y":188,"width":828,"height":12}},{"id":"3f72f3f7-54e6-45d6-8d4b-4395199ecc3e","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":117,"box":{"x":70,"y":203,"width":820,"height":11}},{"id":"05309dad-f553-4071-be13-c90c3e6d78a3","block_type":"box","text":"issued before August 8, 2025.","page_number":117,"box":{"x":70,"y":218,"width":216,"height":12}},{"id":"da531946-2207-4495-a5b0-92ee40188057","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":117,"box":{"x":101,"y":241,"width":801,"height":11}},{"id":"0b2a8ee0-b9aa-4930-8f33-53f2ebdbc1cc","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":117,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"b8420097-d981-425c-99b1-76df677d952b","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":117,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"6d97b4cd-caca-4ac5-a68f-1b2718cc0ba9","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":117,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"ce5e7617-fe07-4033-b3ad-1082d06fb9cf","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":117,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"90d4502f-4bbb-4b1d-8711-b1bd31a806e2","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":117,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"af10c023-98d8-47ed-8672-5ec03805b11c","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":117,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"83845b55-18a0-48bc-8362-713e20339e11","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":117,"box":{"x":68,"y":347,"width":474,"height":11}},{"id":"680c40e6-7417-4018-92e6-aa116d3d5e3f","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":117,"box":{"x":102,"y":370,"width":777,"height":11}},{"id":"c9615039-7d6a-451e-8477-9d1293af495c","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":117,"box":{"x":68,"y":385,"width":836,"height":11}},{"id":"c7354eaa-d350-4003-918b-249e60b289b2","block_type":"box","text":"the PRC in notifications.","page_number":117,"box":{"x":68,"y":400,"width":171,"height":9}},{"id":"d5af7f1d-ccad-428b-8454-866ac88d1e66","block_type":"box","text":"Investment in Other Investment Companies.","page_number":117,"box":{"x":102,"y":423,"width":320,"height":11}},{"id":"f5583a08-10dc-4bda-9914-044b35ec44d3","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":117,"box":{"x":429,"y":423,"width":402,"height":11}},{"id":"a9460e65-2f78-4467-83f7-7803ad5924e5","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":117,"box":{"x":70,"y":438,"width":818,"height":11}},{"id":"9d6042a1-6966-4eab-b3ac-4f45339f14d0","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":117,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"bcdd6a6c-4bd5-4e6c-8639-f0d796e8525d","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":117,"box":{"x":70,"y":468,"width":822,"height":11}},{"id":"879a386d-bb54-4e74-a4a2-f814b0a9dede","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":117,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"09db71f7-da86-4951-b698-e719bfde73ba","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":117,"box":{"x":70,"y":498,"width":793,"height":11}},{"id":"7d341289-cf61-4e3e-a48e-2223fd00fdc1","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":117,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"2c0a9c5a-03bc-494c-8c18-be5e77e55632","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":117,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"0ed05769-7ffe-4c1d-a270-cec850217534","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":117,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"0fb21853-94d3-4b59-a3e3-cb57a2040d5c","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":117,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"34a92220-d9c0-4313-9698-6ceb446fb1d9","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":117,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"1b128677-5d16-459e-8e1b-3a7c273d5bbd","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":117,"box":{"x":68,"y":589,"width":821,"height":11}},{"id":"1ad18beb-e405-4c3e-9916-c241c235ecf8","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":117,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"13548e13-07aa-45b9-a1ad-8df4baeab742","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":117,"box":{"x":69,"y":619,"width":776,"height":11}},{"id":"74f34c8d-167a-47fb-aae5-51997241dd21","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":117,"box":{"x":70,"y":634,"width":802,"height":12}},{"id":"6e53e585-3bfc-4c5b-b9b7-8349ea991b67","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":117,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"5d1920b4-bef5-4f06-b0d4-e175d50ec088","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":117,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"5079a352-f612-4d4b-9ccb-4247724a5b60","block_type":"box","text":"subject to certain conditions.","page_number":117,"box":{"x":69,"y":680,"width":206,"height":11}},{"id":"7955cc66-facd-4f19-bf7b-1a06cb065010","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":117,"box":{"x":101,"y":703,"width":799,"height":10}},{"id":"747bb635-77f1-462a-8c78-32028f2068dc","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":117,"box":{"x":102,"y":725,"width":779,"height":11}},{"id":"6d10642e-41cf-4665-b50c-1ab2d52a66ee","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":117,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"c0a19283-8656-4c9e-9a3e-b4b0ee657697","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":117,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"0df6751c-56cc-4252-b290-971aba233146","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":117,"box":{"x":68,"y":770,"width":839,"height":12}},{"id":"ee5d7db3-9ccb-4303-b24c-e7ad4f1fbfdb","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":117,"box":{"x":68,"y":785,"width":806,"height":12}},{"id":"b7e6a68f-9743-43bc-a221-175221ead588","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":117,"box":{"x":68,"y":801,"width":810,"height":11}},{"id":"37e51fbd-0ca9-4661-b9ca-cafe2f57b195","block_type":"box","text":"loss.","page_number":117,"box":{"x":70,"y":816,"width":31,"height":9}},{"id":"1ee3e103-1e1d-46a4-9e62-22c1581b0fb0","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":117,"box":{"x":102,"y":838,"width":758,"height":12}},{"id":"11179eae-75a9-40b6-ac22-3f8900ee3c6f","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":117,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"8ea71a2c-12dd-46ff-9ea6-1e992cf13c97","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":117,"box":{"x":70,"y":869,"width":835,"height":11}},{"id":"c78a76e5-e712-4c0c-8b74-63ffca381ef1","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":117,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"03f08820-6ad8-4a66-8c3f-67102515746f","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":117,"box":{"x":69,"y":899,"width":768,"height":11}},{"id":"7ee9939e-54f5-4e2b-ac01-80eb6be900b1","block_type":"box","text":"II-48","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d934e220-4e83-4939-95cd-9efbd62cca23","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59a714b0-8881-4ed0-a130-45f21490e961","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":118,"box":{"x":70,"y":45,"width":807,"height":11}},{"id":"0add5952-889a-45ae-9e2c-15368febace6","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":118,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"a606ffd2-38f4-4466-b7b8-0ea64c3255a7","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":118,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"c0c879f6-541d-4d68-ac90-a2e09f44da9b","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":118,"box":{"x":70,"y":90,"width":778,"height":11}},{"id":"43cc4177-20d7-4cc3-96d2-f956a23f2d16","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":118,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"a6b0decd-f960-44db-a6cf-2abb25918f3a","block_type":"box","text":"assets.","page_number":118,"box":{"x":69,"y":121,"width":51,"height":8}},{"id":"e559a100-0e06-4bd4-97c4-8e7ebbabd5ca","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":118,"box":{"x":101,"y":143,"width":776,"height":11}},{"id":"f18882fc-2c79-49f1-a420-68d5aec96944","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":118,"box":{"x":69,"y":158,"width":313,"height":11}},{"id":"0584f4de-24fd-4a3b-b903-6f4fd032f397","block_type":"box","text":"e.g.","page_number":118,"box":{"x":384,"y":160,"width":24,"height":9}},{"id":"ef71dbf5-ca67-4592-8a38-cf204dfc0c6e","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":118,"box":{"x":411,"y":158,"width":491,"height":11}},{"id":"ff4f2ce6-f761-4ed6-b256-b4d534866008","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":118,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"c24e6c26-8c33-4f7c-a65c-b89e283aecff","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":118,"box":{"x":69,"y":188,"width":472,"height":12}},{"id":"2698380e-f3d8-48f0-8c0a-d6d86ff59223","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":118,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"403037bd-de2f-41a2-8bd7-384982d0dbc1","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":118,"box":{"x":70,"y":226,"width":818,"height":11}},{"id":"dc1f409c-a5fe-416a-8ad1-1d9a1ed60590","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":118,"box":{"x":69,"y":241,"width":791,"height":11}},{"id":"444c777f-d923-4ac3-af91-49b797495806","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":118,"box":{"x":70,"y":256,"width":795,"height":11}},{"id":"de8d47b1-3cf9-4bb1-9536-251930f22b22","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":118,"box":{"x":70,"y":271,"width":807,"height":12}},{"id":"e26ca850-c87d-4887-88cc-fcd06f8b369a","block_type":"box","text":"countries.","page_number":118,"box":{"x":69,"y":287,"width":69,"height":9}},{"id":"45f4c598-94f9-4613-8257-ef7c28668234","block_type":"box","text":"Issuer Insolvency Risk.","page_number":118,"box":{"x":102,"y":309,"width":166,"height":11}},{"id":"8b00b4a6-7574-4ec5-b7bd-6cc4947f5a0f","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":118,"box":{"x":275,"y":309,"width":631,"height":11}},{"id":"eaf0931e-eb78-4e91-b7fc-7a6ced96caa9","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":118,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"ed58dbb6-c9fe-4e3e-9375-a13931a4a6d9","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":118,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"05183425-7053-4043-b310-5898d536e1ae","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":118,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"904d55a9-2074-4080-9b4c-3cb9f44e259f","block_type":"box","text":"issuer uncertain.","page_number":118,"box":{"x":70,"y":370,"width":118,"height":9}},{"id":"f00961ff-6223-41ee-b3c1-f77e0f7c8534","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":118,"box":{"x":102,"y":392,"width":788,"height":12}},{"id":"bbee8d89-e48a-44bf-9832-1ea89afbeeda","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":118,"box":{"x":68,"y":407,"width":827,"height":12}},{"id":"33fd6f42-1369-4c2f-9736-363a6bd745d6","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":118,"box":{"x":68,"y":423,"width":779,"height":11}},{"id":"0abdffe1-14bd-47f7-bb27-fbb6bdbe7c3f","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":118,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"0737c77e-701f-4645-99f8-5454f668ec25","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":118,"box":{"x":70,"y":453,"width":797,"height":11}},{"id":"dad1da60-8a48-41ab-8ed7-2f64fc67b535","block_type":"box","text":"eventually be satisfied.","page_number":118,"box":{"x":69,"y":468,"width":162,"height":11}},{"id":"a4c69491-6cf9-426e-95ae-9648b866e695","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":118,"box":{"x":102,"y":491,"width":805,"height":11}},{"id":"0a920c0c-cc28-487d-99e7-0e5793d9db7e","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":118,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"d7185a3c-e42b-4d38-a792-5f65abe6b09a","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":118,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"60ceb1ae-8439-4162-be95-a6b34b09b301","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":118,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"31f2d2cc-643b-40e9-9e59-80f6b3e13575","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":118,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"c69ef564-93ff-45b9-a84d-44e7d8473e93","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":118,"box":{"x":70,"y":566,"width":805,"height":11}},{"id":"d82dc25c-3c8a-4ba3-8134-c57f46f50ea0","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":118,"box":{"x":70,"y":581,"width":820,"height":12}},{"id":"1a70b85f-8517-4517-9049-d8ce3a6e0d4b","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":118,"box":{"x":70,"y":596,"width":828,"height":12}},{"id":"f5637e93-d961-4da3-aa2e-399e6a40d463","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":118,"box":{"x":69,"y":612,"width":820,"height":11}},{"id":"9d225b75-d543-4774-a94b-3fe1d266b243","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":118,"box":{"x":70,"y":627,"width":820,"height":11}},{"id":"e323e01a-35de-4ca7-8442-9f09a80e1f8d","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":118,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"06bf39ba-98f5-4b46-ad12-84299451c84d","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":118,"box":{"x":68,"y":657,"width":788,"height":11}},{"id":"b382adb8-0ee1-4f5f-a4f9-3578c9614949","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":118,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"80897d00-d393-45d9-9977-6dd79f21a7db","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":118,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"2842a84f-3e52-47fa-b720-9eee5813e78d","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":118,"box":{"x":68,"y":702,"width":809,"height":11}},{"id":"137fc03a-b4b2-4d72-9720-e270df978327","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":118,"box":{"x":69,"y":718,"width":741,"height":11}},{"id":"51629db7-704c-413f-85a1-51e9965524a8","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":118,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"28767ff9-5141-4df7-b26f-50764efa6173","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":118,"box":{"x":68,"y":755,"width":807,"height":11}},{"id":"33f7adc2-505d-48a7-babc-558d20c0f2b2","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":118,"box":{"x":69,"y":770,"width":795,"height":11}},{"id":"b137421d-dedd-4dbd-9f32-38fbd9781779","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":118,"box":{"x":68,"y":785,"width":814,"height":12}},{"id":"a310cd7f-3c03-4ba2-a1da-ccf60411c46e","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":118,"box":{"x":70,"y":801,"width":329,"height":11}},{"id":"041e5df0-d23f-4b92-8d25-4d16eb61fd72","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":118,"box":{"x":102,"y":823,"width":806,"height":12}},{"id":"24290f90-9e10-41af-abea-69ffa1548e27","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":118,"box":{"x":70,"y":838,"width":829,"height":12}},{"id":"33ce844c-75f7-41c9-b088-af355e121c73","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":118,"box":{"x":69,"y":853,"width":767,"height":12}},{"id":"05aa0d71-bc96-409c-a744-015a06a2d068","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":118,"box":{"x":69,"y":869,"width":771,"height":11}},{"id":"c78885be-6e2b-423e-b320-c15f97cab33e","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":118,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"a729a687-4b43-4ee2-a914-79d7984340ff","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":118,"box":{"x":70,"y":899,"width":822,"height":11}},{"id":"e7e8bfc0-f248-41a5-ba63-cfc46573eadf","block_type":"box","text":"II-49","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"47e12a3d-e27f-4467-9c27-1b425a5abaf4","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb535c2e-5b45-4266-905d-fbbf9d3f2261","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":119,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"333cfab5-54f2-4778-a85d-3c9e27e7c177","block_type":"box","text":"that assumed generally by an investor.","page_number":119,"box":{"x":68,"y":60,"width":274,"height":11}},{"id":"6bd2a25b-e87d-483f-90b9-f51226a46a44","block_type":"box","text":"Lease Obligations.","page_number":119,"box":{"x":102,"y":83,"width":133,"height":11}},{"id":"441c57c9-c390-40a2-90c0-c1f0cb0db906","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":119,"box":{"x":241,"y":82,"width":653,"height":12}},{"id":"1508bde1-c327-46bb-9ce1-0e680e517315","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":119,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"a5c90213-0e26-4e50-a9b1-70c6a7f29c1c","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":119,"box":{"x":69,"y":113,"width":602,"height":11}},{"id":"4ec02c07-0421-42d2-9a1e-8c7c3b42c5e3","block_type":"box","text":"Life Settlement Investments.","page_number":119,"box":{"x":102,"y":135,"width":210,"height":9}},{"id":"fcaab162-17f1-4a2e-934c-6198faa2a1f2","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":119,"box":{"x":318,"y":135,"width":589,"height":11}},{"id":"143d7fc9-824c-42d3-89ff-fe530cb45492","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":119,"box":{"x":70,"y":150,"width":838,"height":12}},{"id":"8438d0a6-99be-4031-984a-94595f27de26","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":119,"box":{"x":70,"y":166,"width":834,"height":11}},{"id":"03bf9606-8c76-4c9a-982c-84ad0dab11a4","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":119,"box":{"x":69,"y":181,"width":808,"height":11}},{"id":"b03cbefe-bc2e-4a47-8dd9-8294dfa1bad5","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":119,"box":{"x":70,"y":196,"width":797,"height":11}},{"id":"2f437c10-0b41-4e40-b64e-88cab2a653ad","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":119,"box":{"x":70,"y":211,"width":775,"height":11}},{"id":"4d09964a-aa9e-4afb-9a5e-aee9e9eec288","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":119,"box":{"x":69,"y":226,"width":805,"height":11}},{"id":"04ef9faf-0af3-40e9-b4b0-f337ce82539a","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":119,"box":{"x":70,"y":241,"width":789,"height":11}},{"id":"a54003c1-069e-47da-a07b-fcaf2c4584d9","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":119,"box":{"x":70,"y":256,"width":829,"height":12}},{"id":"becd88ef-8c50-47bb-9899-ba431b8261a7","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":119,"box":{"x":70,"y":271,"width":813,"height":11}},{"id":"1481f4f7-f634-47a5-a09e-a0bff505008c","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":119,"box":{"x":69,"y":286,"width":758,"height":12}},{"id":"9ef082b9-084b-4b73-81a2-79a1c03815a7","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":119,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"9f0517d0-12a3-4e5a-9c88-726ee94c05f4","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":119,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"3eb1ba8b-467b-4a41-8348-b934c304e042","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":119,"box":{"x":70,"y":332,"width":764,"height":11}},{"id":"68e4ab7c-d83c-4ee6-ad9b-a67374ca30c7","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":119,"box":{"x":70,"y":347,"width":788,"height":11}},{"id":"9a61dc52-5fc0-499e-839c-d6e9fe0a0575","block_type":"box","text":"regulated investment company.","page_number":119,"box":{"x":69,"y":362,"width":220,"height":11}},{"id":"905b4686-3eaf-4ccf-8c1d-4dbdceb719bd","block_type":"box","text":"Liquidity Risk Management.","page_number":119,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"026484ff-3d50-4e56-8c0c-673d656ce854","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":119,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"e967edc8-4967-4c46-8bd5-ab68e1814eef","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":119,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"de686a38-190e-4d00-a928-4f411c4a69d1","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":119,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"77407e7e-18b9-47e7-abe1-80d9803070b6","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":119,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"b3a7b406-5be2-4fcd-a27b-d47ce7831fe1","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":119,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"969bf0df-0105-4be8-80df-c48bd752221d","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":119,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"edac85e2-98b7-4a1b-ad67-95412a8d3bab","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":119,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"a647a4d4-5c43-49ed-bca8-b05507e1fa41","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":119,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"9c1713d9-361b-4c11-87a4-143196a15fce","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":119,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"f4d73655-1eeb-48da-8f4a-74b98d5e2e41","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":119,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"7c3898ae-68f7-47cf-99ca-4c0ee832012e","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":119,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"2ca266ea-3b33-4080-9845-070aa1aa402a","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":119,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"1162237d-fb7a-4834-a2f7-6673324c681b","block_type":"box","text":"Master Limited Partnerships.","page_number":119,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"b4765425-58d8-4d7e-b1f1-7a2cd5c05ea2","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":119,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"4db5504a-22f0-43bb-abb5-d2a03f6a9732","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":119,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"8d5b3a3c-e813-4036-b833-5ddb763960dd","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":119,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"b1a0cb04-b7e0-4c04-8895-88b0acf50c52","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":119,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"2431befc-9c96-4e55-a362-3e135e97544d","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":119,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"667c3517-a95b-4f4e-90c5-2840990e32b2","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":119,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"60d43040-9b61-4820-adf5-7d8616cd3028","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":119,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"dd5084f8-b4e7-4fbf-a9a2-d96a22298e1d","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":119,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"32e97b7b-786a-4c64-b1ab-24e32eaebed5","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":119,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"cb8ae338-d5fb-4e54-96f9-ce7eaff6980f","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":119,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"ac0b9ea2-ec6a-423e-b809-cf3e30d02867","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":119,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"14f03eec-a780-4dda-a57c-21fc609ff7a7","block_type":"box","text":"in the partnership’s operations and management.","page_number":119,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"5bcc80a7-81da-4d64-b004-f3cdbfad1aeb","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":119,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"09abc555-7714-44e4-acdc-144e8504c865","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":119,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"e61dad7e-e4c4-417e-a377-8c364ed8c7f4","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":119,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"62fc26f4-25e4-4f24-b3b3-59dc3ff09f1d","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":119,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"061d9bb7-333a-47a2-bdf0-f9583ca1fc8d","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":119,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"5a5fe7c3-1b96-41df-9fea-53902a8281f9","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":119,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"e2c83764-f87a-4d30-977f-f8357d7ae7ee","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":119,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"66f7f680-ec51-4244-8de4-8c4f81a51d7b","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":119,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"7becf5b9-8804-45fa-8130-fbae39ad82ca","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":119,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"2c181298-32b9-4ced-bb7c-5694a89f3002","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":119,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"29ab20cf-459f-461d-8fdc-afe893b508a3","block_type":"box","text":"II-50","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"074f6663-161f-4662-ac8f-4f835c616998","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d878efb-e95a-474c-bb1f-baa9d2109bef","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":120,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"93ed7c1d-a582-40e2-ac05-c6a7a2670034","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":120,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"b8173c69-99a0-4094-a0c3-3ac27ed45bbc","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":120,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"fadf69a0-e85f-45a3-a95e-5e3c5f1d79fe","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":120,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"8657e7b0-9c64-4247-8b86-dedcc8b07455","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":120,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"16c0543d-298d-4cb3-b8b8-c9d618d48dd1","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":120,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"6c7a0369-e1b3-47c8-9395-537a6a2a990a","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":120,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"4900f6d8-c8f0-47c1-a699-b85c0ed1bb28","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":120,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"2dd609ea-41c1-4c84-9fa9-3ddbc21b4957","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":120,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"ec3e77bc-9827-42c5-bfec-3732367ef443","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":120,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"6a47d892-ab0f-49b9-bb06-be226e5401cf","block_type":"box","text":"Merger Transaction Risk.","page_number":120,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"487528cd-6888-43cb-bd4f-387482c04483","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":120,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"3bcc1372-a2d3-4e1e-93dd-e46085b7498d","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":120,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"7e4fb32f-520e-4eb8-bde6-1e64ba5ea96c","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":120,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"d9266994-4635-4701-98d3-5d9736994cbd","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":120,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"95b4e9c1-637f-40b3-af02-17a0dd211a59","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":120,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"7331d23d-f6ed-48d8-985e-d3effed2dd01","block_type":"box","text":"the Fund and may lose significant value.","page_number":120,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"9460d516-bd14-4c6a-90d2-97ff769bb5a7","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":120,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"0866edbd-191f-4eca-ae3d-8de087ebbaed","block_type":"box","text":"Certain","page_number":120,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"5ba61eda-63fe-4db3-80e6-28dfa8c62f5d","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":120,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"534a7147-7529-4f0c-b01b-0eabdaa14c0a","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":120,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"1f1e7cdc-c170-4a97-914f-fcc46e029823","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":120,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"b40073de-d836-4213-a31c-adb361448535","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":120,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"1385f8eb-d1ad-4eb8-8878-a2aaac156fda","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":120,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"71419a15-259a-40e5-a836-bb3258b4e98d","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":120,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"bc7e00af-6608-44b8-bfb7-6fde7961ec6e","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":120,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"3b5d0184-3b6f-42eb-aa8f-87cad57f454c","block_type":"box","text":"branches of domestic banks.","page_number":120,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"d2cfdcd7-8358-4fbf-a3a5-e453da76a308","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":120,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"ba07c234-c3cf-490e-bab8-9af56ddbce80","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":120,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"dcdbbca8-0891-499f-b82b-0e14f965967d","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":120,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"2450f177-29fd-4142-a407-e993089a5008","block_type":"box","text":"paper of a foreign issuer.","page_number":120,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"9bbef0d1-bc2b-4f2e-a8c1-d0bd4b5f6d4c","block_type":"box","text":"Money Market Securities.","page_number":120,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"aadd6395-b825-4945-9dbc-77a6c9673e16","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":120,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"51f090c3-b126-4300-8ef8-316b6ac34e77","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":120,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"ccac727d-ca54-47d6-b5c2-0962975ecefe","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":120,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"3a3cd13a-694f-4407-ad78-567c7aa80fa5","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":120,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"3b934cfd-cb5e-44d0-8675-e559c2c31fbb","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":120,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"1fe81fdf-119c-434a-aa78-5a8877388018","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":120,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"5c587baf-2c67-4546-93c8-145b85cdc1cb","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":120,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"a9063788-1571-4bdb-aacb-12e1a09599ec","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":120,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"788fddb1-9990-4888-a6ec-eac8051b1665","block_type":"box","text":"agencies;","page_number":120,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"9c846fe3-1fd7-45f6-9351-66d17c87fbe6","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":120,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"7869ca18-5404-476c-90d1-f0a0b7463911","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":120,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"937bb59b-9939-467f-927c-9108758d1212","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":120,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"b30d5d50-a36f-4fa4-b1b1-2831b0e58d02","block_type":"box","text":"obligations and credit card receivables);","page_number":120,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"6d251251-5584-486c-b0b6-4e327f016c19","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":120,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"389370f4-d14e-4f39-8405-c17a1b89cec3","block_type":"box","text":"authorities and related custodial receipts;","page_number":120,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"84da6b91-dd7b-42bc-b48b-59eafbb3994d","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":120,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"a99d3cfb-4433-44ea-a2ba-e5c7d74dc54a","block_type":"box","text":"agencies or authorities;","page_number":120,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"015f2fe6-2be4-4ab3-b8c3-bcec145e21a1","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":120,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"b738611e-c591-4b5e-8409-bfedd1cbba9d","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":120,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"33f03a99-1447-4fbf-8bc1-33ab7f256c44","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":120,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"19a00b68-cff3-4cdf-b1fd-97b32b01fc32","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":120,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"1ebd21e1-fde9-4f85-bc49-8114c25538fe","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":120,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"fc9aa890-d6b9-4057-b3e8-8d47ee2cc1f7","block_type":"box","text":"States;","page_number":120,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"24c12556-3fdf-44f9-938a-8d2830740b62","block_type":"box","text":"II-51","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f44486b-b320-43c7-83a1-7441ca1eacd6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c221df4f-cabe-4dbc-9ea2-eeb8bcceb18f","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":121,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"cf9fbddb-a79a-488a-bac7-0c9540edc677","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":121,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"22232ddd-6f86-4f13-b627-6d9e1b180f18","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":121,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"f3fcaa29-82c1-43d1-9706-66023d1cfa7b","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":121,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"51d47016-2f62-490c-925b-d3f9904054f1","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":121,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"246300c2-91fd-40b9-b826-6a7979d83d35","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":121,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"1873f9e0-0a00-4969-a252-6dff39f46502","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":121,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"227235d3-4618-4e47-9ca8-e17017e85d60","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":121,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"8a1572ac-4f1b-4b90-a3a7-1d34a7ae6bab","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":121,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"c87f7293-5904-4c29-89c7-672b43f551cd","block_type":"box","text":"States.","page_number":121,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"08084c3e-d888-4e0d-9daa-9c04ba128bce","block_type":"box","text":"Mortgage-Related Securities.","page_number":121,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"b8346bee-c8e1-49c6-898d-e42eef9010fa","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":121,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"2f4531a4-28cd-42db-9eea-a9728d091928","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":121,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"095c1d48-bff7-4da8-b655-f52fbc369377","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":121,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"e2f43618-7e1d-4a78-93fb-21576e15852f","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":121,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"6b1c18eb-8e0a-4066-bee3-bdeab2424bc1","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":121,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"b5b4489a-45bd-471c-8ff4-7c50ae64f1da","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":121,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"a206a79e-9baa-4086-b4fc-e42edd27e30c","block_type":"box","text":"maturity or specified call dates.","page_number":121,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"88633fd4-9747-49ee-98db-54c29aff7e00","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":121,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"7e847684-692a-4507-afe3-3bf31518db01","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":121,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"1c735aac-b0d2-40e6-abc9-ea1a45e8442d","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":121,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"becd04ac-4bb9-4f06-906b-e97a12431c4a","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":121,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"9c0648c4-8df9-4ef5-b0c6-585949acdd78","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":121,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"cf4c5147-0088-453f-8e3f-9a80204c44e7","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":121,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"f5c8638e-2867-4591-8ebf-4c4c3c450a48","block_type":"box","text":"The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":121,"box":{"x":68,"y":435,"width":800,"height":11}},{"id":"77fb51fa-ba3b-4fe4-98b9-8833618e1697","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional","page_number":121,"box":{"x":70,"y":450,"width":837,"height":12}},{"id":"ce63006c-758d-4c8d-a132-bae974da61ed","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":121,"box":{"x":68,"y":465,"width":804,"height":12}},{"id":"86214073-7fef-42ee-9517-47654eb9eaa1","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":121,"box":{"x":69,"y":481,"width":832,"height":11}},{"id":"0196eb2b-0364-4aa9-a839-6aa7f675524e","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":121,"box":{"x":69,"y":496,"width":807,"height":11}},{"id":"03a2edeb-f4fa-4480-bde1-cdfa670a70ed","block_type":"box","text":"mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than","page_number":121,"box":{"x":69,"y":511,"width":832,"height":11}},{"id":"655bdbc5-c7f6-4e66-9cf5-a26ec6ce9e9f","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover,","page_number":121,"box":{"x":69,"y":526,"width":825,"height":11}},{"id":"b56c59e7-9cb3-49ce-aabc-97fdd4cc2690","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":121,"box":{"x":68,"y":541,"width":818,"height":11}},{"id":"9fe894e3-2a8d-4a51-93c6-edf2d25b21d6","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":121,"box":{"x":68,"y":556,"width":423,"height":11}},{"id":"3ab285cc-20e5-4fde-a854-042c67a1fee3","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":121,"box":{"x":101,"y":579,"width":761,"height":11}},{"id":"751418f9-98ca-48f9-b235-3b1be15c4fe8","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":121,"box":{"x":70,"y":594,"width":800,"height":11}},{"id":"bdc6ad05-f67d-4072-a1d2-de3c9858fd33","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":121,"box":{"x":69,"y":609,"width":833,"height":11}},{"id":"9aeeed59-8657-46e8-afbb-770c38d6e5f5","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":121,"box":{"x":69,"y":624,"width":809,"height":11}},{"id":"410a772b-3d92-4381-bae4-ab45940c23fc","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":121,"box":{"x":70,"y":639,"width":801,"height":12}},{"id":"6e27a9bc-e930-417b-9ac2-eb0d303a4827","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":121,"box":{"x":69,"y":654,"width":778,"height":12}},{"id":"694568f2-4b51-47ca-beb5-22b872fee982","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":121,"box":{"x":69,"y":669,"width":831,"height":12}},{"id":"e0913704-63dc-4b61-9715-332596e3acb4","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":121,"box":{"x":69,"y":685,"width":773,"height":11}},{"id":"54185cb5-c8ff-4df8-8ebd-fd9a740aea0b","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":121,"box":{"x":69,"y":700,"width":818,"height":11}},{"id":"888c1906-1899-4442-81e0-1b71be59bc72","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":121,"box":{"x":70,"y":715,"width":822,"height":11}},{"id":"52c65de4-ec26-4386-bcd6-02beb30758d5","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":121,"box":{"x":69,"y":730,"width":399,"height":11}},{"id":"07b6c932-e8f6-4f01-a178-75860a62e74c","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":121,"box":{"x":101,"y":753,"width":802,"height":11}},{"id":"b6ee292c-75bd-4337-ae9d-f433237109ce","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":121,"box":{"x":69,"y":768,"width":830,"height":11}},{"id":"cc89b2a3-c37e-46a3-bf61-89f15a9dbacf","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":121,"box":{"x":70,"y":783,"width":818,"height":11}},{"id":"8333f836-322d-46f4-9d12-463148fd6a59","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":121,"box":{"x":70,"y":798,"width":766,"height":11}},{"id":"b8f59490-b7ca-4658-96d3-8f0bd6562497","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":121,"box":{"x":69,"y":813,"width":808,"height":11}},{"id":"d1ed9aeb-8ce3-4097-bf52-1b7b08617962","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":121,"box":{"x":70,"y":828,"width":825,"height":12}},{"id":"1dfa9544-193d-4bf4-a82a-e5535a748e95","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":121,"box":{"x":69,"y":843,"width":803,"height":12}},{"id":"5d2018a5-52c6-4d78-be3a-bfaf400a617a","block_type":"box","text":"these three types of securities are considered “mortgage-related securities” for purposes of BATS: Series A","page_number":121,"box":{"x":68,"y":858,"width":769,"height":12}},{"id":"36d4a5a5-293b-4e29-8481-d57e04799ed3","block_type":"box","text":"Portfolio’s fundamental investment restriction relating to concentration.","page_number":121,"box":{"x":69,"y":874,"width":509,"height":11}},{"id":"04ae9bfe-036a-44ae-834a-441dbf81ed36","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":121,"box":{"x":102,"y":896,"width":743,"height":12}},{"id":"2048f21e-e159-4eef-beeb-05e92533f7ec","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":121,"box":{"x":70,"y":911,"width":831,"height":12}},{"id":"02a8bb42-e394-49e9-bcaf-f690e15ec208","block_type":"box","text":"II-52","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8079a5b-2cc9-4d1e-8db4-1cc48106ac16","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6022e3ad-78ad-45d6-a984-19a8f7c09a93","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":122,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"df5dcd65-0f94-401f-8da1-e4228877d6e5","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":122,"box":{"x":69,"y":60,"width":737,"height":11}},{"id":"d5a5971e-7eb7-499f-bb4a-8c5762d057f4","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":122,"box":{"x":68,"y":75,"width":814,"height":11}},{"id":"4f464aad-f16e-47bd-97ab-9265484c45e2","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":122,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"26aef7ee-c085-421c-9817-16e9c787f00b","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":122,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"f9827255-b584-48a2-b3e5-6ce4f533fea0","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":122,"box":{"x":69,"y":120,"width":798,"height":11}},{"id":"a47bd580-0629-4c22-8e2c-b4433b38b9ce","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":122,"box":{"x":68,"y":136,"width":798,"height":11}},{"id":"e6377bf1-0024-4c3f-84d8-da8043cc5395","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":122,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"eaef945d-1720-4a91-9531-f62f555d5cde","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":122,"box":{"x":68,"y":166,"width":840,"height":11}},{"id":"0c6d97b1-3d0b-4366-8314-b70ff8832d65","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":122,"box":{"x":68,"y":181,"width":825,"height":11}},{"id":"bbe8a078-70cb-47f1-a2c3-c66039d9c5cd","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":122,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"a236c26c-04ff-43b2-b4b3-855a2877dbb4","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":122,"box":{"x":70,"y":211,"width":770,"height":11}},{"id":"68592caf-0b6a-4420-98f5-0c561ee44605","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":122,"box":{"x":70,"y":226,"width":812,"height":11}},{"id":"7a8825f3-dd32-4278-9db3-8527085aa2c2","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":122,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"2fe665e2-50e6-402d-b618-c7df4d89b21e","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":122,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"529ee997-e5c0-4c53-8334-044e438c7b23","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":122,"box":{"x":70,"y":271,"width":792,"height":12}},{"id":"c30a7dea-236c-4f1a-bf7c-1c11d19684cc","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":122,"box":{"x":68,"y":286,"width":819,"height":12}},{"id":"c9b13d70-e603-4b87-9bc7-f257b8c2a522","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":122,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"86103851-9873-4ffb-b91d-4ca1f55c47c8","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":122,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"2f25b699-e15c-431d-907c-740e994204c7","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhart of the","page_number":122,"box":{"x":70,"y":332,"width":803,"height":11}},{"id":"7397159b-9450-4b7e-9e67-e1b9002de644","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":122,"box":{"x":70,"y":347,"width":808,"height":11}},{"id":"674e3957-6ab4-44aa-8092-66906e6ac9e9","block_type":"box","text":"addition the U.S. Treasury Department agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":122,"box":{"x":69,"y":361,"width":818,"height":12}},{"id":"a5d46d61-e91c-4342-b4f2-15d41cd3bf6c","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mortgage markets.","page_number":122,"box":{"x":69,"y":377,"width":816,"height":12}},{"id":"0c5afd0f-c420-485f-94f2-8829f61bd3d5","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":122,"box":{"x":102,"y":400,"width":786,"height":11}},{"id":"4625c921-f89a-4fb9-b359-b4547aad30d9","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":122,"box":{"x":69,"y":415,"width":777,"height":11}},{"id":"929f48f0-38d4-4fde-996f-24e9850c3d24","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":122,"box":{"x":69,"y":430,"width":782,"height":11}},{"id":"20ff8cfc-52bd-4a0c-9c29-222480cac1d1","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":122,"box":{"x":102,"y":453,"width":802,"height":11}},{"id":"67d2ec5b-69fa-4257-a72b-b05092aff03b","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":122,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"4b82aad1-dbf5-47d3-80cc-28d2e9ad8fe5","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":122,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"608ad6ed-bcb6-44f6-a012-75b1a72ba1e6","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":122,"box":{"x":68,"y":498,"width":833,"height":11}},{"id":"ab12c8a8-10b2-4163-9283-48689ccc1b0b","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":122,"box":{"x":70,"y":514,"width":789,"height":11}},{"id":"3c9471be-938f-4dae-9378-a973f18d34c5","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":122,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"feb98beb-6465-4f1e-bd6f-b36ad08c5788","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":122,"box":{"x":69,"y":544,"width":838,"height":11}},{"id":"b9282e3b-0464-473b-8e11-4562e2f43926","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":122,"box":{"x":70,"y":559,"width":810,"height":11}},{"id":"e129e605-7459-4d24-aa63-38ce73eb3155","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":122,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"d5a4897b-0c40-4bd3-8cd0-0c94160369f3","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":122,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"dd626f4c-c1a1-4c1d-b7fc-7f4c26b690cd","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":122,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"bd7b8c26-5172-4cd0-a5e1-dd390449eeec","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":122,"box":{"x":69,"y":619,"width":604,"height":11}},{"id":"7d0f16f7-4e22-4643-a67c-89fda9aa6a24","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":122,"box":{"x":102,"y":642,"width":774,"height":11}},{"id":"fd2b085d-c06c-4859-b98e-d3bc5c786ef2","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":122,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"66e8e22b-d53e-4f25-91e9-0c10d8099a88","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":122,"box":{"x":68,"y":672,"width":832,"height":11}},{"id":"6711bcc1-46ce-4dcc-855e-45db1ac9537c","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":122,"box":{"x":69,"y":687,"width":742,"height":11}},{"id":"9032a5a1-4dcb-48c6-b555-f8aa573b01c2","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":122,"box":{"x":69,"y":703,"width":831,"height":11}},{"id":"00aa38d4-77a7-4595-b2b6-d86723ff83f0","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":122,"box":{"x":69,"y":717,"width":840,"height":12}},{"id":"6417685a-1dbf-4be7-88d5-99147ed6b723","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":122,"box":{"x":68,"y":732,"width":809,"height":12}},{"id":"d41c808f-eeee-4e6e-8a01-f0fa1b3aa982","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":122,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"2688aecd-2e93-4296-af1c-f620908af295","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":122,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"56bd366b-f907-4506-b845-fda0d14eb483","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":122,"box":{"x":70,"y":778,"width":810,"height":11}},{"id":"3498d0d5-f3fd-47da-8f73-f2b4db5aebe1","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":122,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"30ab6134-1f44-4a2f-93bf-fe3c171d5688","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":122,"box":{"x":69,"y":808,"width":669,"height":11}},{"id":"98168d14-82c6-4ee9-a341-10ca2561cc71","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":122,"box":{"x":101,"y":831,"width":754,"height":11}},{"id":"dd8b36f5-8565-463c-8206-6b176d4677f9","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":122,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"03cd3db5-05eb-452d-8a63-6ea1f098077e","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":122,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"ee7ebd09-4744-4b3f-958f-c30e2972e75d","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":122,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"1dedffc0-c609-4b69-9ffa-3de254353d9e","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":122,"box":{"x":70,"y":891,"width":361,"height":12}},{"id":"eb840b21-9bc9-4c84-a9a8-694754b2b5c7","block_type":"box","text":"II-53","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a4183ca-eeae-4ca6-a8cc-45d67425defe","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d30d1767-9c2f-4c81-9ca4-776cf6e85c44","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":123,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"1b489960-d6f7-476e-bdd7-fa2509e64d88","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":123,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"dcd006ed-72cd-46de-aab2-3159bcd696ff","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a fund’s portfolio may be particularly difficult to","page_number":123,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"e7251e1a-2286-47db-8bce-8a5d5b0e44fe","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":123,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"db1f7eb2-8710-41d1-9da2-6050716c17e4","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":123,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"2dc4ceae-b042-41c6-a373-64c9699b711e","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":123,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"ae027d32-d426-43b7-8b9e-ee8fe9b44f3f","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":123,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"fcf9290d-3363-49be-9e6d-e1d4390e4711","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":123,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"3999a113-2560-4eba-948c-e9b3978eb1dc","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":123,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"69da0b93-e6a7-4e1a-a8a6-89d5371f16c2","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":123,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"0eef41eb-faf4-41e3-819a-1675ff5c96d1","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":123,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"0929b99e-5471-4ef2-953b-27f1a864e8ba","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":123,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"22508021-6efe-4b8e-bf74-f14cf0fc2dd2","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":123,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"8333906b-b8ef-4054-bfab-aca66cf3cd5a","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":123,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"4c423b86-49ac-4e9c-8324-e59bd3783c29","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":123,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"326a384b-9a55-4981-b469-fb0cfde78305","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":123,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"4246defa-98ec-42ef-9ada-3a32a12ac38c","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":123,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"e81a3fd9-fd3e-4def-a3cf-3acc57e33dd6","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":123,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"14283b2b-4f6d-4a74-97d8-b4464bd94f38","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":123,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"0c82d104-136c-4eaf-bc1f-6286e460aa67","block_type":"box","text":"of principal because of the sequential payments.","page_number":123,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"05e7c394-f6da-48da-892a-f53e719b7529","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":123,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"e66f5217-9377-42a4-8464-4180391b60cb","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":123,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"c2174d93-644b-4855-8c48-9c56e978767f","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":123,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"2dc6a1ec-21ea-4398-906d-74b36eec6bb8","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":123,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"904fa0b0-872f-4c27-891b-ff414839b3eb","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":123,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"40bc918c-781b-4509-866b-4c77a6fc4651","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":123,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"eb6d72c8-13bb-4f00-8f79-9270dc1251d5","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":123,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"cc226351-35a8-4ffc-8a5b-833779bafa73","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":123,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"cc21280d-44be-47db-a73c-ac957da5693e","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":123,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"ef55b008-b48f-4f1e-9d9b-575a2b15de6a","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":123,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"a70894ee-2fca-4335-9eae-673f195f3a7b","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":123,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"b9caf2f9-449a-4d3d-ad17-3702bea7a352","block_type":"box","text":"securities of any single such entity.","page_number":123,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"7de96dcf-51ad-4404-afe1-45ebdf037154","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":123,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"41eb6b60-2683-4ac8-bd37-3132bd7a8443","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":123,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"bf3057d2-c7b2-4622-bfb6-5fcccf0cd4f2","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":123,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"a02a445d-77ba-40d4-b724-1b01a6effdc9","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":123,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"b2d23ac1-bb13-48c6-a7d5-ddfe4d8ee4b7","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":123,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"9c202c91-a308-4969-9179-06a9f0f84dbd","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":123,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"e6c9a1f7-6fbb-47ef-9fe7-d9e07967a29e","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":123,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"0db089a4-fbe7-44a0-983c-98849bcf5174","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":123,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"e62a5291-cd40-4129-b7e5-1891c0167e8c","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":123,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"1664d68e-0201-4845-a896-f060dd3fb968","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":123,"box":{"x":69,"y":680,"width":761,"height":11}},{"id":"8ea5dcd4-be44-44f0-9992-bf92ad5e3887","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":123,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"0208fbec-b816-4f2f-aa2c-85dc0e764da5","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":123,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"d77956df-2a68-4468-acca-7f89ba10a566","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":123,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"2e49e038-4e4a-443d-a828-aa9ec71b7084","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":123,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"986912ad-9be2-4e7a-8bb0-0d6dcfc4b6d8","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":123,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"8e602040-d08f-4391-8b51-41b7b17e9c95","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":123,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"6512d503-354e-4ada-945c-3257d7e32a09","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":123,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"ae5666f8-622b-438e-ae39-965b4506194f","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":123,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"370179da-955e-4db1-8a69-02c87806b826","block_type":"box","text":"classes.","page_number":123,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"c0a8bc4a-624a-4259-9223-260ccc2217d2","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":123,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"dcce742a-aa8e-450a-be1c-1f72ef34b9d3","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":123,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"2d281696-a78a-48e3-bed5-185ed9ee5f18","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":123,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"b1cb602c-b602-43b5-8d50-bd92b89427e2","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":123,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"49d69586-2ea5-4836-befd-99c6661b3d08","block_type":"box","text":"II-54","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fb1d0204-97e9-4889-8c81-4ff05a8a4c63","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1943d8c2-9547-404b-ba20-7695daa095b3","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":124,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"f05d31f4-6e71-4da6-aa82-e3f7abd53fb9","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":124,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"42011b00-3a99-4d24-9037-3017c4bf640b","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":124,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"bf4df383-7576-474a-9ad7-5db390d6d48c","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":124,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"d4367cf6-23d2-4fff-81e2-9bc82e774533","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":124,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"dbf1ba83-42bf-48d0-ae80-b8bbcf576cb0","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":124,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"63fc723f-dd90-4bc3-8d75-793785a16265","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":124,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"43070fde-728e-4007-9282-51b1b916c1a2","block_type":"box","text":"to a designated benchmark index.","page_number":124,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"bf79a9a7-d6ca-479b-9e91-9638105cd897","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":124,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"053976d5-98ae-4417-ae01-f87c83f5c257","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":124,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"f1630f87-0a8a-407e-9c58-3404cca84166","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":124,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"fb4ca723-fdbe-4066-8307-a975fa466706","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":124,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"266ab993-e9dc-4876-8ef4-9c2959268230","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":124,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"44ab5739-b3ea-473a-8246-6ea6b2cbabe7","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":124,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"824c7889-770e-42a2-89a2-fe2ed1f84bb0","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":124,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"3fb836c4-56b7-4526-b5a1-b5d64cf56f88","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":124,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"cbb5b55a-8303-4d59-bef9-110670bab60b","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":124,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"1841efe1-a83f-4088-a449-f959fe2e499c","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":124,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"d08e44bb-52a2-4709-802f-89f7d0e9d31f","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":124,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"7878b292-51da-4893-9647-10ab13b304fc","block_type":"box","text":"CMO Residuals.","page_number":124,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"69c58e76-af34-4693-bad8-c0db0118b103","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":124,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"3aafe609-4e73-4bcb-bc12-29dc328dad3e","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":124,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"5a73ceca-dcd1-429f-938b-60c662f83541","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":124,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"36f69ab8-5ddf-4689-8fa8-7cd5614f5e18","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":124,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"309e4771-fc66-491d-8334-8ab28d704699","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":124,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"d01b1471-661a-4b89-99a0-9e0e7e933c76","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":124,"box":{"x":68,"y":423,"width":832,"height":11}},{"id":"ccda740f-cb73-4eec-8d84-fcc357502369","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":124,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"cf41c071-1968-4cf2-907c-da28446624d0","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":124,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"db74a101-69ee-478c-833b-25d0a326bb2e","block_type":"box","text":"among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing","page_number":124,"box":{"x":69,"y":468,"width":809,"height":11}},{"id":"00820d39-baea-4085-b9f7-c40ceb4b0ac3","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":124,"box":{"x":70,"y":483,"width":810,"height":11}},{"id":"1731c652-8dca-4f76-8bdd-d370bac5087c","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":124,"box":{"x":70,"y":498,"width":795,"height":11}},{"id":"b9131dcc-7fb5-4d86-a938-cb0ad0d3aadc","block_type":"box","text":"mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-related securities. In","page_number":124,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"3ce18ebe-2975-404d-963d-48339bc80bf7","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":124,"box":{"x":69,"y":528,"width":820,"height":12}},{"id":"fd836a6c-d1ee-4134-876c-132b6765149b","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":124,"box":{"x":69,"y":543,"width":808,"height":12}},{"id":"e2a2f468-b1e8-46f1-948a-ebd207580575","block_type":"box","text":"adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":124,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"09cc335b-5e0e-4177-8448-89de4b651f75","block_type":"box","text":"residual.","page_number":124,"box":{"x":69,"y":574,"width":60,"height":9}},{"id":"fa71d15f-ba92-4515-b287-2a16cc1b27fe","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":124,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"617a34c0-7e35-4836-8777-4dbed174cde3","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":124,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"cf50e8a7-613a-4e74-81e0-049ff18c0a31","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":124,"box":{"x":69,"y":627,"width":806,"height":11}},{"id":"f13fdb7c-cfc1-48b7-94e6-1642726510fd","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":124,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"1ac2a784-8668-49bf-bada-6fb511dd6f13","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":124,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"38fada95-4dd7-4166-a78e-cd2ff12a27cd","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":124,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"c498da5b-bd79-4346-a76c-71be4ad30edc","block_type":"box","text":"and REMIC interests.","page_number":124,"box":{"x":69,"y":687,"width":149,"height":9}},{"id":"ea5893f3-dbe2-471a-b204-e2c94881fcbd","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":124,"box":{"x":102,"y":710,"width":267,"height":11}},{"id":"8327bd82-d8ca-4f2c-a2c6-ad1e67e22157","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":124,"box":{"x":375,"y":710,"width":493,"height":11}},{"id":"4d21af02-0751-45df-91fd-38e208423c2d","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":124,"box":{"x":70,"y":725,"width":798,"height":11}},{"id":"62fcd769-15db-429f-813c-1066789e64ce","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":124,"box":{"x":69,"y":740,"width":826,"height":11}},{"id":"cb8aaa03-5b77-48c4-aefa-8f01b1d4cff1","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":124,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"c5ea03e4-a49f-4baf-b43e-9c59eddf84c8","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":124,"box":{"x":70,"y":770,"width":821,"height":12}},{"id":"cb2e1d67-4918-4625-8d4c-335c76489c52","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":124,"box":{"x":68,"y":785,"width":826,"height":12}},{"id":"5a300ef9-3c3f-4b87-a532-b0577496a187","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":124,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"2fece1cd-048e-4289-a319-ec9b90eb3d0a","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":124,"box":{"x":70,"y":816,"width":834,"height":11}},{"id":"d4582287-d2f5-4539-8331-a43b9d823ea0","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":124,"box":{"x":68,"y":831,"width":800,"height":11}},{"id":"4d1edfcf-ca05-4452-b4d6-7c51c609156e","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":124,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"96f47c61-b02c-4f1f-bad0-07203f22f3ce","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets experience","page_number":124,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"033ba827-17fa-4a52-92a8-8fcea9595996","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":124,"box":{"x":68,"y":876,"width":836,"height":11}},{"id":"c7da6bac-3ffa-4ba3-86dd-c879a4e79fea","block_type":"box","text":"there are certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":124,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"5694675a-b120-494a-aede-4d0fb3b0beca","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":124,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"06efe19b-6513-4fbc-8f4f-e31808b2b87b","block_type":"box","text":"II-55","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"74a2ae06-ba66-4a5a-ba93-40692514dc73","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3001c0e6-9c80-45e1-a984-ea4ff77e14c5","block_type":"box","text":"the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund generally will","page_number":125,"box":{"x":68,"y":45,"width":830,"height":11}},{"id":"90bcbb56-6fc8-4e2d-ba39-1b4fe5d4e42e","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":125,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"ccd43733-6bbf-45b5-82e5-35638aa63dff","block_type":"box","text":"matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":125,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"cdbf5063-97fd-4a1f-8d2b-4d991e107f62","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":125,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"a5bc269d-66ec-4f49-9582-1a7b0cfe6189","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":125,"box":{"x":70,"y":105,"width":815,"height":11}},{"id":"aa908f22-e681-44bf-b40d-6160d2e9256d","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":125,"box":{"x":68,"y":120,"width":599,"height":12}},{"id":"6c0597f1-2d5b-47d4-98f1-5e83e8a45ada","block_type":"box","text":"Tiered Index Bonds.","page_number":125,"box":{"x":103,"y":143,"width":138,"height":9}},{"id":"cce21e43-1733-4928-a19c-12d124ea6d1b","block_type":"box","text":"Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate","page_number":125,"box":{"x":247,"y":143,"width":657,"height":11}},{"id":"8441017e-d68a-40f1-a40f-21daf1ef6f23","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":125,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"2c8a0ee9-4e4f-4adc-8fe0-f5e866e27170","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":125,"box":{"x":70,"y":173,"width":830,"height":11}},{"id":"05b63e8e-d681-4afa-b089-b49db3830593","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":125,"box":{"x":69,"y":188,"width":800,"height":11}},{"id":"a54b9393-5a73-43f6-87d8-3bcbe5cacbed","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":125,"box":{"x":68,"y":203,"width":788,"height":11}},{"id":"ef3178cc-74d9-4648-bf97-038956c4f7c8","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":125,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"288efe6c-714f-4009-b5e0-df8ba546b5c2","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":125,"box":{"x":68,"y":234,"width":266,"height":9}},{"id":"d6eab396-1eef-456f-b9b9-2910ad208be7","block_type":"box","text":"TBA Commitments.","page_number":125,"box":{"x":103,"y":256,"width":133,"height":9}},{"id":"4e3c9453-110e-4a55-b71e-186d7f2ea610","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":125,"box":{"x":243,"y":256,"width":653,"height":11}},{"id":"e1861763-a9ec-475e-b85d-83b4242f9b15","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":125,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"649c629d-b241-42f8-afc1-dd65f108b55b","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":125,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"c72fbd17-1565-4b06-a0d4-f5bd752da4ea","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":125,"box":{"x":70,"y":302,"width":793,"height":11}},{"id":"927c4d03-6c43-4f84-9654-be224c007fbe","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":125,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"1e2b6bc3-bffc-4a25-b5ef-7e2fa5fb5061","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":125,"box":{"x":70,"y":332,"width":804,"height":11}},{"id":"0038ef26-12a7-4b60-9cc8-cd8fbf5ae484","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":125,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"2f8e4375-d2a6-4ae0-9a5d-f66e79b5a7f7","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":125,"box":{"x":69,"y":362,"width":810,"height":11}},{"id":"6cc4c1a3-a7e1-429b-872a-e23cfbc533d9","block_type":"box","text":"below.","page_number":125,"box":{"x":69,"y":377,"width":43,"height":9}},{"id":"a2633b0d-9175-46c3-b806-ed8613adaf47","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":125,"box":{"x":102,"y":400,"width":157,"height":11}},{"id":"29f46d8c-f165-45b6-95bd-1ca2dea34597","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":125,"box":{"x":266,"y":400,"width":634,"height":11}},{"id":"ec6f4840-1db5-46d2-99ea-805c377d2887","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":125,"box":{"x":70,"y":415,"width":825,"height":11}},{"id":"1d24e5f7-21e8-4ddf-8c53-8fa46434bb6d","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":125,"box":{"x":69,"y":430,"width":805,"height":11}},{"id":"737bc86c-e6da-4216-acf2-f5e052bd2125","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":125,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"947986d5-5040-463a-9e09-5c2e6e694765","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":125,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"7e1182de-d969-4625-85fb-e810e4619849","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":125,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"194feac4-3108-4e74-891b-7ca2f8fee74c","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":125,"box":{"x":69,"y":491,"width":806,"height":11}},{"id":"86963a17-1e1c-465b-a268-2eaeffddfec7","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":125,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"a78be5ec-948e-476f-9a14-4a3e60655871","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":125,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"759a3ee7-8a88-4b65-a54e-e0c3841638ab","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":125,"box":{"x":69,"y":536,"width":607,"height":11}},{"id":"7dcb2c4e-098b-4098-8bef-acb9965ab183","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":125,"box":{"x":102,"y":559,"width":744,"height":11}},{"id":"648ba9ce-d4ec-43d1-8185-edd26ca0b4b9","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":125,"box":{"x":69,"y":574,"width":796,"height":11}},{"id":"6bb59fb9-912f-4606-b42c-b8f7887b0b60","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":125,"box":{"x":69,"y":589,"width":433,"height":11}},{"id":"10beed35-2a89-43ec-9403-a2597c8d456c","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":125,"box":{"x":102,"y":612,"width":795,"height":11}},{"id":"932910af-7f0e-4e26-8afc-75013356519e","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":125,"box":{"x":70,"y":627,"width":824,"height":11}},{"id":"c369119a-0998-493f-b996-c1143d562d32","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":125,"box":{"x":69,"y":642,"width":774,"height":11}},{"id":"40ae5bd1-f59c-4367-bddf-bd4ef05e2734","block_type":"box","text":"securities in the forward transaction.","page_number":125,"box":{"x":69,"y":657,"width":261,"height":9}},{"id":"eeedc740-7a10-4f02-9009-c74a2546d6db","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mortgage dollar rolls may","page_number":125,"box":{"x":101,"y":680,"width":777,"height":11}},{"id":"3eb1e989-637d-41b1-a69f-5b63dbf87f5d","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":125,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"b46df596-ab8e-420c-8dd4-1406cee8223d","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":125,"box":{"x":68,"y":710,"width":824,"height":11}},{"id":"526b9357-f05c-49fa-915c-095df18fd118","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":125,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"91dc70fb-11bd-4ee9-8a69-43f0152ac09f","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":125,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"67c2e531-f8aa-49e4-aaf7-c09e9fb15c74","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":125,"box":{"x":69,"y":755,"width":430,"height":11}},{"id":"e78b356c-a368-4aa9-95ad-9a62d56525a6","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":125,"box":{"x":102,"y":778,"width":759,"height":11}},{"id":"7dd0dcea-d9c0-4e48-beba-f97ec8f6b8b5","block_type":"box","text":"securities (","page_number":125,"box":{"x":69,"y":793,"width":78,"height":11}},{"id":"f1a2c0b2-26cd-4ca0-ac0f-4dbb26f16f0b","block_type":"box","text":"e.g.","page_number":125,"box":{"x":148,"y":794,"width":25,"height":10}},{"id":"b51ba5a9-4373-4938-9d86-bd76ee15ace8","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":125,"box":{"x":176,"y":793,"width":681,"height":11}},{"id":"8c4bbe78-3fd5-4bbf-925f-f2c48a706da6","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":125,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"28290177-3413-44b8-ac9b-3b27a0eda1ef","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":125,"box":{"x":70,"y":823,"width":783,"height":11}},{"id":"9ee49ba3-d393-411e-be50-913b7925f75e","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":125,"box":{"x":69,"y":838,"width":832,"height":11}},{"id":"5383bd43-331e-4818-883a-7d57605f015c","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":125,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"198bc96d-9842-41cc-88d4-e98ac74c5038","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":125,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"7fd8c190-9db7-46d9-b605-c1847d503834","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":884,"width":489,"height":11}},{"id":"511fc01d-3f1f-4d93-b92d-7192b245472e","block_type":"box","text":"II-56","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"61ca449b-0fdb-4458-bda9-09d3af456c26","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ca8a75e-00dc-4031-95ae-f5811c562ec6","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":126,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"358b21c1-af08-4d5d-9ed3-df4d39b96709","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":126,"box":{"x":368,"y":45,"width":473,"height":11}},{"id":"481f9c82-3f39-41a2-8612-092163a8dbde","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":126,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"b195650d-21e4-4db8-ab5c-f6cba6030a1b","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":126,"box":{"x":69,"y":75,"width":836,"height":11}},{"id":"66c42419-03e6-4a30-a99c-ce85bb64581d","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":126,"box":{"x":70,"y":90,"width":760,"height":11}},{"id":"c72d7204-da22-46f1-9881-38e724bfab79","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":126,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"1ecb1575-791c-4ea5-b40d-6c42b0910b63","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":126,"box":{"x":68,"y":120,"width":810,"height":12}},{"id":"5b789697-c8b0-4e6c-90a7-02a97b455fde","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":126,"box":{"x":69,"y":136,"width":764,"height":11}},{"id":"6140f961-0330-4da9-9d72-c7eeaf9128b8","block_type":"box","text":"Municipal Investments.","page_number":126,"box":{"x":102,"y":158,"width":169,"height":11}},{"id":"24fa3e10-25ee-404d-b87c-2227534c671f","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":126,"box":{"x":102,"y":181,"width":763,"height":11}},{"id":"ac837959-e6da-455c-bb1c-d2ab52c3a016","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":126,"box":{"x":70,"y":196,"width":783,"height":11}},{"id":"befc1814-7072-4b57-acdc-c75a5973d420","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":126,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"bb043e39-034b-44d5-8da1-f421c4a42fba","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":126,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"c0d6b17a-6e10-422e-8567-2f3a13fd11ba","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":126,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"3563c342-2986-439a-80f4-116c4e95330d","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":126,"box":{"x":69,"y":256,"width":779,"height":12}},{"id":"dc2c4816-850e-4c32-8908-1c7449b4f677","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":126,"box":{"x":70,"y":271,"width":838,"height":12}},{"id":"1aefeeab-e098-4fe3-94de-3d7202a663cd","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":126,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"686fa967-0e3d-4b3d-ba54-a33dd4bd90c7","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":126,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"ef958f25-18c4-4930-ae2e-49af8cd1632d","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":126,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"b5465a95-f934-4968-9a2a-a7f34059af90","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":126,"box":{"x":70,"y":332,"width":807,"height":11}},{"id":"b637d45c-d67e-4f37-a95e-06fa1fe5b15f","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":126,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"61028db2-b781-4fac-899c-2cc6e6361858","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":126,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"9dd04c05-bd61-44c9-9cd7-9b39215c358f","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":126,"box":{"x":70,"y":377,"width":826,"height":12}},{"id":"71c682a2-ec8d-408a-97e7-6da5479c6260","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":126,"box":{"x":70,"y":392,"width":834,"height":11}},{"id":"b5d60fba-748a-450e-bae1-2b7ed9801825","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":126,"box":{"x":70,"y":407,"width":800,"height":12}},{"id":"278037f8-0009-4f9a-9115-50e0c9fc47b1","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":126,"box":{"x":70,"y":423,"width":819,"height":11}},{"id":"bcfd856e-3553-42da-b92c-cafab5daf953","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":126,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"3b9cff8f-f2e5-4e46-a4e8-51e77e7f4387","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":126,"box":{"x":70,"y":453,"width":805,"height":11}},{"id":"5fdea3a0-3b8f-4dca-93b9-9e74768ba37d","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":126,"box":{"x":70,"y":468,"width":721,"height":11}},{"id":"e69569d5-a6c8-4538-989c-175aef8382ac","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":126,"box":{"x":102,"y":491,"width":495,"height":11}},{"id":"aa881cb8-ce47-413f-b350-7bf91a4a0471","block_type":"box","text":"The risks and special considerations","page_number":126,"box":{"x":603,"y":491,"width":260,"height":11}},{"id":"45b19dbf-ee0a-42db-91fa-b3fbd876c100","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":126,"box":{"x":70,"y":506,"width":806,"height":11}},{"id":"4d15a633-3cf5-475c-a834-017bf982810b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments","page_number":126,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"ba27ca6e-8284-4863-ae10-f0049f453dc6","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":126,"box":{"x":70,"y":536,"width":453,"height":11}},{"id":"38612bdf-758c-4960-b61b-77c0fa6f2940","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":126,"box":{"x":101,"y":559,"width":799,"height":11}},{"id":"526fc381-c1b1-402d-a7fe-72edf3654fac","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":126,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"76228bdf-bb31-41be-b2c3-91794efc6e75","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":126,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"77d04139-9be0-4127-badd-9de88a6ca1d8","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":126,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"a43f4925-64c3-4e8d-ab52-d86674ff29e3","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":126,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"9bed61c4-4318-4781-bdc4-25a9be2565c5","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":126,"box":{"x":69,"y":634,"width":761,"height":12}},{"id":"72701e68-1a69-493f-a4e1-e6b13fd49890","block_type":"box","text":"II-57","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dcb39994-ad72-4c72-ace7-4832271f8507","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b4b990a-e238-41fa-bfde-0f35707d30f0","block_type":"box","text":"Description of Municipal Bonds.","page_number":127,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"dbbc2b90-ebdf-4138-923a-49c728c4d3a3","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":127,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"b5998077-9e3e-4504-b6e9-75ee2109e7c5","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":127,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"f30f833b-05f3-4a90-a830-2a1649fce101","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":127,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"7168c0f9-33cb-4351-a98e-2098b48e0c37","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":127,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"8196b7e1-95f0-4267-aa4d-53c732a165fb","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":127,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"a8178f4b-7e3d-4697-8c0b-4bcc6926f417","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":127,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"4f18f1ef-e26e-4fe1-89ac-9d679f97e5a2","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":127,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"01abda95-4595-436b-b9cb-fee4f5b21a98","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":127,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"5f5e6edf-5099-4d85-8519-5e46ac30743d","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":127,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"a5f67a8b-16e0-4b6d-8463-8bfa6fde4314","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":127,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"65f7fca2-d3fc-4f49-b29f-fe54664a7651","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":127,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"0509c1db-4daa-442e-b8a3-c22ea2f82b79","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":127,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"c2fe51db-12fa-4671-a07b-dcb0e938322e","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":127,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"108b09aa-d9c0-414b-afc7-ccb6e0b52854","block_type":"box","text":"General Obligation Bonds.","page_number":127,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"3d818534-606b-424c-b16f-e6040d20aa5d","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":127,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"d53bf2d2-06f4-4b66-aec7-3719a7b2a6d0","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":127,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"206ddfc6-ffe4-44be-81d5-f54183a5e760","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":127,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"e422d546-7233-4cb4-9f1f-40577db045a1","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":127,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"1c39f6b4-6f2d-438a-8ce5-508936cde5dc","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":127,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"cbb68491-958b-4a83-bb68-7fe868651663","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":127,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"52aa6f6e-6475-409e-8b56-66878a2dfedb","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":127,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"38331a17-16fb-4d9e-82f6-e06b6be499b1","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":127,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"a8f84926-8e21-4b9d-beb9-ffb0efd5ddb8","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":127,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"937de45c-0045-4405-a855-230cf5f0f142","block_type":"box","text":"Revenue Bonds.","page_number":127,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"005b18d5-27a6-42d7-ab98-a433c7178889","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":127,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"104e2386-9568-4b51-a451-0f9dfe9702f8","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":127,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"63887ee0-6c35-4b4e-8a68-a148389c70cd","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":127,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"d1ef75ee-7987-44dc-b1e9-788074fc18c4","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":127,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"54d82736-660f-441b-8efc-75327e17c1ad","block_type":"box","text":"viability of such facility or such revenue source.","page_number":127,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"c2557419-b670-4343-9b9c-f0e2a3122141","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":127,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"1cb2a1a3-470a-4a93-bbe2-60b1d4bdc6a4","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":127,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"55730861-bc55-4bd8-bd02-6dd20321c9a7","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":127,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"dca8ff8c-84ec-47cb-adff-e4eb6836b921","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":127,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"96a10380-613d-4939-a7b7-9ff59a271ab4","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":127,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"8fa01925-60d4-42ce-87c7-d3c98bbc4d59","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":127,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"7c0066f4-35e9-46ee-8f5a-f94366506439","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":127,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"5ba1bb91-eece-4fb9-9410-910a7e428854","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":127,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"9493d90c-a828-41a7-87db-de3810d8cee7","block_type":"box","text":"PABs.","page_number":127,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"61096899-2765-41ef-9335-823836f62698","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":127,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"ac77c461-9f64-48f6-93d7-dcc04dc50e7d","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":127,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"d1bb6bb1-39de-4fc5-a42a-82fdc44d68a3","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":127,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"8e02d356-4ca7-4edd-94d0-b90fdd4cedfc","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":127,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"3b8417e1-5e55-4f8c-9105-2806bc749a69","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":127,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"83acaa1d-a2d5-4011-91fb-a15a635aeb6d","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":127,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"6d139cce-d887-4d7a-a4cf-dfd02b97f444","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":127,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"68d7e61e-70ee-4574-acc7-9e4b77ec49c4","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":127,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"df0047a9-626d-4ea9-9df9-d6511699b60e","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":127,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"1eddc0df-ff65-48f1-971d-02b6770e2609","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":127,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"4a032bce-5666-443a-81e6-7b5c1847c1e8","block_type":"box","text":"the particular facility being financed.","page_number":127,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"b93bff2b-5479-4a02-a0ca-d014bdd4d950","block_type":"box","text":"Moral Obligation Bonds.","page_number":127,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"416b6d01-0cf6-42ac-960d-ea84d822de37","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":127,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"1e0eb5cd-4d9b-42f3-96ed-1a25058a7928","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":127,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"abbb9a62-4f16-4083-9a09-855572c599b8","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":127,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"d1f540ed-0561-4fda-b605-a73c2cca4b2b","block_type":"box","text":"that issued the bonds.","page_number":127,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"6a668fa2-ed5e-4767-bcc8-771a7971b33f","block_type":"box","text":"Municipal Notes.","page_number":127,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"45617bde-dd4e-457e-b7f0-847a05a29bec","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":127,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"bf12d5ac-d3e7-42c5-92d3-9d742d27856c","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":127,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"3d02f038-3a88-43e4-b8bd-014974adbe72","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":127,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"b2ed4bc6-e57b-449e-9a86-47828282d474","block_type":"box","text":"II-58","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"837113ff-a8db-4823-9f36-a87ef08a5bfb","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72e105e2-4f77-4061-9e67-10920f33f954","block_type":"box","text":"Municipal Commercial Paper.","page_number":128,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"26032136-c368-49bc-b664-ea4749eb020a","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":128,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"de99100f-1587-4ad1-9e62-d80fff4ae01c","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":128,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"7a8f1f25-a31d-41e3-81f0-a2e4750d85ad","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":128,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"1e7d3d70-0cb9-4c94-9ba9-a17ee07754ef","block_type":"box","text":"Municipal Lease Obligations.","page_number":128,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"e4ac2bf9-c761-4f46-beaf-82d24ee40815","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":128,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"bacc2aeb-de2b-444e-9e64-e3f101c258eb","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":128,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"56fd1128-755b-419d-b3b4-fa421156b901","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":128,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"efb772b0-66b7-4259-9715-6fa69b8183c1","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":128,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"2b4be265-a6aa-437b-b094-9c8406272c42","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":128,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"2baea7d5-6a89-4021-bab9-8a8792ccec11","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":128,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"022e88b4-c67e-4ad3-80f6-cf85af38039d","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":128,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"a86b7a9e-769e-4dc3-bcb5-6b8135c3a846","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":128,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"b95687c8-5b37-457c-8840-2beccb0e02da","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":128,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"fb4341ef-a041-4965-84f2-172ee98123d4","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":128,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"d1a046a8-6de9-403a-8058-e8f1b7346ed7","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":128,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"30c64a67-5f63-4e53-bb38-1bd10ed5fb83","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":128,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"b2b0d39d-ef22-4c87-a168-66a04cb167c7","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":128,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"68231724-8a9e-4430-bbce-11ea7a49d205","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":128,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"89a6e9cf-33b6-4880-b465-609320843546","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":128,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"ad531921-7372-459d-ac37-7fc52dae9a25","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund, and could result in","page_number":128,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"9122f969-83f7-4617-862a-d65f13013b4c","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":128,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"5944d23a-5c71-4088-88e1-d2fe6fb9d89b","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":128,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"93938674-319b-440d-a585-bc23fc2c0b7a","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":128,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"84ae8470-e047-46d9-b3c1-ff023ba88df9","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":128,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"d443c519-96eb-4265-abe7-653a6fc4eb67","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":128,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"ba7e8707-1981-4ce4-bfac-36a8b70a630b","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":128,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"d5f6a348-f485-4ad1-b41f-433cd8bc1a2b","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":128,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"182d3313-22d2-4cd7-ba3b-4f7b8431aaa5","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":128,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"2bee5bae-270f-4f8b-ac9a-8c3b850363ca","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":128,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"9c489bd9-ee86-47c0-9cb0-af8278c670ee","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":128,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"0ca20528-455d-4601-90a2-ae5073ad1018","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":128,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"e5f1a10d-2dd3-44d5-91d4-401424071165","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":128,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"704bb5e4-c5ee-4899-b333-3d5e3f2bd573","block_type":"box","text":"Tender Option Bonds.","page_number":128,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"65e61d2d-f048-49bc-adef-88265a3ecfd0","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":128,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"9c729593-4fcd-4775-9c44-be407fb8d834","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":128,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"498d2329-ee00-4d1a-a954-32103264064f","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":128,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"aee1beea-5adb-404f-9f21-e26966608a14","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":128,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"dfead0b9-45d7-49f7-9d5d-3913fa0ca3f1","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":128,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"9679aa5d-0161-47ab-a97e-404e2a79a085","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":128,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"9ad5979c-d8e5-4c11-8074-4c06ec140784","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":128,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"1aedda0b-5bec-43e2-bb00-fd43cbc55436","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":128,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"75dfe279-aec9-465d-8ab9-a7cee33a31ad","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":128,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"87c4546f-22f4-4b61-bc9a-a53aae012c65","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and","page_number":128,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"9c836181-980b-4d38-aed1-f4dfffad8e33","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":128,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"8db733bc-256f-44cb-baee-a9d3c8978c9f","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":128,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"51083dd8-f5a5-45db-9da9-42ea39743a47","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third party","page_number":128,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"2694dc80-898c-41e6-93c6-5f2a70786172","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":128,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"3f755a86-a729-4de7-a2f3-9f5e5135c690","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":128,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"5d6a5db5-4726-439b-a4b2-d710bd079049","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":128,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"1db82001-6614-4d2b-b69d-afb91f385836","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":128,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"3e9ad27d-8837-43cc-a42e-adf571ec82fb","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":128,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"d2e1ef80-b2a4-4697-9059-9eed9c482b48","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":128,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"55c6d6a1-2eb4-4b47-a9d6-80e0e18c34c4","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":128,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"41c84e65-17fe-4d4c-bd31-ad6ff35a00e2","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":128,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"853f4ca9-7e1a-415a-a5d8-238a446a0ada","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":128,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"2ef3ad36-fa68-45fb-94fa-1eb5d953e0be","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":128,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"252fa8e4-58f3-42d0-bbdd-695042c2fec3","block_type":"box","text":"participation in the TOB Trust.","page_number":128,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"b3116ca8-927a-4996-b47c-70ab1a428645","block_type":"box","text":"II-59","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e6651c7-10f5-48f6-a0f0-bd5cb10216e7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3eafc180-1c76-4db0-a08b-73980c02f13d","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":129,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"49fe6715-3a62-41a5-98da-2bbf7ee8c0e9","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":129,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"8737bb7f-41fd-4774-abe4-884c40d4cd23","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":129,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"191e7821-4dbc-4954-9a5f-590fc39203e4","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":129,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"b8e4f874-86d5-4b39-bd89-8ed2a3a58338","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":129,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"217ff418-2efe-4788-ad54-e107b4ae1238","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":129,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"ae9f3062-0c51-4dc4-8b1f-d6b9befaf8d5","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":129,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"aecf7500-6b8d-4f8b-a3bc-d283444e380b","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":129,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"258b7827-adb1-4f80-8280-3536a7edc926","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":129,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b05b7f81-3213-47f1-b45b-215f8ea656f7","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":129,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"fab3b313-c0f5-42ee-ba95-51ff858b515a","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":129,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"66de50c1-bb35-491a-a0ae-165586b05b49","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":129,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"21b3fe12-df0d-40cb-8d5f-02604ec6d091","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":129,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"20d4e6a2-ef2b-4b0d-9eee-94a4a60a2661","block_type":"box","text":"issues.","page_number":129,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"b5435a0e-55e5-4919-b77a-7f0decb0049d","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":129,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"a77353ad-bf78-4865-9148-cc5f1bce74bf","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":129,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"cc6b0bf4-c446-409f-b18c-729aba39a276","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":129,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"52de2e45-7731-4fff-b41b-b48f9f5fbff7","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":129,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"27ae0126-9a76-4d96-ac20-836c841e0c27","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":129,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"8ede6c97-723f-4ec6-ad94-bad3f2a782c4","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":129,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"36722c63-5bb8-4003-8d84-d21eeb00d959","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":129,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"9b6018fc-f39f-4bde-9fe6-39ffe5fc95df","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":129,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"6627c80f-d5fa-455b-9a52-35615cbf0483","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":129,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"388188b7-7127-43b2-ba91-434acbadda29","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":129,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"027aadde-98ad-4ed3-a5d5-b0516fc00d73","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":129,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"4afcada7-4b75-440c-8508-9b0aa193dcac","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":129,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"a7f51df7-d5f0-4eeb-a58c-4aa001ce4260","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":129,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"fe2db359-bd2e-4d91-9132-847fec1586cc","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":129,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"7d9f357b-c905-4f68-80e0-0e71afa00a00","block_type":"box","text":"i.e.","page_number":129,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"27b159c7-423e-42de-bb70-41ee391e5e09","block_type":"box","text":", the Fund). In contrast, in the","page_number":129,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"5182e924-080e-4ba8-b09c-97ca46d5c8d0","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":129,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"ab7f071e-3e46-4753-a3dc-97a4cadf9e8d","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":129,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"545b7827-57b3-4677-bdd7-df2aa293bbce","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":129,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"75952522-5d92-4a15-94b7-e9d8e731ab75","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”)","page_number":129,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"19a76def-ef4b-4e83-8bb8-cc62410942cb","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":129,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"4a128ecc-2a77-406e-8e9d-d8d48ec6a3f3","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":129,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"719c26b1-a1dc-4364-b237-1ef603996d0b","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":129,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"67aaf612-12ba-43b2-b1ce-0a89dd917997","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":129,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"06af8ea0-59c4-4bde-b1e8-c62ba0586536","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":129,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"8ecd2809-3162-483e-bc25-59e7cd1eb815","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":129,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"29bc6e0f-aa54-4eb6-a503-bb377d7b174b","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":129,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"92d9d6ac-c40f-4789-8026-eb1e76f47d77","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":129,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"bfed89f3-f2a2-4a96-ade0-137a8bbe9be3","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":129,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"3e00e2ff-04e9-457e-9f9f-18996b432fb7","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":129,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"6504a65b-6757-4d4b-ab98-39ed0f55f3a6","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":129,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"72b5d857-1564-4970-abfd-d01a4863298b","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":129,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"d6988ccf-c5ee-4106-bcd1-06b4cac8c429","block_type":"box","text":"Trust.","page_number":129,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"0cb4607e-e28d-470a-8c28-c54d4eaccae4","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":129,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"beb6d55e-a187-45f5-b2d7-9c46cb816521","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":129,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"9b477a2f-9293-4ffe-98cf-310bd007ee5b","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":129,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"dcc4952e-5e8c-4b38-a7d1-a77ee5b68141","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":129,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"e69a805c-aca8-423b-87e1-ef1f6a795541","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":129,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"e0598e92-1244-4001-af16-557d2ecc9a67","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":129,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"fde0ff82-d772-4fcb-ad2b-20f0693d4c7e","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":129,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"76f790c1-e2c2-491d-b214-9b5a2e8ca7e5","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":129,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"b7daaac0-84cf-42d4-bdcf-ffca22d547eb","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":129,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"fc01dc00-26f1-4eae-a498-1341ffdd4135","block_type":"box","text":"II-60","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a46f7cd8-78c0-4ac5-8025-da645d4b4c74","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"339bf40f-eb36-41c5-af10-c44c8bfb87fb","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":130,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"1e0c993f-0933-458d-b29d-11cf762e6958","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":130,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"31e0ec9d-98a8-429a-82e0-05894ca63f67","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":130,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"7d744e07-c1f9-4834-9e18-aece70e78d00","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":130,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"6a1352fd-60f8-4cda-ae64-f101cfb3c39c","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":130,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"79e180f3-3afa-4bd6-8d06-06248faf0e5f","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":130,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"ad981ce1-c9ce-4ea1-bc66-dd67ac962eb8","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":130,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"e4dc1f57-b25d-4903-a140-52dc235c5251","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":130,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"79477207-391b-47f8-a5d8-a97018a7ab46","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":130,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"c9ebeba9-4fb3-4c81-a7df-f3403216a459","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":130,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"5e2d6713-5110-4995-8975-3a69cb451237","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":130,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"6d693e86-1e17-43eb-b792-049d786b0aab","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":130,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"b01f9f4a-8731-4561-a0a4-0939dc83e2fe","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":130,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"3022665a-cc16-4b26-8160-1990f3943749","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":130,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"d3016a4a-2c95-4a3f-a8fc-5054d4308fd4","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":130,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"035a42f6-7b21-4576-aa18-694e7836c6a3","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a new structure for TOB Trusts designed to","page_number":130,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"29684694-9543-458d-9503-15e67bf1018e","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":130,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"66c975e5-415a-4f1a-8344-6a5c354328db","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":130,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"6477beb1-811e-4fea-9fcb-107a010bc8b8","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":130,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"5b60e3c8-25e4-4d67-8af2-836a4f8e8817","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":130,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"36f5e546-c289-4c16-8e44-aab3a1f00832","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":130,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"d0be9675-6889-477c-b816-df93e2406220","block_type":"box","text":"new TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":130,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"3fa2d318-c589-4951-bbea-ebc97d643041","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":130,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"f2f75f51-e0c1-451c-a8b3-e8cb7937d1f1","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":130,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"a0fe4d90-7374-48eb-baa1-3ca7ac33ca0c","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":130,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"bcb08887-7305-409f-8535-67fc92b35527","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":130,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"f9d88e3d-6b21-4f9b-8b08-268c238acff2","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third party investors, and the proceeds of the sale of","page_number":130,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"f11ad323-861a-462c-9254-bb2e23a22d16","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":130,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"a74a5999-1384-427e-a909-d04d2d3248ec","block_type":"box","text":"i.e.","page_number":130,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"50db4bdd-b727-43a4-b8a7-33692932b17c","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":130,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"451a1f26-a5f2-4fa5-9f49-cdd06045534b","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":130,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"a41c0faf-fd7c-4a70-9edc-9dbfc6c3a302","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":130,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"fccdc498-0328-4dc7-b8e6-7d77fdb44c20","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":130,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"74ae2ab5-0508-4cfd-afac-c1e00ab613a4","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":130,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"cb3662b4-3963-4760-9350-9cdf4d5caeda","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":130,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"5cb3a340-c57e-4216-bcbe-afb21f915c92","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":130,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"a3d444c1-e17a-40b9-a07a-37f280829d3a","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":130,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"b1e8081c-e3b3-420e-806c-06121e5893fc","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":130,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"93026c63-d7a8-4565-890c-abbc74a3db86","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":130,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"beffbf3e-99ca-4ca7-aa57-827c3057be81","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":130,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"a5a1a2f3-9481-4a1e-a347-be65c0247a2f","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":130,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"97ae8c5f-92e1-4e21-b8f8-56e9d3d001f2","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":130,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"b33555e3-c7c6-4e28-ac29-fc1f89c63865","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":130,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"6d229d34-b178-4bf0-85e0-e346b95dcf6e","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":130,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"82218a14-7c00-4237-a742-c0c7c0fdc3f7","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":130,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"8aa04a0c-49c3-4077-bfb6-422b92a124fd","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":130,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"01c634f9-12fb-4bf9-8e74-cd5886211e56","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":130,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"cbe27e81-6012-46ed-b164-814b56d9b15d","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":130,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"e07b5698-232d-45d5-8f4c-4fe1ca8489df","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":130,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"f108f1a9-f0c6-4dd1-9f59-e34d050cb607","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":130,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"0b5ab1e5-405e-4c9f-bbae-0a36c044628d","block_type":"box","text":"market is not yet certain.","page_number":130,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"59489074-dca9-4971-a8f9-83f2ed1adc9d","block_type":"box","text":"Yields.","page_number":130,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"c9992068-e27c-45b8-9e98-bc5196b13a13","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":130,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"794c15f1-a2e9-4118-a792-324aefff43f6","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":130,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"d278d298-1b5f-4613-81ab-076ce37cf901","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":130,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"afa2e7bb-3654-4770-a63b-481ddcf33c98","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":130,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"4752cd38-1e24-4aea-949d-e644d3bdb354","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":130,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"b6c6d7a2-fe0f-48fd-b211-000d0504b126","block_type":"box","text":"II-61","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e335118-ae15-4125-a042-d42f3c033a7c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d50db75c-1724-4996-b7a5-a99b79e18f4b","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":131,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"ba216ff6-0268-4160-9bf0-3ae6a552305a","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":131,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"d0c8158b-419c-4f81-bba8-6454b9e469f4","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":131,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"f68ed35b-c072-4c50-b6cb-ed6476061463","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":131,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"5bb049ec-4288-4fe3-b300-5feb4c0f1987","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":131,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"a63e0ee7-49df-4133-a8eb-3cf4babe0dc1","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":131,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"00d97c43-bb6b-49cb-bc52-5f69e47d0461","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":131,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"bac691b2-52f4-4d27-b16c-50a97fb0e5a5","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":131,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"127145d2-a1eb-4483-ae96-d01ea37f2985","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":131,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"6e4392f2-12b7-4eee-9946-50cc8b721a9d","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":131,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"65eaf0c4-2033-47b3-9509-57567c241566","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":131,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"eba3b691-19c1-4cee-9216-afabb31acc3f","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":131,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"fdf1ec81-09a1-4071-b9f4-a94149df3f62","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":131,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"125a1eae-cf74-44ff-bd3e-59ee6222e656","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":131,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"61e3b9e4-251c-487f-a438-cc819a4bf23c","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":131,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"7216dec4-25d0-4b50-84fb-03b611c5e027","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":131,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"c059f291-3c07-4950-b082-0400639953a8","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":131,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"cdfd5bd8-9e98-466d-b4d8-317d7b95de15","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":131,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"95300ad1-4049-4a58-8c35-951025f374a9","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":131,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"17b9d46d-55bf-4ff1-8173-cf203a2f7b0c","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":131,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"ce8432be-dd43-49f9-828f-7d6b73671225","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":131,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"888f413f-36a3-4e16-8a39-bf3883169ebb","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":131,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"a6408389-91b8-4d5f-86e6-db67aa8d2ef7","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":131,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"211be1a8-01ec-4ca7-afb8-a370612f43b5","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":131,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"322389f9-4789-4c0e-be02-3fc7d5806ea2","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":131,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"a52f5458-3a05-45df-a777-4931d9d7de50","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":131,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"496a8a79-e054-49eb-be92-c2dbc26feef8","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":131,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"08bfa025-5f44-4952-a2e8-ff5ff1533edc","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":131,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"0ce08a71-1333-4b8b-940f-da9efda074d0","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":131,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"f98cb506-d0c0-44e8-b87e-94429665da5d","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":131,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"081bc79e-28ef-48ae-a9a3-080ba6f513bf","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":131,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"9f0a04b5-ed8e-48c7-9c1c-4c36a507546c","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":131,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"cb609c8a-038f-4190-b64a-3483767543e6","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":131,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"dcdfb8dd-73c5-47b2-8b1b-76face1cb46d","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":131,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"7383e9f0-dcd1-4d84-a29d-5a009462df1f","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":131,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"b4e87d63-3104-4ef7-8d76-09f0afaae866","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":131,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"11519211-b36e-4b42-878f-e712892c49e0","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":131,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"7a7643b6-4e04-46d1-b536-63554c83aa11","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":131,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"adf73083-2d2d-4f90-ae9a-ebb6408f34bc","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":131,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"09605ff2-bf1a-4fc8-9a92-892f2ff42aaa","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":131,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"ecf23646-5309-42f7-8381-8c219c2968c9","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":131,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"10dec9ed-2428-4edc-a789-d99246bfd080","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":131,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"ff3e0636-91a4-430f-86e1-0ccef0c98b7a","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":131,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"7e4bd9c0-3d16-4e1a-abbc-2974b3a36f46","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":131,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"caba47fe-7bfb-4a8b-b9ea-f02194b6eb97","block_type":"box","text":"Call Rights.","page_number":131,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"b2db2065-597e-4a40-8dfb-83e6b1cfd0f8","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":131,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"45257bad-94f1-4fae-9063-6e890851147e","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":131,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"e3d3cbd6-98be-4c45-a04d-3cc71b81bbe0","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":131,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"592b43e5-4057-4938-8fca-9674e7635644","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":131,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"84ea1bc6-9be2-4bce-b175-9943200c1836","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":131,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"e0f90467-c08e-4a1c-9fc5-92601dde7122","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":131,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"efe086e4-9777-4aab-b3c4-71d7a011467b","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":131,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"b47ad7cb-2ace-4309-b55d-22804673201f","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":131,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"d84a0772-cb9f-4de4-84d1-083b375d25c6","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":131,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"0ad253ce-d9dd-4e6f-b965-48ea839947a2","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":131,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"0cc43d0b-01b8-4b61-996f-5fb49b9ae695","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":131,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"7a932690-b880-43f8-80ed-235d513c222f","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":131,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"7b9868a2-c883-45f8-a7a5-106ca87b224f","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":131,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"2035dd9f-9751-4271-89a5-690283c8044a","block_type":"box","text":"II-62","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"64624e9c-7481-4651-a6eb-0e2aa0dab2c8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d32fd4b-034a-4bcd-8753-7d6bbacfff87","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":132,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"e7aead23-082e-463b-91ff-dc34997edd13","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":132,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"cdbdbafa-da27-430c-bb71-924dca1483f9","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":132,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"1f9ea082-77da-4044-b8c5-4f8888f8db8b","block_type":"box","text":"i.e.","page_number":132,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"dd130e49-f7ec-4312-a0d4-76ae827a1a07","block_type":"box","text":", wide differences between short term and long term interest","page_number":132,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"84978f3c-6562-45db-9805-9b4ba5f4601e","block_type":"box","text":"rates).","page_number":132,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"f9ff41ed-921e-47da-9967-cc31e05423f0","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":132,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"75e68e89-930e-4199-bcac-7f2200b7c068","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":132,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"dc645f8e-1256-4048-8f06-36ef8a5806f6","block_type":"box","text":"e.g.","page_number":132,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"b3606564-4dc5-406f-b282-3ce54e86ade9","block_type":"box","text":", an exchange of fixed rate payments for","page_number":132,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"8b36da4a-7ee4-490b-8bd5-b81399b0d050","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":132,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"aab8de68-605d-496f-913d-71e3e6f1a677","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":132,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"1afe7d4d-ac84-4a0b-a65c-af07f230282e","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":132,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"2370fdaa-9150-448c-8437-ebf65f2abfb5","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":132,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"80109e9d-b9fe-440a-9734-244d2936ff2d","block_type":"box","text":"with the same attributes as the swap (","page_number":132,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"7bf60c32-ffaa-44cd-b75f-d3c0605cc915","block_type":"box","text":"e.g.","page_number":132,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"c92010bd-243d-4398-a879-af92a20f18ca","block_type":"box","text":", coupon, maturity, call feature).","page_number":132,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"ca3c59d6-3ab8-42a0-8c3f-dadd39a61ee4","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":132,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"393a94c1-d052-4b55-b1f4-13353a74c08d","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":132,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"a59915c7-cb4c-48b4-a6d4-0ae076fd06b3","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":132,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"49462bff-ad2c-40c1-8827-af1bbc010c16","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":132,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"ce461894-9831-4a7a-a014-938b80644355","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":132,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"7c428ea3-2bb7-4cfb-a923-738a00b5fec7","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":132,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"6a33f3cf-8655-469f-86dd-78b2f0c0fc18","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":132,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"ef530508-fa0c-47dd-98c1-ff01ea45ed6d","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":132,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"755ac260-40e5-450e-9500-c3a3b3bf6fe4","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":132,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"2aa4e6aa-e5ca-47a6-8e33-ce737db74eaf","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":132,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"26a14730-8a6c-42be-b040-bb7040d28d7d","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":132,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"ea05f67a-f9d0-4249-87fa-e7aec3052f38","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":132,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"eb3bbe43-5d6e-4c5c-89eb-bd4eb3484730","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":132,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"2cf96d5f-a0b3-48fa-b45e-ec6b43179fd4","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":132,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"c271691f-baa0-4508-94f5-4461381694ff","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":132,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"afe17c0c-19e2-4598-a5ee-595403c507e7","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance. A Fund has no obligation to enter into SIFMA or","page_number":132,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"7b10d9d5-fa50-46b1-abfa-494d39c927c9","block_type":"box","text":"MMD Swaps and may not do so.","page_number":132,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"9c822e38-31e1-4cf6-9f3d-b3edf1f1e4ef","block_type":"box","text":"Insured Municipal Bonds.","page_number":132,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"a8b90642-540a-4dda-82da-c3299b73ba89","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":132,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"604c9ba4-4811-4200-b982-279bbf9afd9f","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":132,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"97497c7e-e09d-414f-908f-33ca633e54b2","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":132,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"659dd5bb-d651-4e91-8ce5-aa775b3f358c","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":132,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"80a1bcf2-14c7-4cdb-8ad5-a24ce2d6f3c0","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":132,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"4bed6c2b-ca9b-4478-a6e9-66949f5765f2","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":132,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"44faca17-e8d4-4165-80e3-9e30da9037b7","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":132,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"f45ae0e3-2029-487f-a84f-fd9a7b0a8cf6","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":132,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"a7342c82-f77c-48b2-9acb-9cdf0e0af17f","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":132,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"67a274fe-1d7a-48da-9478-cbf554ab0a32","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":132,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"fb0e65ca-e2b1-4d2a-8353-9bb09bd9d4d8","block_type":"box","text":"bond could drop.","page_number":132,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"7f5fead2-2369-4194-85dd-a4826e843b1a","block_type":"box","text":"Build America Bonds.","page_number":132,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"26b67d0d-9520-4708-9ce0-2843af059f61","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":132,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"d7a00ab0-8ebd-4d11-a6a5-ebf11a552414","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":132,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"64b1d388-38c5-4aed-914d-bb102511d9a0","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":132,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"95a7d897-9791-48ca-8fb4-dabd49bb0846","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":132,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"330c590b-1679-44bd-a47e-c90ac9fb3637","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":132,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"df79b16a-86b7-49b1-9536-975df645b14b","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":132,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"7a2bc973-de34-445f-abbb-7436e6600fa1","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":132,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"6847067e-0bc0-4a9f-bad2-b13668ad4920","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":132,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"3fb755ac-8542-4a74-a969-d4658b72e5cf","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":132,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"fdd6008b-5b45-4d55-901c-b4d4a339b713","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":132,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"d6d5fb29-547e-4501-ad3a-7c19126886f8","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":132,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"bed0894b-7130-4faf-8a77-bfa91631c31f","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":132,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"6507f8cd-e262-48df-88d6-115e861c5f86","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":132,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"95d5c0f8-af73-4001-87c4-dffb8c7bd2fd","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":132,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"5b2e9702-511b-4bc6-ad42-cc2e51970df3","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":132,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"51dccd77-0d74-402a-a467-cc748eede005","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":132,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"d4d1f9dd-4f64-455d-8e5b-0a69567ae3b6","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":132,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"1d692556-1f8f-4355-b24f-983e4347f579","block_type":"box","text":"II-63","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"562b2697-b6b2-4236-a339-0e84a9432f5e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff0b0b96-fce5-4513-93ea-c1b282744366","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":133,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"388f3d50-eeab-464e-812c-7f7eeb464f1d","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":133,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"46ae0428-746c-41ee-bd91-c357431be6eb","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":133,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"d74ff179-d56d-4d65-9170-4b183494bbcb","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":133,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"f46e3dbd-0ae3-4690-8c69-afc7fd7a8d1d","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":133,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"e048debe-d955-4da2-b990-e0e7598163e8","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":133,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"c1237aae-ccb3-4741-ae8f-4be9f7314fb4","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":133,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"0d4ebb59-ae5b-4bf4-90b8-b32f0ac37d32","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":133,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"00654d03-72f3-4a62-b85a-51e77f34a22b","block_type":"box","text":"their face value to the sponsor (","page_number":133,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"913fd8d2-452a-4c40-88b9-720f8dc041e2","block_type":"box","text":"e.g.","page_number":133,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"1aa39373-f062-4b21-b422-537aa701722f","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":133,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"76188f4f-3799-4c5e-a69d-6cb62b0b239a","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":133,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"4b45a497-41fe-472e-93c3-070a2420d0cf","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":133,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"f8e974ea-4f08-4b59-b4aa-7117759f6641","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":133,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"87b43970-01ea-4930-8162-2cced19ace79","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":133,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"da620a59-166d-4925-8f4a-cd116307147e","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":133,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"11d67c04-c84d-4c75-b4f0-7decfbe7686e","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":133,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"de8e7734-cf83-4bd0-a759-f292a522d915","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":133,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"a2ea8f7d-10ec-4345-b655-331daac8bba2","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":133,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"c5feeb0a-df89-446d-b689-1c32b02ed768","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":133,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"c53ab1db-9897-4a04-9461-028eb0802b4c","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":133,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"e7981e23-3ef9-497b-a02d-191ba207de0e","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":133,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"2ed17607-9556-4989-82a5-f906eecc673e","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":133,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"b93c8d99-c0a2-452e-b757-3ddc16f4fbfc","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":133,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"05c50d8f-6cd7-4c32-bd9f-b58d7f136f49","block_type":"box","text":"such opinions.","page_number":133,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"0cc27e51-b9cc-4a0b-ad47-96c877cc2c8f","block_type":"box","text":"Participation Notes.","page_number":133,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"c09c2b34-9adc-4703-8c6b-592804f89457","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":133,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"c8639cbc-6e7a-4663-af22-ac6e9ef9988b","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":133,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"f2ae2fde-639a-4589-85fb-c4f78c9839d7","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":133,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"62ce58a8-fee2-444c-a35d-1291debb00c0","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":133,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"f70e6223-9768-45ab-8e6b-65a7b7ca049b","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":133,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"842d2fa0-ed47-4aa6-8647-ea7d9833df05","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":133,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"fb585ed9-c863-41bf-b98c-e4bbbe415349","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":133,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"05f8fcc6-6aec-4cc5-b881-2294a4907c72","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":133,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"74776e83-1d6d-43cd-b06f-a6b9ad2952ba","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However each","page_number":133,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"2f66cf90-4090-4518-9864-f1accbdbbd19","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":133,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"4c33b0fd-a29f-44e2-9fdf-5d0977e3abc8","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":133,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"bbd9026b-6428-4b0f-a758-79c5328277da","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":133,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"8881f034-d551-4b72-8d8e-32cd8c4297ee","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":133,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"7f68cd8d-b83c-4800-8b28-9ae4c5cc076c","block_type":"box","text":"creditworthy.","page_number":133,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"527fb14d-b11e-4265-83cd-871bc364934e","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":133,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"583518bf-0bec-4a91-b87a-af40b96b1936","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":133,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"11b5b38e-0eb7-4d6f-b85d-3e99f36e95ae","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, that Fund receives a","page_number":133,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"79cef68e-7c15-4882-884b-8fb523af00c2","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":133,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"01c89032-e616-4ee0-a23c-a0b3b1e33bd5","block_type":"box","text":"transaction costs). The price, performance and liquidity of the participation note are all linked directly to the","page_number":133,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"7bde13f8-64c4-4a5f-88fe-ece4b1adb08f","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity","page_number":133,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"a9e264cc-370c-4316-8559-f27cb6368014","block_type":"box","text":"in the local trading market for the security underlying the participation note.","page_number":133,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"589009f2-b479-4ae7-89b2-c1671546f9e0","block_type":"box","text":"Portfolio Turnover Rates.","page_number":133,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"20f88c05-cdb0-4591-9870-adbc340a0079","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":133,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"42d83de3-a527-44c4-8b4c-3b9a27392506","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":133,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"526bb4bc-2c1f-4ed9-a644-20fdc40fc9a0","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":133,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"16372d03-9dc6-4553-a2c8-6f7bed2208ce","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":133,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"3697b8f9-b880-4048-a297-e71d580dd902","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":133,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"8d4c1bff-3f1e-40f4-829c-38781d453a90","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":133,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"a034be55-69e3-4449-9024-a7055ff05969","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":133,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"80936db8-8811-4025-a2f9-915a3be4157c","block_type":"box","text":"i.e.","page_number":133,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"f96448da-003d-4898-9b0b-0b7324d9424c","block_type":"box","text":", 100% or more) may result in","page_number":133,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"485c42e3-3c46-4d73-917f-ac2f65a6a38b","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":133,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"cfcd23c2-3ed5-45f3-826b-06acd84a5a28","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":133,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"56a7ee3e-0637-482c-8e2c-2068b8bac714","block_type":"box","text":"II-64","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30b715ef-af20-4ddf-9695-69ca1cc0f99f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c009d944-42c5-4794-9209-8289916dbcf8","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":134,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"6c4d7a75-0ada-495c-b169-e8c851b253f2","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":134,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"25464f9b-bcff-4fd7-8455-313f2cad61a6","block_type":"box","text":"Preferred Stock.","page_number":134,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"a4e72456-b3a5-4fd7-a402-bd98d46d6f9c","block_type":"box","text":"Certain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":134,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"cce8a23e-3d6f-40bd-be34-e532d75bfc96","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":134,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"bac4a5cd-7214-4043-8e58-8b664637fda2","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":134,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"51200467-e17b-45ac-8f82-00c8172a51e1","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":134,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"c4ab57b4-523b-4b3b-9d5d-75b88d26f973","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":134,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"63af2b48-6e56-416f-ba3f-6c88b0b757cd","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":134,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"a9a1b91b-6f5a-46bf-9d71-2c3a727c797b","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":134,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"51e586c0-f4c0-44d4-be84-54599bab5148","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":134,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"a110e581-5f7a-44d4-a109-3e2f8cbe1a68","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":134,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"8ddf2355-479b-4eb0-970f-0b3e21109f0b","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":134,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"b292223a-2383-49c8-b5bd-03e1dfa349df","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":134,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"fd920a1a-9b03-4f53-9af3-f98b79e9280d","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":134,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"10910524-5b8e-433e-b149-3ab1f4c1d4d0","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":134,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"7e3051b2-307d-4ba8-849a-4236d6929e57","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":134,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"85a0742b-e439-4c78-b1bb-37572451c8ea","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":134,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"e1160966-8e0e-4e64-9860-488e31e4fa34","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":134,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"04327592-615d-41c0-84fc-a235dcd4ec25","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":134,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"9acc47be-cdb4-4b9d-957f-185124cf93c8","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":134,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"646ed17f-696c-4cf9-af6f-08d10d567196","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":134,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"336977ed-7b89-41f4-a2ac-4a631679880a","block_type":"box","text":"Trust Preferred Securities.","page_number":134,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"b7c284f1-ab12-4afb-b226-03eddb7bc8ac","block_type":"box","text":"Certain of the Funds may invest in trust preferred securities. Trust preferred","page_number":134,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"9bb17bfb-5f47-476f-88f7-2da6be3c05f7","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":134,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"a45dba1d-419c-47bb-9dc9-2bf16ca91754","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":134,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"313106b9-8160-4a05-91ad-5fc84a23a89b","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":134,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"e14cb205-4eee-4ca3-a0f8-9f7dc447157c","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":134,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"3090170c-c071-4f07-8349-99d7efce5f19","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":134,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"5f04d0bf-d038-4746-94b9-989f8c4b7586","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":134,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"d3521a3c-d7b0-4526-b65d-b825b9828a23","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":134,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"835289e1-0498-4534-a7a0-39122ef7bfeb","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":134,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"0247a3db-6b2d-4814-8fa3-485a1dc5e618","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":134,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"1944932e-0115-470c-b5b8-a98752e920a7","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":134,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"f74676e6-e58f-4e2f-b87a-b908be96c9af","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":134,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"e6e8f7a7-d97f-4a1e-ae8d-3ef60449ade6","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":134,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"c17e356d-7844-4711-b54b-9ef90e90ef24","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":134,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"f7f1ce4c-f8e2-494b-8c1c-28d39649f406","block_type":"box","text":"®","page_number":134,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"f3e08bca-a882-467c-90cb-b52360f9eef9","block_type":"box","text":"”); monthly","page_number":134,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"24fd5e84-4200-4a87-ba0b-50d488d6e900","block_type":"box","text":"income preferred securities (“MIPS","page_number":134,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"9504f062-c7ed-4eb7-bc4e-ef70c31c577c","block_type":"box","text":"®","page_number":134,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"61f85683-d41f-41a1-bb3e-00f0a807c4a3","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":134,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"50ce1bbf-a2fd-4b7e-80ee-4234e7acbdb3","block_type":"box","text":"®","page_number":134,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"976298e5-92e0-4411-87ac-d010f2e1d3b0","block_type":"box","text":"” ); quarterly income debt securities","page_number":134,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"10e82e47-81a3-4e9a-ace1-6d6631fd4e21","block_type":"box","text":"(“QUIDS","page_number":134,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"9c0c6a21-0d5f-4fde-96d3-24ae7a657a76","block_type":"box","text":"®","page_number":134,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"6fb29c65-d190-4d73-b8e0-3540fd81f914","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":134,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"7128a0fe-8c17-4f13-9a8c-1fb0d839e31b","block_type":"box","text":"SM","page_number":134,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"96ff4f98-c0bb-4680-bae8-59b4ad00a0b8","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":134,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"f1284134-5b5e-4d94-a0c4-bc2c210411ee","block_type":"box","text":"®","page_number":134,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"a1042569-4bca-4d20-b7d8-2020e3217691","block_type":"box","text":"”); public income","page_number":134,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"b3374c0a-e789-4061-96cd-f5b31f7d1b68","block_type":"box","text":"notes (“PINES","page_number":134,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"7fe4b0f6-b65b-4f03-a3a0-56f7046ea35a","block_type":"box","text":"®","page_number":134,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"6f36f742-b934-4e09-b49d-68e6d3712585","block_type":"box","text":"”); and other trust preferred securities.","page_number":134,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"72b090e3-af3e-458c-8c9d-6bb22a11c3d0","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":134,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"18eac2c7-fc93-46f0-a6b8-d388ee13d1e8","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":134,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"f8884571-5591-45e1-b987-2a4885f7aec5","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":134,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"b0ac0ea1-0852-44bb-aa12-a67abb762bc2","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":134,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"8b6730ec-c9dc-4537-ab07-e31c590a333f","block_type":"box","text":"regard to whether all payments have been paid.","page_number":134,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"cef74dba-151c-4769-9a09-d6ffbb74b4c7","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":134,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"01ef9891-2b8e-47d4-9087-96b0c119403c","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":134,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"b6a7b5ee-320b-4f74-8bfb-9aa7ec0c425c","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":134,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"bc7c7de8-0b82-4edb-846a-f184d2e8c33a","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":134,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"8b2ef12d-6477-44a2-ae4f-105eb56c4313","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":134,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"dfd5ad35-101e-4d15-a76c-ff16771fb1e8","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":134,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"e1877b21-73b3-4951-9d5e-2c70de082e24","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":134,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"cf9bace5-ac27-4a92-b4d3-4452eee4804d","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":134,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"97bbf05c-c767-4846-a25b-15ef1b0d0b7d","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":134,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"491c6bde-0566-4433-84d4-59b2108ded47","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":134,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"ec33be56-379f-421a-953f-2f7b0403c3f1","block_type":"box","text":"II-65","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f3938d3-123a-4807-802b-9286c0a6ab63","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"070f5a10-b4a1-4b91-897a-164f16f71c04","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":135,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"692f518a-21da-43b1-84a0-bcbf60c83edb","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":135,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"446d791f-317f-4b4c-8b91-433f9501be09","block_type":"box","text":"debt securities.","page_number":135,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"3ae55e57-5750-417c-b9c3-b06a3ef7b7f1","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":135,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"918bcdc9-95ae-41e3-8086-191a956ff26c","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":135,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"6f5bc6b4-cf75-4fbf-bd6b-d00f2dfc631f","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":135,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"2ed7415f-f309-4fe3-8325-f50d886b4ee5","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":135,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"422d3aec-c75f-4be6-8ae7-47ea2b45364d","block_type":"box","text":"geographic areas or in specific property types,","page_number":135,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"e7bd6895-89f5-4a0d-8cbe-6bd2be4aec57","block_type":"box","text":"i.e.","page_number":135,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"90ba9a78-4668-4142-88ed-f57248df7b83","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":135,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"01e45e80-3b0e-48f9-9be8-9e0c89748be7","block_type":"box","text":"buildings.","page_number":135,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"8ff4c88b-82e9-4c4f-b00c-e90d0fb642f1","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":135,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"48c76976-4853-4703-9ea3-0166afe9c2e7","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":135,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"598a9359-a66f-45e1-a757-4c04abc0af81","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":135,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"8d3e2d4a-c2fa-461e-95a4-3e301590c23b","block_type":"box","text":"property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":135,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"a6753288-3c20-4629-94cc-8f364c7633ce","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":135,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"903f35bc-c51d-4425-a7a6-f1bb83b1f8d3","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":135,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"529366c4-0ad3-43fb-8f9c-e012d11b25cc","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":135,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"39b0a46b-7c5a-4809-86b4-e3185bae8827","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":135,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"3577acd9-69ae-4c30-ad03-d21ad18ea907","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":135,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"3c7bb581-6dbf-4e1b-9a80-cdc95b660048","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":135,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"b3dcaa47-b4e0-4d11-82a6-6a8d43ddcef5","block_type":"box","text":"attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and","page_number":135,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"c8190c08-9c84-4985-932b-4caf9c7e5fb6","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":135,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"96743c97-3823-4fb1-bf3b-f7328ae57f91","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":135,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"efa779cf-b183-4394-958b-41b73bf6b29d","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":135,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"dd73cb1c-a010-42ef-814a-25ad6037dad3","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":135,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"96e05438-fed3-4023-af78-70d81302c8fe","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":135,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"2c5fc128-3244-4d7e-9004-666638436c22","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":135,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"5139b8d9-c36a-40ab-9501-dcca612c0dbe","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":135,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"db327484-c0fc-4f6f-bd1d-b3a0c8d6c109","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":135,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"eb9c106d-08e1-40ae-9c65-42e9653a060b","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":135,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"346b3dca-6992-49d4-82ff-91e3d689d93e","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":135,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"320ff169-f895-496a-b2f0-d9fa4d49c2a0","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":135,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"ea4ca7ea-13b4-49b1-9784-e2b0bb228988","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":135,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"da77aec7-036d-4a66-a6b0-59d71e5e13ee","block_type":"box","text":"report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":135,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"c6b88c1e-7961-42a4-933f-f55917f496fb","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":135,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"9dbb6548-82ab-4e34-a91e-8d694e43a523","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":135,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"450a6c3d-add6-49a4-9064-84c7a9657e29","block_type":"box","text":"holding period requirements.","page_number":135,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"2ecb0177-e41b-4810-9a7d-43ae23f77206","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":135,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"97578902-8203-4426-850a-de99d3de591c","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":135,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"623103aa-664d-4102-834f-644b3d7abe67","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":135,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"1ca901a5-b3d6-4cc6-a349-0add10b87d1e","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":135,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"dced6bef-2e4b-4593-b5bc-24bc104a0494","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":135,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"489db746-3bed-4c90-b30b-849e469db874","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":135,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"3bf49af5-8816-4511-a9b4-0d6266942a76","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":135,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"c5b55809-a1e7-4c7f-b969-cc8d1923eb3c","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":135,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"708adc51-691b-4dd0-876a-604d7018648a","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":135,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"a4d2496c-a875-4b06-8833-af979402d116","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":135,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"4e804c2c-9c72-4337-adfd-3611e6487231","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":135,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"2ef1fe1b-d5cc-426c-acef-edea027b6140","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":135,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"2d6069e9-921e-4fe1-87b6-24fe2279934c","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":135,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"4d6d5886-58fc-48ab-bc5c-de23c7fb9793","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":135,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"090a05f5-6830-4618-98c6-db3ecf6bc1b5","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":135,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"91ab6989-3995-4c35-b6f1-9e1728f1d0f1","block_type":"box","text":"Recent Market Events.","page_number":135,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"9b51ea79-ad95-4865-8bb2-7d7a884ef598","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":135,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"8194dfa1-93ac-46d6-ae87-eefddbf6711e","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":135,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"153c0ff6-31d4-49cb-aac6-3c4d4624be56","block_type":"box","text":"sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United","page_number":135,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"a5959c00-d895-441e-9c3d-7a6bbe1c0f2d","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":135,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"b4ac5a4e-3420-4e53-90fb-e1624a888883","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":135,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"c7d46f94-c72d-4e25-8d81-b992268e598f","block_type":"box","text":"II-66","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3645cb2a-6a11-4b94-81ec-bd34270ebcf7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"003f49d9-b65d-4486-8b09-8cd8af8680a0","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":136,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"2065ccad-ba5d-483c-9923-4c5123609433","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":136,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"4e389b3c-9cd4-46f8-ae08-1faf159db9f4","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":136,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"5d1b66c2-c099-4de0-adcd-7f11a09f2d4c","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":136,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c88aa275-c7c1-4b58-b010-a5ed8f28e701","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":136,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"63c898de-dc2a-4247-bd45-e80e0c150238","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":136,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"c40defa6-4360-42cf-8de5-85ca462df0cb","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":136,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"9e272c48-c267-4329-9155-5a680dbd00ee","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":136,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"2b1e00c9-6a7b-4594-8cae-00b5437815ab","block_type":"box","text":"negatively affected by such events.","page_number":136,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"de2b4909-4f2c-4938-9fcf-128f442009d8","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":136,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"a4be61a5-8f16-4b8a-97f2-c487d5eb85da","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":136,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"6467dcb4-3a5e-40ff-bdd4-8ad1ebf32f06","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":136,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"bdcf608c-4c2f-4d2d-9a0c-342c24b75f15","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":136,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"2cb01150-f5b5-49c7-b597-06de7d08b828","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":136,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"e412876f-a9bd-4ee4-9fc0-903ea08cb3cb","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets, and could adversely affect the","page_number":136,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"dedc4a5a-2be8-4737-8cb1-e518e0ecb7ae","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":136,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"310dfc80-9441-4b40-a5ba-a5ebfdf2bb7e","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":136,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"81983a73-69c3-4044-aca9-ece038557df8","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":136,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"38bd4f2c-acfe-4141-87d4-0991bc6d3cb9","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":136,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"b1b6eba1-6192-4728-93a2-b6dca1975f6f","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":136,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"320b9b3c-ba8b-46c6-9e6e-616bbe568584","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":136,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"a48356ea-ab21-4ea9-b99b-982c585cfb93","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":136,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"9b5cf7f9-3c88-4092-a7ab-79cb65c4d779","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":136,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"078ca2b2-f68b-42ac-97c0-a69bab51effb","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":136,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"161bac8f-e8cf-4df7-8391-0e6f7796402e","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":136,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"0e88c4ff-a3a9-43ad-9941-191c2e95d8f8","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":136,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"1245f01b-5ec1-4679-aca5-9f7cd138220f","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":136,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"a8f53ef3-2a05-4eed-84f3-19062ccdaefb","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":136,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"0373fbf2-d5a0-4505-b8ee-f4aca7611357","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":136,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"eaf31da4-372e-45d6-92f4-582dee9ef254","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":136,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"0f58a1eb-646b-4d9f-8a5a-66603ae92c41","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":136,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"36f2bca6-889d-4a3b-91b6-8ab72bf9cb0a","block_type":"box","text":"investments.","page_number":136,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"a6de264f-0f24-4030-bb0c-b99fb4b85dcd","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":136,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"79be7afa-db96-4606-bba9-7866039232d9","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":136,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"ae27d3d0-5c39-4155-bd90-132a65ed58cd","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":136,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"413657de-da03-4c85-a4e2-d4de660cb84f","block_type":"box","text":"customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak has","page_number":136,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"272556b9-eedb-4185-a7dd-27562025a344","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":136,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"c3d8593f-b973-43d7-aee6-aefe8cdd708f","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":136,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"6f03f7e4-c60a-4acd-b4ac-d5f276949e97","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":136,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"b515e7ca-5385-440d-8816-e55c65743778","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":136,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"92158183-e83d-4cd0-abe3-7a274fa4b1c9","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":136,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"35c7e500-7a3e-4c11-9c9d-babc27ce177d","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":136,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"32956c21-12ff-498c-87db-794db7a0274a","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":136,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"2d98b86c-8dc5-49ed-9052-f48c86433650","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":136,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"64b0871b-eccb-4ebd-b7fe-f74c6873805e","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":136,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"512bc7cd-d322-4ac7-a02d-f07f2efa0f1c","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":136,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"937f800e-d5f9-4534-8bbc-771a2c864444","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":136,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"3ea59661-09ca-4682-8033-597187ad45fb","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":136,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"dd9e4b01-b76b-47ce-9c20-41916a55e096","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":136,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"d780daa2-bd15-4b61-9267-624c378f46c6","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts.","page_number":136,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"bd79fdd4-23ce-44ad-9ea9-696b0cc67d61","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":136,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"c9482121-5d21-4289-aa48-aeeea5601c94","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":136,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"59870a1f-5190-49e5-ae34-a13dfa999806","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":136,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"dcd95415-46f4-4fc8-a7e2-a26ecb66907e","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":136,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"bcfc885c-3f1c-479f-99f4-d1b5cd45cb11","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":136,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"2768d057-5d3b-4f65-8410-1118ce1f2217","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":136,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"41d13156-22db-4f4d-b402-785eeef55172","block_type":"box","text":"II-67","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c8df48f-1d05-45a5-ab19-77f0b81673b9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa3bac15-5909-4aee-95a9-eca0533a548a","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":137,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"b3c9ec8b-5e87-4b44-b82b-a4c54d8fbaf5","block_type":"box","text":"of performance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":137,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9a170e5b-cc9b-4603-b377-ffffdd00a4da","block_type":"box","text":"that may also cease to be published in the future.","page_number":137,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"baa51b76-e852-4239-bfee-d20bfeff5804","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":137,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"33b1c57c-a84b-4518-9b85-8df6f72e35dc","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":137,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"df11f630-f05a-4e02-a1b2-9c79165be0c0","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":137,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"3ab78611-849e-4d18-a7f6-39ba9b8085d7","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":137,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"ea9d1a75-2d10-4dfe-8d00-58a135dd9998","block_type":"box","text":"term of the agreement.","page_number":137,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"53b7db2d-b4d2-4d91-9291-ca874f8b3e1d","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":137,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"517e58c2-113b-4339-8b29-823f10d04d36","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":137,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"10f633de-ef18-4c92-bb2a-de08b1d9220d","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":137,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"146c82d0-caa0-45c4-8fe0-9f3b63d9a2ae","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":137,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"de30288e-1e96-4365-b10d-b0609ac19aa0","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":137,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"b8a0b451-f19e-4e78-a7b5-8fc49c7881eb","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":137,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"ce38b231-09a6-47b4-873a-208c9a1fdb47","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":137,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"6e0ceff6-8216-419d-b633-8c1d69479ce5","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":137,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"2fdd1107-054d-492a-8efb-1fb572faa745","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":137,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"8a1a68ac-7b85-44dc-bc60-dea68904be5a","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":137,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"2da392a8-ecca-411a-8b10-9bd3d6c1f658","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":137,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"6374fde2-8f0f-4496-a092-a26b2270ec30","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":137,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"b2a1cf87-de40-4eb6-9726-7f4b1b534ad8","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":137,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"3320adb6-9cf7-415d-ba8e-28a2d049182b","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":137,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"4d7e1665-4864-430d-8eb5-a60dc4239e32","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":137,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"b323f199-bdce-49fd-a400-1dbf1fbe7613","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":137,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"6d4a4d80-fbaa-46c0-9933-164ba94c979c","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":137,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"2b959439-8d30-418c-a778-ef8ee14da4c2","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":137,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"7ec4c905-7524-4920-b087-28d9e43c8f87","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":137,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"1b8e2267-3686-45bb-82f9-c7a7e88d80b1","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":137,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"79f4220f-5f77-42dd-a6f0-f33ebb4f3402","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":137,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"496a5b58-4349-4d9b-8c36-dee853af7f95","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":137,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"d190a6ec-83fd-468e-a8a3-662bfa52deb1","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":137,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"f19664ea-b7f9-4e25-ba5a-618b901fc9dc","block_type":"box","text":"or by another authorized securities depository.","page_number":137,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"64ac999d-7b63-4fd4-a43a-f0fae7c11780","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":137,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"aa0fc16b-727c-4dd5-9aa2-0de141d5de7d","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":137,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"729071fc-255f-45f1-a09c-916e496f82cc","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":137,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"7fe22440-d58f-4bdc-a78b-229c1e8cc0a0","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":137,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"23ad0a5c-5a80-4265-8f1b-d632d78ea1f9","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":137,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"44036372-50e0-4ea3-ac1f-bbe4668dbdc3","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":137,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"17b0d2a2-1beb-47cd-ac1e-42f7922032e6","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":137,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"7732f221-1f1f-480b-b904-e7315c927bf8","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":137,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"bdf1944e-aca3-4430-9932-3809910127d2","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":137,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"ff66c7e1-68df-4a6c-8ddc-4db5a244ff3b","block_type":"box","text":"the repurchase price.","page_number":137,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"b674074e-afec-405d-be5b-2ab4bbb0cb78","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":137,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"7df69ced-ee5f-4cde-b999-a1384a8cc9ad","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":137,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"661f460f-0d80-4c22-b239-593f19f833d1","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":137,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"64a90250-66f0-418e-a857-8c1556f2ec96","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":137,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"a16340f9-b902-4b89-88b6-7ddbb3f416ac","block_type":"box","text":"strategies without the repurchase obligation.","page_number":137,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"8f77ab4e-8dfe-4f39-8606-8b9e269cbbcb","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":137,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"b3d0fead-6611-4ea2-a919-b586e90c3727","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":137,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"2a8fd2d0-9b05-423c-a174-3aa0b577d796","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":137,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"b77febac-e5bf-4233-96b0-99e49782b52b","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":137,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"039a5573-70ac-4862-9b28-c83acb8a7daf","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":137,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"4f3609a6-8874-4eba-b316-18a395f7ec09","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":137,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"a17543d8-d5f9-409d-92b2-f209b9edcde1","block_type":"box","text":"i.e.","page_number":137,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"ebdddecf-d755-4082-b5d0-1048c1275cfd","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":137,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"69960ed3-238b-4869-9eb6-ec30519989cb","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":137,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"29f2cec3-53d9-49cf-bec9-7eaa66a6aeb5","block_type":"box","text":"II-68","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"801aee35-cea8-4314-9064-f5e641429dc3","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1565d106-343f-4a86-82e8-a6c12f5df0a0","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":138,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"934a7ffc-767b-4e1c-92f8-e2997428b072","block_type":"box","text":"and income involved in the transaction.","page_number":138,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"3510d047-309a-4fbf-b971-193da1f5cd72","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":138,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"53927ed5-2dcc-4761-b22e-4890ef84c47d","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":138,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"386593c4-8163-43e2-a5a2-99eb76a84fba","block_type":"box","text":"$50 million.","page_number":138,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"46edd452-d88c-43c6-b215-50a5c5bc8eb1","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":138,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"e007b1bd-4ef7-4c0a-8fd7-97127fcb68f1","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many repurchase","page_number":138,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"efe9b93b-6ff7-4d43-a07a-299e312a2286","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":138,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"bae22073-23d3-4bc8-85ba-041e2426d65a","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":138,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"3b35eada-847b-40b6-8c17-9b802dff701a","block_type":"box","text":"credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":138,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"bc88e7bf-c023-4a68-ba49-584fd073e500","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":138,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"d1f668b6-1572-44e9-962a-9524fdca016c","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":138,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"b32e0230-5c94-4eca-8881-5eecd277e866","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":138,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"0cee1ae0-7539-403e-9834-e4c105a84616","block_type":"box","text":"agreements.","page_number":138,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"bf6dc1cf-f307-4cdd-a915-29aef34b31c1","block_type":"box","text":"Restricted Securities.","page_number":138,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"340d321d-8124-4e98-80ea-67d5ead89062","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":138,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"1c2622ec-66c6-4651-9d9d-96a7df3fd8e8","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":138,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"f4431d39-a101-470b-904f-5b6012db4de0","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":138,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"e73a918e-3f51-402c-bf4f-c36d526d80e4","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":138,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"303ba4c5-8074-4634-9420-621889c65c0e","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":138,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"e7877617-19f7-47cd-9708-a2dae4ce7ac4","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":138,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"40858668-d3c5-4c8f-9768-2f67318bd81a","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":138,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"e618983a-fddf-4999-915b-dc4bb1927043","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":138,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"a525c617-f348-4d78-9751-a353ec988ca1","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":138,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"9774fb97-32fe-4781-aac6-4f22aa8e6ff9","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":138,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"f2ec54f6-29f3-48bc-9c8a-d62ed7bae4e8","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner. As a result","page_number":138,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"904bfa22-8ef4-4271-8857-c86bdfb51bb0","block_type":"box","text":"of the absence of a public trading market and the potential bespoke nature on certain transactions, restricted","page_number":138,"box":{"x":69,"y":445,"width":783,"height":12}},{"id":"7d5161e9-2a09-4dec-9577-2193ab6209fc","block_type":"box","text":"securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to value","page_number":138,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"6c185b27-ca31-4580-a6e2-3202e9f67cad","block_type":"box","text":"than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":138,"box":{"x":68,"y":476,"width":762,"height":11}},{"id":"cb2de865-a32a-4a4c-8143-f0692ac7d433","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":138,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"f58e439a-6d85-4696-b940-084a14365281","block_type":"box","text":"Fund or less than their fair market value. In addition, issuers whose securities are not publicly traded or who are not","page_number":138,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"e26bebc3-d46b-4887-a341-f2c2d2859547","block_type":"box","text":"otherwise publicly listed may not be subject to the disclosure and other investor protection requirements that may be","page_number":138,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"fe75703f-9abd-44f0-8a37-026dce12e4c6","block_type":"box","text":"applicable if their securities were publicly traded. If any privately placed securities held by a Fund are required to be","page_number":138,"box":{"x":69,"y":536,"width":822,"height":11}},{"id":"a5893591-d2cc-485e-915d-37dd50ac0c80","block_type":"box","text":"registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to","page_number":138,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"20fbaf1b-c2b3-4f1f-976c-58c0908dbe0f","block_type":"box","text":"bear the expenses of registration. Where registration is required for restricted securities, a considerable time period","page_number":138,"box":{"x":69,"y":566,"width":827,"height":11}},{"id":"88803c81-efd2-432a-af3d-0a621b8cf375","block_type":"box","text":"may elapse between the time the Fund decides to sell the security and the time it is actually permitted to sell the","page_number":138,"box":{"x":69,"y":582,"width":808,"height":10}},{"id":"1ff04d82-1d6f-445a-b83b-74aa7c944c87","block_type":"box","text":"security under an effective registration statement. If during such period, adverse market conditions were to develop,","page_number":138,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"a06f4aeb-befb-4807-908a-6ce7405d659a","block_type":"box","text":"the Fund might obtain less favorable pricing terms than when it decided to sell the security. Transactions in restricted","page_number":138,"box":{"x":68,"y":612,"width":837,"height":11}},{"id":"06b986cb-d3aa-4c09-8f87-3614de0dd0fb","block_type":"box","text":"securities may entail other transaction costs that are higher than those for transactions in unrestricted securities.","page_number":138,"box":{"x":69,"y":627,"width":811,"height":11}},{"id":"04e7b4e3-86f9-4893-b52c-4de714ef524f","block_type":"box","text":"Certain of the Fund’s investments in private placements may consist of direct investments and may include","page_number":138,"box":{"x":69,"y":642,"width":766,"height":11}},{"id":"88ca8d7d-1cc4-4a73-a35a-867a2a2d019b","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted securities may","page_number":138,"box":{"x":70,"y":657,"width":824,"height":11}},{"id":"a07524b1-f944-4c5e-a526-7e1d2740bc9f","block_type":"box","text":"not be subject to SEC reporting requirements, may not be required to maintain their accounting records in","page_number":138,"box":{"x":69,"y":672,"width":755,"height":11}},{"id":"dae0e1a5-65d5-48d4-bab0-f275c353cce5","block_type":"box","text":"accordance with generally accepted accounting principles, and may not be required to maintain effective internal","page_number":138,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"3d2e7815-d80f-4b97-953b-370d5448f468","block_type":"box","text":"controls over financial reporting. As a result, BlackRock may not have timely or accurate information about the","page_number":138,"box":{"x":69,"y":702,"width":786,"height":12}},{"id":"b78e85dd-f40a-4cde-9dab-a3dbc9daedbb","block_type":"box","text":"business, financial condition and results of operations of such issuers, and investments in securities of such issuers","page_number":138,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"749f5eb8-1c30-4e11-83f3-ff6a6042ac05","block_type":"box","text":"may involve a high degree of business and financial risk and may result in substantial losses to the Fund. Such","page_number":138,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"736a991e-b2a6-4a9d-b96c-df6c2eb2cfae","block_type":"box","text":"issuers may also have limited product lines, markets or financial resources, or they may be dependent on a limited","page_number":138,"box":{"x":70,"y":748,"width":818,"height":11}},{"id":"af8fba89-e878-4a5a-ab9e-8ec682b42f40","block_type":"box","text":"management group. In making investments in such securities, a Fund may obtain access to material nonpublic","page_number":138,"box":{"x":69,"y":763,"width":789,"height":11}},{"id":"2daa65c1-b5d2-41f9-90b0-0f38399ffc25","block_type":"box","text":"information, which may restrict the Fund’s ability to conduct portfolio transactions in such securities.","page_number":138,"box":{"x":70,"y":778,"width":717,"height":11}},{"id":"b9f8a8d2-1040-43cd-9ce0-4370b9b53fe5","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":138,"box":{"x":101,"y":801,"width":762,"height":11}},{"id":"777a7c68-f81f-4f2e-b3a9-5b7c8b4b52e4","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":138,"box":{"x":69,"y":816,"width":792,"height":11}},{"id":"37747e89-9519-43d5-80b7-a6d1bdba0fe3","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":138,"box":{"x":68,"y":831,"width":801,"height":11}},{"id":"48f9f9e1-d8c8-4ee3-ba3d-7e041e3ace3c","block_type":"box","text":"value. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":138,"box":{"x":68,"y":846,"width":836,"height":11}},{"id":"028bc709-ddef-472d-9d75-dcb01c113762","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":138,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"fbdfb325-20f9-4169-91b4-e32aec82af2e","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":138,"box":{"x":68,"y":876,"width":772,"height":11}},{"id":"a969ee6d-b1a8-4e2a-99c8-59f6557b0d84","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. In addition, the impact of","page_number":138,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"2b69b230-9f41-4329-928d-fcf94b6aa7dc","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":138,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"fd7a5ca7-fbfa-46e8-a0d3-3df75dca2ea0","block_type":"box","text":"II-69","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ebab828-68b4-4cd5-b1a2-09a41ab93378","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a8267ca-3132-41e8-ac55-21eb68b113a8","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":139,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"815696a6-8d22-48bc-904c-dcc7314a2b8c","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":139,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"1e3da51e-8f0a-4952-ba67-25de2f45cc0f","block_type":"box","text":"value of the Fund’s investments were materially higher than the values that the Fund ultimately realizes upon the","page_number":139,"box":{"x":68,"y":75,"width":805,"height":11}},{"id":"0910651f-88c2-4940-9a31-e07355ad7869","block_type":"box","text":"disposal of such investments.","page_number":139,"box":{"x":69,"y":90,"width":212,"height":11}},{"id":"306e4470-045d-43d4-94cd-5b2058244da6","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":139,"box":{"x":102,"y":113,"width":385,"height":11}},{"id":"dd76ca59-8848-4e3d-b5b2-3d25a33b23a6","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":139,"box":{"x":102,"y":136,"width":246,"height":10}},{"id":"ef52695e-2c06-4309-ab3a-049cb7a7e22e","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":139,"box":{"x":354,"y":136,"width":548,"height":11}},{"id":"910c427e-93f3-4da7-87a2-49eec4cf85f3","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":139,"box":{"x":68,"y":151,"width":830,"height":11}},{"id":"78e25a82-5f4e-49c9-ae03-ee3d6b994cb5","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":139,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"55f59c91-6e97-4feb-abec-4f3bcddb6b5c","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":139,"box":{"x":69,"y":181,"width":784,"height":11}},{"id":"d6490c61-77bc-4d1e-ad02-c58aead7ff16","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":139,"box":{"x":70,"y":196,"width":591,"height":11}},{"id":"192d00f3-147c-4fb3-afd3-382cda32a14f","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":139,"box":{"x":101,"y":218,"width":730,"height":12}},{"id":"f9cea7b5-3593-4fc2-b05b-880ad8c1158a","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":139,"box":{"x":70,"y":234,"width":822,"height":11}},{"id":"87863468-9a16-48a9-9306-e185adff3924","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":139,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"8b909550-8f2c-4766-8fbe-7436e235501f","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":139,"box":{"x":69,"y":264,"width":801,"height":11}},{"id":"ffa20d81-dbe6-4d4a-b1c3-914a6b4de311","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":139,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"aada9f7c-c6ce-40dd-8294-735adf05e3cc","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":139,"box":{"x":69,"y":294,"width":354,"height":11}},{"id":"998d270e-ac4b-4dad-a11b-e38c96529a6f","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":139,"box":{"x":102,"y":317,"width":769,"height":11}},{"id":"10335118-dd5d-4f7c-a18f-61acaa2c2318","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":139,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"6a31f4d5-646c-4ab7-a70e-19b375aa3b6d","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":139,"box":{"x":70,"y":347,"width":782,"height":11}},{"id":"b7271f25-0f68-45bb-bd72-0bc5f2c2fbde","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":139,"box":{"x":69,"y":362,"width":449,"height":11}},{"id":"d2aad01d-ec2a-4e8a-8525-fce4fb3ccdc8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":139,"box":{"x":102,"y":385,"width":794,"height":11}},{"id":"c1ce985c-8da5-468b-ab4a-7f45b6f9aea7","block_type":"box","text":"similar financing transactions (","page_number":139,"box":{"x":69,"y":400,"width":218,"height":11}},{"id":"e38a8d8b-a1a2-4fad-9f27-f358f1ff9bf5","block_type":"box","text":"e.g.","page_number":139,"box":{"x":289,"y":401,"width":24,"height":10}},{"id":"9f954f3c-2ff1-4f5f-9c13-73f5b6171c23","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":139,"box":{"x":316,"y":400,"width":594,"height":11}},{"id":"a7b747a8-1d79-4351-b9b3-dcacd627d3b3","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":139,"box":{"x":68,"y":415,"width":813,"height":11}},{"id":"509b493b-d063-49f3-99ad-3a25f5899268","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":139,"box":{"x":70,"y":430,"width":768,"height":11}},{"id":"068c317e-3fde-4c6f-a1e7-5e582507a40a","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":139,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"2de756e9-18ec-4c40-b718-8faf2e72214f","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":139,"box":{"x":70,"y":460,"width":693,"height":12}},{"id":"83c29379-e5e3-456a-b075-66c0fd3df482","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require certain bank","page_number":139,"box":{"x":101,"y":483,"width":763,"height":11}},{"id":"ee68dd06-9819-4e6a-a98f-c7b9980b8366","block_type":"box","text":"regulated counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":139,"box":{"x":69,"y":498,"width":840,"height":11}},{"id":"0ab3c1a1-6ba6-403f-96f5-a46b1dd0ed33","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":139,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"2669a299-9fc7-48db-91de-6bb77eeb399d","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":139,"box":{"x":69,"y":528,"width":823,"height":12}},{"id":"ae987e7d-d57e-43ce-9825-9a30db0b18c4","block_type":"box","text":"that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":139,"box":{"x":68,"y":543,"width":815,"height":12}},{"id":"5ceffdbe-56d4-4eb0-a304-d2449f08f8e5","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":139,"box":{"x":70,"y":559,"width":833,"height":11}},{"id":"c2466241-6a66-4632-b190-d9f84a8c0577","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":139,"box":{"x":70,"y":574,"width":793,"height":11}},{"id":"b80978a9-a3c8-4ce9-ae61-e8c6793fc6c6","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":139,"box":{"x":69,"y":589,"width":396,"height":11}},{"id":"0c884289-c22c-4c87-bc96-c70144cbc114","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":139,"box":{"x":102,"y":612,"width":316,"height":11}},{"id":"db16edba-7caa-4929-bda1-205c0bfa2c5c","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":139,"box":{"x":424,"y":612,"width":481,"height":11}},{"id":"c8cfaff9-a606-4d10-adb8-e5680dda77a1","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":139,"box":{"x":68,"y":627,"width":822,"height":11}},{"id":"4bb26f0c-eaa1-4e4a-ab10-fcfc4c78634e","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":139,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"a32fba40-e27a-40b5-9d33-08e003931e30","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":139,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"749ae2c4-9528-44a1-add0-7d7cea1dcdd6","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":139,"box":{"x":70,"y":672,"width":833,"height":11}},{"id":"df99b661-68e9-49ad-9077-ef2210a0627d","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":139,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"fc2b9920-04e2-44c4-93df-3b017431021a","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":139,"box":{"x":70,"y":702,"width":821,"height":12}},{"id":"4d8fdbff-8a2e-4656-8a0d-8acd3bd0b395","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":139,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"be6c90f5-0706-4c86-96b5-e982df1fafaa","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":139,"box":{"x":69,"y":732,"width":777,"height":12}},{"id":"6fc07598-4962-4014-a022-188db21efd3e","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":139,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"2b138f64-695d-484f-b6d1-7f6902ef94c3","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":139,"box":{"x":68,"y":763,"width":708,"height":11}},{"id":"b4b3258b-58a9-453a-a991-bf4bf480f95d","block_type":"box","text":"Rule 144A Securities.","page_number":139,"box":{"x":102,"y":786,"width":159,"height":8}},{"id":"9a7109ac-bcb1-4f41-bec0-db23099da4f6","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":139,"box":{"x":266,"y":785,"width":560,"height":12}},{"id":"62223dbb-c709-4b1d-a436-d7e12bf367c0","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":139,"box":{"x":70,"y":801,"width":741,"height":11}},{"id":"561c4604-ab6b-49d6-b9ea-7a00927ba316","block_type":"box","text":"Securities Lending.","page_number":139,"box":{"x":101,"y":823,"width":139,"height":11}},{"id":"9517e54e-2589-4f89-9400-b20c63ba7c23","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":139,"box":{"x":247,"y":823,"width":645,"height":11}},{"id":"fe33eafb-27db-4909-ac5d-8c5be509d3fc","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":139,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"bfd40d94-2890-44a5-8ee9-3abf35367d6a","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":139,"box":{"x":69,"y":853,"width":817,"height":11}},{"id":"ae8daa19-d5e5-4a3a-83d2-f5e0988497e5","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":139,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"505a9961-b293-4fc7-8cb1-494048c6c5db","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":139,"box":{"x":68,"y":884,"width":827,"height":11}},{"id":"70d00f3f-2450-4523-9939-ba37e906ecc8","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":139,"box":{"x":69,"y":899,"width":829,"height":11}},{"id":"aa1f857b-1e34-4dc0-8a77-86aa600e1ea7","block_type":"box","text":"II-70","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fa10d0cc-6fad-4bb3-b20b-0c2356ea10b9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d837140f-c3b5-4e0e-972a-fca228dee284","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":140,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"953b921b-1ad9-4cae-b4a0-1b88e9390a81","block_type":"box","text":"the securities were not on loan.","page_number":140,"box":{"x":68,"y":60,"width":225,"height":9}},{"id":"bdf75efd-d60c-4a9c-a18d-ba1bf2bc78cf","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":140,"box":{"x":101,"y":82,"width":799,"height":12}},{"id":"a2bd5bd6-dfbd-440c-8258-507c24eae555","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":140,"box":{"x":69,"y":98,"width":835,"height":11}},{"id":"f159a602-7cbc-4697-b6d4-933be60ed4b8","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":140,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"368c414f-8b03-42ab-9f2e-7f84a7d93f78","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":140,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"5427ae0f-84a9-4db0-81b8-6d2dad0aaf3e","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":140,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"a65dcc89-33a9-4bc8-8b35-2524aab712d4","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":140,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"12f22b13-5d1b-41ce-9da7-8cb6a79fc238","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":140,"box":{"x":70,"y":173,"width":643,"height":11}},{"id":"fec96fc8-7b34-48ee-b95b-09c93fb4a927","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":140,"box":{"x":102,"y":196,"width":568,"height":11}},{"id":"5ff677df-ff11-450d-881a-646edc52309d","block_type":"box","text":"i.e.","page_number":140,"box":{"x":672,"y":196,"width":20,"height":9}},{"id":"4b648362-1c40-4846-b2ea-ce42f0a7ddc2","block_type":"box","text":", the risk of losses resulting","page_number":140,"box":{"x":695,"y":196,"width":198,"height":11}},{"id":"5ffe0925-8bb2-4cd7-9bb8-b0fefa76a1cc","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":140,"box":{"x":68,"y":211,"width":501,"height":11}},{"id":"246ac2f0-2b75-40ce-9276-659d06849d32","block_type":"box","text":"i.e.","page_number":140,"box":{"x":571,"y":211,"width":20,"height":9}},{"id":"7759a824-8687-4370-b83b-91340ea60d14","block_type":"box","text":", the risk of a mismatch between the return","page_number":140,"box":{"x":594,"y":211,"width":307,"height":10}},{"id":"90fe7bb0-2246-4bf6-abc5-e53b63cb7985","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":140,"box":{"x":69,"y":226,"width":794,"height":11}},{"id":"68fa2a52-67b4-4f7f-a692-7528fd670470","block_type":"box","text":"i.e.","page_number":140,"box":{"x":865,"y":226,"width":20,"height":9}},{"id":"51e95b98-9b4b-4bd0-9935-c878614d60d6","block_type":"box","text":",","page_number":140,"box":{"x":888,"y":233,"width":2,"height":4}},{"id":"a897b795-03d9-4bad-a4fa-a4a8169df010","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":140,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"10fdb4df-75b9-48e0-9dfb-46efe2c99ec5","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":140,"box":{"x":69,"y":256,"width":837,"height":12}},{"id":"3e9a05c9-8ccb-4def-a859-c4a06277f086","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":140,"box":{"x":69,"y":272,"width":822,"height":11}},{"id":"00d61cd6-3ce3-4be3-8451-8495b14774a2","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":140,"box":{"x":68,"y":287,"width":811,"height":11}},{"id":"34270af8-f7bd-495a-91b7-ff8f49f1ef71","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":140,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"e773b860-6b71-430d-a3dc-9dd46800481e","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":140,"box":{"x":69,"y":317,"width":790,"height":11}},{"id":"9fe883d7-6153-40c2-a804-c898cd60b36f","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":140,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"e79d0cc9-eafe-411d-80bb-bf86b6afbf5b","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":140,"box":{"x":70,"y":347,"width":805,"height":11}},{"id":"d8cc0b53-67f2-4581-9caf-f109b022803b","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":140,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"ea6c7122-eb72-4bf9-a09f-8a0464c8a965","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":140,"box":{"x":69,"y":377,"width":775,"height":12}},{"id":"f98f006a-d12a-43b3-a001-1141081df03e","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":140,"box":{"x":69,"y":393,"width":821,"height":11}},{"id":"2621932c-0e77-436e-bfe5-abfac5cf7681","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":140,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"1f1b4ea4-4dc7-4519-9e46-aa64ad10e921","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":140,"box":{"x":70,"y":423,"width":837,"height":11}},{"id":"b49e54dc-5a01-459c-b46a-c92fde2173f7","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":140,"box":{"x":70,"y":438,"width":808,"height":11}},{"id":"db1b4572-5211-4c17-85b3-c17ff3f2ff0f","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":140,"box":{"x":69,"y":453,"width":839,"height":11}},{"id":"98d2cfe2-36b4-4576-a16c-5862e1ea40c5","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":140,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"b9731075-602a-4cbf-ac43-a3131e390c62","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":140,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"ee219169-60d5-45d5-8c28-4d920cb70196","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":140,"box":{"x":69,"y":498,"width":823,"height":11}},{"id":"92dbaea6-95f5-4743-a3f8-14cf555aa484","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":140,"box":{"x":70,"y":513,"width":823,"height":11}},{"id":"1bde1942-d0f2-4562-83ab-8cc4cc9cf95e","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":140,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"0780d5fe-7624-4c27-825b-ff3e07d698b5","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":140,"box":{"x":70,"y":543,"width":814,"height":12}},{"id":"fd2ff2cd-e0da-425c-a170-ea2c3bebe912","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":140,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"fcdbeaa8-1d5f-4cf3-a8ff-ef9060eaa7d4","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":140,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"522123fc-ea6a-477a-a7db-667ab1aa6cf8","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":140,"box":{"x":70,"y":589,"width":809,"height":11}},{"id":"6f3ce501-b457-4431-bbfc-b247ef3481c4","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":140,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"6f6cdb94-08f4-49e9-8294-64985ceed19b","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":140,"box":{"x":69,"y":619,"width":731,"height":11}},{"id":"1b71627f-0562-4789-b9e9-0f451ede774d","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":140,"box":{"x":102,"y":642,"width":800,"height":11}},{"id":"58dac715-aa76-4a5f-95e7-6ffaaee39a68","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":140,"box":{"x":68,"y":657,"width":802,"height":11}},{"id":"6e7d32ea-d030-4678-8c92-7f87b399a0dc","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":140,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"848de7b9-03c1-460c-8dff-77d8a7215eeb","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":140,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"5f8978c9-f17d-4879-a81a-96043de9e59f","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":140,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"edc8c30d-4115-449c-9455-0dba67510a21","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":140,"box":{"x":69,"y":718,"width":806,"height":11}},{"id":"90bc22a7-ec2c-40c7-a1c1-5b9f8572431b","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":140,"box":{"x":69,"y":732,"width":808,"height":12}},{"id":"b8b7f1d5-25bb-44ac-b568-9c6e17e7ca97","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":140,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"6262f9fc-f162-4eca-b356-7af8ffe97be1","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":140,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"38c402fe-e93d-4203-9eed-d7b552b090e7","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":140,"box":{"x":69,"y":778,"width":794,"height":11}},{"id":"2ab44ace-35f0-4f91-b29c-2efc44daed45","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":140,"box":{"x":69,"y":793,"width":371,"height":11}},{"id":"970a7700-1912-4be9-ac98-2a68a962a946","block_type":"box","text":"Short Sales.","page_number":140,"box":{"x":101,"y":816,"width":89,"height":9}},{"id":"0c5bd7c8-e85d-4119-8ef5-7dd1282abb9c","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":140,"box":{"x":196,"y":816,"width":696,"height":11}},{"id":"f0afdd8a-c65a-49f5-8388-dfb762e50be9","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":140,"box":{"x":68,"y":831,"width":821,"height":11}},{"id":"e6854e17-eb15-4360-a79b-85337355136b","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":140,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"30ae2685-110e-44ba-811e-55e525cebd38","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":140,"box":{"x":70,"y":861,"width":831,"height":11}},{"id":"3e6b004c-c6a8-47aa-8def-3c0df85f7ef7","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":140,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"b57cba57-e1c7-4486-8a53-c624bd45ece0","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":140,"box":{"x":68,"y":891,"width":828,"height":12}},{"id":"a1c8913d-e3cd-4b32-93c8-4d88fa9fb74e","block_type":"box","text":"II-71","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11cd86bd-3a7e-4d5f-9925-c8c9615185dd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13f3be42-7045-4ace-8c4b-8c0041e357bb","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":141,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"6577f826-03ca-4143-92f1-27e13cd46f62","block_type":"box","text":"securities to the lender of the securities.","page_number":141,"box":{"x":69,"y":60,"width":289,"height":9}},{"id":"77a01dc2-9dd1-4b18-9737-16519a36b264","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":141,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"c1de3d62-255d-42ce-b3b3-613d351871c4","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":141,"box":{"x":69,"y":98,"width":795,"height":11}},{"id":"a2674c95-6453-4571-828a-e16ff0529bd3","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":141,"box":{"x":69,"y":113,"width":801,"height":11}},{"id":"f548d984-3739-49e1-95ae-44a87d85e035","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":141,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"f8fa4cc4-ef4d-4e97-bfae-ec94bec7ee82","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":141,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"bd7dc022-bdbd-4662-872d-b281c5435f27","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":141,"box":{"x":69,"y":158,"width":770,"height":11}},{"id":"4ed2b2a5-7247-426d-a2ff-1c69594ee881","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":141,"box":{"x":70,"y":173,"width":568,"height":11}},{"id":"e26f8627-f707-4401-aefb-d0cd4ee29a62","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":141,"box":{"x":102,"y":196,"width":806,"height":11}},{"id":"b6da587e-2a13-4983-a236-a9281b770c40","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":141,"box":{"x":69,"y":211,"width":817,"height":11}},{"id":"faec1b01-0372-4b0b-a6d1-8dfc7d8ee3f6","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":141,"box":{"x":68,"y":226,"width":819,"height":11}},{"id":"104b44ee-075f-4536-9e38-cf5a5d3e3686","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":141,"box":{"x":69,"y":241,"width":758,"height":11}},{"id":"ce784cc7-d291-44c4-b73f-9e78d179991d","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":141,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"3dff5501-e451-4a9d-b5ad-f2d084e6d46a","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":141,"box":{"x":69,"y":271,"width":800,"height":12}},{"id":"935a9221-ed27-4260-8ee8-1d82bd9fc8a0","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":141,"box":{"x":69,"y":287,"width":818,"height":11}},{"id":"4730b731-a19a-43d2-867b-c1a5891fb8db","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":141,"box":{"x":68,"y":302,"width":821,"height":11}},{"id":"d0249d17-7f31-49f1-a3e2-cef949ae113b","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":141,"box":{"x":69,"y":317,"width":640,"height":11}},{"id":"be3039f0-fb9c-47e0-af9d-ae9a7c3a2c5e","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":141,"box":{"x":101,"y":340,"width":673,"height":11}},{"id":"5587d275-95f5-45bf-90fb-5c48a1577b40","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":141,"box":{"x":101,"y":362,"width":721,"height":11}},{"id":"c011da2e-503e-422d-9747-a5f4b71a2c61","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":141,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"90667c33-f8e8-4f11-962d-91481b85d6b2","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":141,"box":{"x":70,"y":392,"width":489,"height":12}},{"id":"d930e5e2-2b99-4afb-9762-8a1ecdcfc63f","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":141,"box":{"x":101,"y":415,"width":293,"height":11}},{"id":"994d8362-3dba-4e2c-b3ac-f2d1833dcb5f","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":141,"box":{"x":400,"y":415,"width":504,"height":11}},{"id":"3237831f-55e0-4b58-adb6-ea07e5b592f4","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":141,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"9e68f4ff-3338-4cb5-b675-0616441ddf41","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":141,"box":{"x":70,"y":445,"width":793,"height":12}},{"id":"4d593dfd-e8b7-4879-aed6-b9be1e3c70ce","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":141,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"35c4b7be-998a-4f62-997c-9478a3e700c2","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":141,"box":{"x":69,"y":475,"width":821,"height":12}},{"id":"973433a3-5644-4fbf-bd6d-c1eca9535586","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":141,"box":{"x":69,"y":491,"width":768,"height":11}},{"id":"5a54d31a-2484-4145-bf9f-8db96f224e7d","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":141,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"8b38eb42-4ae4-42d4-b320-1bb957290b81","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":141,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"73446bc4-f742-49c8-8e27-1dbe8c2f7806","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":141,"box":{"x":70,"y":536,"width":797,"height":11}},{"id":"9fdd0af0-90cb-4693-979a-d82e61830b5c","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":141,"box":{"x":69,"y":551,"width":795,"height":11}},{"id":"649615be-fe1d-40e1-9051-3778f05e1c75","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":141,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"f2b18fb3-20ac-4a10-b75a-487dac34cd70","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":141,"box":{"x":68,"y":581,"width":794,"height":11}},{"id":"d0b49e65-88c8-4050-b444-c1b77fc28e42","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":141,"box":{"x":69,"y":597,"width":820,"height":11}},{"id":"151bab80-5936-49ef-8e47-b354beeb73ad","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":141,"box":{"x":68,"y":612,"width":817,"height":11}},{"id":"43b6eba9-066d-4388-95da-2aac973cc142","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":141,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"0da31024-c099-41e5-b86d-c3472eab26e8","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":141,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"6684b5f8-541a-47fe-b9e8-7dac11692b0e","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":141,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"3f54b627-bf88-432e-8a33-7867e39cdaf3","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":141,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"dcf00a8b-1750-4f5b-b59c-55400b337924","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":141,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"c4c281c8-fa1e-427e-a2a9-05792444516c","block_type":"box","text":"Standby Commitment Agreements.","page_number":141,"box":{"x":101,"y":710,"width":255,"height":11}},{"id":"a2c8013d-8540-4e21-91be-9190856d3111","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":141,"box":{"x":362,"y":710,"width":511,"height":11}},{"id":"23f3d835-9a2e-4200-b8de-e3f889425094","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":141,"box":{"x":68,"y":725,"width":834,"height":11}},{"id":"2484ce23-2fa9-4077-91f3-2ab1a0daece8","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, the Fund","page_number":141,"box":{"x":68,"y":740,"width":831,"height":11}},{"id":"6f9d4d02-7d8a-4cc0-bcc8-5a29f2ba441b","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":141,"box":{"x":70,"y":755,"width":819,"height":11}},{"id":"6f389b87-9ca0-443f-87be-be37d3ece9ed","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":141,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"b56ec7e2-3da7-41c2-af59-9da883a1070f","block_type":"box","text":"advantageous to the Fund.","page_number":141,"box":{"x":69,"y":786,"width":188,"height":11}},{"id":"f7b7e7b9-545a-4083-bce6-d3a5fe25bd4e","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":141,"box":{"x":101,"y":808,"width":800,"height":11}},{"id":"7c01e9ec-2d3c-4a06-b329-189636362600","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":141,"box":{"x":68,"y":823,"width":816,"height":11}},{"id":"3fd97b94-cb39-4307-8ab2-9e051a33cbdd","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":141,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"6013d5f3-6f3c-43ed-b569-45a548c002eb","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":141,"box":{"x":69,"y":853,"width":828,"height":12}},{"id":"b3fc3593-987a-4ef2-8e6d-84a9b38a3683","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":141,"box":{"x":101,"y":876,"width":785,"height":11}},{"id":"55a88559-9be8-4bd8-be33-4a0e41c63ef2","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":141,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"7f978b56-83c0-4c28-92fa-0d030d848794","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":141,"box":{"x":68,"y":906,"width":815,"height":12}},{"id":"e5f9d8eb-a9af-49ab-a98f-8fc1645c6540","block_type":"box","text":"II-72","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"23dff0cb-6e64-4d22-a697-4b0457534cfd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59043e19-2acb-4c9b-8225-307bde54661b","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":142,"box":{"x":69,"y":45,"width":792,"height":11}},{"id":"fc76181e-a317-4137-b22b-f9c8f7f36115","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":142,"box":{"x":70,"y":60,"width":415,"height":11}},{"id":"ea4d7928-187d-4e9a-9087-92feeed8a664","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":142,"box":{"x":102,"y":83,"width":789,"height":11}},{"id":"e79dc90f-35ce-4c10-bf80-daaca47780e4","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":142,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"cd0237d2-81df-481a-8c59-7ad6e3d356f7","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":142,"box":{"x":70,"y":113,"width":827,"height":11}},{"id":"b5149a5f-8a58-4c45-b38f-d26c0c9569ce","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":142,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"a9991e81-5699-4367-884b-d0dca408101a","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":142,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"f6eb3915-c398-45f8-b98f-bf23d2d8a5d4","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":142,"box":{"x":69,"y":158,"width":578,"height":11}},{"id":"f12e37cf-cc6c-44bf-9d4a-0a7a27e71eac","block_type":"box","text":"Stripped Securities.","page_number":142,"box":{"x":101,"y":181,"width":143,"height":11}},{"id":"f7908f88-8637-4893-9eb7-b3d0f8e22c2e","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":142,"box":{"x":251,"y":181,"width":596,"height":11}},{"id":"2f1187b4-77f8-4a17-856f-aeb60ba22277","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":142,"box":{"x":69,"y":196,"width":839,"height":11}},{"id":"01aa5f2f-ea97-4aec-b9cf-3ba975a9b2b7","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":142,"box":{"x":70,"y":211,"width":818,"height":11}},{"id":"e3bc4a81-421b-431a-9f64-2458f06f1530","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":142,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"b814922e-29c2-4de1-a490-f54af64ab29d","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":142,"box":{"x":70,"y":241,"width":777,"height":11}},{"id":"b9d8ae93-fdd6-4c46-83f9-68e576ed6079","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":142,"box":{"x":70,"y":257,"width":802,"height":11}},{"id":"06efbf4b-56a3-4a04-8187-46713b79262f","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":142,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"b2738908-e91b-45b0-a94b-0ffbc43df8c6","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":142,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"9e64da2d-997f-4a59-8b07-7ec0f09c8d24","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":142,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"1dc940fd-4e6a-4a1f-8f70-ab87d54ff5a7","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":142,"box":{"x":69,"y":317,"width":494,"height":11}},{"id":"15e60c2f-9ac6-4634-b25b-49bb52442b49","block_type":"box","text":"Structured Notes.","page_number":142,"box":{"x":101,"y":340,"width":130,"height":8}},{"id":"14136920-6133-4a0b-a929-d26844143699","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":142,"box":{"x":237,"y":340,"width":650,"height":11}},{"id":"9722ec97-19f9-47f6-9ff8-bedf1cb84845","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":142,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"0ce5cd75-76bb-4e5b-8b12-2653fcdc0a63","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":142,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"e444b049-9257-4d55-b31c-94dd450719c3","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":142,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"01521cf5-4f67-42b6-ab5f-d0adb1fefed2","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":142,"box":{"x":69,"y":400,"width":809,"height":11}},{"id":"9ac9a04b-3bcb-4588-924e-6a8edd64c378","block_type":"box","text":"provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":142,"box":{"x":70,"y":415,"width":830,"height":11}},{"id":"012fcf9a-c8f8-4d7e-a878-a4d2b9c93dc1","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":142,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"646f2d4a-15e3-418f-894d-93bed25c1750","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":142,"box":{"x":69,"y":445,"width":585,"height":12}},{"id":"93206fd9-0088-41ef-b104-00b46caec65c","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":142,"box":{"x":102,"y":468,"width":768,"height":11}},{"id":"3dd81d65-16e3-46d6-b960-e5a961fc8a79","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":142,"box":{"x":70,"y":483,"width":821,"height":11}},{"id":"ffeec69b-c3de-4c2f-ab38-0b9a857be59f","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":142,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"990defd2-24fe-4375-bde3-d1c7b8d2e0b5","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":142,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"170c229d-520b-43e8-8fe1-c3ee95e1fecc","block_type":"box","text":"the risk of loss.","page_number":142,"box":{"x":68,"y":528,"width":110,"height":9}},{"id":"4a034e4d-5763-4bf1-9cb7-ea1dbae25771","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":142,"box":{"x":101,"y":551,"width":759,"height":11}},{"id":"6c6ae0e2-20c9-4478-8147-79ee6cdd4869","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":142,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"b469e05a-ba07-48c5-afb2-607805fc7312","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":142,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"df320d08-06c1-4cb9-9910-d7271136df52","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":142,"box":{"x":70,"y":596,"width":821,"height":12}},{"id":"20af01fe-d157-451a-87cc-953ccd90a498","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":142,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"2fd468ad-790a-4814-ac6f-3d68f5372d09","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":142,"box":{"x":70,"y":627,"width":618,"height":11}},{"id":"6d3ab46c-d96c-40aa-9975-437f6664e8f6","block_type":"box","text":"Taxability Risk.","page_number":142,"box":{"x":103,"y":649,"width":109,"height":11}},{"id":"cef830a0-d346-41d0-bc55-7291f5618af0","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":142,"box":{"x":218,"y":649,"width":644,"height":12}},{"id":"d5d95daf-e91c-42fd-a4ba-b1c6879cae83","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":142,"box":{"x":70,"y":664,"width":817,"height":12}},{"id":"1e55ecb4-b9bf-4192-8e04-2b0a669cf500","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":142,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"c1a8a98a-0894-4ea1-92bb-5845a9555564","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":142,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"773387c5-bf1d-4361-928b-3394cb75e43a","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":142,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"eacb934b-5793-4649-baf9-a46024a84ac1","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":142,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"e3b5bd18-1632-4a11-816b-d10c7989a639","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":142,"box":{"x":69,"y":740,"width":816,"height":11}},{"id":"22dc0981-5fbf-447d-8692-63139e57e40b","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":142,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"d414bb88-8963-4a7e-8b24-f0a553b5b6e9","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":142,"box":{"x":70,"y":770,"width":818,"height":11}},{"id":"1b1d996c-9a28-4921-a02e-c0f50f397edc","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":142,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"a5cd16de-d574-48a3-a884-7682785eec8d","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":142,"box":{"x":70,"y":801,"width":765,"height":11}},{"id":"56b5946b-e498-4c74-857d-e43ee6a7454e","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":142,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"da151e2c-fdbe-42b7-939e-307b3fbe77d6","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":142,"box":{"x":68,"y":831,"width":807,"height":11}},{"id":"fff10b6f-74db-4494-a0eb-17557cf3b828","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":142,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"5bcd745b-5ae5-4ee8-a37e-ce41947e3193","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":142,"box":{"x":68,"y":861,"width":838,"height":11}},{"id":"a024db44-87d3-4386-816b-497df7ad5a78","block_type":"box","text":"the value of an investment in the Fund.","page_number":142,"box":{"x":68,"y":876,"width":278,"height":9}},{"id":"3cffe230-3f72-4dfa-9362-807b27f9cd91","block_type":"box","text":"II-73","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e46d9fb4-5a7a-459b-aa0a-fdbee3d42831","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27d9d7d2-8eef-4e2d-9f6d-253df89a68bf","block_type":"box","text":"Temporary Defensive Measures.","page_number":143,"box":{"x":103,"y":45,"width":230,"height":11}},{"id":"80278c07-4db8-42aa-b6f2-faf825c64532","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":143,"box":{"x":339,"y":45,"width":567,"height":11}},{"id":"c438bbd2-db86-4a6a-8606-06e64d5be174","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depart","page_number":143,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"dba841a4-d5cb-4a64-8347-d1831c305712","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":143,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"e3c72fc6-d349-4bea-a6f0-1d37dcbf8e4d","block_type":"box","text":"Certain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":143,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"ea7d4e1c-fe0f-40a7-a767-21031cb1f47d","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":143,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"e8d53ae0-4a10-44f4-ab76-76137a8565aa","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":143,"box":{"x":69,"y":120,"width":815,"height":12}},{"id":"e0c1c209-f5bd-47e9-891f-53f10f65aeee","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":143,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"4a433ae4-f3bd-4a96-8341-e9d3fc891cfe","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":143,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"1966390b-f677-445b-840c-f2bf1a923d71","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":143,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"1f588948-c594-4737-ab28-b8649decf784","block_type":"box","text":"to achieve its investment objective.","page_number":143,"box":{"x":68,"y":181,"width":251,"height":11}},{"id":"2e267fc5-7294-4b02-8b5a-06699ee0c638","block_type":"box","text":"U.S. Government Obligations.","page_number":143,"box":{"x":102,"y":203,"width":213,"height":11}},{"id":"5b580bb3-52e1-4b30-8432-e45e865dbdd2","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":143,"box":{"x":321,"y":203,"width":566,"height":12}},{"id":"18a0f399-ce98-463a-8597-df4a08d8d9a1","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":143,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"8c1fdd58-6f21-4bc9-b612-9db38fb4d22d","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":143,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"a07bece0-5232-419b-963c-c6e6d43cfd51","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":143,"box":{"x":68,"y":249,"width":779,"height":11}},{"id":"1ff149f2-9bf7-427e-ac46-17e5cd8b5edf","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":143,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"5cc482f3-ef6e-4667-911a-d40ad162da32","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":143,"box":{"x":69,"y":279,"width":822,"height":11}},{"id":"2dc2daaa-af5d-4e21-a8ab-5fa489a0ef52","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":143,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"374efbe4-5e2e-43a1-96cf-d9609174491a","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":143,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"4f7ea0c3-940f-4a57-8a0c-c1ef51eb24f1","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":143,"box":{"x":69,"y":324,"width":807,"height":11}},{"id":"88ca52b1-4bd2-44a3-9731-1187a2275d7e","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":143,"box":{"x":70,"y":339,"width":832,"height":12}},{"id":"286858c3-f0f2-4054-b58b-11592f2de4b5","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":143,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"5b5c70eb-1b8c-4004-9ab6-f58b2dd1798b","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":143,"box":{"x":69,"y":370,"width":716,"height":11}},{"id":"4c48d895-cb13-4151-9956-7a4abe0a4166","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":143,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"dceac7db-4ea0-4993-8351-cac47907b3ec","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":143,"box":{"x":68,"y":407,"width":785,"height":12}},{"id":"f5a38390-0a69-469e-ad61-02fbfe0924ef","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":143,"box":{"x":68,"y":423,"width":813,"height":11}},{"id":"a5dcf804-863b-4757-a394-3d533f54b7f5","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":143,"box":{"x":70,"y":438,"width":794,"height":11}},{"id":"27f99156-d465-43db-9314-dcddebfbaf9f","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":143,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"0daabda3-c87a-4bd1-ac34-8eba6e36f994","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":143,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"4d6ac4d3-ab65-4bd2-aa68-f8e526f1e085","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":143,"box":{"x":70,"y":483,"width":777,"height":11}},{"id":"f65515db-53f5-443f-a94e-6d6aabab193e","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":143,"box":{"x":70,"y":498,"width":749,"height":11}},{"id":"42815ef8-565e-41ac-abb6-5fc41f88808b","block_type":"box","text":"U.S. Treasury Obligations.","page_number":143,"box":{"x":103,"y":521,"width":183,"height":11}},{"id":"b1a73105-bae1-4a64-b84d-9153b1cf3dfc","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":143,"box":{"x":292,"y":521,"width":593,"height":11}},{"id":"49910d2a-82a4-416c-94bc-4870154edb98","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":143,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"28621bb9-dbe5-4a6d-99b2-a521255e5dd6","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":143,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"0f32c676-2109-49ef-a609-baffb0b88e08","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":143,"box":{"x":68,"y":566,"width":823,"height":11}},{"id":"03c20f59-2c74-471e-bf8d-eb3929d2abe3","block_type":"box","text":"do so.","page_number":143,"box":{"x":69,"y":582,"width":42,"height":8}},{"id":"c21c039f-aa1e-433d-a37e-2480d3950c89","block_type":"box","text":"U.S. Treasury Rolls","page_number":143,"box":{"x":102,"y":604,"width":139,"height":11}},{"id":"af4cd319-baec-4468-862f-16f53779067e","block_type":"box","text":".","page_number":143,"box":{"x":241,"y":611,"width":3,"height":2}},{"id":"b041a09d-6468-4961-aa5a-2df863f9c21b","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":143,"box":{"x":250,"y":604,"width":656,"height":11}},{"id":"8eb73723-3405-43a7-b8a9-11dbe82b2c4c","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":143,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"74cc9000-7b71-48d6-95b4-225b8e8eed7a","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":143,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"20ca9068-115b-4d28-ae4f-c43ed93f2951","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":143,"box":{"x":69,"y":649,"width":840,"height":12}},{"id":"f5ab76f1-7a0c-43ee-8906-5f9d7eb2c5ee","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":143,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"593b5a8a-2af4-4d65-b2a8-5de760255625","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":143,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"b81371ee-a424-48af-a546-ae196eb48c73","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":143,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"b8bd4927-4891-4369-a036-744aa90df1bf","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":143,"box":{"x":68,"y":710,"width":657,"height":11}},{"id":"ac9a9a9d-ad09-4e6f-b541-5ae03daf1200","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":143,"box":{"x":101,"y":732,"width":756,"height":12}},{"id":"29823629-6551-462e-8896-c6c2ff994efc","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":143,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"6d8595e1-2f82-423e-84a0-942cdeab55fb","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":143,"box":{"x":70,"y":763,"width":617,"height":11}},{"id":"0c230658-4e0d-4176-928b-4b9170c50e71","block_type":"box","text":"Utility Industries.","page_number":143,"box":{"x":102,"y":786,"width":124,"height":11}},{"id":"96ff922c-aff4-4bb9-a406-06fd697f3a2f","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":143,"box":{"x":233,"y":785,"width":674,"height":12}},{"id":"29c2cb2a-7a90-4336-aa00-08bcb053181e","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":143,"box":{"x":69,"y":801,"width":812,"height":11}},{"id":"59caa4b5-61b4-45af-8e2b-d0f09e6d8c31","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":143,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"e5e08b56-7a79-4d9f-9ca8-9b10d7157299","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":143,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"c3e12abd-d113-421f-8c8d-7fbb3668f29c","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":143,"box":{"x":68,"y":846,"width":815,"height":11}},{"id":"5df85462-c52c-41f8-a8bf-49d0eb9b1d6f","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":143,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"6b84f803-63c3-4189-bc59-786ffafa7ecf","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":143,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"a4318fad-20e9-4465-95c6-381e6829b0fd","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":143,"box":{"x":69,"y":891,"width":774,"height":12}},{"id":"9bb64714-3b32-41ac-99e9-42d4b5c7693e","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":143,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"d9284a1c-054e-45fd-8a48-8e82eff3ddbb","block_type":"box","text":"II-74","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8cd20064-a38c-4ab2-a6a0-e889cb51cad7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"607e17f2-4da9-45bf-8a91-62ee1e859f2b","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":144,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d4dc2cd1-10c1-4aa9-9b96-e4694c6c0f84","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":144,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"ef47abbc-6889-4d51-af96-e88e6816c704","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":144,"box":{"x":69,"y":75,"width":761,"height":11}},{"id":"4120451e-6de6-4fe3-81f1-d2ac3015b893","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":144,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"d9e94996-9f61-49cc-8840-29fd4b306de9","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":144,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"3ee87021-6275-4853-881e-93daa46d04b7","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":144,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"d65ef86d-4650-4e82-818d-bbe63de96c35","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":144,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"ec9f76fa-7c8c-4fb0-8292-9e1abc6dc43f","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":144,"box":{"x":68,"y":151,"width":778,"height":11}},{"id":"496e732e-19d2-4a9a-ac6d-30a83f6f691c","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":144,"box":{"x":69,"y":166,"width":808,"height":11}},{"id":"d0a87612-7bd0-4558-9f06-592a60447f5c","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":144,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"f5c45eca-fa3a-4213-84fd-50e1120b78c0","block_type":"box","text":"utility.","page_number":144,"box":{"x":69,"y":196,"width":39,"height":11}},{"id":"b86188b3-5002-413e-9b76-8777ff769815","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":144,"box":{"x":102,"y":218,"width":789,"height":12}},{"id":"4f5d54fe-7695-4d57-97c0-386ac55d2133","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":144,"box":{"x":69,"y":234,"width":790,"height":11}},{"id":"c8bc1fc6-b036-41bf-886b-4388ccb0c508","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":144,"box":{"x":69,"y":249,"width":811,"height":11}},{"id":"def70f01-34f2-4e7a-b809-0a955a98761b","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":144,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"42480c14-3a8a-4d38-b104-86825bc8c7e7","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":144,"box":{"x":68,"y":279,"width":781,"height":11}},{"id":"f7dd6fed-5d97-4e16-b891-2782ff36f7db","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":144,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"44524dff-0fed-43cb-84ab-60d9a02d4b23","block_type":"box","text":"continue in the future.","page_number":144,"box":{"x":69,"y":309,"width":156,"height":9}},{"id":"a8e9d3a3-9c96-489b-99fb-0c2e81af8446","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":144,"box":{"x":101,"y":332,"width":763,"height":11}},{"id":"42588dc6-66cc-4e09-b93f-3432854d229e","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":144,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"6946e00c-9586-48c5-9a09-1d33feda41ed","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":144,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"85970f93-18f1-4020-ab87-638774830530","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":144,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"264b00b9-9f22-4684-82d6-203015256685","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":144,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"6c625ca1-566a-4dc4-a53a-d08ef013e02a","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":144,"box":{"x":68,"y":407,"width":809,"height":12}},{"id":"092d751b-61df-4b12-b98e-2a5b428bfdee","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":144,"box":{"x":69,"y":423,"width":834,"height":11}},{"id":"c0ed6a83-04ab-41a5-8694-dc50a0c7c478","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":144,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"d17b8a6a-4261-488f-b198-3a4cc923e2f3","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":144,"box":{"x":68,"y":453,"width":840,"height":11}},{"id":"751a7871-b751-4794-9f8d-87934e377e56","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":144,"box":{"x":69,"y":468,"width":796,"height":11}},{"id":"9d132649-7571-41c7-a256-4e64f78788aa","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment opportunities that may arise from these","page_number":144,"box":{"x":69,"y":483,"width":780,"height":11}},{"id":"0c4b0910-63cc-4a7c-8e97-4b1c0ad60ef4","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":144,"box":{"x":69,"y":498,"width":785,"height":11}},{"id":"47b58bae-2cbc-4b39-b6f1-3d6441c70841","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":144,"box":{"x":102,"y":521,"width":720,"height":11}},{"id":"69342ab0-f607-49d1-9c37-962b19308475","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":144,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"2a724b04-fb54-4fd8-8656-64d972faab26","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":144,"box":{"x":68,"y":551,"width":762,"height":11}},{"id":"a8026195-608b-4f04-9ee3-085edcccf916","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":144,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"ba6a09f4-422a-4ba2-be4c-e0c7af2bebb6","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":144,"box":{"x":68,"y":581,"width":801,"height":11}},{"id":"e794b09c-5728-4d5e-8e0e-08499665cb4d","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":144,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"27e074e4-8cfe-4ac0-b39a-00932c5034f0","block_type":"box","text":"ways different from regulation in the United States.","page_number":144,"box":{"x":68,"y":612,"width":365,"height":11}},{"id":"911a7c39-63e9-4270-9e80-1752a8c4a96b","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":144,"box":{"x":101,"y":634,"width":745,"height":12}},{"id":"e0da0451-c1e5-4802-a901-9e08b084ea9c","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":144,"box":{"x":68,"y":649,"width":790,"height":12}},{"id":"a435ed0d-5474-45a6-9ad9-ceb1ed8d1bf2","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":144,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"b98a6737-3381-42c2-9e8c-4bf726669b5f","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":144,"box":{"x":69,"y":680,"width":810,"height":11}},{"id":"42df06c3-2ebe-4cbd-933e-1ae3d7d0dd2b","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":144,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"32e24b65-bdfd-4b3a-a6c9-688a9047df7e","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":144,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"9150d50c-7e29-46c9-bb4d-2994b7196a50","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":144,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"02c6267f-0ff1-4655-b58a-5cad7b98a159","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":144,"box":{"x":69,"y":740,"width":786,"height":11}},{"id":"d7cb6172-10d4-40d8-a7e6-c040f8176008","block_type":"box","text":"increase.","page_number":144,"box":{"x":70,"y":755,"width":63,"height":9}},{"id":"b3b20364-fd8e-40c0-89f8-2e576c6be4e8","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":144,"box":{"x":101,"y":778,"width":793,"height":11}},{"id":"a7307123-f28a-410d-af57-943f98771d84","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":144,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"dc495579-2c65-4c16-97bf-1b1e8e287a73","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":144,"box":{"x":69,"y":808,"width":619,"height":11}},{"id":"ca0786dd-095f-4f01-8556-8b42c6ed1b35","block_type":"box","text":"Electric.","page_number":144,"box":{"x":102,"y":831,"width":54,"height":9}},{"id":"70949319-4838-4161-9cd9-fcff05adb959","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":144,"box":{"x":163,"y":831,"width":684,"height":11}},{"id":"1b53f4b8-d666-46b8-af50-ba2c2eb107e9","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":144,"box":{"x":68,"y":846,"width":793,"height":11}},{"id":"d6c964f3-9d88-4ccd-b46c-16831bf51a70","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":144,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"71345de2-10cf-42de-80fc-3813bdc6adf1","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":144,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"fc78f5b4-dd5b-4002-a054-6596f76c12a7","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":144,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"8682c71f-f4be-455e-849d-5b42d2d1af6d","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":144,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"9fab4c0f-0e68-402d-990b-a8f2a91e20be","block_type":"box","text":"II-75","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"37c5289e-4aac-491e-b0a2-35f71b9cd743","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78dbc25f-b115-415e-ba50-ceab64ab365d","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":145,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"0751287f-e29e-43bd-884a-ecc568b08d39","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":145,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"d0af7620-bcd3-4ede-97b2-a4f4f1e750ae","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":145,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"b71bb738-9b97-4bd4-b0ce-41030967c018","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":145,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"f38d3ed8-2edb-4735-a06e-5493dfa38a2f","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":145,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"988f8b02-8fc7-4d07-9a01-6cfa3bf153cb","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":145,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"fd5eb8fd-a1a9-4aa0-8025-7980b882ca2c","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":145,"box":{"x":69,"y":135,"width":775,"height":11}},{"id":"eaedd8f9-2283-4fe1-a6d0-fd129a89ff41","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":145,"box":{"x":69,"y":150,"width":770,"height":12}},{"id":"14291e9f-eeb0-4346-858e-ab9c8c53d0dd","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":145,"box":{"x":70,"y":166,"width":826,"height":11}},{"id":"042d6a3a-f3d1-4ef7-ac01-9388f50f21cd","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":145,"box":{"x":69,"y":181,"width":800,"height":11}},{"id":"49e1ecfe-d6cf-4024-94c2-eb4c99d4bbc6","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":145,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"e504e1a2-465e-4811-80dd-4c8b075de2b0","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":145,"box":{"x":68,"y":211,"width":826,"height":11}},{"id":"24d6934d-32da-43f6-a9f0-c5cada3a022d","block_type":"box","text":"and for decommissioning such plants.","page_number":145,"box":{"x":69,"y":226,"width":270,"height":11}},{"id":"4a9e0231-4673-4894-9596-0ce4467bfc69","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":145,"box":{"x":101,"y":249,"width":776,"height":11}},{"id":"fabc0b8f-a37d-41eb-bd3a-1b2c9692b8bb","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":145,"box":{"x":70,"y":264,"width":802,"height":11}},{"id":"94e62970-1623-4453-8d4e-bf7fe34b5f79","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":145,"box":{"x":69,"y":279,"width":791,"height":11}},{"id":"cf46445b-d0c7-4753-a63c-98badba28636","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":145,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"3467c23e-56a4-4aa9-a043-711a38ef121b","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":145,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"7ae95998-1388-4ef8-9428-7e43b5ee421b","block_type":"box","text":"greater predictability of cash flow.","page_number":145,"box":{"x":68,"y":324,"width":239,"height":12}},{"id":"9f7dc9d7-64ec-4cc4-b7fb-4aab72fc0cf7","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":145,"box":{"x":101,"y":347,"width":801,"height":11}},{"id":"e2f566a1-6c10-4436-ae11-275556c95320","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":145,"box":{"x":68,"y":362,"width":821,"height":11}},{"id":"2d3f7dc8-bf26-4480-bb4e-27ef70a1def7","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":145,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"e977f6c3-180c-4406-842c-bd84452602e9","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":145,"box":{"x":68,"y":393,"width":815,"height":11}},{"id":"0623e0b2-0ee4-428c-8be4-74d2e02825a4","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":145,"box":{"x":68,"y":408,"width":803,"height":11}},{"id":"79fd96ef-4f80-4837-91ea-40880c59e800","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":145,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"ebb637c0-880a-4296-b259-a5fe239e8005","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":145,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"8d54ff55-3a20-4946-831d-ffae3909d0f6","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":145,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"be02ce61-50c5-4fb2-a5d5-efc83edae2a0","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":145,"box":{"x":69,"y":468,"width":700,"height":11}},{"id":"3a1e9302-7e70-4f77-845e-728dcc501558","block_type":"box","text":"Telecommunications.","page_number":145,"box":{"x":103,"y":491,"width":147,"height":9}},{"id":"9e229c12-8948-484f-a160-c8569665d618","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":145,"box":{"x":256,"y":491,"width":652,"height":11}},{"id":"91451129-e921-4e1d-a52a-0a49918fdb8b","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":145,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"9f31f9c8-71f8-46e0-b0e7-516fdcb9ed31","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":145,"box":{"x":70,"y":521,"width":782,"height":11}},{"id":"1f9a1666-d469-49d3-aacb-2bf3c1356f17","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":145,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"e7c0ff6a-6e71-4ab2-bd25-0fa0e82d715c","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":145,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"9bff306f-a580-472d-9735-f48a68e73d48","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":145,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"afdc2bab-1085-4610-aef0-041467a9bd75","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":145,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"edff6fcc-93e5-4fb1-9144-3ea88fc0cf0a","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":145,"box":{"x":70,"y":596,"width":788,"height":12}},{"id":"4b77e2dd-4698-4388-b095-bae15b6f9d12","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":145,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"c9e98189-49d4-4119-92c0-43223622794a","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":145,"box":{"x":69,"y":627,"width":823,"height":11}},{"id":"a56c7db2-01d7-4580-9d24-cfef6e462a6d","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":145,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"1584c4ed-7038-4030-aa93-744b85cd5373","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":145,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"ca0223a2-edbf-450d-9608-54006feef50f","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":145,"box":{"x":70,"y":672,"width":821,"height":11}},{"id":"7fe1f892-77cd-4c03-8f86-36609e2bc81e","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":145,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"df3614e1-059d-4820-abfb-f67dee54ff39","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":145,"box":{"x":68,"y":702,"width":804,"height":12}},{"id":"656507c7-0594-4767-9830-d07bda453441","block_type":"box","text":"residential, corporate and governmental customers.","page_number":145,"box":{"x":69,"y":718,"width":367,"height":11}},{"id":"4e734956-2242-4a71-9761-ac3f42e80376","block_type":"box","text":"Gas.","page_number":145,"box":{"x":102,"y":740,"width":31,"height":9}},{"id":"f4ca59cc-44c1-4868-9858-aadcd9386015","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":145,"box":{"x":139,"y":740,"width":740,"height":11}},{"id":"61004dd1-f44b-474e-b3a7-4497bc0dd252","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":145,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"9e3bda6e-b7b7-4950-addc-da0a2da61d45","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":145,"box":{"x":70,"y":770,"width":756,"height":12}},{"id":"e52a3675-4a5f-4ddf-9bc0-ca7f3114e191","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":145,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"e3d82aea-3a96-4fcb-bc77-16445d5c5d1a","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":145,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"abc26336-ac96-4605-a8b9-a6687ccfccfb","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":145,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"efa9b0a4-0024-4acb-854c-76e2b1e36f83","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":145,"box":{"x":69,"y":831,"width":782,"height":11}},{"id":"d1e42998-5df7-4249-b4a4-cc49c599e3c0","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":145,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"9e9c0678-2817-44f0-97e9-4f78760bc9fc","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":145,"box":{"x":70,"y":861,"width":691,"height":11}},{"id":"5b767a45-5b3a-4acb-b2bc-cf01481dcedd","block_type":"box","text":"Water.","page_number":145,"box":{"x":103,"y":884,"width":42,"height":9}},{"id":"cb74fba8-7964-4aa6-8547-f5fee9b1b3a8","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":145,"box":{"x":151,"y":884,"width":754,"height":11}},{"id":"cf12ba32-ed23-4779-b7f7-e721132abede","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":145,"box":{"x":69,"y":899,"width":796,"height":11}},{"id":"8594b90d-ed95-48a2-ba17-9de26b59103a","block_type":"box","text":"II-76","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"76e2a517-7449-4803-bd5a-08196f4ae343","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c730d617-bca4-47d1-957c-dd46d2a88d78","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":146,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"67da37f2-7085-48be-8006-e2a6552ead3b","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":146,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"cd464c4c-0bed-4c96-9b7b-c909287e384c","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":146,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"5ce09157-570a-4782-9fa0-a5f108446903","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":146,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"469426a6-15af-4a43-9579-b7d5079121bd","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":146,"box":{"x":69,"y":105,"width":662,"height":11}},{"id":"51aec478-1059-4d22-b1eb-f018df88fdcd","block_type":"box","text":"Utility Industries Generally.","page_number":146,"box":{"x":103,"y":128,"width":186,"height":11}},{"id":"b8162b16-96db-488e-b15f-660963241b97","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":146,"box":{"x":296,"y":128,"width":584,"height":11}},{"id":"131b15b4-cc74-408a-af03-2bfc47f7e4ac","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":146,"box":{"x":68,"y":143,"width":837,"height":11}},{"id":"a85b26e5-fc15-430f-a405-b5c946dd106e","block_type":"box","text":"not develop in the future.","page_number":146,"box":{"x":69,"y":158,"width":178,"height":11}},{"id":"0fc0e73b-5fd6-4715-b857-d219883b05b5","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":146,"box":{"x":103,"y":181,"width":585,"height":11}},{"id":"c8407a97-7a35-4799-b69a-1233b87b82da","block_type":"box","text":"A Fund may purchase or sell","page_number":146,"box":{"x":694,"y":181,"width":200,"height":11}},{"id":"c8fdfed6-b591-4ed9-82e5-29e050277196","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":146,"box":{"x":69,"y":196,"width":795,"height":11}},{"id":"fc169431-e7c0-4a30-a014-dc76deb20b50","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":146,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"954821ec-3886-45ec-b41f-8f4c5f4345bf","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":146,"box":{"x":68,"y":226,"width":820,"height":11}},{"id":"b0f2e184-a105-4956-b036-098932bac6b8","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":146,"box":{"x":68,"y":241,"width":807,"height":11}},{"id":"0f911695-e50a-4add-9912-148b990183e4","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":146,"box":{"x":70,"y":256,"width":430,"height":12}},{"id":"49dfbd93-ea3f-401f-b900-6f7b10130e40","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":146,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"221e5985-a7cb-4208-ae77-c5ceb67de95d","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":146,"box":{"x":70,"y":294,"width":823,"height":11}},{"id":"eae78661-6086-49f1-9124-4c857b54684d","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":146,"box":{"x":69,"y":309,"width":587,"height":11}},{"id":"0d1f7c7a-1fe2-4515-ba10-5a5e9f067447","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":146,"box":{"x":101,"y":332,"width":780,"height":11}},{"id":"32e8ea9b-d0fa-442c-bd93-a22449be3600","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":146,"box":{"x":70,"y":347,"width":823,"height":11}},{"id":"e3c21ffd-46cc-48d4-a20d-dcba2b4fcae2","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":146,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"5dabbcee-5f2e-48d0-9301-6dd4712100bd","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":146,"box":{"x":68,"y":377,"width":839,"height":11}},{"id":"360c96cf-282b-47d3-bf6f-adc4001221e0","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":146,"box":{"x":70,"y":392,"width":824,"height":12}},{"id":"8070fe17-56e4-4ddb-a061-fb0d3a6bbb8e","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":146,"box":{"x":102,"y":415,"width":776,"height":11}},{"id":"4bee9083-7729-4045-9e4a-00411ef2a01b","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":146,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"ebb9feb0-ef4f-45a1-83f9-2207611b428c","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":146,"box":{"x":69,"y":446,"width":799,"height":11}},{"id":"c94be2f5-2e49-45c0-830f-769abbf03327","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":146,"box":{"x":101,"y":468,"width":784,"height":11}},{"id":"365c532a-3bf9-4fb2-a946-50446b5883b2","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":146,"box":{"x":69,"y":483,"width":772,"height":11}},{"id":"e26f0b47-0e6c-47d4-95f7-55a2568f7ec2","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":146,"box":{"x":69,"y":498,"width":434,"height":11}},{"id":"86d88ae7-d034-4740-b7d4-089953ce348e","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":146,"box":{"x":101,"y":521,"width":745,"height":11}},{"id":"3ac7612a-1aab-48f5-8655-359f23469164","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":146,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"fdbdca7c-b92f-463e-be89-03ff542bdab8","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":146,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"8f44311d-74e5-4128-8267-8003928a21a9","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":146,"box":{"x":68,"y":566,"width":514,"height":11}},{"id":"030e2037-f1a6-4a4d-8600-c82f4b0a3109","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":146,"box":{"x":102,"y":589,"width":759,"height":11}},{"id":"9423c7f3-4bb4-4b16-ab67-382769202a6b","block_type":"box","text":"securities (","page_number":146,"box":{"x":69,"y":604,"width":78,"height":11}},{"id":"0e0691ea-01e2-41cd-a838-9b282bc98e48","block_type":"box","text":"e.g.","page_number":146,"box":{"x":148,"y":605,"width":25,"height":10}},{"id":"6a9e95a3-285c-43e7-9db3-098b73588233","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":146,"box":{"x":176,"y":604,"width":686,"height":11}},{"id":"e834bf1d-794d-427d-bb42-eb679021d8b8","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":146,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"1e4b9736-f1cd-4ad6-be10-7661f2e9a190","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":146,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"5270140b-393d-4b4b-95dc-be2e5ef9f991","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":146,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"da461a04-07c9-4dbb-b006-a4a260508b3d","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":146,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"c3674d27-c368-4fab-87f1-b6149ddaea77","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":146,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"1153e2b8-b072-4ee4-81e6-b3e863fff57a","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":146,"box":{"x":70,"y":695,"width":349,"height":11}},{"id":"32dfb43f-242a-485c-b8aa-0c01070c9a1d","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":146,"box":{"x":102,"y":717,"width":743,"height":12}},{"id":"a6143fb8-a530-4387-bd83-ca2f7e2f311d","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":146,"box":{"x":69,"y":732,"width":833,"height":12}},{"id":"575eff0d-3998-4490-988e-e451d298bdd0","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":146,"box":{"x":69,"y":748,"width":771,"height":11}},{"id":"b2df4cc4-4731-4bd1-9df0-a82fd734f691","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":146,"box":{"x":69,"y":763,"width":798,"height":11}},{"id":"04aced05-7d89-4e46-98b7-8513a2016f3b","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":146,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"009d4401-5605-4165-a4a4-a3ea2fe7ff29","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":146,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"14dd99b2-6bd1-4143-97bb-4ce80d75eb8f","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":146,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"c0350ec9-a262-4956-87a9-5dd78202c161","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":146,"box":{"x":68,"y":823,"width":812,"height":12}},{"id":"ff47c721-ed46-4f61-b09a-a6e675fdc5aa","block_type":"box","text":"agreements.","page_number":146,"box":{"x":69,"y":839,"width":87,"height":11}},{"id":"92686c56-6178-40eb-ae6d-50589e86b20c","block_type":"box","text":"Yields and Ratings.","page_number":146,"box":{"x":103,"y":861,"width":139,"height":11}},{"id":"d9a6980b-7b5f-418e-bc06-3094c23d5ad1","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":146,"box":{"x":247,"y":861,"width":628,"height":11}},{"id":"2ede300d-3047-4225-bba0-70e50f1579de","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":146,"box":{"x":69,"y":876,"width":834,"height":11}},{"id":"2d175e1d-5c51-4b23-b8f6-936ae60290df","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":146,"box":{"x":69,"y":891,"width":799,"height":12}},{"id":"20736db9-831b-4f74-8009-79990a5e00ca","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":146,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"b9bd4572-8090-47be-a562-9a23d62325d6","block_type":"box","text":"II-77","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a20acdd8-66fa-415a-8d7c-174d4dd4c379","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01b07301-e25e-4a5e-9ad6-d33936919e01","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":147,"box":{"x":68,"y":45,"width":792,"height":11}},{"id":"9173ee62-102e-4fec-bff2-6ff453123024","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":147,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"a0910b3d-5dc3-44a7-ad40-196b41b0a61c","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":147,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"f007458e-68ae-4e7b-b89a-6615eb2ade5c","block_type":"box","text":"continue to hold the security.","page_number":147,"box":{"x":69,"y":90,"width":204,"height":11}},{"id":"a03b133d-667c-41fd-9b8c-c7e36aa30600","block_type":"box","text":"Zero Coupon Securities.","page_number":147,"box":{"x":102,"y":113,"width":175,"height":11}},{"id":"5fa9da08-90f1-470f-8a4f-c4386191c214","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":147,"box":{"x":283,"y":113,"width":601,"height":11}},{"id":"fa1a94c9-2847-4802-9877-6d0a09d22ffe","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":147,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"ad816a05-d782-4c90-b1fa-8e1e94d0cde2","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":147,"box":{"x":69,"y":143,"width":822,"height":11}},{"id":"2bc61d3f-72a4-4a78-b27a-081386d122c9","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":147,"box":{"x":68,"y":158,"width":814,"height":11}},{"id":"6fda3b4a-faf2-4de9-922e-e913f11dbef2","block_type":"box","text":"security.","page_number":147,"box":{"x":69,"y":173,"width":57,"height":11}},{"id":"e8365c78-c198-41c0-975f-0a695ca7ab83","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":147,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"b55670d3-6411-41eb-9ca7-acc525a97276","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":147,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"b76f5103-e7cc-4de7-842c-80a82f356c98","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":147,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"0ba0a906-cbfc-4399-9c8f-f34f695b3955","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":147,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"6d29f459-f5f0-4619-b2de-b0f4a10b08c5","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":147,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"5dee947f-16e9-4c26-b522-368c34cbd953","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":147,"box":{"x":68,"y":272,"width":824,"height":11}},{"id":"550f7241-5c52-4932-936e-32fdb8b6b30f","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":147,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"7ffe6a01-a8cb-46ed-86f4-650262a995f4","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":147,"box":{"x":70,"y":302,"width":837,"height":11}},{"id":"8c8ee59f-a877-430c-97c6-099c918b2301","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":147,"box":{"x":69,"y":317,"width":791,"height":11}},{"id":"67ac7903-5383-4400-b00c-74f61ecc375a","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":147,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"8ee2ab7c-9e09-4fe1-a4af-bc43e2c80058","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":147,"box":{"x":69,"y":347,"width":400,"height":11}},{"id":"4a624d82-c4db-42a8-998f-f169a86f9b28","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":147,"box":{"x":101,"y":370,"width":775,"height":11}},{"id":"9e452213-17d3-4130-a9bb-232bffa584ba","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":147,"box":{"x":70,"y":385,"width":827,"height":11}},{"id":"03baa053-036e-41fb-b1ca-610d96e8b8d6","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":147,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"1f714071-8cd4-4e97-a97a-52a3a3ff70fc","block_type":"box","text":"intervals.","page_number":147,"box":{"x":70,"y":415,"width":64,"height":9}},{"id":"986f5223-70a8-419b-b334-5d91d9af5afd","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":147,"box":{"x":102,"y":438,"width":749,"height":11}},{"id":"d2c661b7-de7b-4e13-b2ec-beeca7352601","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":147,"box":{"x":69,"y":453,"width":784,"height":11}},{"id":"99004891-e80d-4e3b-9873-86dd6619ac98","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":147,"box":{"x":70,"y":468,"width":799,"height":11}},{"id":"c3915d80-38ab-41d5-b296-18749661c084","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":147,"box":{"x":68,"y":483,"width":799,"height":11}},{"id":"3bc22d22-d179-4b44-a060-01254e15bc70","block_type":"box","text":"exposure to zero coupon securities.","page_number":147,"box":{"x":69,"y":498,"width":253,"height":11}},{"id":"a849ec47-ac61-4114-ad41-db6cdf5fad17","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":147,"box":{"x":102,"y":521,"width":740,"height":11}},{"id":"795cb222-9d05-489b-a03e-009526b5c1d0","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":147,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"0ee7671f-2c66-4d65-9b54-4fea8746bf14","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":147,"box":{"x":70,"y":551,"width":829,"height":11}},{"id":"159e3a72-4eed-488d-abfb-d7ad6b4f279b","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":147,"box":{"x":69,"y":566,"width":741,"height":11}},{"id":"3d9653c4-56ce-48f5-8503-47ea2e158598","block_type":"box","text":"Suitability. (All Funds)","page_number":147,"box":{"x":101,"y":589,"width":161,"height":11}},{"id":"9bfd2148-43ee-474a-b1e4-ded6035f83b4","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":147,"box":{"x":101,"y":612,"width":793,"height":11}},{"id":"87f29738-4ae3-474a-ae01-05405f549167","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":147,"box":{"x":68,"y":627,"width":811,"height":11}},{"id":"a8e10daf-742b-4454-98fa-cbe1464d0560","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":147,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"afe4f4f4-9424-4e7b-aa09-7b746357ed69","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":147,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"26bc35e6-8b38-4a35-8dc8-a4968c87db1e","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":147,"box":{"x":68,"y":672,"width":460,"height":11}},{"id":"a0f54dda-2eac-497d-8974-06551bb65ee9","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":147,"box":{"x":102,"y":695,"width":264,"height":11}},{"id":"c1a6ce90-567d-4ad8-9788-3e4828900f66","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":147,"box":{"x":102,"y":717,"width":745,"height":11}},{"id":"c278f2f0-3114-4bca-a9c8-f6012bcb1fba","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":147,"box":{"x":68,"y":732,"width":807,"height":12}},{"id":"ff7e7116-4ffd-4b92-82ce-b9d4cc29e9e9","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":147,"box":{"x":69,"y":748,"width":528,"height":11}},{"id":"a66829d9-c4fb-4ee5-a206-057318acc108","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":147,"box":{"x":102,"y":770,"width":735,"height":12}},{"id":"c491a1ef-ccfa-4de1-9a7c-0993a6f82220","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":147,"box":{"x":69,"y":785,"width":775,"height":12}},{"id":"76968a04-a755-4519-aac2-ea58ce696d0e","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":147,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"d48c17d7-5695-4860-afd9-17c772d5fd72","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":147,"box":{"x":69,"y":816,"width":799,"height":11}},{"id":"8bdeb637-cf49-4b28-8dce-03ee81642a79","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":147,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"97e8a111-3b74-48b1-9321-4677f0f6acba","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":147,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"9f1072b1-b1ff-46de-b226-2a5558af2a98","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":147,"box":{"x":68,"y":861,"width":802,"height":11}},{"id":"27d564a4-6305-451a-9738-d6daff0d1349","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":147,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"71ec01c9-4b77-4c87-8137-375ed94d9a4e","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":147,"box":{"x":68,"y":891,"width":819,"height":12}},{"id":"c06107c0-28a4-4203-8b7c-d5c8ef7111e9","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":147,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"feadb36e-5dc9-4eba-94a2-8efa7f651842","block_type":"box","text":"II-78","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"61229023-b751-4f7b-be59-7e785fead1ce","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f826b37-3e05-4f75-988d-9cf739bee091","block_type":"box","text":"(","page_number":148,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"06d399ae-a93f-4928-aea7-0aef963eee03","block_type":"box","text":"i.e.","page_number":148,"box":{"x":74,"y":45,"width":21,"height":9}},{"id":"9b29c76a-4c16-4491-9f40-2896ea3bc873","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":148,"box":{"x":97,"y":45,"width":806,"height":11}},{"id":"3a15795c-f7e9-4114-8bc9-460a493e2923","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":148,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"a85cb690-c5db-43f5-96b9-178531d15fea","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":148,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"9b700cc1-a6e3-4793-b31b-758855a883c8","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":148,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"ecff48d2-bb03-4a55-8074-f253740cd697","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":148,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"2901bb88-70c3-4626-a1ff-6561c73aeeca","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":148,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"9e6677a7-c189-42e7-88da-d321ca6782e9","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":148,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"3bb38a6c-94c8-44b2-964e-749596a63f1a","block_type":"box","text":"regarded as the sole issuer.","page_number":148,"box":{"x":69,"y":151,"width":198,"height":11}},{"id":"7b47bd0d-7d5d-40e4-92ff-60ad2039f260","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":148,"box":{"x":102,"y":173,"width":784,"height":11}},{"id":"7c86da12-c97a-4154-bfc4-a9e92d5ae254","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":148,"box":{"x":69,"y":188,"width":819,"height":12}},{"id":"e8389c68-1baf-4599-83c2-b9f4cd37f2f9","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":148,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"958972f5-bbca-4f50-b019-ed7f8c0d99cb","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":148,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"9d989d6e-8142-48a2-a0c8-a88fdb6e5bcc","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":148,"box":{"x":70,"y":234,"width":834,"height":11}},{"id":"063bfe6d-8269-409f-be27-45e28054dafa","block_type":"box","text":"75% of its total assets.","page_number":148,"box":{"x":69,"y":249,"width":165,"height":9}},{"id":"58d2ed26-a593-484b-87f3-5abc58aec89d","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":148,"box":{"x":268,"y":278,"width":442,"height":10}},{"id":"f1de6f0c-9982-4c22-9575-451473191825","block_type":"box","text":"Directors and Officers","page_number":148,"box":{"x":69,"y":309,"width":159,"height":9}},{"id":"4314ebc7-6e8d-4139-9f9c-dbd58550dd70","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":148,"box":{"x":102,"y":331,"width":733,"height":12}},{"id":"2f427807-70fd-47fa-82fe-2cbde7c93d6d","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":148,"box":{"x":69,"y":346,"width":783,"height":12}},{"id":"db9cf903-0e7d-4b77-b8a5-9a291c6cb732","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":148,"box":{"x":69,"y":361,"width":795,"height":12}},{"id":"8fce57db-9242-4fe6-8514-7d04340f7d66","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":148,"box":{"x":69,"y":377,"width":789,"height":11}},{"id":"babae3b6-404d-4751-b77f-6ec071fceab7","block_type":"box","text":"Management Arrangements","page_number":148,"box":{"x":69,"y":407,"width":202,"height":11}},{"id":"6ba33dea-8653-4661-adec-169a9814b80e","block_type":"box","text":"Management Services.","page_number":148,"box":{"x":102,"y":430,"width":162,"height":11}},{"id":"ea14c90b-7f37-43c1-a65f-58fca73cdfa4","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":148,"box":{"x":270,"y":430,"width":615,"height":11}},{"id":"ad5c49ea-502c-4dde-9317-fda50c6e567b","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":148,"box":{"x":69,"y":445,"width":836,"height":11}},{"id":"f380b5b8-6128-4eed-a56e-fcf13c651f37","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":148,"box":{"x":70,"y":460,"width":820,"height":11}},{"id":"e1633419-9014-4568-bb0a-1709540a17a1","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":148,"box":{"x":68,"y":475,"width":832,"height":11}},{"id":"31afca9f-a215-45d4-a0e1-df8984c72ef5","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":148,"box":{"x":70,"y":490,"width":801,"height":11}},{"id":"cf7ab00e-f9d0-485c-af5b-10cf85506de3","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":148,"box":{"x":69,"y":505,"width":370,"height":11}},{"id":"6eb09036-2992-491f-847b-352c93dc4b55","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":148,"box":{"x":102,"y":528,"width":778,"height":11}},{"id":"df00512e-50f5-4598-a057-e45d9a8957ca","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":148,"box":{"x":70,"y":543,"width":800,"height":11}},{"id":"4a41c621-a887-493f-8f14-6898278ade95","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":148,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"2b7bf304-3496-4148-bc52-4547305ada67","block_type":"box","text":"Management Fee.","page_number":148,"box":{"x":102,"y":581,"width":126,"height":11}},{"id":"6c0cc314-c0b3-4eac-beb6-f2bd82d3a3a7","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":148,"box":{"x":235,"y":581,"width":646,"height":11}},{"id":"4eaf667e-14aa-48a5-8211-ef476758fcca","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":148,"box":{"x":68,"y":596,"width":841,"height":11}},{"id":"e0b5d91c-a981-4a39-a968-c2eeda45d2b9","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":148,"box":{"x":69,"y":611,"width":833,"height":11}},{"id":"a0f3b4bc-dfef-46c5-b83a-2459cf866bc7","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":148,"box":{"x":68,"y":626,"width":746,"height":11}},{"id":"88c442a9-0caf-46bb-81dd-35713dedbe5f","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":148,"box":{"x":70,"y":641,"width":825,"height":11}},{"id":"9c0b128d-de1a-46e8-8f05-4613e8a6af9c","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":148,"box":{"x":102,"y":664,"width":774,"height":11}},{"id":"1bc8bf28-a855-41e7-9ea4-7b73c798f4b4","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":148,"box":{"x":69,"y":679,"width":826,"height":11}},{"id":"aabcf8f2-1d42-4d0a-b973-87c0cce544a5","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":148,"box":{"x":70,"y":694,"width":820,"height":11}},{"id":"9d76b9f8-2658-41f0-9bbf-f9d1b87f5503","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":148,"box":{"x":68,"y":709,"width":797,"height":11}},{"id":"27c325ef-f7a0-43d2-bf86-e4935b26b4b6","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":148,"box":{"x":70,"y":724,"width":830,"height":12}},{"id":"865fdef2-5806-4c8d-913d-8ed7c181c111","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":148,"box":{"x":69,"y":739,"width":802,"height":12}},{"id":"b1cbb253-1ca4-46ef-84c0-cdade5dfb787","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":148,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"9c567a36-6d9a-4aef-ae60-0b692ee11bc3","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":148,"box":{"x":69,"y":770,"width":838,"height":11}},{"id":"b140e1c8-4650-4062-ace6-1a431bd43041","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":148,"box":{"x":69,"y":785,"width":830,"height":11}},{"id":"1d19799c-6364-4a8b-809a-1f41093960e2","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":148,"box":{"x":70,"y":800,"width":784,"height":11}},{"id":"3e7cf155-2895-4d7c-9b72-29d00499da7b","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":148,"box":{"x":69,"y":815,"width":767,"height":11}},{"id":"fed121fb-2192-468f-9aea-200e19c15a0d","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":148,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"d1acea15-e33b-484d-8cef-f6c773d45c6e","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":148,"box":{"x":69,"y":845,"width":830,"height":12}},{"id":"81c2a9fd-9dd8-4002-bac6-2ee87f2a6bba","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":148,"box":{"x":69,"y":860,"width":794,"height":12}},{"id":"b995eb5b-8929-40d8-b490-257839b0b041","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":148,"box":{"x":69,"y":875,"width":786,"height":12}},{"id":"cf928d41-ea35-40e7-b6a4-7ddedeff0029","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":148,"box":{"x":69,"y":891,"width":790,"height":11}},{"id":"c7867b6f-1d04-46e7-be87-62da13ef5e92","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":148,"box":{"x":69,"y":906,"width":817,"height":11}},{"id":"b013f02a-9752-490b-b0e6-bb00b487a960","block_type":"box","text":"II-79","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e6a1f61f-1996-4d06-9c07-097d87508313","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e45330a-e96f-4f3d-8e94-c984fd96e7ee","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":149,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"5e4e7c09-9d8c-4f20-a16e-86443a7ba5d1","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":149,"box":{"x":70,"y":60,"width":743,"height":11}},{"id":"abe4a2b2-4d3f-4a7f-8368-df193ee8a2cd","block_type":"box","text":"Sub-Advisory Fee.","page_number":149,"box":{"x":102,"y":83,"width":124,"height":11}},{"id":"a790578d-fe8c-429d-9ab3-20f00dd0189c","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":149,"box":{"x":232,"y":82,"width":643,"height":12}},{"id":"115bb684-f415-4286-9d69-cda7aaa97f6b","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":149,"box":{"x":70,"y":98,"width":839,"height":11}},{"id":"d149ea3b-6875-4f52-92d2-ff7f8d670cc0","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":149,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"a701df22-27d9-43d5-91ba-ad99caa9072d","block_type":"box","text":"Organization of the Manager.","page_number":149,"box":{"x":102,"y":135,"width":204,"height":12}},{"id":"51185308-42ad-4ee2-a32f-55316228764f","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":149,"box":{"x":313,"y":135,"width":560,"height":11}},{"id":"24f0eedb-e3f4-44e3-886a-be8d2cf00fe9","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":149,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"a22033fb-f094-4228-9519-a4f412f38457","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":149,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"30743ad9-23c2-4d7e-a74c-ce494d798ed1","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":149,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"262f6e22-48d1-47d8-b290-f7356f2661ae","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":149,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"6bdaff55-a8d7-451f-87bb-42d2cb1cb9aa","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":149,"box":{"x":69,"y":211,"width":517,"height":11}},{"id":"236ca78a-84a6-4859-9ff9-1dbcc08fd25b","block_type":"box","text":"Duration and Termination.","page_number":149,"box":{"x":102,"y":234,"width":182,"height":9}},{"id":"72d943b2-13b3-4c23-839c-5ecd82c6fb48","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":149,"box":{"x":292,"y":234,"width":613,"height":11}},{"id":"2ccabe2e-93f2-41a4-ae32-352fd455014f","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":149,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"de1ec440-8cc9-4d26-b662-b0e3f26c9ea4","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":149,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"958a4bd5-f92b-4616-82f0-89839018b2a2","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":149,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"d1575f8c-7bd3-4b25-970c-ce8bdf5c99c4","block_type":"box","text":"in the Investment Company Act) of any such party. Each Management Agreement automatically terminates on","page_number":149,"box":{"x":70,"y":294,"width":778,"height":11}},{"id":"69ec486c-6f6e-427a-898e-df11d64a1424","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either party thereto or","page_number":149,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"05d3ad9d-42f2-4832-8dc9-54e2084a0640","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":149,"box":{"x":69,"y":324,"width":388,"height":11}},{"id":"4c2fda64-462c-482b-b9dd-4c64c6c3b794","block_type":"box","text":"Other Service Arrangements","page_number":149,"box":{"x":69,"y":355,"width":205,"height":11}},{"id":"55813870-b0b2-491b-9e66-76c733daa5aa","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":149,"box":{"x":101,"y":377,"width":338,"height":9}},{"id":"3f7e2322-3fe6-4f7c-9745-354978b6027b","block_type":"box","text":"Certain Funds have entered into an administration agreement","page_number":149,"box":{"x":446,"y":377,"width":439,"height":12}},{"id":"e52d841e-11e8-44ad-af73-4824faeaba7c","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Part I of the Fund’s","page_number":149,"box":{"x":69,"y":392,"width":818,"height":12}},{"id":"7730954e-fe80-4cc7-bc8c-5cc0532fea56","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":149,"box":{"x":69,"y":408,"width":808,"height":11}},{"id":"25350f94-89f7-49fb-a8e9-31f82de60d3d","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":149,"box":{"x":69,"y":423,"width":833,"height":11}},{"id":"7279112b-1ef0-4f97-b2b2-9f668ae82c64","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":149,"box":{"x":68,"y":438,"width":738,"height":11}},{"id":"82fda940-10ff-47a8-9446-e660c88779d2","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":149,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"eda056ef-cf52-4d4d-87dd-84518f22c6b5","block_type":"box","text":"that Fund’s SAI.","page_number":149,"box":{"x":68,"y":468,"width":113,"height":9}},{"id":"f820f3fb-1e67-4a03-9816-8a3917e2b1c3","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":149,"box":{"x":102,"y":491,"width":755,"height":11}},{"id":"17a5f1c3-b901-4c51-a941-9ab21ae9e9cf","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":149,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"ffc6a878-3fd2-473f-aeab-5db63a33a2a5","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":149,"box":{"x":70,"y":521,"width":809,"height":11}},{"id":"e6cea02b-eddc-411f-84c8-05284ddc9d92","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":149,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"e3bc7b68-b741-4b9e-8d26-3df0e0b95ee2","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":149,"box":{"x":70,"y":551,"width":362,"height":11}},{"id":"eb3c94c2-a0b0-4e8f-853a-bac37e821530","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":149,"box":{"x":102,"y":574,"width":390,"height":11}},{"id":"46c2f9df-87e7-4065-835c-80000dadf6f7","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":149,"box":{"x":499,"y":574,"width":364,"height":10}},{"id":"84e26692-8adc-4245-b5e4-4534491624fb","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":149,"box":{"x":68,"y":589,"width":832,"height":11}},{"id":"53095441-8617-46cb-b4a0-41aec06f0db5","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":149,"box":{"x":69,"y":604,"width":802,"height":11}},{"id":"7c8f27b6-ab20-44f5-bc5b-8356cf6f6f17","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not parties to such contract or","page_number":149,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"9566e6d5-b301-495c-ac17-510394528022","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":149,"box":{"x":70,"y":634,"width":810,"height":12}},{"id":"a0531c22-513d-487b-9ffc-732e243ab512","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":149,"box":{"x":69,"y":649,"width":805,"height":12}},{"id":"5a12ff87-ea1e-4ab8-8580-c934dd10c0c8","block_type":"box","text":"shareholders of the Fund.","page_number":149,"box":{"x":69,"y":664,"width":181,"height":9}},{"id":"4b6dfef6-66c1-4463-bb87-7b319a97176d","block_type":"box","text":"Transfer Agency Services.","page_number":149,"box":{"x":103,"y":687,"width":180,"height":11}},{"id":"225685e4-9850-4cb8-97e3-ac586b01708a","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":149,"box":{"x":291,"y":687,"width":595,"height":11}},{"id":"de5c2e48-efa3-437e-ace7-9104baa73eec","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":149,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"7d07654c-df7e-4f36-8135-e5d80acd2140","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":149,"box":{"x":68,"y":717,"width":833,"height":12}},{"id":"72d93171-83b6-4341-92c9-d682a8c668a9","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":149,"box":{"x":68,"y":732,"width":792,"height":12}},{"id":"be5cd6f6-fb91-454e-8470-3ff77d773a22","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":149,"box":{"x":68,"y":748,"width":819,"height":11}},{"id":"53493d72-6c1c-4bb2-abb3-bca939c561c8","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":149,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"7822a1b0-b844-40fb-8e2b-3de192425653","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":149,"box":{"x":70,"y":778,"width":831,"height":11}},{"id":"d72a4048-c017-4e7f-a29c-7f1d873fe19d","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":149,"box":{"x":68,"y":793,"width":813,"height":11}},{"id":"07764b18-8fc5-4f19-beef-4cca66c1b237","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":149,"box":{"x":70,"y":808,"width":836,"height":11}},{"id":"fbbdac7c-3499-484b-bccd-b752e3c0dcaf","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":149,"box":{"x":69,"y":823,"width":806,"height":12}},{"id":"7f2ca62b-39fb-4330-b202-37125adbb73e","block_type":"box","text":"class on a recordkeeping system.","page_number":149,"box":{"x":69,"y":839,"width":238,"height":11}},{"id":"3e4f684c-ab47-4ec5-a2a7-0a0adc5e89e8","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":149,"box":{"x":102,"y":861,"width":338,"height":11}},{"id":"e24ecada-a0fb-41f3-b6b1-8e0cfa70c4f2","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":149,"box":{"x":446,"y":861,"width":441,"height":11}},{"id":"95d35d85-f8bb-4585-9913-8e899ceb5b66","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":149,"box":{"x":69,"y":876,"width":840,"height":11}},{"id":"c6d68a11-7dd7-4546-bd64-cf9da648a9c4","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":149,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"488827ed-1dda-418f-9670-d4787ae2e808","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":149,"box":{"x":69,"y":906,"width":627,"height":12}},{"id":"8ed3e399-0479-418a-83bc-93d7c86fb726","block_type":"box","text":"II-80","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b69dd2e2-b2b2-44bf-91ab-738c4bf45fac","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94814cf4-b76e-474c-ae8d-a31827c4c47a","block_type":"box","text":"Custodian Services.","page_number":150,"box":{"x":102,"y":45,"width":141,"height":9}},{"id":"47cb13da-2f30-4b43-9522-2545697e3649","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":150,"box":{"x":249,"y":45,"width":654,"height":11}},{"id":"3e17a444-d7fc-442f-a63e-1bf372dcdca6","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":150,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"afe80eae-592f-4228-989c-0bb99e00095c","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":150,"box":{"x":70,"y":75,"width":814,"height":11}},{"id":"5fbd20c1-8849-41a6-a365-d5971b65fd9e","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":150,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"4426fd99-1bc0-4f5d-9f48-e28af628ca36","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":150,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"8ab44cd9-6251-4aaa-984c-765efb340e77","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":150,"box":{"x":69,"y":120,"width":792,"height":11}},{"id":"1a14b2c2-0d6f-4ce3-ab15-a338e37dd165","block_type":"box","text":"certain assets.","page_number":150,"box":{"x":69,"y":136,"width":106,"height":8}},{"id":"392670a2-1123-4f81-b2a8-6b81b85134f4","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":150,"box":{"x":102,"y":158,"width":716,"height":11}},{"id":"45624243-ff15-437d-955a-bde07a99e20c","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":150,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"597c0745-8a03-41da-8b32-97fcf29e40fe","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":150,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"27f1f851-0ac0-4235-a668-64983cb0c299","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":150,"box":{"x":69,"y":211,"width":834,"height":11}},{"id":"c0f4b089-a9f6-493b-a2ef-0f3be4f8accc","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":150,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"93189a91-8ca4-470d-a91a-5195e428f123","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":150,"box":{"x":69,"y":241,"width":807,"height":11}},{"id":"8cc0c232-c4f2-4ae2-b199-c189131c7e2b","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":150,"box":{"x":68,"y":256,"width":836,"height":12}},{"id":"72c89f94-6642-460a-92cd-b50f592b93ee","block_type":"box","text":"Fund.","page_number":150,"box":{"x":70,"y":272,"width":36,"height":8}},{"id":"c367cab2-692f-4fce-ac87-b1f06c999b96","block_type":"box","text":"Accounting Services.","page_number":150,"box":{"x":101,"y":294,"width":148,"height":11}},{"id":"3c8710c1-4b3c-426f-93cd-07d80c827901","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":150,"box":{"x":256,"y":294,"width":641,"height":11}},{"id":"056d198c-1e64-4886-9c94-a7fd282d5c95","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. Each","page_number":150,"box":{"x":68,"y":309,"width":829,"height":11}},{"id":"0f5fa6ad-c4fa-4592-af4f-ab189a80edb6","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":150,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"eef9bdbb-623b-460c-aa9a-adf7094bda50","block_type":"box","text":"Master LLCs.","page_number":150,"box":{"x":70,"y":340,"width":91,"height":8}},{"id":"99182f65-88b1-4714-8c45-e8dd3f567503","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":150,"box":{"x":102,"y":362,"width":771,"height":11}},{"id":"85565d61-075a-4815-abf6-42a68c363529","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":150,"box":{"x":68,"y":377,"width":810,"height":12}},{"id":"ca7b1831-12ba-42a3-a33d-d6948afd2962","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":150,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"5c991b6d-67bf-4aac-b704-bd01f46c4554","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":150,"box":{"x":69,"y":407,"width":386,"height":11}},{"id":"925bb215-c7d8-4d17-a1af-39447869152f","block_type":"box","text":"Distribution Expenses.","page_number":150,"box":{"x":102,"y":430,"width":158,"height":11}},{"id":"92dba41c-0bf1-41c6-8bc2-5bd82af0b9a9","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":150,"box":{"x":267,"y":430,"width":614,"height":11}},{"id":"f467404c-7947-4fb4-97b2-0b25d365edbb","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":150,"box":{"x":68,"y":445,"width":807,"height":12}},{"id":"961dca74-7b14-4a22-a91d-38bbd22a2300","block_type":"box","text":"Agreements obligate the Distributor to pay certain expenses in connection with the offering of each class of shares of","page_number":150,"box":{"x":68,"y":460,"width":842,"height":12}},{"id":"b0879899-e640-4289-a47b-46007c967226","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic reports have been prepared,","page_number":150,"box":{"x":68,"y":475,"width":813,"height":11}},{"id":"e941495d-00a8-403f-8ab5-4c0e76b5f6db","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":150,"box":{"x":69,"y":491,"width":836,"height":11}},{"id":"6ab990db-bd75-42e9-8ec3-1de698bcc501","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":150,"box":{"x":70,"y":506,"width":799,"height":11}},{"id":"aa8ce9a1-6237-4b28-9d21-7fb50a687fa2","block_type":"box","text":"literature and advertising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":150,"box":{"x":70,"y":521,"width":788,"height":11}},{"id":"b2375335-7578-4cd9-aa24-dc2fd93b5e8e","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":150,"box":{"x":68,"y":536,"width":513,"height":11}},{"id":"ec7e6758-83b7-4b1c-b666-96a0c0f93c56","block_type":"box","text":"Code of Ethics","page_number":150,"box":{"x":69,"y":566,"width":105,"height":9}},{"id":"fa5dad17-e72b-49c3-bd27-20cfa8b82b3f","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant to Rule","page_number":150,"box":{"x":102,"y":589,"width":780,"height":11}},{"id":"8e34a35d-2ed6-4863-8663-618bbefe5af3","block_type":"box","text":"17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for personal investing and","page_number":150,"box":{"x":70,"y":604,"width":794,"height":11}},{"id":"8ad82ebf-7e23-41bf-9cff-7f97bbd67248","block_type":"box","text":"restricts certain transactions. Employees subject to the Code of Ethics may invest in securities for their personal","page_number":150,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"415a1f4b-6f00-4025-b6bf-1dc1b71276d3","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":150,"box":{"x":70,"y":634,"width":593,"height":12}},{"id":"b0ff4c7f-79cd-4770-bbe1-e76a36dad5db","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":150,"box":{"x":282,"y":664,"width":413,"height":9}},{"id":"5a4a7101-47c1-4c12-8a56-a3531bdbd428","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Portfolio","page_number":150,"box":{"x":101,"y":686,"width":777,"height":12}},{"id":"217916ca-9e9a-41a7-9d9b-e1b98bab5bed","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":150,"box":{"x":70,"y":702,"width":788,"height":11}},{"id":"32166103-7413-4c92-b2a3-1a7c39ca6e71","block_type":"box","text":"portfolio securities, as applicable, and other portfolio information. The purpose of the Policy is to ensure that","page_number":150,"box":{"x":70,"y":717,"width":778,"height":11}},{"id":"746da2a9-b7f8-44f1-9d3d-0b85221c5cdd","block_type":"box","text":"(i) shareholders and prospective shareholders of the Funds have equal access to portfolio holdings and","page_number":150,"box":{"x":69,"y":732,"width":737,"height":11}},{"id":"83c01b3e-100b-4297-b145-4523e329f153","block_type":"box","text":"characteristics and (ii) third parties (such as consultants, intermediaries and third-party data providers) have access","page_number":150,"box":{"x":69,"y":747,"width":829,"height":11}},{"id":"2f3886aa-5a3f-4f81-8b4f-f8cfc86c5f80","block_type":"box","text":"to such information no earlier or more frequently than shareholders and prospective shareholders.","page_number":150,"box":{"x":68,"y":762,"width":701,"height":11}},{"id":"1f408331-c63c-4437-bdd5-0b93e7616d49","block_type":"box","text":"Pursuant to the Policy, each Fund and the Manager may, under certain circumstances as set forth below, make","page_number":150,"box":{"x":102,"y":785,"width":791,"height":11}},{"id":"062f79f6-b681-45d9-91ee-43ace05726c6","block_type":"box","text":"selective disclosure with respect to a Fund’s Portfolio Characteristics (as defined below) and Portfolio Holdings (as","page_number":150,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"b0563011-9e6e-46c7-84d5-414770ef4627","block_type":"box","text":"defined below). The Board of Directors of each Fund and the Board of Directors of the Manager have each approved","page_number":150,"box":{"x":69,"y":815,"width":824,"height":11}},{"id":"fdb75f3c-dd99-4fc4-b22b-4f5b27774335","block_type":"box","text":"the adoption by the Fund of the Policy, and employees of the Manager are responsible for adherence to the Policy.","page_number":150,"box":{"x":68,"y":830,"width":813,"height":11}},{"id":"22b0b823-d2e3-49ad-8327-1e9a5ebe7370","block_type":"box","text":"The Board of Directors provides ongoing oversight of the Fund’s and Manager’s compliance with the Policy.","page_number":150,"box":{"x":68,"y":845,"width":761,"height":12}},{"id":"6a857b5a-994e-49a9-a0af-ef590ca79a8f","block_type":"box","text":"Disclosure of material non-public information (“Confidential Information”) about a Fund’s Portfolio Holdings and/","page_number":150,"box":{"x":102,"y":868,"width":802,"height":11}},{"id":"2da61fc5-d1ee-4a91-9bf7-ab16b3efa998","block_type":"box","text":"or Portfolio Characteristics is prohibited, except as provided in the Policy.","page_number":150,"box":{"x":69,"y":883,"width":520,"height":11}},{"id":"1ac461a0-e3b2-4306-a203-d59334ee5d00","block_type":"box","text":"II-81","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d37839d0-90f2-4402-b287-5c999e14cac8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6859454e-24ec-4a70-9616-fcf67b80dd6b","block_type":"box","text":"Confidential Information relating to a Fund may not be distributed to persons not employed by BlackRock unless","page_number":151,"box":{"x":102,"y":45,"width":797,"height":11}},{"id":"9df54cc0-c49b-4af5-afac-bc06b809b197","block_type":"box","text":"the Fund has a legitimate business purpose for doing so and confidentiality obligations are in effect, as appropriate.","page_number":151,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"9fe99c00-5fe8-4bdb-b9dd-9bb779f4836a","block_type":"box","text":"•","page_number":151,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"e357237e-dcde-4f68-af34-fd067b2c8cc9","block_type":"box","text":"Por tfolio Holdings","page_number":151,"box":{"x":102,"y":80,"width":126,"height":11}},{"id":"6625dfa0-88c6-4b59-9880-443ba7d8d4c2","block_type":"box","text":": “Portfolio Holdings” are a Fund’s portfolio securities and other instruments, and include, but","page_number":151,"box":{"x":229,"y":80,"width":671,"height":11}},{"id":"cddff796-193f-48ec-82b3-242bc6d8422d","block_type":"box","text":"are not limited to:","page_number":151,"box":{"x":102,"y":95,"width":125,"height":9}},{"id":"4c15f29c-9321-4d19-bf63-e55b43865443","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":118,"width":6,"height":5}},{"id":"a3224531-7bc4-48d1-9a61-5d252adb026d","block_type":"box","text":"for equity securities, information such as issuer name, CUSIP, ticker symbol, total shares and market value;","page_number":151,"box":{"x":134,"y":115,"width":768,"height":11}},{"id":"9001796e-818a-4772-9024-d6c072446271","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":138,"width":6,"height":5}},{"id":"7b953159-f569-48ba-901d-0aa3da6dcb2d","block_type":"box","text":"for fixed income securities, information such as issuer name, CUSIP, ticker symbol, coupon, maturity,","page_number":151,"box":{"x":134,"y":135,"width":720,"height":11}},{"id":"c671baf4-2602-447e-961e-b32b7091d802","block_type":"box","text":"current face value, market value, yield, WAL, WAM, duration and convexity;","page_number":151,"box":{"x":134,"y":150,"width":529,"height":12}},{"id":"4f3aa014-833e-4310-89cb-f0f18f69c942","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"99a22715-ea93-4729-ab2e-ee85a2cfda24","block_type":"box","text":"for all securities, information such as quantity, SEDOL and market price as of a specific date;","page_number":151,"box":{"x":134,"y":171,"width":664,"height":11}},{"id":"a2436947-6f1e-445f-be4b-d96174779055","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"56972561-ac75-424a-8bed-44d1a810860c","block_type":"box","text":"for derivatives, indicative data including, but not limited to, pay leg, receive leg, notional amount, reset","page_number":151,"box":{"x":134,"y":191,"width":731,"height":11}},{"id":"9df92dde-9dbe-4cf9-9482-a8b85dc8f921","block_type":"box","text":"frequency and trade counterparty; and","page_number":151,"box":{"x":134,"y":206,"width":271,"height":11}},{"id":"7ef0b75c-ff21-4fbc-bc42-335a14a3c621","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"fd9d0a89-7c5c-4a18-8399-e82b8b528d5a","block_type":"box","text":"for trading strategies, specific portfolio holdings, including the number of shares held, weightings of","page_number":151,"box":{"x":134,"y":226,"width":712,"height":11}},{"id":"e3140137-6098-4d16-8af5-92ce4e043e95","block_type":"box","text":"particular holdings, trading details, pending or recent transactions and portfolio management plans to","page_number":151,"box":{"x":135,"y":241,"width":726,"height":11}},{"id":"e5705f3e-e67a-4b5d-9737-73d572120718","block_type":"box","text":"purchase or sell particular securities or allocation within particular sectors.","page_number":151,"box":{"x":135,"y":257,"width":533,"height":10}},{"id":"89bb9f08-42bd-44ef-b02e-f322f2c9bf45","block_type":"box","text":"•","page_number":151,"box":{"x":69,"y":279,"width":6,"height":5}},{"id":"9f9ef193-ffb0-46aa-a10d-dae158233cfa","block_type":"box","text":"Por tfolio Characteristics (excluding Liquidity Metrics):","page_number":151,"box":{"x":102,"y":276,"width":377,"height":12}},{"id":"3be00a67-642b-4b88-8e56-70ab0caca859","block_type":"box","text":"“Portfolio Characteristics” include, but are not limited to,","page_number":151,"box":{"x":486,"y":276,"width":404,"height":11}},{"id":"1dec064f-c96a-4988-8fb3-e7a0e47f86cb","block_type":"box","text":"sector allocation, credit quality breakdown, maturity distribution, duration and convexity measures, average credit","page_number":151,"box":{"x":102,"y":292,"width":807,"height":11}},{"id":"4c309194-962a-4d8f-ad3c-d06ff62d0c2e","block_type":"box","text":"quality, average maturity, average coupon, top 10 holdings with percent of the fund held, average market","page_number":151,"box":{"x":102,"y":307,"width":745,"height":11}},{"id":"69bb6bcb-2fef-4ed0-8101-be65123b60cb","block_type":"box","text":"capitalization, capitalization range, risk related information (","page_number":151,"box":{"x":101,"y":322,"width":427,"height":11}},{"id":"67ebdd5f-ea68-4de2-b1dd-1243441c18aa","block_type":"box","text":"e.g.","page_number":151,"box":{"x":529,"y":323,"width":25,"height":10}},{"id":"05974b92-cc4b-4311-97a3-68f738428a3d","block_type":"box","text":", value at risk, standard deviation), ROE, P/E,","page_number":151,"box":{"x":557,"y":322,"width":322,"height":11}},{"id":"ae127dc7-9f2f-45ba-82e8-83686551726f","block_type":"box","text":"P/B, P/CF, P/S and EPS.","page_number":151,"box":{"x":102,"y":337,"width":177,"height":11}},{"id":"b14bb151-400c-4ee8-8264-723f0eb76971","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":360,"width":6,"height":5}},{"id":"47d25a9c-7499-471c-ba24-25d12e016c0f","block_type":"box","text":"Additional characteristics specific to money market funds include, but are not limited to, historical daily and","page_number":151,"box":{"x":134,"y":357,"width":766,"height":11}},{"id":"3c2be69b-a8dc-4417-9f0b-6ef0924b844c","block_type":"box","text":"weekly liquid assets (as defined under Rule 2a-7) and historical fund net inflows and outflows.","page_number":151,"box":{"x":134,"y":372,"width":670,"height":11}},{"id":"d18d4d35-8df7-43ae-8568-75af6decb4fa","block_type":"box","text":"•","page_number":151,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"f784af54-60fa-4275-935d-f640217cf6d8","block_type":"box","text":"Por tfolio Characteristics — Liquidity Metrics:","page_number":151,"box":{"x":102,"y":392,"width":318,"height":12}},{"id":"c45241fd-7f12-4f39-bfe4-8db341f6c082","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":415,"width":6,"height":5}},{"id":"0ab0f94b-c343-44db-912c-6bba75efcfcb","block_type":"box","text":"“Liquidity Metrics” which seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity risk","page_number":151,"box":{"x":135,"y":412,"width":754,"height":12}},{"id":"904092d4-3ee6-412d-b34c-0a2f0f4676a4","block_type":"box","text":"methodology which include, but are not limited to: (a) disclosure regarding the number of days needed to","page_number":151,"box":{"x":135,"y":428,"width":746,"height":11}},{"id":"a8fb3ceb-caf3-49ae-9fee-fc7aab97f106","block_type":"box","text":"liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of a Fund’s NAV","page_number":151,"box":{"x":135,"y":443,"width":721,"height":11}},{"id":"84c5fda6-e658-42ed-9d7d-94c0b5762176","block_type":"box","text":"invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology.","page_number":151,"box":{"x":135,"y":458,"width":621,"height":11}},{"id":"3672bae5-cc78-4b9b-b42d-cae82d70f36d","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":481,"width":6,"height":4}},{"id":"578a4eb5-3135-4b61-a58b-569023a1385a","block_type":"box","text":"The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to SEC","page_number":151,"box":{"x":134,"y":478,"width":771,"height":11}},{"id":"c394168b-49a4-4d75-8974-35adafe5e0a1","block_type":"box","text":"Rule 22e-4 (including SEC liquidity tiering) is not permitted unless pre-approved.","page_number":151,"box":{"x":135,"y":493,"width":568,"height":11}},{"id":"617bca7b-b371-4955-9ef3-1a69b060e089","block_type":"box","text":"•","page_number":151,"box":{"x":102,"y":516,"width":6,"height":5}},{"id":"65e7a2e4-cec8-44d9-9e70-cc6570351da9","block_type":"box","text":"Disclosure of Liquidity Metrics pursuant to Section 3 of the Policy should be reviewed by BlackRock’s Risk","page_number":151,"box":{"x":135,"y":513,"width":755,"height":11}},{"id":"d038de83-7c34-4cfc-b74d-c239656fe963","block_type":"box","text":"and Quantitative Analysis Group and the relevant portfolio management team prior to dissemination.","page_number":151,"box":{"x":134,"y":528,"width":716,"height":12}},{"id":"44d70a2a-cd6f-4157-bd90-c85edb3fb5ae","block_type":"box","text":"Information that is non-material or that may be obtained from public sources (","page_number":151,"box":{"x":102,"y":551,"width":553,"height":11}},{"id":"d356e24b-06b8-4a2c-af46-7d519b5228df","block_type":"box","text":"i.e.","page_number":151,"box":{"x":658,"y":551,"width":20,"height":9}},{"id":"23426007-3318-4a9e-8f70-6632f2258fe7","block_type":"box","text":", information that has been","page_number":151,"box":{"x":680,"y":551,"width":193,"height":11}},{"id":"dd4b15bc-714d-4d14-aee9-4f5c46bb0fd6","block_type":"box","text":"publicly disclosed via a filing with the SEC (","page_number":151,"box":{"x":70,"y":566,"width":305,"height":11}},{"id":"0e9ad7e5-999f-48b8-a081-9cb9a79d3138","block_type":"box","text":"e.g.","page_number":151,"box":{"x":377,"y":568,"width":25,"height":9}},{"id":"bf26a4c1-f346-4387-a9f7-51d3edc88df2","block_type":"box","text":", a fund’s annual report and annual financial statements), through a","page_number":151,"box":{"x":404,"y":566,"width":485,"height":11}},{"id":"03b4e39a-84ad-4f37-b6db-76eefc934d21","block_type":"box","text":"press release or placement on a publicly-available internet website), or information derived or calculated from such","page_number":151,"box":{"x":70,"y":581,"width":817,"height":11}},{"id":"676fe3bb-5afc-4b7e-9b8e-540b95b4a5b5","block_type":"box","text":"public sources shall not be deemed Confidential Information.","page_number":151,"box":{"x":70,"y":596,"width":433,"height":11}},{"id":"6d4625de-2f17-425c-bc5c-91b80752b2ce","block_type":"box","text":"Portfolio Holdings and Portfolio Characteristics may be disclosed in accordance with the below schedule or as","page_number":151,"box":{"x":102,"y":619,"width":784,"height":11}},{"id":"34819c30-bc4b-48b8-902b-2ff313d7068a","block_type":"box","text":"specified in a Fund’s registration statement.","page_number":151,"box":{"x":69,"y":634,"width":314,"height":12}},{"id":"374b97bf-4c9a-41b2-9793-4be73f8562f7","block_type":"box","text":"II-82","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf998a82-499d-437a-9cc8-9bc4c13a8c25","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa5b90a9-755a-4f30-b3ae-e6e9c7406523","block_type":"box","text":"Open-End Mutual Funds (Excluding Money Market Funds)","page_number":152,"box":{"x":279,"y":54,"width":419,"height":11}},{"id":"d4db7714-b005-4e61-bd00-52106f21a903","block_type":"box","text":"Time Periods for Portfolio Holdings","page_number":152,"box":{"x":440,"y":69,"width":254,"height":11}},{"id":"35cfee7e-33d4-4366-b231-e5d91b22a31e","block_type":"box","text":"Prior to 20 Calendar Days After Month-End 20 Calendar Days After Month-End To Public","page_number":152,"box":{"x":239,"y":91,"width":663,"height":11}},{"id":"8cb0193a-6cd2-4baa-aece-575f0385015a","block_type":"box","text":"Filing","page_number":152,"box":{"x":722,"y":106,"width":38,"height":11}},{"id":"8382a10d-83f7-4e4d-9139-5a78bd4c29b6","block_type":"box","text":"Portfolio","page_number":152,"box":{"x":75,"y":129,"width":61,"height":9}},{"id":"5bf28f22-2d6d-4a41-beca-9b94ac7d75ba","block_type":"box","text":"Holdings","page_number":152,"box":{"x":75,"y":144,"width":61,"height":11}},{"id":"a996b332-7a72-406e-8810-e1b698d331c3","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":152,"box":{"x":231,"y":129,"width":297,"height":9}},{"id":"3fa8a22d-3486-49b1-bc24-1c443090cfde","block_type":"box","text":"confidentiality agreement and Chief","page_number":152,"box":{"x":231,"y":144,"width":252,"height":11}},{"id":"63db4f97-5eef-4dd2-bbbf-bed92ce2587c","block_type":"box","text":"Compliance Officer (“CCO”) approval.","page_number":152,"box":{"x":231,"y":159,"width":265,"height":11}},{"id":"a5db4601-8a30-4d45-8fc5-b993f2337cfc","block_type":"box","text":"May disclose to shareholders, prospective","page_number":152,"box":{"x":578,"y":129,"width":300,"height":11}},{"id":"978e50e9-3ad8-4474-8323-bc7c034c4bc5","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":152,"box":{"x":578,"y":144,"width":297,"height":11}},{"id":"9f03ed0d-12e5-42d5-b41c-3287efb11d4a","block_type":"box","text":"and third-party data providers (","page_number":152,"box":{"x":578,"y":160,"width":218,"height":10}},{"id":"52e9b141-fb51-4db7-906d-d7aa764715e7","block_type":"box","text":"e.g.","page_number":152,"box":{"x":798,"y":161,"width":25,"height":10}},{"id":"32e61ec0-7478-4f73-b96a-db678559efea","block_type":"box","text":", Lipper,","page_number":152,"box":{"x":825,"y":160,"width":55,"height":10}},{"id":"e4239167-1c44-4a48-ac85-9fbc3158fa37","block_type":"box","text":"Morningstar and Bloomberg), except with","page_number":152,"box":{"x":578,"y":175,"width":291,"height":11}},{"id":"d0796707-a668-4af5-8048-841585f718ca","block_type":"box","text":"respect to Global Allocation funds","page_number":152,"box":{"x":578,"y":189,"width":239,"height":11}},{"id":"d19c0d6b-b818-4fdd-8215-e19af66e6aed","block_type":"box","text":"1","page_number":152,"box":{"x":818,"y":190,"width":4,"height":4}},{"id":"ba188db1-4641-45f0-96cc-4394dd615ee8","block_type":"box","text":",","page_number":152,"box":{"x":824,"y":197,"width":2,"height":3}},{"id":"3fe6cac0-56db-4a02-a336-4b9f5437d3c6","block_type":"box","text":"BlackRock Core Bond Portfolio and","page_number":152,"box":{"x":578,"y":205,"width":247,"height":9}},{"id":"7bf5f7af-4ed7-4bea-9c7b-09854b6b82d5","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":152,"box":{"x":578,"y":220,"width":299,"height":11}},{"id":"f4c7550a-0578-42f7-be7c-5352661dd2b6","block_type":"box","text":"Portfolio of BlackRock Funds V, BlackRock","page_number":152,"box":{"x":578,"y":235,"width":300,"height":10}},{"id":"6991dcb2-4efa-42f7-aa12-72da12300706","block_type":"box","text":"Strategic Global Bond Fund, Inc., BlackRock","page_number":152,"box":{"x":578,"y":250,"width":312,"height":11}},{"id":"c2239d6a-fed9-46b8-b1bf-93d267912363","block_type":"box","text":"Total Return V.I. Fund of BlackRock Variable","page_number":152,"box":{"x":577,"y":265,"width":309,"height":9}},{"id":"6a350651-d9fa-4417-9060-9e04fc4f9971","block_type":"box","text":"Series Funds II, Inc., BlackRock Sustainable","page_number":152,"box":{"x":578,"y":280,"width":313,"height":11}},{"id":"4c22e239-3c99-4036-8303-0811a2332ea9","block_type":"box","text":"Total Return Fund of BlackRock Bond Fund,","page_number":152,"box":{"x":577,"y":295,"width":306,"height":11}},{"id":"c5584b49-5e71-4e2d-8fa6-77279fc8fde1","block_type":"box","text":"Inc., BlackRock Unconstrained Equity Fund","page_number":152,"box":{"x":578,"y":311,"width":301,"height":11}},{"id":"55954f2a-fc67-48d3-824f-cdcc6ba417d3","block_type":"box","text":"and BlackRock Systematic Multi-Strategy","page_number":152,"box":{"x":578,"y":326,"width":290,"height":11}},{"id":"b0e3e977-31cc-4734-a13f-3cf0eb40a8f5","block_type":"box","text":"Fund (each of whose portfolio holdings may","page_number":152,"box":{"x":578,"y":341,"width":310,"height":11}},{"id":"3963720c-7ea8-4ebf-81aa-87844f922b99","block_type":"box","text":"be disclosed 60 calendar days after month","page_number":152,"box":{"x":578,"y":356,"width":309,"height":11}},{"id":"9e0db404-f5a2-4b95-9586-24f9c45359e6","block_type":"box","text":"end). BlackRock generally discloses portfolio","page_number":152,"box":{"x":578,"y":371,"width":318,"height":11}},{"id":"f381f72b-0b29-478c-a504-4866ca3de497","block_type":"box","text":"holdings information on the lag times","page_number":152,"box":{"x":578,"y":386,"width":264,"height":11}},{"id":"a7b8372e-b795-422a-b97b-28918d247dc6","block_type":"box","text":"established herein on its public website. If","page_number":152,"box":{"x":578,"y":401,"width":302,"height":11}},{"id":"383aff58-4917-4ea9-95cf-40197f17e894","block_type":"box","text":"Portfolio Holdings are disclosed to one party,","page_number":152,"box":{"x":578,"y":416,"width":320,"height":12}},{"id":"d3f7a29f-73dd-4576-9b3d-9873be3e5236","block_type":"box","text":"they must also be disclosed to all other","page_number":152,"box":{"x":577,"y":432,"width":283,"height":11}},{"id":"eff49674-e97d-41d1-aaf8-766991c3fe21","block_type":"box","text":"parties requesting the same information.","page_number":152,"box":{"x":578,"y":446,"width":291,"height":12}},{"id":"772ba5c7-72a3-4848-bc7d-2aa811019389","block_type":"box","text":"Time Periods for Portfolio Characteristics","page_number":152,"box":{"x":416,"y":469,"width":302,"height":9}},{"id":"db55c51a-7c42-4c61-af70-f9a5349c2094","block_type":"box","text":"Portfolio","page_number":152,"box":{"x":75,"y":492,"width":61,"height":9}},{"id":"f7eceb06-df05-4979-bde7-4008d82f6c46","block_type":"box","text":"Characteristics","page_number":152,"box":{"x":74,"y":507,"width":111,"height":9}},{"id":"86f607ef-fddf-4a20-88e0-53475e0035be","block_type":"box","text":"(Excluding","page_number":152,"box":{"x":75,"y":522,"width":76,"height":11}},{"id":"d122a42a-687a-42c5-98c8-bffbd0b5e434","block_type":"box","text":"Liquidity","page_number":152,"box":{"x":75,"y":537,"width":60,"height":11}},{"id":"4d2e7568-ff40-4cdf-9071-69f43e001a19","block_type":"box","text":"Metrics)","page_number":152,"box":{"x":75,"y":552,"width":60,"height":11}},{"id":"0ecc65c7-74b9-4e33-ac8b-62d5a9978f62","block_type":"box","text":"Prior to 5 Calendar Days After Month-End 5 Calendar Days After Month-End","page_number":152,"box":{"x":244,"y":492,"width":617,"height":11}},{"id":"40ad486f-46ab-46f4-9b6f-5fec97eadf19","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":152,"box":{"x":231,"y":515,"width":297,"height":9}},{"id":"3c967558-b52f-4adf-9cbb-2669d44501bc","block_type":"box","text":"confidentiality agreement and CCO","page_number":152,"box":{"x":231,"y":530,"width":245,"height":11}},{"id":"b102de39-fde6-4546-a035-11df2d2683a5","block_type":"box","text":"approval.","page_number":152,"box":{"x":231,"y":545,"width":63,"height":11}},{"id":"b87e51f8-788e-4ceb-bad4-2889f6c06424","block_type":"box","text":"1,2","page_number":152,"box":{"x":297,"y":545,"width":11,"height":5}},{"id":"1a6a0357-191d-4e9f-a5f5-8056a5aff8e4","block_type":"box","text":"May disclose to shareholders, prospective","page_number":152,"box":{"x":578,"y":515,"width":300,"height":11}},{"id":"6a92d17e-f57f-4327-b2ba-991f19634bcc","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":152,"box":{"x":578,"y":530,"width":297,"height":10}},{"id":"99a5f044-d4ca-4045-ae9d-56d4f6a24f77","block_type":"box","text":"and third-party data providers (","page_number":152,"box":{"x":578,"y":545,"width":218,"height":11}},{"id":"c4bf1b66-fc26-4acf-ba3f-5e5de3f9aaf8","block_type":"box","text":"e.g.","page_number":152,"box":{"x":798,"y":546,"width":25,"height":10}},{"id":"ce7a1bb0-f914-4799-bc58-fb986d8cd136","block_type":"box","text":", Lipper,","page_number":152,"box":{"x":825,"y":545,"width":55,"height":11}},{"id":"ed8b5773-1550-4321-a6a2-78598f63724f","block_type":"box","text":"Morningstar and Bloomberg). If Portfolio","page_number":152,"box":{"x":578,"y":560,"width":285,"height":11}},{"id":"c1307e29-0c70-423a-a70c-489f3029a9f5","block_type":"box","text":"Characteristics are disclosed to one party,","page_number":152,"box":{"x":578,"y":575,"width":300,"height":11}},{"id":"591f36be-89de-4e09-982e-f79f570122b9","block_type":"box","text":"they must also be disclosed to all other","page_number":152,"box":{"x":577,"y":590,"width":283,"height":11}},{"id":"a2e84df1-581d-42fb-82ba-498c40b0f0f8","block_type":"box","text":"parties requesting the same information.","page_number":152,"box":{"x":578,"y":605,"width":291,"height":12}},{"id":"d60eaf12-e358-4f1c-8d2c-d7d0d8d60eed","block_type":"box","text":"Portfolio","page_number":152,"box":{"x":75,"y":628,"width":61,"height":9}},{"id":"d3a24ea0-8ea0-4203-b9f4-6ea30f3be7c5","block_type":"box","text":"Characteristics —","page_number":152,"box":{"x":74,"y":643,"width":133,"height":9}},{"id":"6ca191a9-d1c9-4e9a-a04f-59b96515f811","block_type":"box","text":"Liquidity Metrics","page_number":152,"box":{"x":75,"y":658,"width":121,"height":11}},{"id":"c8e37e1d-f157-43ca-814e-359b4b0e169f","block_type":"box","text":"Prior to 60 Calendar Days After Calendar","page_number":152,"box":{"x":246,"y":628,"width":297,"height":11}},{"id":"83e3a94b-9253-4442-ae78-6aa4b192dc7e","block_type":"box","text":"Quarter-End","page_number":152,"box":{"x":351,"y":643,"width":85,"height":11}},{"id":"0d8ed2f0-5993-40a3-89ce-a7449607ec6c","block_type":"box","text":"60 Calendar Days After Calendar Quarter","page_number":152,"box":{"x":589,"y":628,"width":303,"height":11}},{"id":"85947bd2-6102-4d21-ad05-82e058bcaa7f","block_type":"box","text":"End","page_number":152,"box":{"x":728,"y":643,"width":25,"height":9}},{"id":"ba3d8a6e-24a1-40a2-bd6f-f77464786060","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":152,"box":{"x":231,"y":666,"width":297,"height":9}},{"id":"13b7abc6-7441-4c43-b40f-d6e23b0f7c24","block_type":"box","text":"confidentiality agreement and CCO approval.","page_number":152,"box":{"x":231,"y":681,"width":315,"height":11}},{"id":"541f73be-c778-4e84-97fd-1d5345bd2079","block_type":"box","text":"May disclose to shareholders, prospective","page_number":152,"box":{"x":578,"y":666,"width":300,"height":11}},{"id":"08efec84-f346-4490-a53a-f6a3a22f3d05","block_type":"box","text":"shareholders, intermediaries and","page_number":152,"box":{"x":578,"y":681,"width":235,"height":10}},{"id":"6c422f95-3e55-4c55-a5f6-addf42b02359","block_type":"box","text":"consultants; provided portfolio management","page_number":152,"box":{"x":577,"y":696,"width":316,"height":11}},{"id":"9a21a391-6446-40a6-98b1-04154e9ecd57","block_type":"box","text":"has approved. If Liquidity Metrics are","page_number":152,"box":{"x":578,"y":711,"width":263,"height":11}},{"id":"d588df0e-c43d-4da6-b1fb-a574cfb23269","block_type":"box","text":"disclosed to one party, they must also be","page_number":152,"box":{"x":578,"y":726,"width":294,"height":11}},{"id":"6675dce0-4c39-45cf-9632-58a6e60d3c8e","block_type":"box","text":"disclosed to all other parties requesting the","page_number":152,"box":{"x":578,"y":742,"width":312,"height":11}},{"id":"a39f988b-78d0-404a-aec2-2316ccf0cbe1","block_type":"box","text":"same information.","page_number":152,"box":{"x":578,"y":756,"width":128,"height":9}},{"id":"13f4e499-c7bf-4eb9-981f-10acad100c71","block_type":"box","text":"1","page_number":152,"box":{"x":69,"y":782,"width":3,"height":3}},{"id":"f82a62e7-947f-4681-bc52-99ff3e89b291","block_type":"box","text":"Global Allocation Exception:","page_number":152,"box":{"x":93,"y":782,"width":164,"height":8}},{"id":"c7c228e5-9944-4dcd-ab81-872661a40813","block_type":"box","text":"For purposes of portfolio holdings, Global Allocation funds include BlackRock Global Allocation Fund, Inc.,","page_number":152,"box":{"x":263,"y":781,"width":599,"height":10}},{"id":"17ea133c-2a85-4cda-8f62-9ba3ad132102","block_type":"box","text":"BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I. Fund of BlackRock Variable Series","page_number":152,"box":{"x":94,"y":792,"width":792,"height":8}},{"id":"741dde96-27bd-40af-a3dd-9494dfc20608","block_type":"box","text":"Funds, Inc. Information on certain Portfolio Characteristics of BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund","page_number":152,"box":{"x":94,"y":802,"width":801,"height":8}},{"id":"4d0f836b-7e56-4f4b-9c83-dcadff8451f4","block_type":"box","text":"is available, upon request, to insurance companies that use these funds as underlying investments (and to advisers and sub-advisers of funds","page_number":152,"box":{"x":94,"y":812,"width":813,"height":9}},{"id":"b75afae3-cb12-4c9d-ba42-28da232469b7","block_type":"box","text":"invested in BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund) in their variable annuity contracts and variable life","page_number":152,"box":{"x":94,"y":822,"width":806,"height":9}},{"id":"e420a184-98ec-47ec-b59d-e1dfc12e50f8","block_type":"box","text":"insurance policies on a weekly basis (or such other period as may be determined to be appropriate). Disclosure of such characteristics of","page_number":152,"box":{"x":94,"y":832,"width":784,"height":9}},{"id":"c54d78b6-816f-4940-9223-6d99be0df2ab","block_type":"box","text":"these two funds constitutes a disclosure of Confidential Information and is being made for reasons deemed appropriate by BlackRock and in","page_number":152,"box":{"x":93,"y":842,"width":803,"height":9}},{"id":"b3d150a3-8899-4f3e-8b8b-7dbd86fcc1a5","block_type":"box","text":"accordance with the requirements set forth in these guidelines. If Portfolio Characteristics are disclosed to one party, they must also be","page_number":152,"box":{"x":93,"y":852,"width":778,"height":9}},{"id":"d3365b35-23b3-4497-b7fb-2e3eb0e79691","block_type":"box","text":"disclosed to all other parties requesting the same information.","page_number":152,"box":{"x":93,"y":862,"width":357,"height":9}},{"id":"7d993cf9-56c4-47df-b4a2-713eaae65bb4","block_type":"box","text":"2","page_number":152,"box":{"x":69,"y":875,"width":3,"height":3}},{"id":"3cbb48c5-1f21-4a8f-836f-1037f88dcf0b","block_type":"box","text":"Strategic Income Opportunities Exception:","page_number":152,"box":{"x":93,"y":875,"width":249,"height":9}},{"id":"ff4c434a-9fe9-4f6c-aab9-4e53aeadf120","block_type":"box","text":"Information on certain Portfolio Characteristics of BlackRock Strategic Income Opportunities","page_number":152,"box":{"x":348,"y":875,"width":525,"height":9}},{"id":"4e5b441a-f01d-4401-a50f-7b2292194c31","block_type":"box","text":"Portfolio of BlackRock Funds V may be made available to shareholders, prospective shareholders, intermediaries, consultants and third party","page_number":152,"box":{"x":94,"y":885,"width":806,"height":9}},{"id":"db94bda2-b1bb-4009-8c8f-9ade0be2726b","block_type":"box","text":"data providers, upon request on a more frequent basis as may be deemed appropriate by BlackRock from time-to-time. If Portfolio","page_number":152,"box":{"x":93,"y":895,"width":741,"height":9}},{"id":"45cbc6d8-1435-412a-bc80-35bb4fd219fe","block_type":"box","text":"Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information.","page_number":152,"box":{"x":93,"y":905,"width":709,"height":9}},{"id":"92f3c6fc-a7c0-44bc-882b-fbfc7a18cca6","block_type":"box","text":"II-83","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9017a8bc-aea9-4515-98da-536b42b05a24","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c549d1e9-a90f-4d25-85fa-f94e2af86807","block_type":"box","text":"Open-End Mutual Funds and ETFs (Excluding Money Market Mutual Funds and MM ETFs)","page_number":153,"box":{"x":163,"y":45,"width":651,"height":11}},{"id":"88726301-7e12-44c8-a59a-c6d0d2ca0129","block_type":"box","text":"Time Periods for Portfolio Characteristics: Liquidity Metrics","page_number":153,"box":{"x":350,"y":60,"width":434,"height":11}},{"id":"510c98f3-1355-4841-aba2-89279774d773","block_type":"box","text":"Prior to 60 Calendar Days After Calendar","page_number":153,"box":{"x":246,"y":82,"width":297,"height":12}},{"id":"639fb6b4-f671-4526-a3fc-7d52ebc49172","block_type":"box","text":"Quarter-End","page_number":153,"box":{"x":351,"y":98,"width":85,"height":10}},{"id":"b5295062-563a-496f-8193-1dff1f3f260d","block_type":"box","text":"60 Calendar Days After Calendar Quarter","page_number":153,"box":{"x":589,"y":82,"width":303,"height":12}},{"id":"8090c401-581a-47de-9894-02ace4f87b28","block_type":"box","text":"End","page_number":153,"box":{"x":728,"y":98,"width":25,"height":9}},{"id":"b2254208-7dd0-4f08-8015-494450c522a2","block_type":"box","text":"Portfolio","page_number":153,"box":{"x":75,"y":120,"width":61,"height":9}},{"id":"19bf1710-ad9f-4449-abb3-e2f542204810","block_type":"box","text":"Characteristics —","page_number":153,"box":{"x":74,"y":135,"width":133,"height":9}},{"id":"56c70545-c4b7-4039-ac6f-334ba08438dd","block_type":"box","text":"Liquidity Metrics","page_number":153,"box":{"x":75,"y":151,"width":121,"height":11}},{"id":"fbf0b666-34d8-4800-a1be-c69ed2f61c8d","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":153,"box":{"x":231,"y":120,"width":297,"height":9}},{"id":"5b145406-10e9-4305-abc7-9370209dc42f","block_type":"box","text":"confidentiality agreement and Chief","page_number":153,"box":{"x":231,"y":135,"width":252,"height":12}},{"id":"3aa57a62-2105-4bc4-a6d4-b88eeac3d4ac","block_type":"box","text":"Compliance Officer (“CCO”) approval.","page_number":153,"box":{"x":231,"y":150,"width":265,"height":11}},{"id":"0a68edc9-c535-494e-8710-c2bfdd0496c5","block_type":"box","text":"May disclose to shareholders, prospective","page_number":153,"box":{"x":578,"y":120,"width":300,"height":11}},{"id":"dba103c3-3509-4fd9-92d5-46a6f8c527c2","block_type":"box","text":"shareholders, intermediaries and","page_number":153,"box":{"x":578,"y":136,"width":235,"height":10}},{"id":"ec21e63e-5575-40b4-920e-dab3c8c1367d","block_type":"box","text":"consultants; provided portfolio management","page_number":153,"box":{"x":577,"y":150,"width":316,"height":12}},{"id":"80fdce7a-9f09-4e33-ab8a-b5e11a44c895","block_type":"box","text":"has approved. If Liquidity Metrics are","page_number":153,"box":{"x":578,"y":166,"width":263,"height":11}},{"id":"3f317282-76d5-4bfa-8c39-40557dd09b77","block_type":"box","text":"disclosed to one party, they must also be","page_number":153,"box":{"x":578,"y":181,"width":294,"height":11}},{"id":"c4b6a9df-5bb9-4025-af0e-e146fe62fc9f","block_type":"box","text":"disclosed to all other parties requesting the","page_number":153,"box":{"x":578,"y":196,"width":312,"height":11}},{"id":"4fd62043-3166-4ba4-b93d-f9a16ec6db19","block_type":"box","text":"same information.","page_number":153,"box":{"x":578,"y":211,"width":128,"height":9}},{"id":"c038cf6d-8e0e-400b-a6f7-a28a0d8f7c03","block_type":"box","text":"Money Market Mutual Funds and ETFs","page_number":153,"box":{"x":337,"y":252,"width":280,"height":11}},{"id":"722a635b-5f4c-4fb9-b5c3-5ff05f1adfe9","block_type":"box","text":"3,4,5","page_number":153,"box":{"x":623,"y":252,"width":19,"height":6}},{"id":"81c53b3d-a6b5-4296-b76a-ccd8cff48647","block_type":"box","text":"Money Market ETFs will comply with the disclosure requirements under both the Money Market (Rule 2a-7) Policy and","page_number":153,"box":{"x":75,"y":267,"width":834,"height":11}},{"id":"b78e1764-d672-4960-bc1d-455e8be307b9","block_type":"box","text":"the ETF Rule (Rule 6c-11) Policy.","page_number":153,"box":{"x":74,"y":282,"width":229,"height":11}},{"id":"0b7cb067-990b-43c6-b185-d7e8267e6aed","block_type":"box","text":"Time Periods","page_number":153,"box":{"x":520,"y":297,"width":94,"height":9}},{"id":"2ad4c0d2-7888-4977-8234-4886aadb34b0","block_type":"box","text":"Prior to 5 Calendar Days After Month-End 5 Calendar Days After Month-End to Date of","page_number":153,"box":{"x":244,"y":320,"width":657,"height":11}},{"id":"49520d6e-7ee7-44bd-9606-eb00393ca9ad","block_type":"box","text":"Public Filing","page_number":153,"box":{"x":697,"y":335,"width":88,"height":11}},{"id":"06b27a07-b2ef-49d7-bbb9-71c6aa80810a","block_type":"box","text":"Portfolio","page_number":153,"box":{"x":75,"y":358,"width":61,"height":9}},{"id":"55760f6d-c86c-4e25-83c0-55c8fae80d95","block_type":"box","text":"Holdings","page_number":153,"box":{"x":75,"y":373,"width":61,"height":11}},{"id":"cf4ea653-8c55-468d-84b7-29ccc0e163e8","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":153,"box":{"x":231,"y":358,"width":297,"height":9}},{"id":"85dc3914-dbac-411d-8712-c7f1f81e2e2e","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":153,"box":{"x":231,"y":373,"width":310,"height":11}},{"id":"ff35fe32-daf9-441e-a0b1-764be0c336ba","block_type":"box","text":"except the following Portfolio Holdings","page_number":153,"box":{"x":231,"y":388,"width":271,"height":11}},{"id":"b52ba984-9a94-4d17-8567-6298eecaa517","block_type":"box","text":"information is required to be released on the","page_number":153,"box":{"x":232,"y":403,"width":318,"height":11}},{"id":"13403a22-973d-4789-b030-1f36eed5c1c5","block_type":"box","text":"website pursuant to Rule 2a-7 on a monthly","page_number":153,"box":{"x":231,"y":418,"width":311,"height":11}},{"id":"f8b5096e-f059-44ff-b35b-71cbf4c27e62","block_type":"box","text":"basis: name of issuer, category of","page_number":153,"box":{"x":231,"y":433,"width":244,"height":12}},{"id":"6cfce9ef-efe1-4ca0-a111-c8524908864e","block_type":"box","text":"investment, CUSIP, principal amount, maturity","page_number":153,"box":{"x":232,"y":449,"width":325,"height":11}},{"id":"ae87b67c-59d0-42d0-9352-da9a2816ce8b","block_type":"box","text":"dates, yields and value.BlackRock will","page_number":153,"box":{"x":231,"y":464,"width":268,"height":11}},{"id":"f42cee7b-b1ed-4a6f-9a28-06f486c40d40","block_type":"box","text":"release this information on the following","page_number":153,"box":{"x":232,"y":479,"width":286,"height":11}},{"id":"1e7b4d29-f6b6-4648-803d-1e4a9c574bb4","block_type":"box","text":"timelines or on a more frequent timeline than","page_number":153,"box":{"x":231,"y":494,"width":323,"height":11}},{"id":"5311813c-bcec-4115-b0cf-8779ad349f7b","block_type":"box","text":"required under Rule 2a-7:","page_number":153,"box":{"x":232,"y":509,"width":179,"height":11}},{"id":"e177f78b-1523-40b2-800e-ceae59fb13c4","block_type":"box","text":"•","page_number":153,"box":{"x":234,"y":527,"width":4,"height":3}},{"id":"7e1bd9e6-8e0a-42e8-a540-1dec1ca47b6b","block_type":"box","text":"Government MMFs: Daily portfolio holdings","page_number":153,"box":{"x":241,"y":524,"width":306,"height":11}},{"id":"a30cbd7e-3ddd-4d21-9636-b0b2c15bd872","block_type":"box","text":"are released on the website on a one","page_number":153,"box":{"x":241,"y":539,"width":266,"height":9}},{"id":"9a87e44c-9c46-43f1-ae35-f57a3cea0c7a","block_type":"box","text":"business day lag.","page_number":153,"box":{"x":241,"y":554,"width":122,"height":12}},{"id":"6911d50f-7776-47d8-b096-6601b090bc98","block_type":"box","text":"•","page_number":153,"box":{"x":234,"y":572,"width":4,"height":4}},{"id":"8209cda5-a230-46d3-8bf2-49f7c21f2664","block_type":"box","text":"Money Market ETFs (prime and","page_number":153,"box":{"x":242,"y":570,"width":218,"height":11}},{"id":"a814452e-8110-4308-b13c-501d1ecb83e2","block_type":"box","text":"government): Daily portfolio holdings","page_number":153,"box":{"x":240,"y":584,"width":261,"height":12}},{"id":"fc04d764-2f95-423c-ad3c-18a7b9dfdc62","block_type":"box","text":"information released on a daily basis","page_number":153,"box":{"x":242,"y":600,"width":262,"height":11}},{"id":"916ceb87-7b88-4afc-a915-edc0dda5cf02","block_type":"box","text":"pursuant to ETF rule requirements.","page_number":153,"box":{"x":242,"y":615,"width":245,"height":11}},{"id":"871475ef-6492-4fe1-a711-709357704831","block_type":"box","text":"•","page_number":153,"box":{"x":234,"y":633,"width":4,"height":3}},{"id":"9c04e83f-2b8a-409e-b84d-0f658631e522","block_type":"box","text":"Certain Money Market Mutual Funds and","page_number":153,"box":{"x":241,"y":630,"width":289,"height":11}},{"id":"4dfe23fe-e22a-4d72-8c95-c765b60e661f","block_type":"box","text":"Money Market ETFs: Weekly schedule of","page_number":153,"box":{"x":242,"y":645,"width":285,"height":11}},{"id":"62c5f434-0c3c-49dc-a3ed-a40e017bcd51","block_type":"box","text":"investments (PDF) is posted to the website","page_number":153,"box":{"x":242,"y":660,"width":304,"height":11}},{"id":"8d81c3bf-6e41-4877-9f7f-71554a2a7c54","block_type":"box","text":"at least one business day after week-end.","page_number":153,"box":{"x":241,"y":675,"width":296,"height":11}},{"id":"cea204aa-5df5-44a9-ae9a-dd932e507859","block_type":"box","text":"(The Cash business identifies those Funds.)","page_number":153,"box":{"x":241,"y":690,"width":312,"height":11}},{"id":"090e5293-ea21-4758-b021-f0cd2ea8b0a2","block_type":"box","text":"May disclose to shareholders, prospective","page_number":153,"box":{"x":578,"y":358,"width":300,"height":11}},{"id":"79506013-5459-49e7-9d57-0415004ba917","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":153,"box":{"x":578,"y":373,"width":297,"height":10}},{"id":"67731f52-b1dc-4c36-927d-8425ca1c50a0","block_type":"box","text":"and third party data providers. If Portfolio","page_number":153,"box":{"x":578,"y":388,"width":294,"height":11}},{"id":"0444f500-dbff-45b1-b8f3-fe81632b0c81","block_type":"box","text":"Holdings are disclosed to one party, they","page_number":153,"box":{"x":578,"y":403,"width":291,"height":11}},{"id":"775909fc-32df-489f-9b51-6173f01d5a01","block_type":"box","text":"must also be disclosed to all other parties","page_number":153,"box":{"x":578,"y":418,"width":302,"height":11}},{"id":"48d780b9-f13c-4f10-9cee-ca449fea73e1","block_type":"box","text":"requesting the same information.","page_number":153,"box":{"x":578,"y":433,"width":236,"height":12}},{"id":"068f9b33-96fa-4b98-84e7-c3e13ed5c26c","block_type":"box","text":"II-84","page_number":153,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"670ea06e-242a-40e5-9d68-a82c9d61342a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72d1c7a3-877e-4dce-8b54-1adb447be90e","block_type":"box","text":"Portfolio","page_number":154,"box":{"x":75,"y":49,"width":61,"height":9}},{"id":"a7cb17ea-3cb0-4ba7-a74f-764cf883c9d9","block_type":"box","text":"Characteristics","page_number":154,"box":{"x":74,"y":64,"width":111,"height":9}},{"id":"13892a2f-ce8b-4c12-ab50-00b525513fb0","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":154,"box":{"x":231,"y":49,"width":297,"height":9}},{"id":"6a5770de-1769-4a28-afea-8973547fc2b4","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":154,"box":{"x":231,"y":64,"width":310,"height":11}},{"id":"86868ec7-47de-470a-8594-1861e46ed883","block_type":"box","text":"except the following information is:","page_number":154,"box":{"x":231,"y":79,"width":247,"height":12}},{"id":"844ea14b-8a8d-410b-8a01-06f1c845efba","block_type":"box","text":"(i) required to be released on the Fund’s","page_number":154,"box":{"x":231,"y":95,"width":287,"height":10}},{"id":"f2447c83-fbf2-4f2c-8327-b890e478ddb0","block_type":"box","text":"website daily (","page_number":154,"box":{"x":231,"y":110,"width":100,"height":11}},{"id":"da0797fe-560a-44a6-b69b-b9e873bda452","block_type":"box","text":"i.e.","page_number":154,"box":{"x":334,"y":110,"width":20,"height":9}},{"id":"e7eb1d22-adfe-4460-b97a-d39f73016180","block_type":"box","text":", each Business Day as of","page_number":154,"box":{"x":356,"y":109,"width":186,"height":12}},{"id":"c109d88c-1b17-4587-9b5d-c079db30b24f","block_type":"box","text":"the end of the preceding Business Day):","page_number":154,"box":{"x":231,"y":125,"width":285,"height":11}},{"id":"884e02a7-ac27-4acb-84a2-ad2b003fb5cf","block_type":"box","text":"•","page_number":154,"box":{"x":234,"y":143,"width":4,"height":3}},{"id":"1511ea94-d56d-47f3-b578-ce7242ba5a6a","block_type":"box","text":"Historical NAVs calculated based on market","page_number":154,"box":{"x":242,"y":140,"width":309,"height":9}},{"id":"d84adb51-9197-42fc-81df-293721947017","block_type":"box","text":"factors (","page_number":154,"box":{"x":240,"y":155,"width":58,"height":11}},{"id":"6c047eed-d057-49f5-a25e-8993a32f6c20","block_type":"box","text":"e.g.","page_number":154,"box":{"x":300,"y":156,"width":25,"height":10}},{"id":"44d4d5d2-9301-4d56-9b1e-7194d84bcf47","block_type":"box","text":", marked to market).","page_number":154,"box":{"x":328,"y":155,"width":143,"height":11}},{"id":"86cfbeba-b32f-4597-a156-dcd943ace301","block_type":"box","text":"•","page_number":154,"box":{"x":234,"y":173,"width":4,"height":3}},{"id":"6cf572df-845c-4f01-9b24-68f7b63f377b","block_type":"box","text":"Percentage of fund assets invested in daily","page_number":154,"box":{"x":241,"y":170,"width":307,"height":11}},{"id":"151f43c5-2451-4f98-bf47-5d41425ca569","block_type":"box","text":"and weekly liquid assets (as defined under","page_number":154,"box":{"x":241,"y":185,"width":304,"height":11}},{"id":"96ac87af-7c47-4a61-be85-d249ce913c53","block_type":"box","text":"Rule 2a-7).","page_number":154,"box":{"x":242,"y":200,"width":75,"height":11}},{"id":"b5b19ef4-d6da-4128-adfe-41b52915313b","block_type":"box","text":"•","page_number":154,"box":{"x":234,"y":218,"width":4,"height":4}},{"id":"c7ceda69-d909-428f-9a8d-f6d013049d8c","block_type":"box","text":"Daily net flow information (inflows less","page_number":154,"box":{"x":242,"y":215,"width":273,"height":11}},{"id":"ab1cb4c4-f0dd-4e30-8522-cebe1e6e4a0b","block_type":"box","text":"outflows).","page_number":154,"box":{"x":241,"y":230,"width":67,"height":11}},{"id":"f02d90b1-d64c-40b1-b600-a2759a741c6b","block_type":"box","text":"•","page_number":154,"box":{"x":234,"y":249,"width":4,"height":3}},{"id":"47019407-3308-4510-9376-5218019056fa","block_type":"box","text":"Other information as may be required by","page_number":154,"box":{"x":241,"y":246,"width":287,"height":11}},{"id":"293570a3-146d-4dbd-a8b0-274415bdc106","block_type":"box","text":"Rule 2a-7.","page_number":154,"box":{"x":242,"y":261,"width":70,"height":9}},{"id":"77ea3edc-46d1-4b4c-877e-a5291c42274b","block_type":"box","text":"(ii) voluntarily released on the Fund’s","page_number":154,"box":{"x":241,"y":276,"width":262,"height":11}},{"id":"d1a847eb-6ddc-47cd-a98c-bd363009bc60","block_type":"box","text":"website daily (","page_number":154,"box":{"x":240,"y":291,"width":101,"height":11}},{"id":"551ad0fb-3b40-4488-b5f1-070696139d8a","block_type":"box","text":"i.e.","page_number":154,"box":{"x":343,"y":291,"width":20,"height":9}},{"id":"4287f123-e7b4-4901-acc9-1cd2d4b427fc","block_type":"box","text":", each Business Day as of","page_number":154,"box":{"x":366,"y":291,"width":186,"height":11}},{"id":"e7ab95eb-65dd-47c2-b8e1-fa3cb86b78a0","block_type":"box","text":"the end of the preceding Business Day):","page_number":154,"box":{"x":240,"y":306,"width":285,"height":11}},{"id":"e9a814a3-cace-4484-a0a0-a74d1528dfa5","block_type":"box","text":"•","page_number":154,"box":{"x":234,"y":324,"width":4,"height":3}},{"id":"e4d85633-c687-49c4-9ac5-353bc66a2f3f","block_type":"box","text":"Fund SEC yields, WAM (required monthly),","page_number":154,"box":{"x":242,"y":321,"width":295,"height":11}},{"id":"f0294085-0bb7-47d3-ac68-67f8ddc9df58","block_type":"box","text":"WAL (required monthly), fund size and share","page_number":154,"box":{"x":240,"y":336,"width":314,"height":11}},{"id":"79e39044-88bd-4755-a853-ea7bdac95f5b","block_type":"box","text":"class size.","page_number":154,"box":{"x":241,"y":352,"width":73,"height":8}},{"id":"95031b4a-354c-44b0-886a-22551e93817b","block_type":"box","text":"May disclose to shareholders, prospective","page_number":154,"box":{"x":578,"y":49,"width":300,"height":11}},{"id":"f0208059-118b-4a6d-8843-b2bfc2fa7cb4","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":154,"box":{"x":578,"y":64,"width":297,"height":11}},{"id":"3354a8b9-b2d4-4e27-a7f8-58c09eecadd3","block_type":"box","text":"and third party data providers. If Portfolio","page_number":154,"box":{"x":578,"y":79,"width":294,"height":11}},{"id":"75c7ec67-415b-4d07-ac15-74db592332fa","block_type":"box","text":"Characteristics are disclosed to one party,","page_number":154,"box":{"x":578,"y":95,"width":300,"height":11}},{"id":"0d98c045-6885-4303-8397-fc29fec1acc1","block_type":"box","text":"they must also be disclosed to all other","page_number":154,"box":{"x":577,"y":110,"width":283,"height":11}},{"id":"add04789-68e6-47a9-8f6a-5835dc87ea8a","block_type":"box","text":"parties requesting the same information.","page_number":154,"box":{"x":578,"y":125,"width":291,"height":11}},{"id":"803d556c-3afc-4dd4-a6c2-4b7abba58e98","block_type":"box","text":"3","page_number":154,"box":{"x":69,"y":369,"width":3,"height":4}},{"id":"4eea86f0-415c-4142-8c1f-11eeae98683f","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":154,"box":{"x":77,"y":369,"width":200,"height":9}},{"id":"f2241a28-7663-438f-b137-d325d23ee3c8","block_type":"box","text":". Fund’s holdings may be disclosed in accordance with the frequency for money market funds.","page_number":154,"box":{"x":278,"y":369,"width":534,"height":9}},{"id":"e4c535a4-9b53-4e50-8697-636ac614173c","block_type":"box","text":"4","page_number":154,"box":{"x":68,"y":384,"width":4,"height":4}},{"id":"54817ced-af7e-4a58-81b8-d11e83654a86","block_type":"box","text":"Circle Reserve Fund Exception","page_number":154,"box":{"x":76,"y":384,"width":179,"height":9}},{"id":"d80f41ee-9459-4c0e-9016-508cffa2fbf8","block_type":"box","text":": Information on portfolio holdings and certain portfolio characteristics of the Circle Reserve Fund may be made","page_number":154,"box":{"x":257,"y":384,"width":637,"height":9}},{"id":"57bd9eb6-9cbd-42b3-84f9-f1d530cc2bca","block_type":"box","text":"available to the shareholders of the Fund, upon request, on a more frequent basis as may be deemed appropriate by BlackRock from time-to-time.","page_number":154,"box":{"x":69,"y":397,"width":834,"height":9}},{"id":"41e346a1-8df9-44ac-842f-ff2f3836ef18","block_type":"box","text":"5","page_number":154,"box":{"x":69,"y":412,"width":3,"height":3}},{"id":"8d0edd35-aa9a-4f27-9cae-e85d69d0588b","block_type":"box","text":"Portfolio Holdings information is required to be disclosed daily on an ETF’s website under Rule 6c-11 under the 1940 Act. Specifically, on each","page_number":154,"box":{"x":77,"y":412,"width":814,"height":9}},{"id":"75c34076-3f1b-415d-99f5-302e9e43d554","block_type":"box","text":"Business Day, prior to the opening of regular trading on the ETF’s primary listing exchange, an ETF is required to disclose on its website Portfolio","page_number":154,"box":{"x":69,"y":424,"width":826,"height":9}},{"id":"696342c5-7293-4f49-86eb-1879ae917381","block_type":"box","text":"Holdings information as set forth in the ETF Rule Policy that will form the basis of the ETF’s next net asset value per share calculation.","page_number":154,"box":{"x":69,"y":437,"width":767,"height":9}},{"id":"27a16d1a-5b96-4b06-9060-2b4fadf4c032","block_type":"box","text":"Guidelines for Confidential and Non-Material Information.","page_number":154,"box":{"x":102,"y":460,"width":404,"height":9}},{"id":"681196d4-36c2-4c60-a0ec-b7025c541476","block_type":"box","text":"Confidential Information may be disclosed to the","page_number":154,"box":{"x":512,"y":460,"width":346,"height":12}},{"id":"a58a956f-6555-4d86-a819-3a829ed80a45","block_type":"box","text":"Fund’s Board of Directors and its counsel, outside counsel for the Fund, the Fund’s auditors and to certain third-party","page_number":154,"box":{"x":70,"y":475,"width":839,"height":12}},{"id":"5c3c0941-83a5-48c5-8cc6-7a58382c065c","block_type":"box","text":"service providers (","page_number":154,"box":{"x":69,"y":491,"width":130,"height":11}},{"id":"78b16455-a56b-4273-a333-ebf334d16ccf","block_type":"box","text":"e.g.","page_number":154,"box":{"x":201,"y":492,"width":25,"height":10}},{"id":"aecc169b-f52c-4755-8e56-ea4ceb436838","block_type":"box","text":", Fund administrator, Fund custodian, proxy voting service), securities lending borrowers, and","page_number":154,"box":{"x":228,"y":491,"width":661,"height":11}},{"id":"73a9efe7-c5b4-478f-91d1-29dcc6de7da8","block_type":"box","text":"broker-dealers that are fund counterparties. Non-disclosure or confidentiality agreements will be in place with such","page_number":154,"box":{"x":69,"y":506,"width":816,"height":11}},{"id":"f91f2d78-eb04-4692-9ed1-fb8cc2539231","block_type":"box","text":"service providers, borrowers, and broker-dealers. With respect to Confidential Information, the Fund’s CCO or his or","page_number":154,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"0e9cfb56-2b58-4e9d-a0e8-74a0390d9824","block_type":"box","text":"her designee may authorize the following, subject in the case of (ii) and (iii) to a confidentiality or non-disclosure","page_number":154,"box":{"x":69,"y":536,"width":797,"height":11}},{"id":"82d747b0-9372-48ea-a7db-4ffd13f22485","block_type":"box","text":"arrangement:","page_number":154,"box":{"x":69,"y":552,"width":93,"height":10}},{"id":"a9b4cb9f-4128-436a-90c5-073aae3028b2","block_type":"box","text":"(i) the preparation and posting of the Fund’s Portfolio Holdings and/or Portfolio Characteristics to its website","page_number":154,"box":{"x":102,"y":571,"width":787,"height":12}},{"id":"e222a667-4812-4bbe-8fc5-428873a01d44","block_type":"box","text":"on a more frequent basis than authorized above;","page_number":154,"box":{"x":131,"y":586,"width":346,"height":11}},{"id":"3c2ef8a9-79b7-4ac8-ab0b-d7387a4ab94b","block_type":"box","text":"(ii) the disclosure of the Fund’s Portfolio Holdings to third-party service providers not noted above; and","page_number":154,"box":{"x":102,"y":606,"width":738,"height":12}},{"id":"4ae09f0e-507b-404d-af6b-da8845c8555e","block_type":"box","text":"(iii) the disclosure of the Fund’s Portfolio Holdings and/or Portfolio Characteristics to other parties for legitimate","page_number":154,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"89c9d9fd-86d4-4454-aabd-7fb1e6bda651","block_type":"box","text":"business purposes.","page_number":154,"box":{"x":131,"y":642,"width":138,"height":11}},{"id":"30efdc62-3f18-4824-897d-efa4d305eb77","block_type":"box","text":"Fact Sheets and Repor ts","page_number":154,"box":{"x":102,"y":665,"width":177,"height":10}},{"id":"fb39b609-1393-473f-9e59-519c8882eaca","block_type":"box","text":"•","page_number":154,"box":{"x":102,"y":688,"width":6,"height":4}},{"id":"8005d138-d7e4-4e3e-bd19-f6273836aa24","block_type":"box","text":"Fund Fact Sheets are available to shareholders, prospective shareholders, intermediaries and consultants","page_number":154,"box":{"x":135,"y":685,"width":756,"height":11}},{"id":"6e37951c-9769-43dd-9718-1436165637ee","block_type":"box","text":"on a monthly or quarterly basis no earlier than the fifth calendar day after the end of a month or quarter.","page_number":154,"box":{"x":134,"y":700,"width":744,"height":11}},{"id":"47b6600a-486a-4941-b4f4-9e8ce8241144","block_type":"box","text":"Other Information.","page_number":154,"box":{"x":102,"y":722,"width":128,"height":9}},{"id":"c03ae6ce-19e8-4d95-9d79-a4bdd976c486","block_type":"box","text":"The Policy shall also apply to other Confidential Information of a Fund such as performance","page_number":154,"box":{"x":236,"y":722,"width":651,"height":12}},{"id":"b43de8ed-5f8d-4696-a2ae-be695534ac5f","block_type":"box","text":"attribution analyses or security-specific information (","page_number":154,"box":{"x":69,"y":738,"width":372,"height":11}},{"id":"706249c9-a0e2-4cd5-9a75-9976f7e60544","block_type":"box","text":"e.g.","page_number":154,"box":{"x":442,"y":739,"width":25,"height":10}},{"id":"416a77dc-db45-4afd-9130-715e65bc4b0e","block_type":"box","text":", information about Fund holdings where an issuer has been","page_number":154,"box":{"x":470,"y":738,"width":427,"height":11}},{"id":"696ba233-4ac9-4cf0-bfa3-9dbb3c884681","block_type":"box","text":"downgraded, been acquired or declared bankruptcy).","page_number":154,"box":{"x":69,"y":753,"width":372,"height":11}},{"id":"9011b999-a71c-4cc8-a05b-3579c967bff9","block_type":"box","text":"Data on NAVs, asset levels (by total Fund and share class), accruals, yields, capital gains, dividends and fund","page_number":154,"box":{"x":102,"y":775,"width":781,"height":12}},{"id":"0033c669-2894-41d7-b749-190808469a03","block_type":"box","text":"returns (net of fees by share class) are generally available to shareholders, prospective shareholders, consultants,","page_number":154,"box":{"x":69,"y":790,"width":818,"height":12}},{"id":"7ea9b61f-9852-4fd0-9091-7e1a63aa7383","block_type":"box","text":"and third-party data providers upon request, as soon as such data is available.","page_number":154,"box":{"x":69,"y":806,"width":562,"height":11}},{"id":"ebc59b64-a8d5-4e1d-a521-f9979e1c97d4","block_type":"box","text":"Contact Information.","page_number":154,"box":{"x":102,"y":828,"width":144,"height":9}},{"id":"8822e619-d4c7-48d9-8ad5-5fb76b825dd0","block_type":"box","text":"For information about portfolio holdings and characteristics, BlackRock fund shareholders","page_number":154,"box":{"x":253,"y":828,"width":639,"height":12}},{"id":"1dfc2a45-57fe-4955-a2fc-7e0355b8946e","block_type":"box","text":"and prospective investors should call the number set out on the back cover of the Prospectus.","page_number":154,"box":{"x":69,"y":843,"width":672,"height":11}},{"id":"7da877eb-5384-4a5c-b149-627066a2f651","block_type":"box","text":"Compensation.","page_number":154,"box":{"x":102,"y":866,"width":105,"height":11}},{"id":"935a3b01-755e-472b-b8aa-ad41dbb7694f","block_type":"box","text":"Neither a Fund, a service provider nor any of their affiliated persons (as that term is defined in","page_number":154,"box":{"x":215,"y":866,"width":672,"height":11}},{"id":"ebf11f86-16bb-415b-8352-dac904bd962a","block_type":"box","text":"the Investment Company Act) shall receive compensation in any form in connection with the disclosure of information","page_number":154,"box":{"x":68,"y":881,"width":837,"height":11}},{"id":"c8dcfedd-2d17-4dbf-96ad-4b139fbb6c76","block_type":"box","text":"about such Fund’s Portfolio Holdings or Portfolio Characteristics.","page_number":154,"box":{"x":69,"y":896,"width":461,"height":12}},{"id":"051f08dd-f625-46c1-95cf-87c5e9f6e396","block_type":"box","text":"II-85","page_number":154,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"beece22b-872e-4dab-960e-04df7d26e2e6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6a0b55a-41b9-489f-a30a-45f7f3b50a99","block_type":"box","text":"Ongoing Arrangements.","page_number":155,"box":{"x":102,"y":45,"width":164,"height":11}},{"id":"d7aaf79f-1582-498e-a53f-caaf00910edf","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective disclosure of","page_number":155,"box":{"x":272,"y":45,"width":605,"height":11}},{"id":"4378b351-24f3-49cf-9f12-8216a41fccd3","block_type":"box","text":"Fund Portfolio Holdings to the following persons or entities:","page_number":155,"box":{"x":70,"y":60,"width":420,"height":11}},{"id":"8a0bb5a6-309f-46d3-b034-300392ede276","block_type":"box","text":"1. Fund’s Board of Directors and, if necessary, independent Directors’ counsel and Fund counsel.","page_number":155,"box":{"x":70,"y":80,"width":707,"height":11}},{"id":"8996a4aa-99c7-458e-a608-bdd82d2c89dd","block_type":"box","text":"2. Fund’s Transfer Agent.","page_number":155,"box":{"x":69,"y":100,"width":190,"height":11}},{"id":"7f7480c0-f827-4ce2-acf6-48386093b6ec","block_type":"box","text":"3. Fund’s Custodian.","page_number":155,"box":{"x":69,"y":120,"width":160,"height":9}},{"id":"c1ec8f16-2068-4931-9126-2ad546a96203","block_type":"box","text":"4. Fund’s Administrator, if applicable.","page_number":155,"box":{"x":69,"y":140,"width":278,"height":11}},{"id":"3efde9ee-bc25-47e3-9a8e-e54528e12f6a","block_type":"box","text":"5. Fund’s independent registered public accounting firm.","page_number":155,"box":{"x":69,"y":161,"width":414,"height":11}},{"id":"5554a1b2-0d2d-4e19-9404-0ec58955b910","block_type":"box","text":"6. Fund’s accounting services provider.","page_number":155,"box":{"x":69,"y":181,"width":291,"height":11}},{"id":"e05bf283-8a93-4872-865f-c4c94a682f3a","block_type":"box","text":"7. Independent rating agencies — Lipper Inc., Moody’s, Fitch.","page_number":155,"box":{"x":69,"y":201,"width":451,"height":11}},{"id":"ec65e18c-0eb4-454d-906d-6a1fbb5e7b6e","block_type":"box","text":"8. Information aggregators — S&P Global, Bloomberg, eVestments Alliance and Informa/PSN Investment Solutions.","page_number":155,"box":{"x":69,"y":221,"width":837,"height":11}},{"id":"f558e7d4-fc36-49f2-99ec-d29bad034491","block_type":"box","text":"9. Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":155,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"d762f8d0-0cf2-4b1d-94b9-ba009cb9a367","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":155,"box":{"x":102,"y":256,"width":690,"height":12}},{"id":"5ddf7dea-6615-4a20-8b59-fbaeb8f9542f","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":155,"box":{"x":70,"y":277,"width":573,"height":11}},{"id":"fdefcce1-78a7-4b97-b591-3a4a2f22922d","block_type":"box","text":"11. Third-party feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":155,"box":{"x":70,"y":297,"width":827,"height":11}},{"id":"ef979402-203a-448a-8472-7646d5608611","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":155,"box":{"x":102,"y":312,"width":741,"height":11}},{"id":"114e5c19-a1e1-4a79-8e15-af9a9c2dd131","block_type":"box","text":"providers.","page_number":155,"box":{"x":102,"y":327,"width":68,"height":11}},{"id":"5377649c-cb08-4490-9b23-52a98fd47fda","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":155,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"dd0d1729-7c6e-4bf4-a91e-49daea0eadad","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":155,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"b7894803-7f26-466f-b907-85bd03f121cc","block_type":"box","text":"13. Other — Investment Company Institute, Goldman Sachs Asset Management, L.P., Mizuho Asset Management","page_number":155,"box":{"x":70,"y":382,"width":812,"height":12}},{"id":"b66f73c7-76c0-404b-b5e0-ea7fc6abcdf1","block_type":"box","text":"Co., Ltd., Nationwide Fund Advisors, State Street Bank and Trust Company, Donnelley Financial Solutions, Inc.","page_number":155,"box":{"x":102,"y":398,"width":783,"height":11}},{"id":"f37c0586-7696-4f39-a35f-eaabbc4abd1e","block_type":"box","text":"and Silicon Valley Bank.","page_number":155,"box":{"x":102,"y":413,"width":167,"height":11}},{"id":"415c9c89-b95c-44ea-b54c-8936990412a2","block_type":"box","text":"With respect to each such arrangement, a Fund has a legitimate business purpose for the release of","page_number":155,"box":{"x":101,"y":435,"width":720,"height":11}},{"id":"5af0859d-cd3c-4c89-9c54-1c0c85aeeed5","block_type":"box","text":"information. The release of the information is subject to confidential treatment to prohibit the entity from sharing with","page_number":155,"box":{"x":70,"y":450,"width":836,"height":12}},{"id":"96e9f106-79c4-4d91-b42d-ff73bf3848d1","block_type":"box","text":"an unauthorized source or trading upon the information provided. The Funds, BlackRock and their affiliates do not","page_number":155,"box":{"x":69,"y":465,"width":811,"height":12}},{"id":"6c7af9c6-c133-42c7-80a3-c7966cbff120","block_type":"box","text":"receive any compensation or other consideration in connection with such arrangements.","page_number":155,"box":{"x":69,"y":481,"width":626,"height":11}},{"id":"2fe783a8-66b6-4543-b006-b16c2834073b","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":155,"box":{"x":101,"y":503,"width":728,"height":12}},{"id":"3d7468d1-7377-464e-bc81-621e6ec36f54","block_type":"box","text":"individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any applicable","page_number":155,"box":{"x":70,"y":518,"width":781,"height":11}},{"id":"52febc28-856a-4f44-b291-ee783c9090f9","block_type":"box","text":"confidentiality agreement and/or the terms and conditions of the Fund’s and Manager’s Codes of Ethics — all of","page_number":155,"box":{"x":69,"y":533,"width":805,"height":12}},{"id":"b73fc88d-4709-4af4-8b82-586d4b94f604","block_type":"box","text":"which require persons or entities in possession of Confidential Information to keep such information confidential and","page_number":155,"box":{"x":68,"y":549,"width":834,"height":11}},{"id":"b9c14de9-56ba-4eba-8e14-207434f8a441","block_type":"box","text":"not to trade on such information for their own benefit — the Manager’s compliance personnel under the supervision","page_number":155,"box":{"x":69,"y":564,"width":828,"height":11}},{"id":"e2d54297-a853-4b35-9b00-60eac1066368","block_type":"box","text":"of the Fund’s CCO, monitor the Manager’s securities trading desks to determine whether individuals or firms who","page_number":155,"box":{"x":69,"y":579,"width":807,"height":11}},{"id":"b447b546-351b-4643-827c-3f634a2d957b","block_type":"box","text":"have received Confidential Information have made any trades on the basis of that information. In addition, the","page_number":155,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"b9b2e5da-3d8f-4c97-9474-ad5e0094b527","block_type":"box","text":"Manager maintains an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":155,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"e0eeb8d3-e1c4-431b-b273-7a4e9189ad11","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. There can","page_number":155,"box":{"x":69,"y":624,"width":833,"height":11}},{"id":"3b2258ad-0b69-47da-b077-7ec254ac8c39","block_type":"box","text":"be no assurance, however, that the Fund’s policies and procedures with respect to the selective disclosure of","page_number":155,"box":{"x":69,"y":639,"width":783,"height":11}},{"id":"678b4997-656a-41ac-96d1-a276ae9951db","block_type":"box","text":"Portfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.","page_number":155,"box":{"x":69,"y":654,"width":817,"height":12}},{"id":"bd9a23a8-7190-4a30-94c9-8e93100bea2f","block_type":"box","text":"Potential Conflicts of Interest","page_number":155,"box":{"x":69,"y":685,"width":216,"height":9}},{"id":"e486fa6c-359f-4227-b7e7-7ce310a2a4f8","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":155,"box":{"x":102,"y":707,"width":727,"height":11}},{"id":"5a945a46-9211-4f47-9dda-04b8ca89a5ea","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":155,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"c37c111d-340f-4bb9-814d-f3f7091da930","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":155,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"f551d606-882e-41c8-aba9-b04946e79bbd","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":155,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"9e888b58-36f5-44c0-9a2a-cf2a057128bc","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":155,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"679849ef-7ead-4fe3-8382-5e99097f611a","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":155,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"0cc15c16-8fbe-41e7-a09b-e08b68845378","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":155,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"9b095054-ac1c-48a7-bef5-bc6b5c437471","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":155,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"ba712f91-e430-40cd-a3ae-a49eed99a649","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":155,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"1f53c32b-a092-464c-baf5-0046d348d5c2","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":155,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"3eaab63b-57d1-4750-89d1-7d2026655bf3","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":155,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"bd8bacd4-a980-4e2d-b293-0f675118d723","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":155,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"daa06c0c-ec41-4ac8-9ae8-63e5405cd3a0","block_type":"box","text":"or sold by a Fund.","page_number":155,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"5b2d4b3f-f596-492d-b3f4-c99a1c924dee","block_type":"box","text":"II-86","page_number":155,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a914750-7f34-45cf-b74d-8fb6fa66e4b7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37294b2c-82b0-4f77-9fc6-d8a59099fb7b","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":156,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"a9902b74-7fa8-46ff-a1bc-2e72ade71940","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":156,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"1e8f495c-2033-4030-8063-a28b0d0782f5","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":156,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"422f9d0e-3dd5-45d3-af45-a3a01a85c27a","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":156,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"17a64257-4367-4504-b843-5045fc9ef73a","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":156,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"599e03a3-579e-43f2-8656-dde8ca8b56f9","block_type":"box","text":"services provided by BlackRock","page_number":156,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"4654019d-77b9-4db4-9798-44b97483aed3","block_type":"box","text":".","page_number":156,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"f207413c-f81e-4add-950f-5f9b101e5191","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed","page_number":156,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"50c31d44-ad5b-499c-8766-afc9b79187ee","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":156,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"f04359b1-b7c6-4a35-a484-df3deaf12692","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":156,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"3ed4c284-7009-4283-9dc9-3a74f3b43279","block_type":"box","text":"a Fund invests.","page_number":156,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"744adc33-5fad-4b1e-ac97-07aea794d30a","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":156,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"7b90bb18-5448-4342-ab7a-6a7bbb4395dc","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s performance. Such transactions, particularly in","page_number":156,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"17a6edf9-bb3d-4279-8b66-5cd3dd9ab72c","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":156,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"6030b781-6e89-4690-9f2a-f63fd373a220","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":156,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"8fff8c6d-fa01-4c1f-a1c2-9750c3916837","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an identical or","page_number":156,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"36603c4d-cf1e-4473-8a00-2983eaa97786","block_type":"box","text":"substantially similar manner as certain Funds are made publicly available on a more timely basis than the applicable","page_number":156,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"b88acfc3-283b-408d-9d75-c6232119409b","block_type":"box","text":"Fund. In some cases, such portfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":156,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"0528a382-29a8-4a79-8073-6246471dd708","block_type":"box","text":"possible that a recipient of portfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":156,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"ed480087-a7c0-46d3-b898-e6db1488685b","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":156,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"680cc70e-3bb6-48be-8ac9-1bf5bf1a2b94","block_type":"box","text":"based on the information received.","page_number":156,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"7f392812-79e7-4e67-b014-cb4aa8b32939","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":156,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"800622d4-54ca-4311-81cd-07dbde5068e1","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":156,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"148b4b61-4010-4ef6-88df-3ef916e45c4e","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":156,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"e46c416b-0ddb-4a35-a183-832df3127dfb","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":156,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"17dedc5d-4e24-4720-9c28-94a20dbded51","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, particularly, but","page_number":156,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"09e449bb-14d4-44f5-abed-326bda5eaaf0","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":156,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"cb1ef3d4-db6e-47f8-9cd9-ec8e5c2df7fc","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":156,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"d42dd991-d01a-45dc-8271-02b2a252cae9","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a portfolio","page_number":156,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"d7271edb-299f-4318-88fc-ed93150211e1","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":156,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"cb504c1c-908c-4739-913d-334596424e9c","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":156,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"dda48826-a651-479d-93df-1be2e00f99d8","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":156,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"4638d09b-af80-4ce8-8a2d-68d6722236dc","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in certain cases, elect to implement internal policies and","page_number":156,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"343ef2ac-531d-42d5-9c7e-9cf4e3f8c2af","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":156,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"a81d99f2-96d2-4efd-bda7-c6caa7e8fc0c","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":156,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"f1c59c8b-25b4-463d-bfbf-267ba3fbd81c","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":156,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"60deeab9-98e6-4832-b04d-9f7f42aa6909","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":156,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"d6976ef7-422b-47f8-951d-a95c8826c33e","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":156,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"9278abc4-af02-4e83-9d5b-9e3379d4d7f6","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":156,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"8e9c535e-3fd6-419c-9a3a-ee8a8786e32c","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":156,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"e673a989-1127-4b5d-aa7d-2ecc0447699d","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":156,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"7e3272ff-9e50-4e9a-a64f-1b427820e6c6","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":156,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"72bdd53d-f4b3-46ef-9922-11b88ad9b1b6","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":156,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"942a577d-4c27-4705-b30d-6cf7e5469b72","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":156,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"430ac451-7200-432e-9659-97eb2bd34e4c","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":156,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"703b7039-228b-441d-991a-4c2d864499fa","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":156,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"89e91908-ea13-4602-bd4d-296f43861707","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":156,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"84749e67-aed0-47dc-8cee-9bf0e0516b69","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":156,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"2bdb3960-de55-4fe9-922a-41723d09b6eb","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":156,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"e0406cc4-923f-4d23-86a6-f71fc94ba16f","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":156,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"9df56f33-eff3-4bff-8cf9-c6cccac71b00","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":156,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"0cb24e03-c5de-4f93-873c-bbaca1874c57","block_type":"box","text":"Funds.","page_number":156,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"8d925ab9-6b4c-4dfe-b3c4-1fec58a5d2c6","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":156,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"161a6967-14e5-4f63-b35b-ef490f486eff","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":156,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"66433408-44ef-418a-9630-32785e15a781","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":156,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"de60d992-3901-45a9-aa48-9851dc383c41","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":156,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"2a6ca445-4e27-48a2-b0e0-7c8311f9be54","block_type":"box","text":"II-87","page_number":156,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f50e97a-dd41-4ad5-9470-879a193a259a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4af239e-a9cc-4084-8d0d-d6bcd618c576","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":157,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"0646026b-baf8-4a81-913c-7be52b986176","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":157,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"f55352ea-b5a3-4af9-8612-1db2051da849","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":157,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"68b70bd5-60ac-408b-9d09-cad4f7cee73e","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":157,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"1a54dc90-496a-4fed-8e80-283cd210602b","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":157,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"fc0278bc-50f6-42b9-8abd-1e7d793e8e2f","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":157,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"0649f74b-657b-44f7-83b2-a27cd530717b","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":157,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"efa65fc6-5892-496d-b01e-cc2f80c0e00a","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":157,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"45f92d50-2c7c-4522-ba2d-9a937486c70d","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":157,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"590f34d3-75a8-456d-a1b4-755e4cd50e77","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":157,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"d786ef75-7731-45fe-82e9-fac08bd0b76a","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":157,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"455b81f5-41bd-41b5-8ed5-302e31a65d99","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":157,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"8e19ad5c-5b6e-412b-88a8-bddf2f927f59","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":157,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"eb8a1e12-ed7f-4b37-9a8e-bba353349108","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":157,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"09e71cac-1896-4b94-baf3-4d7ee0480fcc","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":157,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"d874546c-181f-4d2b-bc32-2cffca509c52","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":157,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"391827a3-e23a-469c-8b1d-05a198d8f55b","block_type":"box","text":"case.","page_number":157,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"f92f970c-5635-452b-8bd5-a70b65762bab","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":157,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"0aefdc9a-d71e-4b1e-806a-82d957490219","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":157,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"145de16c-b39f-49f1-bc73-4383f49631b1","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":157,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"4e04cf1c-2837-4c8e-9f1f-72c0bf405fa5","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":157,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"a722b198-ba13-46e8-8980-46afd24bd7dd","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":157,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"33835381-c2c8-4283-b1c6-cce4041357cd","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":157,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"2b45003e-17f8-41f1-aaaf-40d939556d14","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":157,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"51c11abf-e8ed-412b-9515-54d722bfd77f","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":157,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"0483d1cc-8a51-445c-a322-2433b67833ae","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":157,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"47b73b23-1074-497a-b173-a73d14c4da3b","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":157,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"b0bda5b3-6687-4133-84bb-ce2bb27e76ed","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":157,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"383cfe4f-9eaf-446c-9d36-5bbc2b72b8e9","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":157,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"4abdd725-a26c-4b94-8a6c-d7aa3e7734ea","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":157,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"4f5e23e0-8866-42f9-a725-8629d5c1e4af","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":157,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"a1802efa-0bfd-4e54-8c42-fc289d6b1d56","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":157,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"d699dd2f-e1e3-4c27-8fbc-700b399337eb","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":157,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"6d0b55d8-465c-4117-bfeb-14d5df67a6b2","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":157,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"29c41efa-51aa-4976-9ae8-f23d67607c93","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":157,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"335b8456-a02b-40e2-8942-288cc0501083","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":157,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"de6b4107-8544-4b42-8a80-1c9f332bfaa9","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":157,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"047c5326-7437-4201-8639-5cdb8954432a","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":157,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"bec1f5d9-d1b4-4b70-9d27-1f75b19a790f","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":157,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"72a3d53d-39e7-48b4-b7e7-ea48efa0ce17","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":157,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"6ccc3d9e-69f5-40f1-b96b-6c6261acfe0c","block_type":"box","text":"managing a Fund.","page_number":157,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"26ae02fb-93a8-4e67-9388-c807e1d85898","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":157,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"47cc0eb0-49bd-40f8-89e2-683898a10642","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":157,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"0c766012-0693-433c-b54b-67bb6b8bdbfc","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":157,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"51096b6a-ef87-4d05-a524-3eeaa4d5b94f","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":157,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"2ff68fc6-baa1-4559-bcca-a89ae9426658","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":157,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"27905557-3816-4367-aa71-d93f42363028","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":157,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"d2c506c8-f9a3-4a24-9d6b-f59824841b4a","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":157,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"1484f13a-c47d-4663-8da4-afd51e2fe168","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":157,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"a24865c6-6a1c-419d-a5a3-eae4423c49c0","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":157,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"2791360d-c906-4963-b968-e277bbe7d378","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":157,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"a124b573-9d32-462b-ab70-166859d8db3b","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":157,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"a090ad93-2cc8-4dc4-918c-069c504b657f","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":157,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"2e5f3514-5571-4f0d-89e7-45bc001dbdd2","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":157,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"dc150f10-0175-455d-ba22-0f504bcab274","block_type":"box","text":"II-88","page_number":157,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54868b85-a8b7-42f3-8d5e-8e8d7ff7b943","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f80b78d7-b105-409a-9c21-e97ebcf54aa3","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":158,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"42b8093d-cd9d-49b1-9920-02a13b635b65","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":158,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"b9690d4e-b3e5-44d8-8fd0-2973ca25235b","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":158,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"3d36d5ab-9e22-4d24-87b9-04c2b5e54e5b","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":158,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"8b7aad7f-9e74-4419-96e4-7586e5e47c89","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":158,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"2fff5ffe-06b9-4955-b488-81c299a487c6","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":158,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"ddade43d-4f42-4f1c-9525-ff5de08852c6","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":158,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"82ee36bc-2c2e-44c8-a94f-2c2ccbe9a836","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":158,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"37982381-4222-4ab2-8bda-ad3201af4bea","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":158,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"dd25998e-c65e-4044-bab7-8d8508f6db45","block_type":"box","text":"under management for BlackRock.","page_number":158,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"2516ae2e-c17c-4a0b-8aa5-91adcff68672","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":158,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"3103886f-e5b1-4474-bb31-1611cd4f9f46","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":158,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"29925027-eb6d-4c51-8da9-31d225494018","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":158,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"f7e14755-90e7-4232-b9f9-737d8f31b1b4","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":158,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"cc09df66-657e-4c5a-b618-887def78e2dc","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":158,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"fcdef5d0-8416-46f8-9080-4f507e054fc6","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":158,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"1b28fc97-4bfa-46b8-8d9c-57a74769dae7","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":158,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"2b1a2771-f8a6-4674-acb6-08af25ff398c","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":158,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"203ae30f-70fa-4bf1-9104-fac9e4a549c4","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":158,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"c6d401c3-644d-4d02-8582-13bd27ae66f1","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":158,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"80378675-6216-47d1-a3d2-99b0ac9465e7","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":158,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"07313466-d560-4933-9829-315c72476212","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":158,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"25e8c4b5-7907-498e-a6c2-78d0ddf8f3f3","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":158,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"3844eed7-f6a2-434c-8722-8dca228b8907","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":158,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"cb4b68c0-7a8e-482c-b7b7-0ff86962a273","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":158,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"f68e6191-ef95-4962-8262-b3b7984759d3","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":158,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"368e00bf-30d5-422a-a650-a9e021b2e266","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":158,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"3a280b55-1302-4fec-9bce-626cd840a7b3","block_type":"box","text":"any such fees or other amounts.","page_number":158,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"2dc3ecb2-796d-40fd-9dba-219132ab8485","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":158,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"fc2a7339-530b-4080-a688-57f84e384e65","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":158,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"bd3ca7ac-ff8a-497e-bdc3-7ca27655b6a1","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":158,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"a1e762ad-731d-4bfa-9bb2-b82729e7b067","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":158,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"506e5b95-f7e0-4258-ae24-39e57f821885","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":158,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"fe82907a-93b0-4442-ba18-4144d186b5dc","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":158,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"a27e4ced-9f0d-4e99-ab61-75af066e5728","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":158,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"7b831cde-a529-4b70-b550-70645fcba753","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":158,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"7ee3d7dc-2ae6-4264-a20e-d48ef5f64aab","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":158,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"14c86a25-d030-4ff8-b83a-cc88c8d99ce7","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":158,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"06c48fad-a9c8-4259-b60b-e1e4b47ad74e","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":158,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"f1a53aac-a741-40e8-805f-5f04df2e541f","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":158,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"f81f1565-2f66-4855-a2b5-a6504b8bb453","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":158,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"81c77f3b-c2c4-44cb-9ec6-f3729c3986e8","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":158,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"4fccee0e-bf89-4512-8924-1824b711985c","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":158,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"cddb643d-185f-4467-98a7-2007973c8865","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":158,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"121cce18-3458-4032-93aa-4346eb1d977b","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":158,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"6d7bf9d0-eec1-4c31-920b-0c9a5d21624d","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":158,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"56020352-b4c5-4517-a607-c294011cc365","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":158,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"351949cf-28ca-429d-a184-ef06e51d3ff8","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":158,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"1cfd0b64-d402-44fa-8d9d-04a964aa36d6","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":158,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"73beb73b-9a3e-4316-aefc-ce33c933c58c","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":158,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"137283ca-9877-45a6-aecc-75d26cf8c2e2","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":158,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"95ea91d5-4cca-43ed-aeb1-1de24d4c64f5","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":158,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"e3221c7e-c77d-4126-8b10-89131eeb26b0","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":158,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"a252e5ce-7578-4418-8efa-314a3128339b","block_type":"box","text":"II-89","page_number":158,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2464b672-6ed5-46df-be27-24a188dc1ba2","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ce51b93-6e37-40d7-85fc-446f0505ab33","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":159,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"e01fc058-d4ed-4bf8-83e3-8bc3b2cd4ba3","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":159,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"a7ff4392-52a9-4bb4-9b64-5f552862ae05","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":159,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"af5f7e63-5556-41ca-84f7-5ec69d243939","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":159,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"a0ee4bff-eba2-43fb-894a-9aa77e7fbd87","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":159,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"587f0866-e86e-4abe-826f-4ec17f8148bb","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":159,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"c2b24cd5-3d67-425d-b4ca-81abb0dafade","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":159,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"be8cb2b7-dbc1-4be8-9408-d21af8bbc8b9","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":159,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"28a1c37e-f161-4206-b44f-adf52d273069","block_type":"box","text":"regulation.","page_number":159,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"1016ceb2-bf01-4e3c-b75e-0fe7cbe91f1f","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":159,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"9c88dd9f-ad52-410f-ab9d-43c9049d901c","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":159,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"125d2c6d-ede5-4306-8e4c-ffe46712c21b","block_type":"box","text":"various program limits (","page_number":159,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"7edc2922-6ddb-496c-b5f7-9b3209a1a60a","block_type":"box","text":"i.e.","page_number":159,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"d9388562-3178-4420-afe0-b2ac4984c455","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":159,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"b5db1591-1e01-4924-8db6-75a9f61e2639","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":159,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"ea92a4bb-bf0e-4f97-8b34-3378732a848e","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":159,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"f422ea30-85e9-4ddf-94a0-6285958bd446","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":159,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"39c68741-6435-4a53-8b58-956d525217b8","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":159,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"78507766-1486-4696-ba38-1bfa8cbba148","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":159,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"3ee3ff66-501e-4540-9cbd-8e5c38d64cff","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":159,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"45c82ca3-835b-4251-8e74-6caf897b8a1f","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":159,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"a72d76d4-db2b-4d71-808b-e5683412e071","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":159,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"f12dc3ce-322c-4eb1-ac98-fc23fa8f1196","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":159,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"b81f4e00-a5d7-4218-ab86-f097d3921cc1","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":159,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"612ebb4c-8391-42d5-8849-1cea1c2e7362","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":159,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"75bfc8ad-ad32-43bf-af72-5e83fdcc05c6","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":159,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"c8d8d988-62e1-4304-8b80-6c6056294ae3","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":159,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"136b4906-86f9-4d81-b4ad-fc047fe9a320","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":159,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"91d772a6-c3cd-4432-b5aa-0c4aac82cb13","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":159,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"e312135f-44a3-4a12-b740-47e04353e69f","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":159,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"ea7d014d-01f1-44ef-9c5e-99b3231ea41d","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":159,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"450ff543-ae80-4315-a5d9-b6dbe4f04e81","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":159,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"9128ef7e-eebd-475b-bd47-86d1ba8d363a","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":159,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"b152e2e4-73b7-46ac-86a1-0f1ea9aa53fd","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":159,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"ba27ae27-2d5f-45a6-bc36-0913a0ee7da0","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":159,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"93790245-98aa-48da-89b7-54cac0f17498","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":159,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"703ff79a-e214-4e41-a6d1-d0532ea4c505","block_type":"box","text":"than through client commissions.","page_number":159,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"8b51abf1-f9d0-4905-829a-60430664a7a3","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":159,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"542a0220-2d31-4a01-a061-78335c928e98","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":159,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"70f52203-df97-4fe3-93d0-985e219c4930","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":159,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"0f1a26fc-8d2d-413d-8c54-a4c9949b52cf","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":159,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"5701ebd8-ee1b-4c8f-a3f1-4db5909d0126","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":159,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"61fef5c9-1b07-4dda-91f2-52a2eb08d248","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":159,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"b0e84b48-3385-4ffc-be1c-765b1321f4ac","block_type":"box","text":"research-oriented software and other services and products.","page_number":159,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"c26da878-b75d-4bb0-830a-872bbef361d2","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":159,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"bcb552f5-ee50-4620-8437-8940edb0a355","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":159,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"7d6fbe70-96ab-486e-8106-3bc0fe978e08","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":159,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"615352ae-a47d-4209-921d-71fc813d0708","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":159,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"78251db4-36e0-43ee-9b9a-3c54955adfc7","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":159,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"5b6bd1e3-d2f7-4ab6-a1a5-217bb6656c6e","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":159,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"ce354aec-5353-4c98-bddf-169062aa36d8","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":159,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"cbaba7b0-0a2e-4170-ac1e-387e1964e9f0","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":159,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"a8207c0b-2625-4054-9aab-7aca35bf08e8","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":159,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"109cb005-d05a-459e-b8d6-8f47e23fa163","block_type":"box","text":"and services itself.","page_number":159,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"0a5520ba-a281-4029-9599-833679798e3d","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":159,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"a1ecd942-455c-4081-91a6-92f06618d489","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":159,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"ce35ba95-162f-494a-9281-ce089a5f9511","block_type":"box","text":"II-90","page_number":159,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00a9b18f-e945-47c4-92de-3029299bdab3","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2df23736-42bf-4e5b-b9f5-ac840873fb79","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":160,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"c26ed4e7-cf9b-431a-ad4c-6773f4ef6efe","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":160,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"bb490444-1f66-46d8-a81e-156818469dc8","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":160,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"dd246fc0-dd98-4e84-9f9e-9e1c4154679c","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":160,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"161a1a84-0074-4f9f-9a38-9fe689b48561","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":160,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"4395ff4f-f287-4b78-8cb3-bb4088fd0f1a","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":160,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"f6ee9442-d327-4510-9b3f-4b0b95c975df","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":160,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"277cf0f0-a934-4a4c-822d-ecd6caaa5323","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":160,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"8385ee02-f7ce-4bbc-9ede-a65a1ad70fdf","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":160,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"561bd51c-0884-44eb-99ed-002dc7de26ab","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":160,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"678fe84f-e6b0-45e6-817d-972bfb52a641","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":160,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"2708c275-1b2f-432f-946d-6ac22ec04024","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":160,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"ca414e3c-0001-4808-81e8-12543dfb2771","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":160,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"5b8691ff-0248-477a-949a-9c1b46b51b70","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":160,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"8aaa1d07-a2e3-4d3e-bee3-33ee9e68c15e","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":160,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"f5ca4ffa-4f03-4e18-95cd-376194a4bfb1","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":160,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"9b058bd6-6951-4a71-aed4-64993c7d8ab3","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":160,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"391fc77b-7462-4b31-931f-ad1a360db915","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":160,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"9b9eb445-c671-41c8-b47c-8804f2d50acf","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":160,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"cc8c7321-8838-4016-ac75-b88fd0583a65","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":160,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"bcb40254-4014-4c19-8148-1c493af70201","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":160,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"bb9a9b9e-878e-4bac-9af2-ec1ac95644db","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":160,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"35bd1786-202d-4476-83e3-97ce84a9cb07","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":160,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"85724e3b-f0f7-41af-a265-d17ae6621be2","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":160,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"6395ad5b-d289-4cb8-8d74-31168e8656e9","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":160,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"20fed41a-b697-4de9-b396-2a8cd7255cdf","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":160,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"d62758a2-0426-4a45-ac5e-8e5f90672ecb","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":160,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"5d96b23e-9950-4381-8777-fd37534da374","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":160,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"8554fce8-740e-4a2f-b4e8-18b201bfbea5","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":160,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"e27c1ee5-e91b-4a24-a9db-7645db6a53ee","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":160,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"fd59eb1c-1e64-4927-bf9f-c508866a073a","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":160,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"783393c2-8d00-4bdf-8fb5-92085825508b","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":160,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"cfffc976-6090-4446-b55a-715b56222ab4","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":160,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"12a417de-73a9-4896-9d11-f8fccbeccf9c","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":160,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"45ede3e7-661d-48ba-b756-5a27c38fabd3","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":160,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"4d29983b-c5d7-4e0d-952e-2c765c59938a","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":160,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"8fef41ac-93b7-462e-812d-0fa581390471","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":160,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"8d41f8c0-4629-49e2-9f97-60270ea30097","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":160,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"d9c10420-eb0e-4ee3-bda8-9c23cb342010","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":160,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"03bb90dd-6925-4ea5-a5d1-fb29a7f8e680","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":160,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"8cd0fde6-a89f-4960-91bc-84a3f8a8bd30","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":160,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"ee1956a5-3a9b-4484-bbfb-b471c6ba68cd","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":160,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"64aa2e83-955d-483b-b166-8a5b3ad850d6","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":160,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"c6740829-1c71-45ae-8429-2e02fd79e9fc","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":160,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"6fdc1cda-f97c-4b47-92de-57776cbad08a","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":160,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"888d1b3b-5aa6-4dff-9c40-4ba064aa2078","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":160,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"40b45128-926e-4c53-b220-bdac4a0f5446","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":160,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"89c95ec2-4e8e-4212-b720-5ec48d632ea9","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":160,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"0097e47a-a7a0-4a38-a98f-f5fe500a8fcd","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":160,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"a7f9d14e-40bb-4fb5-bcd9-9a47606ef6ee","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":160,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"3bf306b8-5bc5-4f60-8fe9-9e136734e2d8","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":160,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"89af6e5d-00e7-4d39-89f5-9137dba1e787","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":160,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"35af526a-7350-43be-841e-cc03bed3e517","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":160,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"9539f49b-b78b-4659-a6cf-b9fa2c0e3c8d","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":160,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"b04037ce-ac7b-4b5d-99c7-3bd52dc33eff","block_type":"box","text":"II-91","page_number":160,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a8af421-3c50-4dd9-aa47-a740c7932efc","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9084c7ab-75b3-4b50-af01-c41be96598d5","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":161,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"7349fbf7-692d-45b4-b1a2-7fb29e0ca5be","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":161,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"b4841fc1-de6c-4059-985d-8ceeb791c744","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":161,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"58599a59-dfcc-4a61-959e-7c977782cc60","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":161,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"c10a4243-7bef-4b28-b187-603825b9df46","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":161,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"353d3adc-ce06-4bb1-9a5c-cc9796c80f66","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":161,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"0a65b52b-0a49-4937-b9e4-5749462d7fcb","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":161,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"ec369f30-f7c3-42c8-b58c-c6c25e441c4a","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":161,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"b6a7882b-d500-475f-9505-a74c25d42dfc","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":161,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"03216520-5169-410b-9e00-3f87901a7ccb","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":161,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"e4d4780b-17ed-4fbe-8a1b-f2bad0f7d55c","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":161,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"a78eb0ae-cea6-4a8e-afa4-879f88119b1b","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":161,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"bc272736-5604-41e7-a006-9da816ef105c","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":161,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"cba2267c-0a96-434f-8522-35aba6b889cf","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":161,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"d14a1196-dea0-4c1d-b3e8-cf2baa674529","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":161,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"bbe3c3d9-5e10-4afb-91a1-eecc69b47c2d","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":161,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"72493146-3b95-48a2-a4a9-093536ed24fd","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":161,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"8c1eab3e-ec89-47ad-9d84-8eaca96fca95","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":161,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"7d842b38-0038-492f-8ea3-78158420d50d","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":161,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"895a881f-0bc3-435b-9f4d-fe3cf39693b3","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":161,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"162af399-5705-486c-9aa5-d8b57d4746f9","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":161,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"6ccb8906-d1e0-4060-9c0f-d61a3b75c8db","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":161,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"9459b2e5-fd8d-4633-bbfa-8183b7a7236e","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":161,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"4e8e3893-1f17-4fa0-b8da-b0dde4bfa324","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":161,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"00621937-fe87-4d14-8e4d-c8722cccfb25","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":161,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"1371e4b1-320c-45d2-9f49-794d7905dbcf","block_type":"box","text":"some additional expenses.","page_number":161,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"98e7db64-1e7a-462b-890b-0ed5c4dae160","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":161,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"8aaf9ffb-845d-4e7b-9aa2-a51dd2d1cf01","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":161,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"08d6915a-7063-4156-b8be-8656911d6775","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":161,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"8c6eb744-696b-45b6-8516-b92c3b4d8e3a","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":161,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"6554dcf7-795d-4fef-b0d3-f147f9fd15bd","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":161,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"f2029634-2fa2-4a3f-95e2-42489c1997f1","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":161,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"c2c9a31d-8a05-49b2-bfae-8161e9849ba3","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":161,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"32e18d91-39be-4ca3-9514-b855f7969ea0","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":161,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"2d67be92-31ec-4c03-8125-3b809fb95a26","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":161,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"1efbbfab-9e32-4305-8ec1-82d0cff482cc","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":161,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"432656ad-8692-4805-8568-5fa0b89a4044","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":161,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"2bd1f626-35ad-4563-92c0-7fa0a5262927","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":161,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"f2284820-30c5-415a-b0c1-b8f5b2be1a5f","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":161,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"60b72e5d-cfcb-490d-a3f8-11f37567abaf","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":161,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"c146ad50-8ad7-4a84-b058-baafecced5cd","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":161,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"e865e3f8-5ab4-4e9e-87b2-c5f249f5b972","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":161,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"1b955ccc-a8d7-4582-a2bf-507f388557e8","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":161,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"98a90661-ae12-4746-b64a-88d4c112f73e","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":161,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"8b9be725-0463-438c-a488-9e9d70b97f45","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":161,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"15ca0927-b9eb-431c-826e-d73afd57f87b","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":161,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"1cf596cd-f8d1-494f-9fbd-6af3d68027f5","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":161,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"26478c36-793a-49af-9ca6-9f3ab5aeec6c","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":161,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"9285fbd4-5828-4378-b6ae-d3580667abda","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":161,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"04bf605d-a2ed-43a1-94fe-7e28fdff9835","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":161,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"352fb0e8-b5fb-4763-ac43-6e66fb86bb81","block_type":"box","text":"of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":161,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"c222db17-dc2a-4f43-a2ea-c806adf55bd0","block_type":"box","text":"company (","page_number":161,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"e847ba4e-a5de-4ef3-aad8-842cee357452","block_type":"box","text":"e.g.","page_number":161,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"88ba62ef-bdad-4a3e-9686-89317f5a662c","block_type":"box","text":", in connection with participation in a creditors’ committee). Similar situations could arise if personnel","page_number":161,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"17dcb3e8-d0c7-4ff8-8973-57123207aea5","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":161,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"57546019-3492-4fc2-a106-9b4dac5318dc","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":161,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"3558024f-3a03-4f3e-a537-2a9029047ca3","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":161,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"0720e64e-defa-4554-a15e-540daa11bdc9","block_type":"box","text":"II-92","page_number":161,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb7771f4-5851-4284-8903-a667c4a012d8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f6d8637-4791-4e63-a491-6be942625f5a","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":162,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"853b09fb-d4cc-45de-a8bc-3230a8fb6320","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":162,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"393e26ef-8550-418a-bcdf-2b8d0d57d55f","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":162,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"f444410f-2029-4935-81ad-3329f0f32e58","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Certain","page_number":162,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"0ef2a755-bf2e-4740-9b47-2cb2d2e853dc","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":162,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"9753120a-3fbe-4512-a58a-b8c88132bdb6","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":162,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"b1b26613-3912-470b-a20b-66459faff816","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":162,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"f57526ca-e02d-4f57-84d8-88ae818f00b3","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":162,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"68edad32-3ec8-48ee-be7d-15287f6c7b83","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":162,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"d11631ee-1e6b-4d94-9898-ad1eabceccf3","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":162,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"43951f37-9cc8-43cb-82ec-b4481ae20bb9","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":162,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"5643b740-22c6-4aa5-859f-ba4fde6406f6","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":162,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"11c9c0cd-7fd6-4754-a091-b0949a0d6149","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":162,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"c62d2be0-2c34-4f7d-829e-b853352f4034","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":162,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"f53f73b4-a069-47a2-ac80-4269ba3962f6","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":162,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"ad9d95f2-3a35-4fb7-ae60-15acea565bc5","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":162,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"269154dd-2158-4f5f-83fc-679ff6a451aa","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":162,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"65b88e41-4a18-40fa-9c37-203df1e19fe6","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":162,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"090fb033-e407-45ad-ae05-3c44918f21dd","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":162,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"030d7faf-a24f-41e7-93a9-4690bce46244","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":162,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"d4fd64f6-9e1e-454c-ab81-fabe61aa29c4","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":162,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"e49e0d3c-062c-4935-b819-b77fe5810e80","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":162,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"11bfe01a-eee4-4a00-b7f4-ed33c1e914cb","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":162,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"6cdf84b3-9ca6-4696-80b5-748f5eee96a9","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":162,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"ead71d44-f2e4-4c88-9590-09482bcaced8","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":162,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"ec74a490-eb77-486e-a500-27d9d48be829","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":162,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"ac9ae944-0472-46d2-9e2e-9d935c13bb9a","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":162,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"502879f1-0dab-4a58-9395-2af65d48c2df","block_type":"box","text":"a barrier.","page_number":162,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"7c7ecbfa-21b2-4584-a90f-cddd62363089","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":162,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"c407d39e-e599-4875-b47c-87c115f6ebfd","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":162,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"bc3aa1e8-7ca6-400e-ad70-cc52660d28c5","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":162,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"08c93c94-e62a-412a-9aba-2f5e57878eb2","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":162,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"01dfcd9c-9451-4a1a-a331-53378c2b96a9","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":162,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"384d7443-b7e1-4698-83ec-621f4c593510","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":162,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"35d5e137-515e-4d95-9d19-982b72b348b4","block_type":"box","text":"that operate in certain industries (","page_number":162,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"46993654-47a7-4d65-8243-694545439d95","block_type":"box","text":"e.g.","page_number":162,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"e37fef79-71bf-4d22-91f5-3c9ab418f579","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":162,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"d7aaba48-a63a-45c0-afe8-0ceec7f8cbff","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":162,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"0417950b-ca46-4835-8511-3178d26c1aec","block_type":"box","text":"e.g.","page_number":162,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"22951552-400c-49cc-9b72-885b7bfe0d19","block_type":"box","text":", with mechanisms such as poison pills","page_number":162,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"e37fac9a-2bce-416e-b6be-e8248918d7ae","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":162,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"3e164719-4d57-44d7-88a5-e284095ef367","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":162,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"14479e3a-c474-48bd-ad2a-b40884b1d85e","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":162,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"8fb93dab-f142-4937-b9d8-2b6e3a9f9aba","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":162,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"456dd048-5fcb-4bb6-8328-68b973d5176c","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":162,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"774c94bf-96cd-430b-8e19-bc6a88c909bc","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":162,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"033ba870-7e5d-4520-a98e-a65f86f04664","block_type":"box","text":"seek to make indirect investments (","page_number":162,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"291eb286-7cc4-4b17-8be2-08af3c2fa5b2","block_type":"box","text":"e.g.","page_number":162,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"fce9f8a0-c3c1-4705-a966-2e47e2baa6a3","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":162,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"5466a888-27c7-404d-9912-d962a50fba1f","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":162,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"75b2d25d-df3b-4c63-ae1f-08ba54e9d350","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":162,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"5a5ab543-df3b-4bd1-959a-3c59ec104dbf","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":162,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"9412c7fa-ffad-4b35-97ce-0dca0bc4773f","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":162,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"182f9605-9b17-4084-ad7a-f7ffc5990e76","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":162,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"d5e381ce-e552-44de-b81e-f4360750df79","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":162,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"1851cfde-e612-42cf-a4fa-a189e853db00","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":162,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"ff4c16e1-8d1c-4e6c-98cc-17aaa091f967","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":162,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"736259e1-76c5-44b5-bda5-cf254793f224","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":162,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"cf6411dc-9321-443f-8382-a419f334889c","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":162,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"6b528cbb-f4d9-4f9d-b3f5-3085431aa861","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":162,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"cd7c6908-c6f3-4650-b17e-647bf49fbe30","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":162,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"be278599-32df-4df3-9295-c395f687f475","block_type":"box","text":"II-93","page_number":162,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b01525a6-ddbb-47e0-b799-fc11ef2b19cb","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f617860b-bb46-43a1-bc50-d66b234b7f7e","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":163,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"93b43084-7439-4c9b-a1f0-54fcc799b685","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":163,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"8fad2dd8-ef87-410e-af0b-a5d3a662c57a","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":163,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"a49fb810-43d4-40b8-8e61-47542f33aac8","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":163,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"a8266587-4799-47eb-96aa-fcc91b1eec02","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":163,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"53a4030d-eaeb-41b1-a119-cdac7e499990","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":163,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"b6f6f78d-096b-4769-8ac2-a6b611d22e46","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":163,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"7ff9f603-46b3-4c2e-9449-a4245346b101","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":163,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"881ab6c4-8851-4b64-95cc-95fa985171e3","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":163,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"51c915ec-cd4a-4782-933f-de62d139b8ee","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":163,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"a8044280-90e7-47fd-93c9-b838b634eaf0","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":163,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"dfbd7ae5-ab21-4e09-b2c5-f080465b8a21","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":163,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"b26c130b-7578-44f0-b22b-fbd5fcf0baad","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":163,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"edfd4209-b374-47c2-ac25-fab0ddc10a86","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":163,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"0f0f3935-3cc3-46d1-a760-8faccf31c58b","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":163,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"02ad6fee-4009-4105-8885-f14dc97290e0","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":163,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"6b85a024-2770-4f4d-8c27-53319dcda42f","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":163,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"339c8a97-6ee6-437b-ad39-f6360e800082","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":163,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"adedcd04-cc75-4aef-94c0-71e474886d30","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":163,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"17a17568-7c8c-4fbb-8830-18984a2179c5","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":163,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"261f5135-cc96-4339-8a8c-9d96a7b5589a","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":163,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"bad84e8e-206f-4337-b637-7642407da315","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":163,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"425c998a-9c28-411c-bb7c-c5211652af25","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":163,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"d8fdf7b0-02bd-4e59-b2b1-976e500b5183","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":163,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"4b2b7791-1c23-44c7-9ea0-33c1a02257b3","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":163,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"b27e8fe0-ac13-49bb-ac76-f62d74bd5e5b","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":163,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"b87f7e2e-40b0-49dc-b8a0-f54416910126","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":163,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"3f115d4a-4ee4-45b6-87fe-6d916e746af9","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":163,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"27cc031f-2714-46d5-9441-d36fb923c98d","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":163,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"8a48f1b9-1896-4570-b52f-0582c31800b7","block_type":"box","text":"strategy with respect to such security or asset.","page_number":163,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"c54dfee9-6fa8-4809-aea5-3860424fd23f","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":163,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"9f5c2a93-a856-42a6-a40f-d7572cc9347b","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":163,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"95f264a2-62fa-4abe-8d7d-08228867be00","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":163,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"76e9bcb8-f438-46d0-9843-8eecf65e4239","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":163,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"bb8395ba-c8ca-42dd-be3c-305e24a9d579","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":163,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"c09a75fe-908e-4cbe-8777-76c643f3f569","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":163,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"48543710-45ac-4a18-a326-81b0e7ef464f","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":163,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"9bcecd38-a4fb-42dd-b03b-a0378c85b942","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":163,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"7eed0ec5-a26f-4b4d-8612-0ef6236a1814","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":163,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"35ec9078-3e34-4acf-b083-c8398a398006","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":163,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"57976667-e136-4891-b2e2-146a0e517355","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":163,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"d57902d2-bd53-4a1f-8bf3-0a0e85d104b9","block_type":"box","text":"e.g.","page_number":163,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"0ff41cf8-6f1f-4a51-8902-068203fdaa35","block_type":"box","text":", custodians,","page_number":163,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"53ac33e0-e226-439c-ae2e-108f12e86254","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":163,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"a74bb39c-d7c2-4371-a9f0-29025375e367","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":163,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"83a1eebf-3c30-425f-b59c-9914af3204f4","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":163,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"c4fd3393-6131-4711-a3d5-db017bc711c8","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":163,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"4a260e13-6c55-4e7c-ad09-0d8951a17e82","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":163,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"b37e7e60-3135-4ffe-be11-0a41ff180bbc","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":163,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"9673ae3f-5761-497b-a74c-36c8af2f5e17","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":163,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"6d121573-27a6-4c2f-964f-c734b6b23f2f","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":163,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"80baed0a-b6ad-472c-aee1-7313129ef25c","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":163,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"1103fb8b-7a8a-49c5-93a5-1ae95c89296e","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":163,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"945510d1-2214-4ca9-846e-57ba99d02c67","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":163,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"3d98853e-d373-4ad2-bb2b-c364acf052fa","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":163,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"58beb916-e74c-4e4d-ade2-06382a34976f","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":163,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"b792a6cc-d617-467a-b361-7d00305c5923","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":163,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"b25d56b2-44d9-41da-9fbd-b5a0db7c0a6b","block_type":"box","text":"II-94","page_number":163,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5342c6dc-dec2-4800-b612-0a57c34a9acb","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2a19db2-1c17-4c49-95ef-b9985f1b17e5","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":164,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"9253f6ea-5fba-4828-99dc-d95786cdb739","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":164,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"83e991c8-78a4-4e91-a8c5-933bf7032bfc","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":164,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"31169bf6-bb7a-40df-a659-079694de870f","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":164,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"043deb6d-ae3b-415e-99ef-35a903f5cfae","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":164,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"05d53578-a608-4887-b311-67ae85499a07","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":164,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"772ad8c9-8809-41f8-898b-a6b008685f64","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":164,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"ffcea537-8f2a-451b-91a8-f8e7ce94fc57","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":164,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"65d06b01-05e4-451a-9aa6-f8986cf00e92","block_type":"box","text":"provider.","page_number":164,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"b19ebeb4-0f45-49a1-9b23-7a5b47193e8a","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":164,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"ca7549ba-38ca-404b-b0e9-3144649bfead","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":164,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"b017e751-cb81-4676-9d06-588274925608","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":164,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"18982e28-dcbb-4ea7-9045-bd506b7b0089","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":164,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"3fe94ee6-2745-4448-912f-36ee95628a25","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":164,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"97ffb64b-9aaf-4979-b1c5-8e6f64b06cf4","block_type":"box","text":"PURCHASE OF SHARES","page_number":164,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"9745a0b3-e3cf-4468-b540-f448e31e9528","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":164,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"8f363828-87d6-4437-9cc7-b0b7524e9b73","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":164,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"db444c19-f183-4aed-b891-ffa8c65ab34d","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":164,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"91d874cb-c541-46cb-9cea-84308e2f99e3","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":164,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"b44e50ed-bf75-4868-98f6-ffec11dfe62b","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":164,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"4515dae8-b742-4c74-b51c-86b065ecd650","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":164,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"e767ebc4-cf72-459a-a55d-b24c766ae16e","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":164,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"918872d2-d0f9-4ccc-a410-477f1370e447","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":164,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"22b7c6a5-6d19-4ee8-b89d-a8fa1ee5e15d","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":164,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"f627eba5-84fa-414d-a37d-59b6c815e0a2","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":164,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"1a263513-268f-441f-b603-a499a737f962","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":164,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"fa024000-72ed-49cf-aff3-bbf0b98fa462","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":164,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"9ce2b97a-735d-4dcc-b33b-d8f4e6ac3010","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":164,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"15c33a0c-e805-4082-a0ee-c37b527ac1c6","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":164,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"28f1b093-2906-4743-9e1c-0d4b5ef31654","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":164,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"aae04b5c-b3b3-40f1-99dd-cdc67f75cf86","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":164,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"0019143f-0f79-4a0c-9937-1da4b36ee52f","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":164,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"04066980-8da7-42e8-9a72-d0e896cf5d35","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":164,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"b560569c-3a50-4646-9973-bde2e5886f21","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":164,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"3c43da9d-d55e-49a0-a363-3251580bc94c","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":164,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"f00b5807-7639-4879-848e-4093b3819b18","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":164,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"39805fb2-a0e7-418d-84dd-946b96de3a5f","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":164,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"f08cb3df-0a17-4c33-83ae-a17223d041cb","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":164,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"715a9393-925d-4931-98e7-091b77dfc802","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":164,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"6b8fee72-2c10-4ad6-86ba-4367a33c77b1","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":164,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"3477100c-3369-4fbc-beb6-32f03cc31b84","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":164,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"4a038285-984e-4b12-9bb3-e8f74465f0a2","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":164,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"242b93b5-1f9e-4949-bbc9-854a6c4dc745","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":164,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"bc051a8e-2e65-4166-ab05-abcef25b110a","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":164,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"4ee3c7d5-fb16-489a-a2dd-a28b6ffc95c7","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":164,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"102b712b-5346-470a-8e93-197b7f830bc4","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":164,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"f2d40c6e-2eb4-4e22-b8bd-5b398d72d02c","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":164,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"54c20e90-5d35-4f6b-9176-d8a6e00c638a","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":164,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"925b550a-02ef-4268-8111-f78bebf3ef2a","block_type":"box","text":"investment is $25.","page_number":164,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"e21406a7-f116-47bb-9b5d-647b20051b55","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":164,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"a404e3de-e696-4ca6-afba-e9fa3ccaff7c","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":164,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"42b0a707-e25d-4e31-9c5d-dc2e12c3fdb7","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":164,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"129e8618-d853-45f8-a649-49817fab797d","block_type":"box","text":"II-95","page_number":164,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e640fbbc-e4f9-4ae4-94bd-d10b742d62ce","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0448debb-ebe4-4e34-af6c-f740274285d9","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":165,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"6fa6f0fb-4ecd-41e9-b193-488f2e2c4331","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":165,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"7c918eab-c0db-4648-a2b2-b95d41425ae6","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":165,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"ae653807-55aa-4c2c-abdb-77229d968fae","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":165,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"354f9532-9f33-4d44-9bb8-c408511ac6a0","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":165,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"d3830a91-94f3-4971-86ee-7f073cd6d732","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":165,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"f5e6b9ed-1f72-4c6c-91e2-ae8c4eb444e1","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":165,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"052dac84-78a6-4208-904a-ed8f4ddcc951","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":165,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"5f866dbf-f9cf-4a02-9adc-379fee246a7f","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":165,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"c0d81c7f-098d-4833-bb34-c298ca20e652","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":165,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"318a0666-8a80-4891-b02a-63101e7d95be","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":165,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"e73a6254-7a55-4c8f-9309-8e77c2939861","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":165,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"7374694e-eb05-461b-a741-fa3ad0407da2","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":165,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"14638d43-609f-44b9-861e-aa308e0a5135","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":165,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"130f8467-44ec-4448-ae92-1568bcbd28b3","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":165,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"88620567-282b-416f-9a6a-165cffae89d2","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":165,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"869f79da-2739-4c22-a8b9-ac2595297b56","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":165,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"ac5eb3a5-09e4-40a7-9cc1-ca318d3fade2","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":165,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"7303ee5c-3ab2-4348-980b-814ea3f51ae0","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":165,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"5e36a977-673a-4cd4-b377-d30de074c4fe","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":165,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"b9211ec2-8e0b-4235-9984-10cd6b7a6cb9","block_type":"box","text":"adviser.","page_number":165,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"c660293e-374e-487f-b22b-562ed11f62f2","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":165,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"c0b6cfb2-ea11-4390-9075-25765e06a665","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":165,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"374413e3-c3d6-42b7-b402-880d029aec7c","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":165,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"39be4254-87d9-4746-898a-c3d28a90bc69","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":165,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"4b94df27-9122-4149-9bba-7801a98c41df","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":165,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"dea64c41-5f90-4336-a6f3-73c11effb157","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":165,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"d961224c-e368-4fdf-b73b-b7faf3976d6d","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":165,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"ecb0e89b-4073-4652-af90-caa3f708ba67","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":165,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"a9a2bc77-83ca-4ee1-b20c-61fdb898fad9","block_type":"box","text":"also be restricted from making additional investments.","page_number":165,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"806c1fc8-9759-46ca-a260-fd9306aa001f","block_type":"box","text":"In-Kind Purchases","page_number":165,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"4d0b3c6b-50f6-4700-8739-c44e8919334b","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":165,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"0aeeae45-93a0-4c8f-ac41-428064765b51","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":165,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"73033786-feda-423c-abaa-5a5af454c1a8","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":165,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"5f014056-c413-4b7c-963b-63730797bd00","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":165,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"dfec5c18-136b-415e-a6e9-a29bd6dc3d44","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":165,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"ee7875b3-e9e7-4310-addc-79b2a6252f0e","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":165,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"073d5d6d-d9c3-41cd-b1a6-f5980f597b91","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":165,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"fbefc425-9d6f-4059-b8c5-3ae890011cc7","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":165,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"01dd3569-a2b0-4c75-8347-1416f1d24527","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":165,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"b95427e2-ccb6-4e0a-8747-fafb9da67a85","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":165,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"b95b1f81-6229-4a9a-9ea4-4570634cb8a5","block_type":"box","text":"has settled.","page_number":165,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"c692865e-4e69-466c-9a22-f12c79dd5cab","block_type":"box","text":"Institutional Shares","page_number":165,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"005c9abf-b63b-4951-9cd4-4f9d60ad65b6","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":165,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"187fe1f9-40b3-4ff9-9b76-6b98efd963a9","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":165,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"d7e85ddc-a857-43e5-824e-7692605c0607","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":165,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"0fcbee4e-5c0b-4969-8328-8cdf3c001616","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":165,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"a71df8a1-1bf7-4437-81cc-094699e188db","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":165,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"beb36e10-9cb9-4469-93c0-9b4d95c9bdb5","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":165,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"879603df-df2c-491a-8970-4c49153586e7","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":165,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"5c3547a5-de32-49b1-ada3-d74bf842006b","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":165,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"99da9e5f-00ec-4ec6-9e21-55358c4bdc25","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":165,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"f645d23d-2cd7-4eb8-a5ee-eb20293f2669","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":165,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"06b066ec-1f79-4890-aeea-fc4b8b9157ee","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":165,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"8abb7e82-f4c3-488c-b829-81e1cd9cc118","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":165,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"931ffb6f-2ba3-455a-bd27-dfff0cc9b3b4","block_type":"box","text":"II-96","page_number":165,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"188feadd-31d2-47c3-8885-157bee9d5a4f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b13d511-bc46-4f81-be66-493c7084c41e","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":166,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"dbcc5fa7-fc1e-4c49-9eb0-5b775aeb7a8a","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":166,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"f48031b8-c0f2-46ca-a8c4-0749ac67cc80","block_type":"box","text":"these fees and conditions.","page_number":166,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"7ce94c2a-9c58-4040-8b25-fa0dbc1339f1","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":166,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"0d1d19d9-8bb3-47d8-b218-894cf052fcd9","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":166,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"d6c04251-49a0-45a5-a50b-4d30bac7f581","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":166,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"b854e495-3998-46cf-a9f8-994528b58894","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":166,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"7612b2ec-90a8-463a-b68d-afad47d4b6e3","block_type":"box","text":"incurred by the Fund.","page_number":166,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"86971481-d688-4dac-bd5f-542d98b57910","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":166,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"6a96ac29-21bf-4201-ae34-c23c772def0a","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":166,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"0df2d2bd-f9dd-4734-bb62-b62fd1e4f25b","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":166,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"fce723ce-02e6-4e07-be70-690924e99344","block_type":"box","text":"immediate family members of such persons, if they open an account directly with BlackRock; individuals and","page_number":166,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"51358d83-1915-4c2b-9ae1-c6aa370fe02e","block_type":"box","text":"“Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of a Fund through","page_number":166,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"b902de80-7d57-4c4e-b592-1807fe17d726","block_type":"box","text":"a financial intermediary that has entered into an agreement with the Distributor to purchase such shares","page_number":166,"box":{"x":69,"y":256,"width":748,"height":12}},{"id":"2cb00fee-6691-48a4-bd2d-40175c1927bc","block_type":"box","text":"(“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city, and","page_number":166,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"58020732-1e83-4325-9d43-e29e4b474a86","block_type":"box","text":"state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":166,"box":{"x":69,"y":287,"width":793,"height":11}},{"id":"856eea6f-07e0-41e9-812e-9b4eff167db1","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":166,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"e8509f12-4973-4695-9c8e-ccd5aea23c26","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":166,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"ff9a9ba6-04a0-4347-9498-f069a84f13ff","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":166,"box":{"x":68,"y":332,"width":782,"height":11}},{"id":"f736bcdc-ef43-4f6b-809f-5c278bd62d8f","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":166,"box":{"x":68,"y":347,"width":792,"height":11}},{"id":"1270bb0d-05a4-4e63-a129-8ba0b48bdacc","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":166,"box":{"x":70,"y":362,"width":788,"height":11}},{"id":"25fee260-ff4a-4012-bb01-2db3e99a6bf6","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":166,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"5d7447fe-fb61-4b60-9ff9-99279d74d47b","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":166,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"ad01eabe-daf3-4ca1-b430-c871bec529c3","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":166,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"7ce278df-c1e9-43d9-a9be-29dffc45f5b8","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":166,"box":{"x":68,"y":423,"width":838,"height":11}},{"id":"77c3b691-47fe-4819-8db5-970689ea669e","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":166,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"68227d5d-f0d9-488b-816c-b6ea41e01bd6","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":166,"box":{"x":70,"y":453,"width":826,"height":11}},{"id":"7bb14cce-8d4d-4783-909f-9befa750b5c4","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":166,"box":{"x":69,"y":467,"width":837,"height":12}},{"id":"6f7da3d3-db27-4cb9-8659-5818c725cfc7","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":166,"box":{"x":69,"y":483,"width":804,"height":11}},{"id":"6037b608-4b15-4c8c-ac6c-1647937f7a46","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust department clients of Bank of America,","page_number":166,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"52755cc9-0c36-450d-aceb-857862bbaf7a","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit","page_number":166,"box":{"x":70,"y":513,"width":807,"height":12}},{"id":"ac85d9aa-9e96-44b9-84aa-a3fb4de3007d","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":166,"box":{"x":70,"y":528,"width":838,"height":11}},{"id":"74c0fce9-2614-4dae-86f5-4943219f9104","block_type":"box","text":"of certain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":166,"box":{"x":69,"y":543,"width":794,"height":12}},{"id":"219ff4fb-69c7-41a0-b7ab-bf9bf1a0b335","block_type":"box","text":"shares of a Fund.","page_number":166,"box":{"x":69,"y":559,"width":123,"height":9}},{"id":"76bef11f-f36b-47c0-92ff-82e090532b5d","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":166,"box":{"x":102,"y":581,"width":280,"height":12}},{"id":"5d149b89-864e-45af-b052-fe99064cedc2","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":166,"box":{"x":389,"y":581,"width":496,"height":11}},{"id":"dd0bbd55-835f-4dad-9610-de7d5323702f","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":166,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"b8abfc7f-38d1-4e79-a733-d5c91e08e25f","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":166,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"f8adfbbd-df0e-4643-a7d9-0764a5ff8b7d","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":166,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"49227413-3975-4654-861d-2e30cf4cc949","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":166,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"5853bf81-6409-47aa-b3fc-fcb9c7abc2ba","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":166,"box":{"x":69,"y":657,"width":279,"height":11}},{"id":"e38577c9-0956-4c46-bdb0-bcfdeee43d16","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":166,"box":{"x":69,"y":687,"width":382,"height":11}},{"id":"f704db3f-2bad-4a6f-8b3c-41a383e0d585","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":166,"box":{"x":102,"y":710,"width":770,"height":11}},{"id":"f8a5936f-3a5f-4015-bcde-0e3945319532","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":166,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"a78dff93-b1c8-4884-8a95-7d19d155d5b4","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":166,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"547ee424-f12f-42e3-b5c6-233a582b5ab0","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":166,"box":{"x":68,"y":755,"width":840,"height":11}},{"id":"6eccf42e-c792-40a4-92fa-fccea1d3832d","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":166,"box":{"x":69,"y":770,"width":815,"height":11}},{"id":"b1fa3f70-636c-4b04-9c7a-b44058e1ef89","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":166,"box":{"x":69,"y":785,"width":791,"height":11}},{"id":"6a652f03-bad3-478c-8271-f807d74b640e","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":166,"box":{"x":70,"y":801,"width":727,"height":11}},{"id":"1239fd52-24eb-46d5-8eb1-0062a1d2bacc","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":166,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"dc2bd5b9-4774-46f2-aa0f-c54c55c47dc7","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":166,"box":{"x":70,"y":838,"width":812,"height":12}},{"id":"a9eea761-4b68-40a6-b2e3-9240e13e35db","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":166,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"3e9393fc-f063-4dda-bbc7-e15d5c3e5b4a","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":166,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"f4238fdd-d689-4554-ad5c-e79c8f82e82a","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":166,"box":{"x":68,"y":884,"width":808,"height":11}},{"id":"e7e3ea2b-d05e-4ed7-b713-cc1e06ea3657","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":166,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"95580dfb-26d0-456c-b669-a902b995fa62","block_type":"box","text":"II-97","page_number":166,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c7a81165-ada0-4237-aeaf-601b1b104205","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf0a9fad-8e06-4717-be0a-abb4c6b5f0e5","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":167,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"116f6ae9-b573-4d1c-8e63-f18ebf0f7a19","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":167,"box":{"x":70,"y":60,"width":789,"height":11}},{"id":"53a622ad-c9c9-4137-863a-c1dd4ce89465","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":167,"box":{"x":70,"y":75,"width":805,"height":11}},{"id":"67302a64-b76c-47f7-a5c6-bc0ce3e6b604","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":167,"box":{"x":70,"y":90,"width":792,"height":11}},{"id":"b3dc1d9a-c020-4bdc-94c4-a34ab12f48e4","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":167,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"df2dba94-f2fc-4ee5-ae71-35cc2386c9dd","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":167,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"036519ab-12bb-4bd7-b3b6-5d6bf3d06535","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":167,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"fa553413-acf5-4376-be35-b148966475da","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":167,"box":{"x":69,"y":151,"width":358,"height":8}},{"id":"cbffcd85-039f-46e9-aa29-047078228c19","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":167,"box":{"x":102,"y":173,"width":734,"height":11}},{"id":"0f60f68e-5a96-4e09-b007-d527b147b762","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":167,"box":{"x":70,"y":188,"width":785,"height":11}},{"id":"b7c74711-5fb5-4819-93d0-ee767ca8acc6","block_type":"box","text":"periods indicated.","page_number":167,"box":{"x":70,"y":204,"width":124,"height":10}},{"id":"d1de0a41-3750-4aa9-9f28-cb166e6d5f57","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":167,"box":{"x":101,"y":226,"width":806,"height":11}},{"id":"99b9f51d-c76d-4490-85ad-54d7309df54d","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":167,"box":{"x":68,"y":241,"width":830,"height":11}},{"id":"8fa5a3e8-79c6-4d71-9411-75f31dcd360a","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":167,"box":{"x":69,"y":256,"width":832,"height":12}},{"id":"4de109a5-dc5e-4cc6-9b91-6ed403fccb49","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":167,"box":{"x":69,"y":271,"width":714,"height":12}},{"id":"dcefc493-d80f-4d5b-a722-40a5e8d9d5a6","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":167,"box":{"x":69,"y":302,"width":297,"height":11}},{"id":"dc368306-c3d3-4f15-8792-7d3e9eb99143","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":167,"box":{"x":102,"y":324,"width":761,"height":11}},{"id":"1eb239f3-de4c-4a7a-8c61-9dc8e09a9870","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":167,"box":{"x":69,"y":339,"width":800,"height":12}},{"id":"3dc1f27c-bfc2-4509-b78e-8fa7bae7d611","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":167,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"661e6cb7-bdd8-4afc-bf23-d4dceccf4be5","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":167,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"cc897ddd-602d-4a0b-ba29-849ca84e7480","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":167,"box":{"x":69,"y":385,"width":578,"height":9}},{"id":"632408ad-38b1-4ead-9e84-ccc4019bf2da","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":167,"box":{"x":102,"y":407,"width":734,"height":12}},{"id":"b581f166-0736-41f4-8aae-bced7fb8f20c","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":167,"box":{"x":70,"y":423,"width":800,"height":11}},{"id":"ca634579-defb-4cfd-8aee-6e5a0ecadbf8","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":167,"box":{"x":101,"y":445,"width":806,"height":11}},{"id":"06f01acc-ce0b-443b-8fd2-7dae1a017ee3","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":167,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"c6a1d5cf-93d5-47ad-bbe8-af96833c7864","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":167,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"8177db1a-f32c-469f-a1c4-ab87daf8a4fc","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":167,"box":{"x":69,"y":491,"width":714,"height":11}},{"id":"8485069d-0d0b-4087-b160-437c76cb4685","block_type":"box","text":"Reduced Initial Sales Charges","page_number":167,"box":{"x":69,"y":521,"width":219,"height":11}},{"id":"d4f668b8-9bc9-427a-9a7f-5501354a9f9b","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":167,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"cab1878f-99ce-432e-9f48-c4e781e1443f","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":167,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"4d8e7bbc-6d41-4ac8-8608-2bd8ff68e7ac","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":167,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"0d624434-7c0a-4836-86d3-8104e7dcc899","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":167,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"3b753d57-3f84-4e1d-be09-f5ed4d741926","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":167,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"a2364992-0067-47f3-904c-0811e11c889a","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":167,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"faa94693-d4e8-4e00-ae8c-6053fb78cf6f","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":167,"box":{"x":69,"y":634,"width":793,"height":12}},{"id":"7431c6c0-a526-4905-89af-055bca188a50","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":167,"box":{"x":70,"y":649,"width":603,"height":12}},{"id":"8fc25263-4ac9-4fe8-8a44-9c55b053d6da","block_type":"box","text":"Reinvested Dividends.","page_number":167,"box":{"x":102,"y":672,"width":156,"height":9}},{"id":"ff0311b8-39b8-4974-8358-b32a0c180dec","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":167,"box":{"x":265,"y":672,"width":566,"height":11}},{"id":"19789c0d-014b-4bbd-b710-94e136abd8fd","block_type":"box","text":"reinvestment of dividends.","page_number":167,"box":{"x":69,"y":687,"width":186,"height":9}},{"id":"90453d3a-8595-4ba4-947b-92b16840d1d4","block_type":"box","text":"Right of Accumulation.","page_number":167,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"43ac1760-ba47-4800-8e59-709b29711d90","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":167,"box":{"x":267,"y":710,"width":574,"height":11}},{"id":"df13fad6-7037-448b-a77e-60f85185e194","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":167,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"c688cd18-32a8-4c46-92e5-0d718553a5f0","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":167,"box":{"x":69,"y":740,"width":810,"height":11}},{"id":"bee46c96-9753-4f06-80b3-99cdc255a859","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":167,"box":{"x":70,"y":755,"width":825,"height":11}},{"id":"72caaf76-2632-4ea6-961f-ed255cc05f6b","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":167,"box":{"x":69,"y":770,"width":780,"height":12}},{"id":"72751617-3d58-4e3f-a4a2-aa95d8c75718","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":167,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"34c00794-74ff-4104-9df2-87aabf841d28","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":167,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"79151148-a9fb-45b3-a6c3-56a81a6a6082","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":167,"box":{"x":70,"y":816,"width":794,"height":11}},{"id":"9655a4b7-6619-48e2-8766-5309d51baab8","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":167,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"24a41840-fd3f-4f5e-9d20-d9f2dff66ac2","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":167,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"ccea066d-c256-4163-a935-3d4981df5dd8","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":167,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"200ec7ee-dd4e-4a10-bb5e-d71f5ff50122","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":167,"box":{"x":70,"y":876,"width":776,"height":11}},{"id":"b6fcfc49-48a5-45ef-a064-f63a155bcd09","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":167,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"5ab3c472-24b3-4649-85c8-4df38afd2090","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":167,"box":{"x":69,"y":906,"width":839,"height":12}},{"id":"35ce69a0-ccf5-420e-ac10-de44efd7567b","block_type":"box","text":"II-98","page_number":167,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dfee6261-2771-443e-aa6d-c5f841c1b5ac","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e888c69-1950-445a-b5ce-28970c21107c","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":168,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"034b6b61-897a-4178-ad1d-740275227972","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":168,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"7f0d8132-9499-4faa-b0db-84b3a0e82b8c","block_type":"box","text":"Letter of Intent.","page_number":168,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"1f2f9b86-2505-4348-aa23-8fa425b66701","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":168,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"fc0bf2a1-de02-48af-ba0f-2d9881f0eb7d","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":168,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"f4bede41-45c6-4dee-84dc-f144c95a98b8","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":168,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"0e3cbd25-b91f-426d-9c81-5dc73174403f","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":168,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"3f81fdba-352c-46aa-9b99-6a4980fa6948","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":168,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"4d3f1469-edbf-450d-8497-aa25d938ae59","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":168,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"a91beadc-57b9-4677-b715-203ed516fdfd","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":168,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"2edc246e-1ad1-44df-b19f-18ab09486f8c","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":168,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"60bed9f1-f96d-4dcf-af43-9721b99dcdf6","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":168,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"45ee158c-0014-4dd2-8566-31298e333487","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":168,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"f6ddcc4c-4fa4-4164-95db-2229c37af68f","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":168,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"bc25d387-0f21-48b9-83c9-fb6e558aba2e","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":168,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"4fd5b1cc-c998-40cc-bd4a-8a9d9bfc0bc4","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":168,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"05b94f8b-3848-482a-a12a-c08a9ee37273","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":168,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"2a9836d6-8e8a-4d89-b654-1545d2555685","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":168,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"665cb38e-bbe0-4225-9c4e-d38081687a26","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":168,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"61fbe393-3b4c-4d42-a784-bf67acb29115","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":168,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"430c22a0-6111-438f-9477-608d20ca8de0","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":168,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"b09d16c6-2409-4558-bc76-3b40f6a93813","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":168,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"0a0e1b49-0b67-4f3a-967a-05efe52743dc","block_type":"box","text":"Placement Fees.","page_number":168,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"91fd1918-9f2d-4b38-853d-c7a14a2e03ec","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":168,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"d346095c-9b40-41f5-9988-906826e1f4af","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":168,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"cf2548e7-2753-4d70-a67b-f35b59c00bff","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":168,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"3b53b966-4e82-435e-ad17-b5e1c0247ea2","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"b22d8f9e-44e7-4c7e-b62e-562f96b7d795","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":168,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"b7458e72-ca88-4f5c-b07a-983c99ba0a52","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"78032734-56e3-42e2-8616-6849818abd00","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":168,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"3d1e8c4d-7599-460f-b9bd-c3176af4823e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"7e1a368e-14fc-4623-9cfa-e1f9f7e88f4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":168,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"a38f0535-d651-4ea9-a022-b8d9b06e21b3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":168,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"92eed68c-6e14-4e74-92de-819fb00f3c5c","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":168,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"35bb7124-930a-4c11-afd3-13bb657bfb5e","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":168,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"e6881f76-01f4-43d0-92b1-417f919bf76c","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":168,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"1f4922ec-01bd-4df5-939d-7595bf3b7b37","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"a6e6c8c4-8e90-41f5-a7f9-e376ba0544ec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":168,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"f5930891-4e0b-44d8-a70a-89044abd9bd6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"49258a93-cd03-4543-97fb-8cc86ff17902","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":168,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"ba41de9f-0239-4fed-b6b7-65e038db2192","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"4449268b-3c6c-4d45-96a5-1aaea9f3127b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":168,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"492d6947-e7cd-4c71-b2b7-f23fc0a17f09","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":168,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"e66e4902-0542-47f1-9777-5bb51cedb09c","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":168,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"03395d29-d5d5-4499-afb1-aa940c9e2bba","block_type":"box","text":"SM","page_number":168,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"6a2497c1-7909-4860-b3d6-2fceb698a046","block_type":"box","text":",","page_number":168,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"2acb6495-79bb-4d7d-b83a-33d69058576d","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":168,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"14ba4db6-39d8-4c6d-a1fe-351885762577","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":168,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"0541176f-ef81-488f-82a6-1e9cedfa4ec8","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":168,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"ea4f5578-c54c-4937-99d2-f38b7ded798b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"87fc1609-74a9-483f-9896-e0fcce5704b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":168,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"a0a2e2e8-b4a2-49f1-a69e-ef80093a3535","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"680f1183-252f-4e0c-9b3a-50e36aaddd86","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":168,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"2e09ccdc-b5d7-41fe-8343-c16ba8eee028","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"30863dfd-cb45-4668-9254-814f17121904","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":168,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"e992a877-81e4-4c34-9957-7b828e9e25c0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":168,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"6c4a6a0d-a0ea-481a-a56d-1da7abcad322","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":168,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"0598d9df-5003-47fd-a78e-b026ffd34e82","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"e896ff0c-6649-449c-87a4-9954c25c8ddf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":168,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"cca93b9d-0a27-46d7-90c0-adaac8020af0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"c2047c18-956b-462b-8dc6-7b98ad6c452f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":168,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"481ece65-80c0-4d4e-b159-f2d380c839ba","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":168,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"54f5b466-a01c-4fc9-bd46-b770f9b657a6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":168,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"752ccf93-ee60-416a-83aa-1913502ccc2b","block_type":"box","text":"II-99","page_number":168,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bd1082f2-8883-4d6c-b6bd-096e0179490f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f409af69-d0cb-487c-abc6-166b2ff69693","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":169,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"b1d91286-506c-4bc9-9646-80e2530d5aa9","block_type":"box","text":"may be up to the following amounts:","page_number":169,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"91ef55c7-00a0-4c99-9b01-3c79e85ba956","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"08d7f544-94b8-4938-8577-934b1521abd0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":169,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"d63d2a34-c072-4fb7-bab9-038f862dbda5","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"1d5f97cb-27a6-4d9c-aac3-38a8722a1308","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":169,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"20208731-5240-4aaf-929f-b546f50cc718","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"1ea832f6-c9fe-4345-bcf3-cfb01d55e29d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":169,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"5d4e29de-deba-45a3-a4ce-ee9273389773","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":169,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"ae993f22-6f69-48d2-86c3-f7f5b9edf70c","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":169,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"410310b8-ea71-4404-95c4-ff3c64e846e6","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"28059077-f86d-43a5-b31b-ca890a19343d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":169,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"c50173b7-8028-4622-84ea-9c1dc225a2d1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"a1e38f56-b643-4efe-a859-6cfb4c754827","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":169,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"5f8285c7-c518-49f3-a2c3-368fcbd7b11e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"10bb3468-668b-49bf-9665-da71b6f78335","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":169,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"411d7150-d7e0-45ca-94ab-fa4b0f6986a2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":169,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"174be6d3-b542-4e4c-bab1-ea573fb7e21a","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":169,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"30131fbe-8c68-451d-b3ee-fb7263ee1909","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":169,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"deb1525f-07fa-42c5-a1bf-070654be2e1e","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"6f74c171-85df-4148-9a00-2cfcc9efd172","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":169,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"257f97eb-60c2-4c0d-8b94-c965f5372995","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"9dd7f53a-5eaf-4b4e-9de2-b39114d4fff4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":169,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"37252ad7-71f5-4fc8-979f-b396a6b84517","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"7994cd18-8db1-4fff-923b-89008f25da4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":169,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"8b8eac87-28d8-4f70-9492-fb4289888aca","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":169,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"2e2154b7-9d19-4a9a-89f8-469de1045d5f","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":169,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"ca2ce3d8-1179-42d3-b0af-1b5461a0c723","block_type":"box","text":"$250,000 and above . . . .","page_number":169,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"29542261-4a56-4fa4-a65a-7f37758ac533","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":169,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"459be446-3c65-4cb1-b682-ecf680cfde5d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":169,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"4a7ac63f-2117-4950-9e1d-71bf6915bd18","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":169,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"52a83a63-5073-4003-8f2f-4bb899ec1809","block_type":"box","text":"the following amounts:","page_number":169,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"151610de-f49a-4026-8a83-475cad7ba602","block_type":"box","text":"$100,000 and above . . . .","page_number":169,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"5a51d3d2-133c-49ac-a2b1-442e739a1cdc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":169,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"f404c293-12c8-4ec8-b1c6-3bd17a1fa655","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":169,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"0f8cef3c-1ef9-452e-9e9c-8c2f76d345bb","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":169,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"d74321f1-725f-4a43-aa24-0ddca6025177","block_type":"box","text":"$250,000 and above . . . .","page_number":169,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"a6e7b42d-ba01-4a7e-9b31-ffdab840c1ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":169,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"3237847e-9d8b-4208-b919-9407b01a24ee","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":169,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"173cfe92-8433-4f3f-a4ed-185a29a201df","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":169,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"9d6bec8e-ab4e-4dbe-868d-e9db941db38c","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":169,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"47f84c3d-6bf3-43bb-9821-43354a7464d6","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":169,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"73004d56-a72b-434c-906d-b8d415f9bbd8","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":169,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"c847fde6-fb60-4a97-9092-391f72545698","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"4b42130a-f753-46e1-b053-b387a4652fd7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":169,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"944e4c60-ccda-40d0-b5f0-074db6e72b16","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"8cd98a03-aff1-4b85-8004-fc9fda41144b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":169,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"7304076e-c13d-4a25-bd47-7cf9fbb42568","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"8e85d431-3de5-4e37-8450-1ee744e567e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":169,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"d96341c9-d8e8-40dc-8577-889cc43b4e05","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":169,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"abc33488-fd3c-49bb-ac80-d3990f67929f","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":169,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"a6ec2886-179e-4b67-ad15-e3cf2474d038","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":169,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"fcac822e-4f64-4c9d-9c7b-4a11af44f4cd","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":169,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"96db9cf8-e0d2-44f7-9e62-b25bcf32c7d0","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"14fa9b1d-77c0-4e29-bc1b-d3701b7f96de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":169,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"8e8cca97-2212-4327-be42-6ed602b37ea3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"cf4f2eb3-32dc-4c01-9346-cf65b2f1381f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":169,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"1275d1cf-b0ae-4446-b370-3cf5bc783d4a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":169,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"a45abfe4-13dc-4c6b-b00b-ef1020ca91a3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":169,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"939ac2fe-bd8d-46c6-8cdb-b703015a828e","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":169,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"63f2c73b-171d-49b1-8800-03753ed7115a","block_type":"box","text":"®","page_number":169,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"c924067a-3c35-435f-a7a1-ee0d60b5174b","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":169,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"9b0307a2-de84-4797-ab3b-0733c447c59a","block_type":"box","text":"®","page_number":169,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"a7a090ea-3613-4531-a48b-376beab1d634","block_type":"box","text":"Index 2035","page_number":169,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"726a67bb-4ab7-47d7-9e14-f2ce37cfb7e7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":169,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"89156517-7018-4543-b83f-f160dba2428e","block_type":"box","text":"®","page_number":169,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"90b84e65-e655-4b51-875f-4ff2212c6420","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":169,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"bfe908d8-7cb5-4355-90f7-3fa0916bee0b","block_type":"box","text":"®","page_number":169,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"a2f2052a-4eb0-408a-8698-3770b328f690","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":169,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"c9492d10-1055-48c8-a1f0-dcfbb64409d9","block_type":"box","text":"®","page_number":169,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"6829ddf9-91ab-4e89-8920-f037e613ba11","block_type":"box","text":"Index 2050","page_number":169,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"f4b774b5-0d14-4be4-83b2-8b18e91fbacc","block_type":"box","text":"Fund, BlackRock LifePath","page_number":169,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"8e3d7295-cf5b-43f5-9cbc-aa580f05f3e0","block_type":"box","text":"®","page_number":169,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"eb2e61a5-32c8-4e33-9919-b16a1b3f6eba","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":169,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"816fd323-ce7a-4707-8717-b4aaa92e7dd3","block_type":"box","text":"®","page_number":169,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"cf9d7f5a-9697-4b3d-a5ae-a1dd922b1552","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":169,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"49862276-adf7-4b9d-90bd-ff8733be6bd8","block_type":"box","text":"®","page_number":169,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"2920c9fd-f5f5-49e0-ab9b-1a88cc6c9ef6","block_type":"box","text":"Index 2065","page_number":169,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"2dce2432-911e-4f4a-a68e-156a4913ec2a","block_type":"box","text":"II-100","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e62b6054-f029-4851-92a3-fd698fff8212","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e1f675a-ad58-40ee-ae45-20a2e971ce10","block_type":"box","text":"Fund, BlackRock LifePath","page_number":170,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"0de44cec-3b01-4b02-aa29-282e8562d1ca","block_type":"box","text":"®","page_number":170,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"a319737e-0d65-4e8b-81ce-5157bf4f5898","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":170,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"2b4fce5d-be51-4ac4-9732-8179b00ed55d","block_type":"box","text":"®","page_number":170,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"8d9263ec-dcf0-4dc0-be34-47df515e941b","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":170,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"01320ca4-1672-4622-9961-d00130808034","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":170,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"5564c2ac-b1ad-458d-888b-80a602a3ac4b","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":170,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"610270e8-e0d2-49d5-b663-bcca3b64f366","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":170,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"abbbb0e8-6279-4cb1-b91e-2731345f0903","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":170,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"8c6f1fb5-de5e-41f4-88a2-3208f4956398","block_type":"box","text":"SM","page_number":170,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"0bf6eb20-20e5-4253-b7d5-27d4315241fb","block_type":"box","text":", the placement","page_number":170,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"e7d04c3b-9ebe-418e-b3ce-50a0ccf178b5","block_type":"box","text":"fees may be up to the following amounts:","page_number":170,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"278cb2d7-fc23-4b36-83a7-8d804faf6b41","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":170,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"0129f3c7-71b7-4556-904e-d46ea4caa74d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":170,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"16b86e87-a61e-4a76-9a83-8f00f9af6aff","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":170,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"cb2d9f0b-73ce-424f-807e-5992fbe33254","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":170,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"1ff9b96f-aa6f-4bdd-bafb-694bb5b60471","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":170,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"ac17242f-8b67-4daf-8624-9eeddc25a889","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":170,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"a05a4410-643b-422b-a6ee-4b4bc5c36b2a","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":170,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"e75b05ef-a2ed-4f23-b16f-6d3b3da06526","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":170,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"21766798-5175-400f-a1d9-bad0edafc456","block_type":"box","text":"$1 million).","page_number":170,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"822e5f6a-41f3-434c-a67f-eff136365a51","block_type":"box","text":"Other.","page_number":170,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"12e7eb6a-2933-4924-8d7d-524a48d1ac0c","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":170,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"83e22536-b7c4-4304-8414-6350e783d2b2","block_type":"box","text":"(a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":170,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"33489036-93c9-4145-8ad1-7d9581233c81","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer","page_number":170,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"5dc9d0d2-a5ea-42de-af8c-d603daa99502","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":170,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"0784be73-53e1-44bd-8fb0-c62db01da6a3","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":170,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"48a4a123-b52b-4879-849c-c57dddc5b32c","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":170,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"b7bf3b58-2408-4986-aa9f-479ca3cb804d","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":170,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"a7866ec0-1f5c-4c38-8fe5-d0b15d9e7e95","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":170,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"80920d51-339b-4db2-b5ef-f569ca46b53e","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":170,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"a8fb8a08-0782-49c3-899b-f224da06e00b","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":170,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"b6fe6e7c-afeb-4c5c-b465-1c34e5a30ee8","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":170,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"9ea3b129-dd6e-4233-b01d-939605a678ba","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":170,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"fa9d5162-f92e-474b-a6be-1b5ce61e9f1e","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":170,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"07da89ef-d2e0-4e1b-95ed-055537927929","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":170,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"6811fdc9-fe39-4b19-b332-af2e4374c9d4","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":170,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"940e005e-37a0-4cbc-a823-247e80489d64","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":170,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"42cb130e-2051-4141-a0aa-7fe9a1546320","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":170,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"fa3fa76d-862b-4e45-aeaa-f80c8ed86a9e","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":170,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"94df64d9-eed5-483a-a925-355ccf9fc270","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":170,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"5ff2e955-eab3-4935-8d78-b775e51f4642","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":170,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"60c4952e-d6f5-46a7-8b3f-05c9e034f204","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":170,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"7fbe7e36-621d-4e17-b0d5-1464054bfc96","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":170,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"d0eb39f6-e5cb-4523-be2f-f548cc5fba3e","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":170,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"f4202bf8-09ce-416c-823d-26c972732167","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":170,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"80943b91-9037-4004-ad3a-91d70bd90d33","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":170,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"bbb6b064-bf9b-454a-a6f4-9e112b20b994","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":170,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"2d42dcda-a262-414c-8030-79102042e6d1","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":170,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"2f654fd9-1d68-4821-90e0-fb990959f0d9","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":170,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"8ec72a56-7e00-4053-8ba5-0f48ad802a93","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":170,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"5c396624-bb39-4d8c-900d-cad827d44e67","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":170,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"95ab42ea-2c4e-4248-a89e-1e55f2632b30","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":170,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"e7d71187-c645-49a8-ae95-186b331e52ed","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":170,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"b33e9635-0da2-468c-a5a2-6b33df142417","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":170,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"cfce0d18-a511-4095-aa73-a85c72644992","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":170,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"cc450b2a-7e32-4ca7-b4f9-1dece3f3cde6","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":170,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"b2cf2e1b-0559-4451-a3a7-ae4a15bdfe70","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":170,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"7fe94b53-e5c9-461e-8ae7-220f2e271978","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":170,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"90f57f8a-0afa-4d3a-9126-7cae8648a014","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":170,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"0efa4a0b-0394-44d8-a205-99a02815f22c","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":170,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"84e9d382-f4fa-45d2-8959-90d9c3317037","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":170,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"bd8de941-7e1c-4a3c-9fa4-a4f0934b1484","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":170,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"d79ff317-186c-41f0-bf65-80344bbaaa16","block_type":"box","text":"II-101","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ec586cf2-9822-4d3d-8f65-74506a452600","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"253e4aa1-45f5-496f-9d81-d3f84a80bf3c","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":171,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"7b2fd1cd-770d-469d-911d-6ca2f4c486c6","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":171,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"cc76cd5f-104c-4b83-bfe8-b1362eaa0896","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":171,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"2c59d51c-749d-4f15-896a-8cccbb841f85","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":171,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"0a0db12f-9ae5-46f3-acfa-afad867d8138","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":171,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"2def21ae-8aca-4aa9-ae93-f567da3b3990","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":171,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"9da42e1b-77aa-401d-9b27-21d715557abb","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":171,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"b86d1e5b-b817-4c8b-a9fe-49b038c7487d","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":171,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"51151f03-2c2d-422d-987b-849f4a270b53","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":171,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"67237807-2484-40d0-9801-558027bcc522","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":171,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"84516713-0ca5-4e0c-8a02-c8c6e5524ce3","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":171,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"2e75ec57-f6d0-4b3e-bc2b-baade936b21a","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":171,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"24ce01d0-6016-45c3-8529-ea0712b395a5","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":171,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"eb278f85-3513-4bb6-9e6a-3c1422db8ca8","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":171,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"13fdd0dc-04c5-41be-95e1-9abc7d9c8ea5","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":171,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"c390a051-ccd6-4dbd-a3d4-a9122a29157a","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":171,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"4122c1cc-d37a-4882-8d3e-577ce09d8047","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":171,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"bf9d835a-4ae7-42b5-b3a3-eeb2bae267ac","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":171,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"434b4a1a-cda3-410b-aacd-3340b5bdbba1","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":171,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"e54a8f25-9293-4a9d-80a4-d758399036fc","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":171,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"54f7a028-7014-437f-8861-02a6570e943d","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":171,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"42d63770-e1bc-40f6-b9dd-59a6df89e51b","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":171,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"7adbc921-3ade-4ce4-b684-7ae57d4889e0","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":171,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"c59eecd5-0bff-4814-9739-61dc1f2bd6c8","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":171,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"6b219aab-be7b-4e1a-a2c2-0c0a6629c755","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":171,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"6f7899b2-7232-4014-9b22-282f99dd2c35","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":171,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"3cd6cefd-c023-474e-bd14-025ec035c1d4","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":171,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"38bcb959-ae1a-47be-9dbb-5d6d2bab2414","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":171,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"62f53ea4-793b-419d-af79-b762534c13a8","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":171,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"dff70a0b-87e0-4cbc-a7ce-519d2d035762","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":171,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"f89f16b7-95fa-416f-81e1-7df1886fac10","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":171,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"f1f2b02b-f289-41b4-a6e3-a607e3926349","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":171,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"6e582065-f00a-4612-a7d0-03867d3d5f93","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":171,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"9739c281-553f-46a9-ba70-7206fe641363","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":171,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"52da4ef0-6633-4153-a53a-6e78deba98fc","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":171,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"9904ed98-d0ba-4cdc-9d9e-7e68842a7027","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":171,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"d985cd4c-9406-4504-916d-d1e7080240f8","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":171,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"31a3fff7-35fc-427a-b117-9d51883c87db","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":171,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"6e045668-e947-4a55-8039-5fe1e424f311","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":171,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"fface10f-c57d-44c3-bd86-e6a7a41984aa","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":171,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"8968b4d5-452e-40c2-9e5b-dc1fb5748081","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":171,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"ca450c6d-0c5b-43b2-a3ff-ae145298d62c","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":171,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"3099d67d-4902-499e-801e-68db38a87725","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":171,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"d8394d81-66db-4102-bc81-e436c7f2b486","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":171,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"adba7cf8-eff6-40a5-b884-445c4e287974","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":171,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"eb5d43fd-8648-4a89-baa0-26cedef7c936","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":171,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"aef2bad5-03a0-4ed0-a86f-4bd4f097cd92","block_type":"box","text":"public or private investment company.","page_number":171,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"37d39c38-9abb-4c3b-ad4f-0571475db00a","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":171,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"8b0f85fa-3d4f-4415-a308-15e04498c0dd","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":171,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"38fe3941-0e3d-4617-842b-15dda1197971","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":171,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"b7abff4c-e112-47f2-a30e-0a28359512c3","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":171,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"29489282-fac3-4323-b55c-5e1c4969420e","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":171,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"8f844115-de67-4d74-bc5e-df3d573251a5","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":171,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"ad0f4e8b-57a0-49c1-a992-cc497eba7df0","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":171,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"d78d34bc-95b7-44a6-a92e-2b47fa56fd58","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":171,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"60e86964-7be5-4def-8972-5b809f8e84ad","block_type":"box","text":"II-102","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5e710541-e636-4922-bbe6-b733b8d77367","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4108cc18-c409-4529-8ed6-ee9d569d96a2","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":172,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"d51c9590-b449-424d-b40d-7165ae425a76","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":172,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"49877883-7c41-4874-95c9-22df207bb2a2","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":172,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"32231846-c54a-44f5-943e-b145586d7f31","block_type":"box","text":"intermediary associated with the account.","page_number":172,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"755e1f29-58f1-4926-b67a-c5501bfe2011","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":172,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"2fedaf2e-85c2-4788-8da3-60cf096379a8","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":172,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"be32eeac-0edb-4777-bbac-861a638c6c76","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":172,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"863028fc-a87e-4dbb-9b9b-364c9a9ee807","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":172,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"825b1c83-7945-45ee-aab3-ee42193bb520","block_type":"box","text":"CDSC shares.","page_number":172,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"f6521f1a-bc0e-4a99-9da9-d7b94a263b7d","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":172,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"4d373176-12d3-4720-b496-d5416f67433b","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":172,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"7d3519f2-d64a-4b66-8471-d474aa8bc674","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":172,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"1ef48392-e0df-4866-ae09-e240f7733749","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":172,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"7f94b603-61e1-40a5-97ad-c4ef56fe87ff","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":172,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"670f4795-7228-497c-8901-9e7b7d23db4f","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":172,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"f8319b43-54c7-4800-af56-ed751374a5d9","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":172,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"285d364d-9abc-426c-927b-8b64aef4e0b7","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":172,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"269c6cb3-1cda-490b-a60e-fc595b4c1786","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":172,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"e594c993-534e-4704-8b6a-afb60e3613e7","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":172,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"d71ee19d-2b35-4429-93f9-ba90d45f7463","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":172,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"1da84cd0-ff12-44a5-b2e2-79d42dda3e86","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":172,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"1a8656d0-3dae-4cc8-85db-f6d21e6e3649","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":172,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"cc1a368d-4761-4104-a10b-b736456667c7","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":172,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"9867964a-e72b-4809-9adc-9bef572fbba1","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":172,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"14fa0864-8430-4c5e-962d-9ff177740a09","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":172,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"8e2f961d-e0ae-4899-9240-206f1b1193ed","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":172,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"26028ed3-7536-4c99-aa4a-0e29813c61e8","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":172,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"e10cda61-7f93-4706-9942-9d650e426df0","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":172,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"b3a3003c-dfa8-479c-8d01-f5ba1ee6afdb","block_type":"box","text":"Investor A Shares.","page_number":172,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"a51cc78b-713b-4914-8d08-22fab4adac50","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":172,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"a87eeb24-893d-4e60-94f7-fa1263da07f8","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":172,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"96972eb5-2f2b-4a1a-9cdf-40dd181698c7","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":172,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"dca62b56-c178-422d-819e-b46bedbab2b5","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":172,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"0c9116a0-5059-4d7f-875d-577f5cbf5ebc","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":172,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"5e4ae653-32b4-47ed-974e-451676c8ad88","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":172,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"fb356fb4-e35d-4f62-8809-0efd99ce8227","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":172,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"f7d4eacb-c261-4f4c-ba83-014b28348ae4","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":172,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"084d2c3b-ee2b-4cb8-b82f-963727951cef","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":172,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"926d3cfa-01f0-44cc-bf6c-d070f2939ffa","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":172,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"439070ce-5bbd-43ec-9835-9d7e06b512af","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":172,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"17dd9204-d0e5-4b21-8bfa-d6879f89f48b","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":172,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"db031df2-aaa3-4435-9bd2-43eacd4fc507","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":172,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"42d59119-7b5f-461e-9a6d-c5344cb3055b","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":172,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"4febacd2-6946-4c9b-8744-d8122fec23d8","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":172,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"41190142-0fe4-47c8-aecd-fd32fe49dad0","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":172,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"5b3219a7-813f-4913-8bc2-b13e903233eb","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":172,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"0118c0ab-fa3e-4d2b-bdba-5a091a33dd97","block_type":"box","text":"“Investor C Conversions”).","page_number":172,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"2ba1e1cf-2470-4781-935d-b74e0ab3fe3b","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":172,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"9fc5f560-a59a-4a2e-bba7-b8add70ebad4","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":172,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"72c775dd-8d3d-4d42-bd48-f56f4e2ceb16","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":172,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"369f825e-a4cc-435f-b3cb-1f0ec2567545","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":172,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"331ebde4-9770-44ac-9941-5fb3656ae1f3","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":172,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"d95ab61d-d185-4085-ae4f-b8d0e9d7b6ff","block_type":"box","text":"II-103","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0b192107-f489-428a-9f78-2e7b6f070f91","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aee26b0f-4339-437e-a044-b47948800c27","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":173,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"f32289d1-89f9-4ecb-8752-3372273a5023","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":173,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"ba4a2676-5ae5-4757-b3fb-8f9c516993c2","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":173,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"99d71f4f-0e82-4192-8b8b-4e56c31b5e01","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":173,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"7de84e41-ea6e-41c9-9e31-0fb81212432c","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":173,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"c79ef8e9-c9c2-4dda-9328-632e0c50c2f0","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":173,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"9966ae2f-9688-41a6-b80f-e35cc40a73b5","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":173,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"0f00c8c8-2091-4259-a92f-c3e58c4b8b14","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":173,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"216f1914-5210-4593-90bc-cb96542e61d0","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":173,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"cdf07950-b467-41fd-8437-eef2dfed7f2f","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":173,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"27c98783-3f85-4ffa-96d8-3396c2883993","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":173,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"93204364-71ab-4b77-abcc-327b7af24063","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":173,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"dafbb99e-7acd-45e5-9918-4716f66aff41","block_type":"box","text":"redemption.","page_number":173,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"b1721090-4265-4be2-8631-96b0dcf4558e","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":173,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"61a87277-1bad-47a4-8058-d2ad3b4ffe5f","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":173,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"978ba656-f8b6-468b-81f8-b0da6483c7d8","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":173,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"25b45246-c17f-4613-bc3f-49279764089c","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":173,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"49f9c262-9ec4-4034-917b-56652f5903c1","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":173,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"ccd6cc25-6c2f-41c7-9d0e-cf9783c850ec","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":173,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"b5e46701-4e59-4903-9cdb-8b6203f18356","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":173,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"153481f4-d40d-4300-9def-5c475b37f704","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":173,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"b38228c2-9124-454c-92c9-edc4c2b45d1e","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":173,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"c27f4e4e-5b7b-49fa-84ee-d859c62a6ed8","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":173,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"9cfd3a8f-d9fe-4baa-af80-d2930b7dffba","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":173,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"77c749fa-c614-44f6-bc1c-a96bfd2c3b85","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":173,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"25be1315-1bee-4bc6-90d2-ca32a1d1194e","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":173,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"c3f8cb50-a79c-4128-a5b2-92d54fbb2e5b","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":173,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"02d3211e-3ef0-4adc-8d1a-2f5e81479e22","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":173,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"1966508c-df30-4aa6-a884-d14437bebf73","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":173,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"e1420fff-c4d8-4b96-b2c8-0f273c1e0731","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":173,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"e4f5119c-3b49-4128-acc5-e234f5d45de7","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":173,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"b5e88fbc-40b7-4b7a-a703-160cef8d0d6f","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":173,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"cbe974c8-a10e-4de9-908d-318a0f5f2c17","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":173,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"d95c2215-e6c0-414e-90b0-4859923500e8","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":173,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"41b29754-e83a-4ee3-a34f-70dc7a8792bd","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":173,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"83da7a52-f361-48cb-b1f0-53b24457541e","block_type":"box","text":"Class R Shares","page_number":173,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"ae5b308f-5c44-4252-a3aa-f27397306876","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":173,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"3822dd11-b563-47b9-9652-030fa97ed9a3","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":173,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"f9de915e-afff-4d54-9fbc-7ed4cf64d4ef","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":173,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"f0bb695f-88b1-443b-856f-ff6f8759b3fb","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":173,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"ec4ceb22-713c-4de8-bbc9-2cbf0eb3da30","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":173,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"64cc618d-36df-4716-97e9-47b470e5828a","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":173,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"356da408-7c3c-4005-92c3-1abc934e60fb","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":173,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"7994a3cf-2c6f-4df3-936d-36834140e25d","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":173,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"26bde556-dc99-4b2e-8714-472b2aca26f3","block_type":"box","text":"Class K Shares","page_number":173,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"2f0d1da6-16d5-4e88-a07c-4cb2d422bad6","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":173,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"54fda109-4109-48e4-8827-a4e27c21e2f2","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":173,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"85e66ddc-2c89-4dbb-b733-40a6e58e4a65","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":173,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"3508ff35-6b1d-484b-83af-a8fa82decadc","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":173,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"8122b010-c17a-4219-8ee7-9b3036fb523c","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":173,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"15c2fc8e-2cb2-483a-855c-9143ba46a990","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":173,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"134df779-91e7-43bc-9254-62ff752e314b","block_type":"box","text":"II-104","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1ff614e5-dc55-47ac-bec8-5c94c14b84a3","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84b51c9e-c907-4430-98f6-b69c288df5b1","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":174,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"afebc449-6bdf-4073-9e02-0c06fc7c5dca","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":174,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"89b05b83-0854-44b8-ae08-9ff0cb22e539","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":174,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"37729e16-b766-405a-8a87-41d7adb19196","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":174,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"22ed7313-42c3-4ed0-b8ed-dc9110b0ff3b","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":174,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"2e22de70-7272-42a2-93e8-5e1675f681ab","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":174,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"c56654ac-d14e-458a-a1ce-f480203e2f8b","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":174,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"2cb34657-eba1-498e-924f-b5b249396ce1","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":174,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"7cb7c14c-b3d5-45d1-a1da-a256da5a6647","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":174,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"62b8cb27-26af-47ca-af06-ac0186ca4950","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":174,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"b0e28dca-babd-4dd5-8c9b-11616036a69f","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":174,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"3d9e79f3-5313-41c4-b758-3c398031e2d7","block_type":"box","text":"distribution and marketing agreement.","page_number":174,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"6bc6e133-a24c-4ae3-ae6e-4a65250c400c","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":174,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"c23717e1-6509-43f8-b229-b0e716e64d43","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":174,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"a13b95a0-020a-4b82-8526-3964fb30296d","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":174,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"88db4da7-8a80-4aed-a973-ee2b34d066ee","block_type":"box","text":"Class G Shares","page_number":174,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"0c6a7c94-73d2-4006-837e-c24638bed326","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":174,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"2ae75938-da33-4ac7-9f23-2cae576f96f9","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":174,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"f7df1c9d-808f-45eb-a25c-18d7787833c9","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":174,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"28250de7-e5b1-4242-9368-d67412a92b6e","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":174,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"1c878c4f-04eb-4133-bb46-b2ac2376f028","block_type":"box","text":"eligibility requirements.","page_number":174,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"f47db93e-4ff2-4a29-a2f4-c77717cbfec4","block_type":"box","text":"Service Shares","page_number":174,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"d07b6377-5671-4e7b-bc7e-5532832190d3","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":174,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"ce925e03-0a80-44d8-8b40-54bd0c6b4337","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":174,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"6c53b29b-4350-417c-a9be-70a23c481610","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":174,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"1adc917c-7b4c-4ca1-9fe8-cc25831c7d89","block_type":"box","text":"®","page_number":174,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"245376ca-fa11-459c-9d2a-41266fb1cb7e","block_type":"box","text":"Fund in 1996; and","page_number":174,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"c05dc7ed-aebe-4410-9163-6e617d64ae6d","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":174,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"50cfcf44-b3a6-4392-a880-bab34aebb30c","block_type":"box","text":"SM","page_number":174,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"71c20681-6c3f-4962-a7f4-e7a86909a7c2","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":174,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"cd81f757-b982-4c5b-969a-a1686aa03f6a","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":174,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"d61f14fa-f02b-4955-9030-6be1a97506c4","block_type":"box","text":"BlackRock Shares","page_number":174,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"5f1d5fff-4bbf-4722-98e6-dc3afbda55fd","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":174,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"91827dda-9a67-4021-83d9-ed27de240b01","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":174,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"b5506677-791b-420d-8c58-eb6fedc5f384","block_type":"box","text":"fee-based programs.","page_number":174,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"d12d4fc9-eaa5-4ed3-ab76-3522fca7ea13","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":174,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"6add4848-c8b0-4644-bc85-aa379aaace5d","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":174,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"23df6003-09d7-4315-b58b-0f20acaf79ee","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":174,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"4fa63e71-5902-45af-800f-3a192e86e356","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":174,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"b8cbff6b-ef64-40f0-a80a-704d2ccca843","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":174,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"c2bd5853-0011-44ed-83af-e3dfc08b20af","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":174,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"5d036174-2b8c-444a-9127-8adcc757a137","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":174,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"482278ef-8b34-47e7-ba9d-8e416fd894c7","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":174,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"d36a6a02-3fdd-42cd-81ed-31cbd53ae12c","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":174,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"2aac9feb-2a5e-47fd-8042-944483684f61","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":174,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"a488a212-22f6-4f0d-9ff0-b317c6947e7c","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":174,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"547e9501-a50b-4273-93ed-08b6303a0502","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":174,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"0a597a87-2fbb-4844-8b4a-72e4a342a95b","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":174,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"fb9e7d03-d0af-4ebb-bf3e-151ca9fddf49","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":174,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"d0d66c2c-835d-406b-bed4-b4df57e91280","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":174,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"3fecc0ca-69f1-4bee-8398-bcaf2ce4ea55","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":174,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"2aa163a4-889f-4419-bad9-084a097a0dd9","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":174,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"43af05ad-e301-4c23-b0bb-508ef42d5f29","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":174,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"e7d63960-cf3d-4ec6-92ad-9c19beb9c9d7","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":174,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"f3cee22f-d8af-410d-bc46-fecc06680f1e","block_type":"box","text":"II-105","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7d70762d-272f-4aac-a894-11e3f17f18a4","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"353a7a61-2990-4207-9738-97cf1ccd1559","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":175,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"19cc7d91-59ae-45df-9e2a-5fa4ab2718f9","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":175,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"62871d20-39f1-4f00-bb15-a289aea5e317","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":175,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"6430b2a9-8c62-49dd-888e-83d8e0075414","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":175,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"644dec75-b18f-4df2-8dc2-84a01281c855","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":175,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"e2c6990e-32c8-44ea-af94-c2ffd200912a","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":175,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"2db9bf67-007c-47d3-af46-d19cd08d6b14","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":175,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"8edb6f20-65d9-4f0a-888e-1d94822cff92","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":175,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"9cfdd59f-033e-4432-a74a-e13cea306503","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":175,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"2addcb7c-878b-46aa-ad3f-dd6fdf24192d","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":175,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"d9d650bc-8559-41b6-8708-5ec085d4aaf8","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":175,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"3acc5b10-777e-4587-b54b-73446447aae5","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":175,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"79725136-99aa-49e7-8201-082796e895b1","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":175,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"916fb079-77f5-4771-9de3-81cbc4318e2f","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":175,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"36633190-2ca5-4dff-aebd-48df5a75c314","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":175,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"eb8d5c1d-9d49-44d3-bc7a-1e73547ac558","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":175,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"e0376ccf-031c-41b4-a598-372cf8ad320f","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":175,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"98c84e1a-0b48-49f4-8d9e-c4e61e405006","block_type":"box","text":"compensation for selling different classes of shares.","page_number":175,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"f6383545-82d4-44e6-b8a7-08c8d02d9155","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":175,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"003175c9-e1f0-4dc9-8ded-d763d6439fcd","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":175,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"65d97d58-64fa-4056-bffa-8ba566ad47b5","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":175,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"d8ee3298-9c8e-405e-b0d4-1f32ee3f3763","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":175,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"5d2fd27b-5adf-4921-a72d-7c78d7cc8a17","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":175,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"35946370-74cb-4cb4-ac9b-c22b1d9e6917","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":175,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"206255eb-0d5f-44c4-aca2-610aa4b1daad","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":175,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"93eda2dc-094e-4e51-8a1b-37d1eae4bfb7","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":175,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"b5ade825-e523-463b-ac6e-769350f546ba","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":175,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"1cb4605b-be59-4873-82f2-ca24ac77eb8b","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":175,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"e1e89d93-5f79-4686-90f6-0e982e26d997","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":175,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"5432d628-1cee-4b0d-81b5-882a4db4ddb3","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":175,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"b0bf3772-bb74-4111-b91d-3f375ce489f4","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":175,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"b06afcd2-7cad-4939-84b5-2a328a505d6a","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":175,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"cad13a85-1602-4d60-a423-0a39d9b3e2f8","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":175,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"a11c02ee-56d3-43cf-a3d6-d4ae5202a53f","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":175,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"cf7c18ab-a055-4900-a79a-21835fccdb37","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":175,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"3ac92c5f-2179-4ade-a8fa-993d361e8dd3","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":175,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"8f722267-00ed-405b-82de-d1b96acdb301","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":175,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"f4c115dd-769a-43b7-9a13-91eb1d0a8157","block_type":"box","text":"easily accessible place.","page_number":175,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"3d6bf896-e7df-44a9-86e1-4c419032f82c","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":175,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"3780e29f-87b6-4f83-990b-bd90e1386521","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":175,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"43dc1448-96a9-4297-9841-a999a7721fb3","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":175,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"da216795-8241-45d9-b13f-3537db3b2628","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":175,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"2a7fe958-f974-4ec6-83e9-fa42f5ae24f4","block_type":"box","text":"fiscal year.","page_number":175,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"aa2154b1-b859-48f4-9fd4-31190d061cc1","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":175,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"c24de766-afd5-4aae-8c1f-2cb51e5866ba","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":175,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"7d60853e-9495-4242-8f9e-842562c9c8bc","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":175,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"4cb86702-79e0-4eba-870a-50bfaf826317","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":175,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"ff6cb6d9-085b-4891-8338-37935c6dcc8e","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":175,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"e5c3afaf-51c8-4afc-b644-0432abf7a15c","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":175,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"a345bba3-440c-4c3e-87b5-6155bed7885c","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":175,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"70190598-b536-45a9-9f04-4ea0d62ef464","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":175,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"ed2ff94f-937d-45d9-8951-92a9b8a0edca","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":175,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"020aa00a-4372-4ec1-9cbd-0d265c749214","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":175,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"99a8cced-25e7-4b1e-84b3-d411459426e7","block_type":"box","text":"II-106","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6725f31b-871c-405f-a482-9f447a98ba1e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04eb9e16-959e-4968-93ba-3de85421b2bb","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":176,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"cf098491-bc66-47a9-b44d-0d777eaf014d","block_type":"box","text":"and Class R Shares of your Fund.","page_number":176,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"e76bf3b8-471e-475f-ad5a-25932cdf3fea","block_type":"box","text":"Other Payments by the Fund","page_number":176,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"76a230d3-5f92-4241-9d14-7a3b6d845929","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":176,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"54d9d4fe-37c3-4545-af4a-18647db44bc8","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":176,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"3909d27e-bd78-4318-95fd-c5b883c39a3a","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":176,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"5e9c24ec-a559-4d69-9270-8ff0206b5e26","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":176,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"ab77ff03-0dcb-431a-8faa-1fa7e82c6f5b","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":176,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"67ee3a84-a94e-4322-8782-809effb39888","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":176,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"55af10e2-28b1-452a-9fe6-862d4431f4af","block_type":"box","text":"of these payments may be substantial.","page_number":176,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"a5a872a1-d1e2-4372-aa9b-6e1bcfc5fdd5","block_type":"box","text":"Additional Payments by BlackRock","page_number":176,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"d989905e-a2a1-4723-b8c6-7d63918d894f","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":176,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"6b9f1b64-1eb5-4393-b52a-13ae6dea1052","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":176,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"af47aff6-f54e-478d-b482-b66d88549b55","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":176,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"d1463b2b-989a-4cbc-a90b-6225d39ba101","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":176,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"cb401c6a-fc92-4605-9553-805bef8e915f","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":176,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"fef17a9a-d6ea-4ed7-80ac-c04c35c9327d","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":176,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"b771f695-d72a-4fa3-9b8d-984e7a5f7931","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":176,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"9ced9ba3-6e0a-4c5d-8464-b5ce898db83d","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":176,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"7acdf201-c39f-4f41-a3f4-f566a362f65b","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":176,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"1aa7d9f9-b3ac-4dbe-bf65-4000bf2ee57e","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":176,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"58577129-cc7e-4da1-ac37-85f61ef78c7e","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":176,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"70669f4e-981c-4f97-8723-ee5134fd8fe8","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":176,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"1b3efc8e-6403-4b04-a937-a6bd1d2b9fa9","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":176,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"010c926d-e30f-4351-b106-29603ea2afdd","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":176,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"fb1e00bc-ce18-46c0-99a3-b3175f29a02e","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":176,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"d8acd977-de47-428e-9e0b-eec001c6ccc5","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":176,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"1d2df409-1e41-4ef6-a99a-13abafd154df","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":176,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"acae31e7-6bc5-4a72-af00-f45456bfd5e7","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":176,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"463523e8-ff87-4a2f-a4dd-b0a2fc96c3d1","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":176,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"fb0d5a2f-0a22-4e6f-8eb1-01ab7e6a903e","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":176,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"96a77ead-8b9c-43be-9044-6b523c545c08","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":176,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"c7562b06-32bb-431d-a2ae-291d5ef70614","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":176,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"bc958c91-b4bc-4f20-a8e8-ffbc04121c0b","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":176,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"bf71b0a1-34e1-4d04-ab0b-e9fa95246d8e","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":176,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"23861a1d-0aef-4dda-bbbe-2674ef7f2156","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":176,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"3aae1b75-d9b9-4113-bc3a-86b42121ddb1","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":176,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"7be2deb3-aed2-4a2e-ad98-35237d5d843e","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":176,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"0a3651b6-4130-402d-b80b-b0aa34a0f5b0","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":176,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"592d7022-cba6-4b08-9595-fd61b38d0150","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":176,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"4ab9876a-26b4-4dd2-aa17-4ee01b1f6ae9","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":176,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"0f8818fa-5bab-4333-aeff-52ace4ddb0cb","block_type":"box","text":"Funds.","page_number":176,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"833272c5-d4bf-440b-bfc4-b8c04cb0cb24","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":176,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"41c947d1-2229-49e1-b0fc-7ba44aa07610","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":176,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"9876a0aa-89d0-42ec-904f-cf318f22a5c3","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":176,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"b9336616-fcd6-4287-9a0c-c037525dd134","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":176,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"377edf45-77a6-4095-a28a-f60e6792dfc0","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":176,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"14ed837a-5118-467e-8fbc-8457afbf4bab","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":176,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"ef945075-bb95-4b5a-94bc-e2220573bb13","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":176,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"7267c13a-bab7-4911-bb91-debab6227069","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":176,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"cb2120b8-3de7-4731-a5f5-fda4bdb1547e","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":176,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"026e0d7d-5823-449a-968f-6a2e412966ea","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":176,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"187f72c5-8e1b-4582-acc2-d042785517d4","block_type":"box","text":"II-107","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7f65bee5-8b02-4642-96c0-781340a95540","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f412547b-aab9-49a8-8149-03a42fed470c","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":177,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"5c9ceb4d-e9a1-4572-82cf-39e88c05a73b","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":177,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"1435d418-baa0-434c-8b21-286dc0ca0622","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":177,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"f6b27ee1-8019-477b-8b76-2c7f24f4ae02","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":177,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"d5ef08b7-8440-439e-9c65-643bb78e90df","block_type":"box","text":"B. Shareholder Services","page_number":177,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"2696097c-0fb4-441b-ae65-76d5a9a10e25","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":177,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"5341f594-2e5a-4d25-8fff-e91e55e7f5c1","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":177,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"0f52aa31-9edb-42b2-b19f-5699307deeec","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":177,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"f9eeb829-f172-4c82-bd14-473435387adf","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":177,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"91d7c3eb-1203-472f-a340-2208b1b42fbe","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":177,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"c947691f-4f40-4599-9e65-08ff67168794","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":177,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"f746664a-6166-4ce8-be36-df6e15b58784","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":177,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"c0889b30-fb2e-4328-9d33-034026f1b407","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":177,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"78dacced-5df3-4646-add9-5a75a2df49d7","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":177,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"8407eff2-5502-4493-8874-2c5d40a16265","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":177,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"ca5bcf0a-2afd-4cbc-a8c6-9fa4b90ab8a2","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":177,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"9cae5d5f-5925-43b8-9f73-63bd117c1d55","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":177,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"0a49d0f9-68c9-4011-aeb3-001e4c4738b9","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":177,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"9ba17c5e-bb48-4e36-b008-98e1cb93bcbf","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":177,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"37754b2a-4a1d-4451-84e4-0ff847718f5e","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":177,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"fcc16616-e7b5-45f7-83e5-f24fdb55694f","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":177,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"1a46d49d-5d3f-4fc6-bc18-377bd7a55be2","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":177,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"b57b1af1-cf8b-4740-85c9-0be268466c76","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":177,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"c6efb3b4-c0d3-4be4-a4b2-e9a396c633bf","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":177,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"fb16c796-2c8a-418b-8419-30b0a0b81f44","block_type":"box","text":"&Partners","page_number":177,"box":{"x":69,"y":469,"width":71,"height":9}},{"id":"a88068ae-1e51-41f8-82b4-df037113e3e5","block_type":"box","text":"AccuTech Systems Corporation","page_number":177,"box":{"x":68,"y":489,"width":219,"height":12}},{"id":"b6eb05a0-ada1-439b-ad03-b48d2322ddc6","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":177,"box":{"x":68,"y":510,"width":164,"height":10}},{"id":"1e5b0ba2-d71e-48fc-907a-15bec48581d9","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":177,"box":{"x":68,"y":530,"width":207,"height":11}},{"id":"dd954575-f299-4e02-94c9-165ecf9131f8","block_type":"box","text":"Advisor Group, Inc.","page_number":177,"box":{"x":68,"y":550,"width":133,"height":11}},{"id":"cf89275d-659c-4fc7-ae00-1cd9c14ebc21","block_type":"box","text":"AE Wealth Management, LLC","page_number":177,"box":{"x":68,"y":570,"width":205,"height":11}},{"id":"d5c5723a-adf6-46de-a7a5-0ff84f5c7758","block_type":"box","text":"Alight Solutions LLC","page_number":177,"box":{"x":68,"y":590,"width":142,"height":11}},{"id":"35a0db90-0c33-4748-8a3f-d7e1e0e8d482","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":177,"box":{"x":68,"y":610,"width":246,"height":11}},{"id":"f6cecf39-7d89-4381-85a0-bc2298d6d3e5","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":177,"box":{"x":68,"y":630,"width":310,"height":12}},{"id":"586d5086-3630-4bdf-b432-3ba416fa7057","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":177,"box":{"x":68,"y":651,"width":346,"height":11}},{"id":"cf84bfe5-fd58-4fdc-b78a-759c4a905121","block_type":"box","text":"Altruist Financial LLC","page_number":177,"box":{"x":68,"y":671,"width":149,"height":9}},{"id":"7fe9e64a-8146-467e-9e3f-9d7ad4efa994","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":177,"box":{"x":68,"y":691,"width":328,"height":11}},{"id":"05f5a233-02f4-4df7-8c48-5f3110f26b22","block_type":"box","text":"American General Life Insurance Company","page_number":177,"box":{"x":68,"y":711,"width":302,"height":11}},{"id":"8f1629d1-bd48-46d0-b019-fd0b375305bf","block_type":"box","text":"American United Life Insurance Company","page_number":177,"box":{"x":68,"y":731,"width":293,"height":11}},{"id":"35aedcee-889f-4a49-9ab5-cda729dc7984","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":177,"box":{"x":68,"y":751,"width":298,"height":12}},{"id":"81cebc2e-38a7-42ed-9db4-5dd539d125ab","block_type":"box","text":"Argent Institutional Trust Company","page_number":177,"box":{"x":68,"y":772,"width":246,"height":11}},{"id":"d2247796-292c-4edf-91fb-bc9605c98c6c","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":177,"box":{"x":68,"y":792,"width":272,"height":10}},{"id":"75271f2d-a853-4bb9-992f-35985c09bfa2","block_type":"box","text":"Ascensus, Inc.","page_number":177,"box":{"x":68,"y":812,"width":103,"height":10}},{"id":"0400c099-6784-4d27-8c6b-06013bb4e36c","block_type":"box","text":"Atomic Brokerage LLC","page_number":177,"box":{"x":68,"y":832,"width":156,"height":11}},{"id":"8b190640-1fd9-403d-9a5f-04a8d737f585","block_type":"box","text":"Avantax Investment Services, LLC","page_number":177,"box":{"x":68,"y":852,"width":241,"height":11}},{"id":"8792f8dc-b660-4349-aad5-687da116fea2","block_type":"box","text":"Bancroft Capital LLC","page_number":177,"box":{"x":70,"y":872,"width":143,"height":11}},{"id":"693f48ce-fb0c-452c-b748-895d8ef70d7f","block_type":"box","text":"Bank of America, N.A.","page_number":177,"box":{"x":70,"y":892,"width":153,"height":11}},{"id":"d868bb32-20ff-443a-9100-c3023cdbf332","block_type":"box","text":"Bank of New York Mellon","page_number":177,"box":{"x":70,"y":913,"width":174,"height":9}},{"id":"16a8499f-25df-40e0-b706-da60d8f32d7f","block_type":"box","text":"Barclays Capital Inc.","page_number":177,"box":{"x":510,"y":469,"width":142,"height":11}},{"id":"b09104f6-376e-4f21-b3b9-4cd13dc284c0","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":177,"box":{"x":510,"y":489,"width":299,"height":11}},{"id":"3e3945f8-645a-41ac-95a4-bf95f7393cf3","block_type":"box","text":"Benefit Trust Company","page_number":177,"box":{"x":510,"y":509,"width":160,"height":12}},{"id":"a8b5ad8c-1a32-4b04-ae77-159dc204993c","block_type":"box","text":"Beta Capital Securities LLC","page_number":177,"box":{"x":510,"y":530,"width":192,"height":11}},{"id":"3ccc66e8-73e5-434e-8213-2e0d114139ee","block_type":"box","text":"BlackRock Advisors, LLC","page_number":177,"box":{"x":510,"y":550,"width":173,"height":10}},{"id":"1863c7eb-a703-4f96-861f-bf5cc496fc8d","block_type":"box","text":"BMO Capital Markets Corp.","page_number":177,"box":{"x":510,"y":570,"width":191,"height":11}},{"id":"29617981-8e42-4990-8163-1ff9fde4f761","block_type":"box","text":"BNP Paribas","page_number":177,"box":{"x":510,"y":590,"width":86,"height":9}},{"id":"e4eb53f4-52e4-40c4-be40-29d7048a4561","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":177,"box":{"x":510,"y":611,"width":318,"height":8}},{"id":"2eb87a0c-d437-4256-9f6a-5ee2252c2ffb","block_type":"box","text":"BNY Mellon, N.A.","page_number":177,"box":{"x":510,"y":631,"width":119,"height":10}},{"id":"72a326fc-5122-48a6-bdbf-f9b8ddc3ded7","block_type":"box","text":"BofA Securities, Inc.","page_number":177,"box":{"x":510,"y":651,"width":141,"height":10}},{"id":"5d37c307-612d-4414-97bc-f8c08bbd8f48","block_type":"box","text":"BOKF, N.A.","page_number":177,"box":{"x":510,"y":671,"width":75,"height":10}},{"id":"b1cffdb6-e7d7-4bda-9f90-c1b18051ca5a","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":177,"box":{"x":510,"y":691,"width":259,"height":11}},{"id":"ca51cfc0-7eec-417a-984d-97e86ef45070","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":177,"box":{"x":510,"y":711,"width":303,"height":11}},{"id":"2afae787-bd4f-4d66-82ff-940e23281ac6","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":177,"box":{"x":510,"y":731,"width":333,"height":12}},{"id":"fd1cce70-cb1d-47f9-b33c-0b6d78a14139","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":177,"box":{"x":510,"y":752,"width":222,"height":8}},{"id":"a8fc9515-22c1-44f8-8dee-9ecd1bae744b","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":177,"box":{"x":509,"y":772,"width":208,"height":11}},{"id":"7d1a8011-0ead-481b-b140-f0cb04e52d09","block_type":"box","text":"Cadaret Grant & Co., Inc.","page_number":177,"box":{"x":509,"y":792,"width":178,"height":10}},{"id":"effddc6b-2bce-49be-b0d5-b926d0c45045","block_type":"box","text":"Capital One, N.A.","page_number":177,"box":{"x":509,"y":812,"width":120,"height":11}},{"id":"856d9f95-1fb7-438d-a2e5-b15fd5c08a28","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":177,"box":{"x":509,"y":832,"width":204,"height":9}},{"id":"ac5b95ec-4bd5-4388-ab2b-04577f36a2d8","block_type":"box","text":"Cetera Advisors LLC","page_number":177,"box":{"x":509,"y":852,"width":142,"height":9}},{"id":"a0ac352a-544f-4e83-bf40-5479ce0b2dc8","block_type":"box","text":"Cetera Financial Group","page_number":177,"box":{"x":509,"y":872,"width":161,"height":11}},{"id":"8892feb3-68e6-48da-9071-ff6b1437ba70","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":177,"box":{"x":509,"y":893,"width":228,"height":10}},{"id":"b4514a46-374d-4a4c-b70a-60e88ca33de7","block_type":"box","text":"Cetera Investment Services LLC","page_number":177,"box":{"x":509,"y":913,"width":227,"height":9}},{"id":"d33dfb2d-3c85-4da6-a850-7b6458ea04ac","block_type":"box","text":"II-108","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"369c283b-9f17-4d80-aceb-0202425bd573","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3292f35-e062-4911-b4f8-f6eaad2c6ac8","block_type":"box","text":"CF Secured, LLC","page_number":178,"box":{"x":69,"y":45,"width":116,"height":10}},{"id":"45086e24-2a76-4499-9773-b02923a3756f","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":178,"box":{"x":69,"y":65,"width":192,"height":10}},{"id":"578bcfc2-056f-41ef-a9d1-bf9925ad54d5","block_type":"box","text":"Charles Schwab Trust Bank","page_number":178,"box":{"x":69,"y":85,"width":195,"height":9}},{"id":"dbf3ff90-ed88-4310-bca7-8fe811197ca4","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":178,"box":{"x":69,"y":105,"width":237,"height":11}},{"id":"65e5c850-a70b-42ba-a9f5-dd80f1f91755","block_type":"box","text":"CIM Investment Management, Inc.","page_number":178,"box":{"x":69,"y":125,"width":243,"height":12}},{"id":"cd815e87-71b4-4d3a-b461-02355714ae5d","block_type":"box","text":"Citco Securities, LLC","page_number":178,"box":{"x":69,"y":146,"width":147,"height":10}},{"id":"69ed321b-8d13-4f2e-83f6-0c3edf80ce63","block_type":"box","text":"CitiBank, National Association","page_number":178,"box":{"x":69,"y":166,"width":213,"height":10}},{"id":"c39fec4e-2c1d-4ec8-b738-a97733ead994","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":178,"box":{"x":69,"y":186,"width":209,"height":11}},{"id":"507f9fd6-8d00-4617-8905-ab7f977c360a","block_type":"box","text":"Citizens Bank","page_number":178,"box":{"x":69,"y":206,"width":96,"height":9}},{"id":"18a56e6a-fcbc-4a43-af32-9db2d29cb96a","block_type":"box","text":"Citizens Business Bank","page_number":178,"box":{"x":69,"y":226,"width":167,"height":9}},{"id":"6386db68-c0a8-4c97-add6-f961f2cc8470","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":178,"box":{"x":69,"y":246,"width":224,"height":11}},{"id":"60c23eed-d1c8-4a2d-b3f4-6d8c9dc67395","block_type":"box","text":"CMFG Life Insurance Company","page_number":178,"box":{"x":69,"y":266,"width":217,"height":12}},{"id":"d6b1419d-39cc-4468-877a-a5a5cde247d2","block_type":"box","text":"Comerica Bank","page_number":178,"box":{"x":69,"y":287,"width":107,"height":9}},{"id":"effeb734-d475-48d0-9bbb-60ef6efeb529","block_type":"box","text":"Commonwealth Financial Network","page_number":178,"box":{"x":69,"y":307,"width":239,"height":9}},{"id":"6aad6eb7-bcf6-48f9-a7b4-f3abb100549d","block_type":"box","text":"Computershare Trust Company","page_number":178,"box":{"x":69,"y":327,"width":220,"height":11}},{"id":"d0527b0b-de73-4c71-b03a-9e6fc4d76b46","block_type":"box","text":"Conduent HR Services, LLC","page_number":178,"box":{"x":69,"y":347,"width":195,"height":10}},{"id":"0ffbd1a3-95a3-4a8b-9b97-18408ed92eb0","block_type":"box","text":"CUSO Financial Services, L.P.","page_number":178,"box":{"x":69,"y":367,"width":209,"height":11}},{"id":"de40f699-a17f-459a-8761-1e9920061400","block_type":"box","text":"Delaware Life Insurance Company","page_number":178,"box":{"x":70,"y":387,"width":240,"height":11}},{"id":"f34b50ec-39c0-46b0-9fc4-97955cac635c","block_type":"box","text":"Delaware Trust Company","page_number":178,"box":{"x":70,"y":408,"width":176,"height":11}},{"id":"52f89c7e-3ab9-4509-adcd-7da0c9aa3435","block_type":"box","text":"Deutsche Bank AG","page_number":178,"box":{"x":70,"y":428,"width":130,"height":9}},{"id":"862fe700-a7d1-481c-9859-bf3f1130269f","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":178,"box":{"x":70,"y":448,"width":287,"height":11}},{"id":"eef7399b-4d73-4331-a663-f14a0c37697f","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":178,"box":{"x":70,"y":468,"width":232,"height":11}},{"id":"e68be3f0-3892-425c-87e5-8e1b084c8854","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":178,"box":{"x":70,"y":488,"width":337,"height":11}},{"id":"9e157f69-bdf1-4780-812d-6e8373e6c94b","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":178,"box":{"x":70,"y":508,"width":218,"height":11}},{"id":"657f748d-0644-4975-a6f0-aa929e31a144","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":178,"box":{"x":70,"y":529,"width":195,"height":10}},{"id":"89e6adef-dfd5-430a-a510-cc1d3909577c","block_type":"box","text":"Empire Fidelity Investments Life Insurance Company","page_number":178,"box":{"x":70,"y":549,"width":370,"height":11}},{"id":"d42b9ee3-80bf-4234-bd8f-9df567d6641e","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":178,"box":{"x":70,"y":569,"width":344,"height":11}},{"id":"b51d127b-141d-4245-8a50-109d49617547","block_type":"box","text":"Empower Financial Services, Inc.","page_number":178,"box":{"x":70,"y":589,"width":231,"height":11}},{"id":"09405954-ffda-422f-8ec2-e557d075b549","block_type":"box","text":"Empower Life & Annuity Insurance Company of New","page_number":178,"box":{"x":70,"y":609,"width":365,"height":11}},{"id":"cdb39606-ec12-4ac9-8d8e-9488b791793f","block_type":"box","text":"York","page_number":178,"box":{"x":68,"y":624,"width":30,"height":9}},{"id":"afa9d135-9c05-4563-87f9-28fabee8a057","block_type":"box","text":"Empower Plan Services, LLC","page_number":178,"box":{"x":70,"y":644,"width":201,"height":11}},{"id":"ba09125d-0daf-41fd-bdd1-175c4f13003b","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":178,"box":{"x":70,"y":665,"width":246,"height":11}},{"id":"de5737f8-3ddf-4a94-93fa-cfa96cc29b5c","block_type":"box","text":"Equitable Advisors, LLC","page_number":178,"box":{"x":70,"y":685,"width":165,"height":11}},{"id":"2e946aef-4e40-48c4-ae54-4ee7321a3404","block_type":"box","text":"Equitable Life Insurance Company","page_number":178,"box":{"x":70,"y":705,"width":240,"height":11}},{"id":"5f8042fd-5aa0-4467-9465-346fb790523b","block_type":"box","text":"E*trade Savings Bank","page_number":178,"box":{"x":70,"y":725,"width":155,"height":11}},{"id":"91c638d3-1177-4c6e-a064-6f22c595b5ec","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":178,"box":{"x":70,"y":745,"width":271,"height":11}},{"id":"d9da90de-e647-475b-8079-15441c9044d1","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":178,"box":{"x":70,"y":765,"width":222,"height":12}},{"id":"b9a4111e-f99c-490f-9c3c-536a4e88f128","block_type":"box","text":"Fidelity Investments Institutional Operations Company,","page_number":178,"box":{"x":70,"y":786,"width":384,"height":11}},{"id":"d745d8e4-f87b-4ff3-9884-5d9a86d88465","block_type":"box","text":"Inc.","page_number":178,"box":{"x":70,"y":801,"width":23,"height":9}},{"id":"1458b01f-007f-46e8-88e5-7eab864a8300","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":178,"box":{"x":70,"y":821,"width":316,"height":11}},{"id":"cdf62f19-4db3-43e9-82ff-1e5c5480ac2b","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":178,"box":{"x":70,"y":841,"width":179,"height":10}},{"id":"656f53d3-6aa6-4804-9c28-160c909040a0","block_type":"box","text":"First Allied Securities, Inc.","page_number":178,"box":{"x":70,"y":861,"width":182,"height":11}},{"id":"78241590-93ae-4618-935a-57bbea0c70df","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":178,"box":{"x":70,"y":881,"width":273,"height":11}},{"id":"4af81ecb-322e-4d69-be56-95d1eaa9bdec","block_type":"box","text":"First Hawaiian Bank","page_number":178,"box":{"x":70,"y":902,"width":139,"height":8}},{"id":"952dcb9d-0cdb-4596-9c32-31305facbfb8","block_type":"box","text":"First Republic Bank","page_number":178,"box":{"x":510,"y":45,"width":136,"height":11}},{"id":"c95d1c20-177c-4242-b16a-12668e9ea02a","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":178,"box":{"x":510,"y":65,"width":339,"height":11}},{"id":"f9d9efb4-84b3-4d67-ba14-e70a8bcb4a44","block_type":"box","text":"Company of New York","page_number":178,"box":{"x":509,"y":80,"width":153,"height":11}},{"id":"e338a418-7821-419f-9eb2-9138f236a9b5","block_type":"box","text":"First Symetra National Life Insurance Company of New","page_number":178,"box":{"x":510,"y":100,"width":386,"height":11}},{"id":"76c08591-0c35-4336-ad0d-df80205c146b","block_type":"box","text":"York","page_number":178,"box":{"x":509,"y":115,"width":29,"height":9}},{"id":"65a5cb5f-64e5-4197-a406-a9526f1e959f","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":178,"box":{"x":510,"y":135,"width":257,"height":11}},{"id":"ac08f7d4-209d-46cb-9b91-1e73c72937b7","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":178,"box":{"x":510,"y":156,"width":287,"height":11}},{"id":"801074a4-5ff3-44e2-8896-01dfb03a6546","block_type":"box","text":"FNEX Capital, LLC","page_number":178,"box":{"x":510,"y":176,"width":125,"height":11}},{"id":"99f5b0be-3a04-41d7-8e51-7f8a5068bca2","block_type":"box","text":"Forethought Life Insurance Company","page_number":178,"box":{"x":510,"y":196,"width":259,"height":11}},{"id":"e13f2aa9-1c24-4cb7-999d-98a92afff4bf","block_type":"box","text":"FSC Securities Corporation","page_number":178,"box":{"x":510,"y":216,"width":189,"height":11}},{"id":"76210a64-eeb4-4a39-afb8-bd52bbc0a40c","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":178,"box":{"x":509,"y":236,"width":332,"height":11}},{"id":"dd86fc8c-0139-425b-a31a-519d3ca21b9b","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":178,"box":{"x":509,"y":256,"width":332,"height":11}},{"id":"2140bd6c-f6b3-41c9-b3ef-ef666a5fd907","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":178,"box":{"x":509,"y":277,"width":225,"height":10}},{"id":"8afb542a-d871-4627-9741-b7ae24a05dff","block_type":"box","text":"Goldman Sachs & Co.","page_number":178,"box":{"x":509,"y":297,"width":155,"height":9}},{"id":"cf7af8a9-87f1-46cc-a8d9-e45ccc667e93","block_type":"box","text":"Great Pacific Securities, LLC","page_number":178,"box":{"x":509,"y":317,"width":201,"height":10}},{"id":"26d242ee-06c2-4a85-86f0-5138c49723db","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":178,"box":{"x":509,"y":337,"width":273,"height":11}},{"id":"d48b7b24-5bee-4be9-a4e6-30fd70095f66","block_type":"box","text":"Hancock Whitney Bank","page_number":178,"box":{"x":510,"y":357,"width":161,"height":11}},{"id":"c005ce95-2fd1-43b1-bd96-6590b0720b2f","block_type":"box","text":"Hartford Funds Management Company","page_number":178,"box":{"x":510,"y":377,"width":274,"height":12}},{"id":"2510ea2d-b628-4b19-a7af-54b12c610348","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":178,"box":{"x":510,"y":397,"width":324,"height":12}},{"id":"afc547d2-f609-461d-9249-f7aee49202d5","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":178,"box":{"x":510,"y":418,"width":206,"height":10}},{"id":"6db4058e-abc8-4b88-9800-fb97dbae0c57","block_type":"box","text":"Hightower Securities, Inc.","page_number":178,"box":{"x":510,"y":438,"width":179,"height":11}},{"id":"cbfd0082-20c1-42e0-85de-80cb2df4caef","block_type":"box","text":"Hilltop Securities Inc.","page_number":178,"box":{"x":510,"y":458,"width":149,"height":11}},{"id":"b91fefb0-c573-413c-aacf-5120aad79a75","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":178,"box":{"x":510,"y":478,"width":153,"height":11}},{"id":"caa57cfb-dab0-48ba-be63-a80d790abb32","block_type":"box","text":"Huntington Securities, Inc.","page_number":178,"box":{"x":510,"y":498,"width":186,"height":11}},{"id":"7e088324-f665-4d4b-b4b9-7dfc0598cff1","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":178,"box":{"x":510,"y":518,"width":247,"height":11}},{"id":"fe616c60-bb54-4fc1-ac8a-aca276e74505","block_type":"box","text":"Integrity Life Insurance Company","page_number":178,"box":{"x":510,"y":538,"width":231,"height":12}},{"id":"67484538-882f-4360-aeb5-5ffcfa9f6425","block_type":"box","text":"Interactive Brokers, LLC","page_number":178,"box":{"x":510,"y":559,"width":168,"height":10}},{"id":"69de670f-227c-467a-8af9-f4a60d1f07a6","block_type":"box","text":"Investment Trust of California","page_number":178,"box":{"x":510,"y":579,"width":208,"height":9}},{"id":"1a4d4123-32c3-43b1-92dc-e0e5a5353443","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":178,"box":{"x":509,"y":599,"width":292,"height":11}},{"id":"a050829b-7acc-4b5e-a013-78f18e153ae8","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":178,"box":{"x":509,"y":619,"width":188,"height":11}},{"id":"86183ec2-782e-4758-873c-2e5dc260d56c","block_type":"box","text":"Jefferies LLC","page_number":178,"box":{"x":509,"y":639,"width":92,"height":9}},{"id":"419f0da2-c0a9-468b-ac41-b58b52ffad20","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":178,"box":{"x":509,"y":659,"width":306,"height":12}},{"id":"2a2c5d90-335e-4380-88fe-128685c8bcd7","block_type":"box","text":"Jefferson National Life Insurance Company of New York","page_number":178,"box":{"x":509,"y":680,"width":394,"height":11}},{"id":"b53e0221-e551-45ab-9471-6ebfa1ed3866","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":178,"box":{"x":509,"y":700,"width":332,"height":11}},{"id":"392a16a9-ac7d-4845-8642-2895af17258e","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":178,"box":{"x":509,"y":720,"width":362,"height":11}},{"id":"0c48eaf1-1090-480d-956d-93bf797ba0d9","block_type":"box","text":"John Hancock Trust Company","page_number":178,"box":{"x":509,"y":740,"width":209,"height":11}},{"id":"1b07e15c-e0f5-4805-aa4f-bb918256f76d","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":178,"box":{"x":509,"y":760,"width":197,"height":12}},{"id":"4a152049-c220-4f9f-8f1f-ad5fbde6dfe3","block_type":"box","text":"Kestra Investment Services, LLC","page_number":178,"box":{"x":510,"y":780,"width":231,"height":11}},{"id":"3426127d-0c0a-41ba-8934-f0d8a81038a3","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":178,"box":{"x":510,"y":801,"width":267,"height":11}},{"id":"3d1c8849-caac-4b14-a04b-7de17dca7c46","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":178,"box":{"x":510,"y":821,"width":278,"height":11}},{"id":"f25c85b0-19fa-4c14-88ae-685ea20f1880","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":178,"box":{"x":510,"y":841,"width":310,"height":11}},{"id":"423a063b-c50a-4563-bc76-59c66673b1b4","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":178,"box":{"x":510,"y":861,"width":288,"height":11}},{"id":"2beecc26-6913-4f1f-a744-af6f948fb14c","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":178,"box":{"x":510,"y":881,"width":229,"height":9}},{"id":"ec674ce2-b9f5-4ca7-9c2a-63d985da38b1","block_type":"box","text":"Lombard International Life Assurance Company","page_number":178,"box":{"x":510,"y":901,"width":336,"height":11}},{"id":"da98fdf3-134f-4a4a-9043-c64b1a9aa9ef","block_type":"box","text":"II-109","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0984d63e-63a1-4bc2-ae94-6c1901568fc7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"053fef5a-80ea-4cb6-9215-f2658783bf5c","block_type":"box","text":"LPL Financial LLC","page_number":179,"box":{"x":70,"y":45,"width":122,"height":9}},{"id":"881eb61f-4564-4324-a588-fae839927d82","block_type":"box","text":"M&T Securities Inc.","page_number":179,"box":{"x":70,"y":65,"width":136,"height":9}},{"id":"5e996005-657c-4017-bdc3-61a2c76f63bd","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":179,"box":{"x":70,"y":85,"width":302,"height":11}},{"id":"a722b313-44c2-4d7d-bbec-d8d57acf7e0f","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":179,"box":{"x":70,"y":105,"width":337,"height":11}},{"id":"bef5f6d3-8b19-49bf-8ec7-8e964e8c02f1","block_type":"box","text":"Members Life Insurance Company","page_number":179,"box":{"x":70,"y":125,"width":241,"height":11}},{"id":"5a575eef-d3a8-4fcd-915f-4787262f50fb","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":179,"box":{"x":70,"y":146,"width":356,"height":11}},{"id":"d46c3a15-69f9-477b-b759-2d36508117b5","block_type":"box","text":"Metavante Corporation","page_number":179,"box":{"x":70,"y":166,"width":160,"height":11}},{"id":"e0ffcbba-cf3d-44dd-8179-9bfcfbab6d7c","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":179,"box":{"x":70,"y":186,"width":264,"height":11}},{"id":"7878ac75-e327-4b40-ac87-0ff9c9febfc5","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":179,"box":{"x":70,"y":206,"width":330,"height":11}},{"id":"5d00d6d9-a9b8-49f5-8d19-37e168a8ce2e","block_type":"box","text":"Midland Life Insurance Company","page_number":179,"box":{"x":70,"y":226,"width":230,"height":11}},{"id":"9522c43f-e135-45f8-bfbf-d61813d930d5","block_type":"box","text":"Minnesota Life Insurance Company","page_number":179,"box":{"x":70,"y":246,"width":249,"height":11}},{"id":"c0fffecf-3ee6-408c-a316-e1edf3361157","block_type":"box","text":"Mischler Financial Group","page_number":179,"box":{"x":70,"y":266,"width":173,"height":11}},{"id":"36c02f11-e550-4d2c-bfe2-f96c4302d1eb","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":179,"box":{"x":70,"y":287,"width":189,"height":9}},{"id":"5321d08e-4512-4ef2-bedb-ea2f2632e046","block_type":"box","text":"MML Distributors, LLC","page_number":179,"box":{"x":70,"y":307,"width":156,"height":10}},{"id":"56b09bc1-d3fd-418a-9bea-1c6cf5ea9289","block_type":"box","text":"MML Investors Services, LLC","page_number":179,"box":{"x":70,"y":327,"width":205,"height":10}},{"id":"2c9b9d7c-ef6d-41c9-af9e-ed92719cdb5c","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":179,"box":{"x":70,"y":347,"width":185,"height":11}},{"id":"1af42c30-9d23-4a5d-a0a4-bf403ffacef3","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":179,"box":{"x":70,"y":367,"width":230,"height":11}},{"id":"11f63de2-5709-4bc6-a818-1b8d871b1e61","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":179,"box":{"x":70,"y":387,"width":240,"height":12}},{"id":"975a668e-e635-4a23-8da0-2ac910c81f45","block_type":"box","text":"MUFG Union Bank, National Association","page_number":179,"box":{"x":70,"y":408,"width":282,"height":10}},{"id":"e9d72b0a-b16b-45cb-bdc9-8fdca925324a","block_type":"box","text":"Nassau Life Insurance Company","page_number":179,"box":{"x":70,"y":428,"width":228,"height":11}},{"id":"9716c1b2-4306-40ef-983e-1f4f94049068","block_type":"box","text":"National Financial Services LLC","page_number":179,"box":{"x":70,"y":448,"width":222,"height":9}},{"id":"57439a7f-9df0-49e6-97d0-87a603dfae2b","block_type":"box","text":"National Integrity Life Insurance Company","page_number":179,"box":{"x":70,"y":468,"width":294,"height":11}},{"id":"4a5b7893-5c56-4053-a7e6-382b362488ec","block_type":"box","text":"National Life Insurance Company","page_number":179,"box":{"x":70,"y":488,"width":233,"height":11}},{"id":"84b3ff3f-4947-4869-99c1-b81c8f825ee6","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":179,"box":{"x":70,"y":508,"width":245,"height":11}},{"id":"d357cc5a-12cf-491d-b050-b6af52680f53","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":179,"box":{"x":70,"y":529,"width":234,"height":8}},{"id":"9581e82a-1c10-4f50-a5bf-775b3ced4262","block_type":"box","text":"Nationwide Retirement Solutions","page_number":179,"box":{"x":70,"y":549,"width":231,"height":9}},{"id":"bdd97bd4-8f06-4fa7-8af0-d7af22d3b499","block_type":"box","text":"NCB Federal Savings Bank","page_number":179,"box":{"x":70,"y":569,"width":187,"height":11}},{"id":"bf240d50-8223-422c-ba85-a8947a0d2536","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":179,"box":{"x":70,"y":589,"width":289,"height":11}},{"id":"4c97901e-4278-4d92-89af-11bf24c8dbd3","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":179,"box":{"x":70,"y":609,"width":342,"height":11}},{"id":"3e7fe646-2ffb-446b-a513-e084e740d6f0","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":179,"box":{"x":70,"y":629,"width":242,"height":11}},{"id":"f48138b3-9fb1-4253-8a41-ce6cebe56b24","block_type":"box","text":"NEXT Financial Group, Inc.","page_number":179,"box":{"x":70,"y":649,"width":184,"height":11}},{"id":"383e5d2e-c266-4fb8-8e3b-8f9f93bdfa52","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":179,"box":{"x":70,"y":670,"width":246,"height":11}},{"id":"483ce232-b500-451b-9b9b-3629dd7887e2","block_type":"box","text":"Northern Trust Company","page_number":179,"box":{"x":70,"y":690,"width":173,"height":11}},{"id":"41942778-0418-432b-8b59-121784c97858","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":179,"box":{"x":70,"y":710,"width":335,"height":10}},{"id":"687f4944-ce27-4dde-a656-98ee901f2614","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":179,"box":{"x":70,"y":730,"width":325,"height":11}},{"id":"87265bb4-de01-410f-8187-2aa3d6f1d627","block_type":"box","text":"NYLife Distributors LLC","page_number":179,"box":{"x":70,"y":750,"width":162,"height":9}},{"id":"5e9f339a-e2b4-45cf-83a1-a995f050ad1e","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":179,"box":{"x":69,"y":770,"width":173,"height":11}},{"id":"c091a310-c677-4c46-b985-de146c3fe7f4","block_type":"box","text":"Orion Advisor Services, LLC","page_number":179,"box":{"x":69,"y":791,"width":195,"height":10}},{"id":"63f21ac2-3316-45f1-9219-00ad7e1b92a1","block_type":"box","text":"Osaic Wealth, Inc.","page_number":179,"box":{"x":69,"y":811,"width":127,"height":10}},{"id":"fa48a5f0-c57c-44fa-9982-dd51dba1cd33","block_type":"box","text":"Pacific Life & Annuity Company","page_number":179,"box":{"x":69,"y":831,"width":219,"height":11}},{"id":"5ec776c8-8286-4c81-ba26-7d0b141a9a33","block_type":"box","text":"Pacific Life Insurance Company","page_number":179,"box":{"x":69,"y":851,"width":221,"height":11}},{"id":"7f4b4754-e5b9-4dba-9932-7deea054df8b","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":179,"box":{"x":69,"y":871,"width":218,"height":11}},{"id":"0ccd23fa-ce3f-469d-8dcf-4a1ffc07469d","block_type":"box","text":"Park Avenue Securities LLC","page_number":179,"box":{"x":69,"y":891,"width":193,"height":9}},{"id":"cde1c158-eec8-4417-be7b-1fc9b0acd6fb","block_type":"box","text":"Penserra Securities LLC","page_number":179,"box":{"x":69,"y":912,"width":170,"height":8}},{"id":"04afb3f0-d5b2-4529-8e74-3f1c321239cd","block_type":"box","text":"Pershing LLC","page_number":179,"box":{"x":510,"y":45,"width":90,"height":11}},{"id":"8b08b3c8-1a41-4949-b908-774eb1af0dcf","block_type":"box","text":"PFPC Inc.","page_number":179,"box":{"x":510,"y":65,"width":64,"height":9}},{"id":"6067fb25-8eec-4b7a-a0d6-c7742542adc8","block_type":"box","text":"Piper Jaffray & Co.","page_number":179,"box":{"x":510,"y":85,"width":130,"height":11}},{"id":"2e4aa409-af4f-4199-a8d2-bf195b71d6b0","block_type":"box","text":"PNC Bank, National Association","page_number":179,"box":{"x":510,"y":105,"width":224,"height":11}},{"id":"ca56dce2-1189-4b74-9fb6-876a0a54fa8d","block_type":"box","text":"PNC Capital Markets LLC","page_number":179,"box":{"x":510,"y":125,"width":176,"height":11}},{"id":"3e8ae1de-7452-496f-96f0-366c881306a0","block_type":"box","text":"PNC Investments LLC","page_number":179,"box":{"x":510,"y":146,"width":151,"height":8}},{"id":"c4f53bd7-6779-4a25-9921-45d95e54b625","block_type":"box","text":"Principal Bank","page_number":179,"box":{"x":510,"y":166,"width":99,"height":11}},{"id":"24063dc3-eed1-4c98-9195-077c2b10dbe0","block_type":"box","text":"Principal Life Insurance Company","page_number":179,"box":{"x":510,"y":186,"width":235,"height":11}},{"id":"becd1229-aeae-4034-9ced-b50300b55d6c","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":179,"box":{"x":510,"y":206,"width":332,"height":11}},{"id":"12780c18-a4d0-410b-9909-56d953c527a7","block_type":"box","text":"Protective Life Insurance Company","page_number":179,"box":{"x":510,"y":226,"width":245,"height":11}},{"id":"fcb9e779-304e-4e9a-899b-c31da90dbee8","block_type":"box","text":"Pruco Life Insurance Company","page_number":179,"box":{"x":510,"y":246,"width":215,"height":11}},{"id":"6b505850-f621-4939-b27e-298f7804cc21","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":179,"box":{"x":510,"y":266,"width":318,"height":12}},{"id":"e6848cd6-8454-4708-8b3b-f597068ee808","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":179,"box":{"x":510,"y":287,"width":263,"height":10}},{"id":"556af7bb-0fc1-4933-a589-24300ca851f3","block_type":"box","text":"Prudential Insurance Company of America","page_number":179,"box":{"x":510,"y":307,"width":295,"height":11}},{"id":"6bc490b6-2579-4900-b97b-b1df6df3e25c","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":179,"box":{"x":510,"y":327,"width":248,"height":11}},{"id":"77f8e8d7-d10e-428b-95bf-0581b7ff10b6","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":179,"box":{"x":510,"y":347,"width":283,"height":11}},{"id":"e57c4eaa-005b-4023-ad10-5d4f413904bd","block_type":"box","text":"RBC Capital Markets, LLC","page_number":179,"box":{"x":510,"y":367,"width":182,"height":11}},{"id":"d7602e2c-960a-49e6-92e7-0851e78acf15","block_type":"box","text":"Regions Bank","page_number":179,"box":{"x":510,"y":388,"width":96,"height":11}},{"id":"e83f24f4-c1f2-4ba6-87dd-2b96022ce02e","block_type":"box","text":"Reliance Trust Company","page_number":179,"box":{"x":510,"y":408,"width":171,"height":11}},{"id":"37559e3b-c479-408b-98f5-f027071bd13d","block_type":"box","text":"Reliastar Life Insurance Company","page_number":179,"box":{"x":510,"y":428,"width":238,"height":11}},{"id":"753d19c5-66ea-4793-b86e-15767ba5c620","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":179,"box":{"x":510,"y":448,"width":326,"height":11}},{"id":"d32eee46-f16f-4d36-a21e-3ceadb1aeae9","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":179,"box":{"x":510,"y":468,"width":205,"height":10}},{"id":"34693f02-010c-45ae-a6a7-e1c3c0ebe993","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":179,"box":{"x":510,"y":488,"width":306,"height":9}},{"id":"f424723d-cfa5-4a77-acdc-769256e7ab20","block_type":"box","text":"RiverSource Life Insurance Company","page_number":179,"box":{"x":510,"y":508,"width":259,"height":11}},{"id":"4505a0ae-2817-4308-b901-8a8d6ba24e59","block_type":"box","text":"SagePoint Financial, Inc.","page_number":179,"box":{"x":509,"y":529,"width":173,"height":11}},{"id":"e3a2d6fd-77f6-4fd5-b081-348292bf1e99","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":179,"box":{"x":509,"y":549,"width":260,"height":10}},{"id":"cdd8c89d-d999-4228-8df1-cf10114c0e67","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":179,"box":{"x":509,"y":569,"width":208,"height":11}},{"id":"2c32d921-6a41-42ca-a0d8-505a11d43f4e","block_type":"box","text":"Santander Bank, N.A.","page_number":179,"box":{"x":509,"y":589,"width":152,"height":10}},{"id":"3f84f167-b4b9-47db-b5f2-9e4264a94516","block_type":"box","text":"Saturna Trust Company","page_number":179,"box":{"x":509,"y":609,"width":167,"height":11}},{"id":"bcf35874-4a10-4672-b019-9497dbfb612f","block_type":"box","text":"Securities America, Inc.","page_number":179,"box":{"x":509,"y":629,"width":167,"height":11}},{"id":"1d541a79-cb69-4a83-8dcd-561ca4f578b3","block_type":"box","text":"Securities Finance Trust Company","page_number":179,"box":{"x":509,"y":649,"width":241,"height":12}},{"id":"e651b41a-2ad9-4f0a-8a30-7d31567f83a1","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":179,"box":{"x":509,"y":669,"width":287,"height":12}},{"id":"e0f750c6-f1d2-4b1c-8a25-f904801604c1","block_type":"box","text":"Security Financial Resources, Inc.","page_number":179,"box":{"x":509,"y":690,"width":238,"height":11}},{"id":"41fcf5a8-e185-440d-9b28-3000cd269f8b","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":179,"box":{"x":509,"y":710,"width":305,"height":11}},{"id":"6c0c50e5-33ee-4086-956e-0a58c621aaab","block_type":"box","text":"SEI Private Trust Company","page_number":179,"box":{"x":509,"y":730,"width":187,"height":11}},{"id":"a5ea8612-6e71-4680-a66d-57fc40d7e958","block_type":"box","text":"SG Americas Securities, LLC","page_number":179,"box":{"x":509,"y":750,"width":202,"height":11}},{"id":"de1d0ee2-745a-4b43-b83a-c21678019915","block_type":"box","text":"Silicon Valley Bank","page_number":179,"box":{"x":509,"y":770,"width":132,"height":11}},{"id":"99d178e6-a29f-4b26-b918-efd9d7964259","block_type":"box","text":"Sorrento Pacific Financial LLC","page_number":179,"box":{"x":509,"y":790,"width":210,"height":9}},{"id":"89f51c73-523b-455b-a689-89ab6822dab7","block_type":"box","text":"Standard Insurance Company","page_number":179,"box":{"x":509,"y":811,"width":209,"height":11}},{"id":"1c14cc1c-e0ed-44c2-a470-b57a364aa05f","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":179,"box":{"x":509,"y":831,"width":355,"height":11}},{"id":"969f4615-c844-491f-883a-0665a2dcee3b","block_type":"box","text":"State Farm Life Insurance Company","page_number":179,"box":{"x":509,"y":851,"width":254,"height":11}},{"id":"5eed133e-9cfd-4201-8722-ee35edb5a0ba","block_type":"box","text":"State Farm VP Management Corp.","page_number":179,"box":{"x":509,"y":871,"width":240,"height":11}},{"id":"7dba2dad-ab97-4888-9b09-71045639b4a2","block_type":"box","text":"State Street Bank and Trust Company","page_number":179,"box":{"x":509,"y":891,"width":269,"height":11}},{"id":"79481709-f296-4e00-845d-13fd87eb0f77","block_type":"box","text":"State Street Global Markets, LLC","page_number":179,"box":{"x":509,"y":912,"width":234,"height":10}},{"id":"07ef37e2-9d3f-481f-b717-7e72dfddd405","block_type":"box","text":"II-110","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ce585135-877f-460c-acbc-bc206771c3ea","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b098b509-9e52-4fc7-9edb-4c91dceaff4b","block_type":"box","text":"Stern Brothers & Co.","page_number":180,"box":{"x":69,"y":45,"width":147,"height":9}},{"id":"375d7eb7-5b53-46f1-af4e-eca75bfa271a","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":180,"box":{"x":69,"y":65,"width":291,"height":11}},{"id":"3c84480a-e962-4eb2-b1dd-c37a8ffc92d2","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":180,"box":{"x":69,"y":85,"width":232,"height":11}},{"id":"b4d5ffa7-47f0-43d3-be86-ecc69e7382ae","block_type":"box","text":"SVB Asset Management","page_number":180,"box":{"x":69,"y":105,"width":171,"height":11}},{"id":"a3c27e23-b01e-45ac-b0f1-68538a767e28","block_type":"box","text":"Symetra Life Insurance Company","page_number":180,"box":{"x":69,"y":125,"width":233,"height":11}},{"id":"ff1840ff-ef69-4ff0-900b-87bc33adfc10","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":180,"box":{"x":69,"y":146,"width":199,"height":11}},{"id":"8f2e8ac7-6f1f-42d3-bff7-e17078fa771a","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":180,"box":{"x":68,"y":166,"width":315,"height":10}},{"id":"6356cfba-ab99-4042-87d5-305897fc9d0d","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance Company","page_number":180,"box":{"x":68,"y":186,"width":391,"height":11}},{"id":"c23f3f02-3553-4a2b-b93b-f103f4fb4f20","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":180,"box":{"x":68,"y":206,"width":303,"height":11}},{"id":"0bb93144-f0bd-4213-856b-82dd6679a2dd","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":180,"box":{"x":68,"y":226,"width":198,"height":11}},{"id":"9523f10a-4e0a-4e46-b67e-5bdb648a3d59","block_type":"box","text":"TD Ameritrade, Inc.","page_number":180,"box":{"x":68,"y":246,"width":135,"height":11}},{"id":"5c5e1d24-d5b3-4fb7-83b8-fbf1bf4b11c6","block_type":"box","text":"TD Prime Services (US) LLC","page_number":180,"box":{"x":68,"y":266,"width":197,"height":11}},{"id":"887128f1-2166-4848-8c0d-8959382f3762","block_type":"box","text":"Teachers Insurance and Annuity Association of America","page_number":180,"box":{"x":68,"y":286,"width":393,"height":12}},{"id":"f7764ead-6ade-4bd0-b86a-8f9ac6f1e2cb","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":180,"box":{"x":68,"y":307,"width":221,"height":11}},{"id":"da953ef8-0b4c-481d-9323-da11073a9f01","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":180,"box":{"x":68,"y":327,"width":339,"height":11}},{"id":"5922b323-69c3-408c-93ef-7721ae2bd164","block_type":"box","text":"Transamerica Life Insurance Company","page_number":180,"box":{"x":68,"y":347,"width":272,"height":11}},{"id":"923cdb34-214c-4649-9e12-d488721fc4c8","block_type":"box","text":"Treasury Brokerage","page_number":180,"box":{"x":68,"y":367,"width":138,"height":11}},{"id":"7371f06d-e28d-40cd-91c0-efad682a6906","block_type":"box","text":"Triad Advisors, LLC","page_number":180,"box":{"x":68,"y":387,"width":135,"height":11}},{"id":"3105557d-0340-4226-b840-33f5a322b3d4","block_type":"box","text":"Truist Bank","page_number":180,"box":{"x":68,"y":408,"width":81,"height":8}},{"id":"a65d0228-3f9b-4e52-a2c8-aa5bae433ae6","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":180,"box":{"x":70,"y":428,"width":218,"height":11}},{"id":"956bf35f-ea7b-4bcf-8d2f-0a709af8a25a","block_type":"box","text":"U.S. Bank, National Association","page_number":180,"box":{"x":70,"y":448,"width":224,"height":10}},{"id":"cd7ac03d-fbf0-4592-87d2-d5dcd3f23e1b","block_type":"box","text":"UBATCO & Co.","page_number":180,"box":{"x":70,"y":468,"width":99,"height":9}},{"id":"a5a8a74a-1b37-41c5-be3e-91ec85260ab0","block_type":"box","text":"UBS Financial Services, Inc.","page_number":180,"box":{"x":70,"y":488,"width":197,"height":11}},{"id":"b74d4538-72be-44a1-9e2e-fa36242a84e0","block_type":"box","text":"UBS Securities LLC","page_number":180,"box":{"x":70,"y":508,"width":135,"height":9}},{"id":"e80ba597-db53-48fd-a2a6-edb4d39a0c60","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":180,"box":{"x":510,"y":45,"width":199,"height":10}},{"id":"dcdae5f8-cacc-42ce-8bb4-4254e34366fc","block_type":"box","text":"UMB Bank, National Association","page_number":180,"box":{"x":510,"y":65,"width":228,"height":10}},{"id":"d1688830-b274-447b-8e9a-16733d99188d","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":180,"box":{"x":510,"y":85,"width":367,"height":11}},{"id":"fecba037-2ed2-4e5b-91b5-6b0c28b52218","block_type":"box","text":"New York","page_number":180,"box":{"x":510,"y":100,"width":63,"height":9}},{"id":"8bd06d1d-37be-4b1c-bb33-0c668a073633","block_type":"box","text":"VALIC Retirement Services Company","page_number":180,"box":{"x":509,"y":120,"width":260,"height":11}},{"id":"9e1910da-1712-4596-b2ec-c0927d244c2c","block_type":"box","text":"Vanguard Group, Inc.","page_number":180,"box":{"x":509,"y":140,"width":147,"height":12}},{"id":"c417126a-9dc3-4d96-95c5-a39463ec21b3","block_type":"box","text":"Vanguard Marketing Corporation","page_number":180,"box":{"x":509,"y":161,"width":227,"height":11}},{"id":"28301ce8-7c96-494f-896d-f6af9963dad8","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":180,"box":{"x":509,"y":181,"width":198,"height":11}},{"id":"ee12bbf8-428b-4f0b-b17e-82db3ccbd2bc","block_type":"box","text":"Voya Financial Partners, LLC","page_number":180,"box":{"x":509,"y":201,"width":201,"height":11}},{"id":"7375ce92-2979-419c-a6a2-c170ef65a781","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":180,"box":{"x":509,"y":221,"width":259,"height":11}},{"id":"7791fc63-bf3d-4b58-be63-b5d2e7d64727","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":180,"box":{"x":509,"y":241,"width":265,"height":11}},{"id":"f9c39806-939b-4b45-a51d-54c5e1695544","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":180,"box":{"x":509,"y":261,"width":238,"height":11}},{"id":"c74d2f29-fd0a-4e5c-b3bb-ecd41de8bbfd","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":180,"box":{"x":509,"y":282,"width":348,"height":11}},{"id":"841c161a-ea31-481d-bb1c-f0216c875296","block_type":"box","text":"Waddell & Reed, Inc.","page_number":180,"box":{"x":509,"y":302,"width":147,"height":10}},{"id":"c37c2cba-3f15-42ab-a693-f8d56ba64091","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":180,"box":{"x":509,"y":322,"width":182,"height":11}},{"id":"79dbb979-e786-4425-80da-5efb0be5c30a","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":180,"box":{"x":509,"y":342,"width":312,"height":11}},{"id":"6459c687-a3fa-4824-b900-8f5d03547566","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":180,"box":{"x":509,"y":362,"width":161,"height":11}},{"id":"6b0a2f16-f2ee-49e4-95df-05e692e673a3","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":180,"box":{"x":509,"y":382,"width":247,"height":12}},{"id":"a2a36e95-236c-42df-a3ee-5a703a5b3316","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":180,"box":{"x":509,"y":403,"width":210,"height":11}},{"id":"81bd1823-c8cd-4aff-8f77-1b1b5eaf40cb","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":180,"box":{"x":509,"y":423,"width":193,"height":11}},{"id":"32943421-1742-4106-91b6-1c674d2c09dd","block_type":"box","text":"Wilmington Trust, National Association","page_number":180,"box":{"x":509,"y":443,"width":273,"height":11}},{"id":"cbd5b56c-5bac-48e5-8de5-3b2e4b3a931e","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":180,"box":{"x":509,"y":463,"width":238,"height":11}},{"id":"00889d79-9730-4103-8665-4a96809d07e4","block_type":"box","text":"ZB, National Association","page_number":180,"box":{"x":509,"y":483,"width":173,"height":11}},{"id":"d1c09626-b8b3-4f65-8bb1-4ed621353b8b","block_type":"box","text":"E. Sponsorship and Other Incentive Payments and Services","page_number":180,"box":{"x":102,"y":547,"width":423,"height":11}},{"id":"3ff2166a-a026-4865-902a-2d0f1a040efa","block_type":"box","text":"In addition to the Additional Payments described above, BlackRock may contribute to various other incentive","page_number":180,"box":{"x":102,"y":570,"width":769,"height":11}},{"id":"8c850cab-34f2-47e2-a223-711d412d71d4","block_type":"box","text":"arrangements to promote the sale of shares, including hosting proprietary and financially sponsoring Service","page_number":180,"box":{"x":69,"y":585,"width":776,"height":11}},{"id":"c390d914-9a9c-4cfe-be97-58303cf54aa5","block_type":"box","text":"Organizations’ training and educational seminars, conferences, meetings or events. BlackRock may also pay for the","page_number":180,"box":{"x":69,"y":600,"width":824,"height":12}},{"id":"c5440111-53a6-4b63-a12c-124aa3290a20","block_type":"box","text":"travel, meal, lodging and other expenses of Service Organizations and their salespersons or other personnel in","page_number":180,"box":{"x":68,"y":615,"width":791,"height":12}},{"id":"3016e614-bd52-40f0-9adf-4fa95696e906","block_type":"box","text":"connection with educational and sales promotional programs. This compensation is not included in, and is made in","page_number":180,"box":{"x":69,"y":631,"width":820,"height":11}},{"id":"b8020f93-b40b-42b6-9bf6-ec7430f7d878","block_type":"box","text":"addition to, the Additional Payments described above. These payments may be made directly to the Service","page_number":180,"box":{"x":69,"y":646,"width":767,"height":11}},{"id":"cbeb819c-32df-4687-b974-7ba191dcffeb","block_type":"box","text":"Organizations or their affiliates, or to a third party vendor, and may vary depending upon the nature of the event or","page_number":180,"box":{"x":69,"y":661,"width":817,"height":11}},{"id":"5feed94b-6d33-46a6-8d02-cbbecf2c69cb","block_type":"box","text":"the relationship and are subject to applicable laws and regulations, including the rules of applicable self-regulatory","page_number":180,"box":{"x":68,"y":676,"width":819,"height":11}},{"id":"2ed9f2df-6979-4f83-8cc9-39d324332669","block_type":"box","text":"organizations, such as FINRA. BlackRock may pay Service Organizations additional types of incentive compensation","page_number":180,"box":{"x":69,"y":691,"width":823,"height":11}},{"id":"98067080-21c3-4064-bfe8-02d41b900e34","block_type":"box","text":"in the future to the extent not prohibited by applicable laws or regulations.","page_number":180,"box":{"x":70,"y":706,"width":526,"height":11}},{"id":"932e1f4f-7100-46db-b3a2-899d9841c2b1","block_type":"box","text":"Separately, BlackRock has developed proprietary tools, calculators and related interactive or digital content that","page_number":180,"box":{"x":102,"y":729,"width":797,"height":11}},{"id":"735ae921-ee81-4ac5-9e3e-855e52de1ac9","block_type":"box","text":"is made available through the www.BlackRock.com website at no additional cost to Service Organizations. BlackRock","page_number":180,"box":{"x":70,"y":744,"width":833,"height":11}},{"id":"f12751a1-55ae-49de-8458-53a8fadb88f2","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as part of its customary","page_number":180,"box":{"x":69,"y":759,"width":817,"height":11}},{"id":"da5b6066-7ffa-498f-8d24-0654462c647b","block_type":"box","text":"digital marketing support and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":180,"box":{"x":69,"y":774,"width":815,"height":11}},{"id":"1f857c8a-3b3f-4ffe-971f-2ee46356cfd3","block_type":"box","text":"traded products.","page_number":180,"box":{"x":68,"y":789,"width":116,"height":11}},{"id":"d8c56cc3-6096-427c-9985-db33652af107","block_type":"box","text":"F. Conflicts","page_number":180,"box":{"x":102,"y":812,"width":78,"height":9}},{"id":"61cde032-9985-49fa-bb2e-ab95106359a8","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":180,"box":{"x":101,"y":835,"width":710,"height":11}},{"id":"01638e4e-32e2-4a6c-9c62-6780c5819ae9","block_type":"box","text":"arrangements may be an important factor in the Service Organization’s willingness to support the sale of a Fund","page_number":180,"box":{"x":69,"y":850,"width":803,"height":11}},{"id":"d889676a-d3c3-4f7d-8add-49b47b9aba71","block_type":"box","text":"and/or particular share class through its distribution system or to perform services with respect to such Fund.","page_number":180,"box":{"x":69,"y":865,"width":788,"height":11}},{"id":"8f51f02d-8325-4308-9ac3-65785a135f1d","block_type":"box","text":"Additional Payments and other incentive arrangements may also be important factors in the Service Organization’s","page_number":180,"box":{"x":68,"y":880,"width":819,"height":11}},{"id":"1b626b24-0ca1-4baf-b39b-2187c865ba09","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":180,"box":{"x":68,"y":895,"width":473,"height":11}},{"id":"dbb09b5e-88f2-4d2b-afdc-8543764d3789","block_type":"box","text":"II-111","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"54fda33e-1e86-427b-a525-23cf85b8ace9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53c501c5-e6fb-4a83-bb5d-5fed04535acd","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":181,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"b3b25ad7-1162-4dad-acd1-386893603063","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":181,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"7177670a-fb88-4d2a-b2ec-4fc6454373a0","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":181,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"0626df08-96c7-4d7e-9597-38f6987d6704","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":181,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"7c27bfce-399b-44db-8c36-8c864b951f5a","block_type":"box","text":"Service Organizations may have financial incentives for recommending a particular Fund, share class or fund","page_number":181,"box":{"x":102,"y":113,"width":774,"height":11}},{"id":"a400026d-8cca-448b-ac36-45af9afbbfd4","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":181,"box":{"x":69,"y":128,"width":794,"height":11}},{"id":"da0ac63f-ec54-49ab-91f4-996ed48ce591","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":181,"box":{"x":70,"y":143,"width":818,"height":11}},{"id":"74d9c4b3-5904-48a2-a0a1-647a08f7e3f1","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":181,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"a983f8b0-a0ee-4df0-b715-5cdbf6d6d4f9","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":181,"box":{"x":69,"y":173,"width":723,"height":11}},{"id":"b346607b-0936-45f2-8587-4b2c436acd19","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":181,"box":{"x":102,"y":196,"width":759,"height":11}},{"id":"79a72b6b-7cc8-4697-b020-f9ba603fd34d","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":181,"box":{"x":69,"y":211,"width":760,"height":11}},{"id":"bccd0390-7440-4783-91af-f4a9c88c2461","block_type":"box","text":"appropriate.","page_number":181,"box":{"x":69,"y":226,"width":84,"height":11}},{"id":"e1202613-5f49-4e61-a76b-2dbca02afee7","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":181,"box":{"x":160,"y":226,"width":738,"height":11}},{"id":"307f229e-68c3-4962-b804-f838ab0c1a5f","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":181,"box":{"x":69,"y":241,"width":795,"height":11}},{"id":"7909ca97-e66f-4f1f-a495-bd6ab27003dc","block_type":"box","text":"described above.","page_number":181,"box":{"x":69,"y":256,"width":122,"height":9}},{"id":"e36ccede-0793-4938-baf3-b4115b14b3d6","block_type":"box","text":"REDEMPTION OF SHARES","page_number":181,"box":{"x":385,"y":286,"width":208,"height":10}},{"id":"9016af4c-154a-44ec-8764-feb2ecdee4d4","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":181,"box":{"x":102,"y":309,"width":798,"height":11}},{"id":"7b485c55-85c8-469a-861f-7b8e8ebfdf12","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":181,"box":{"x":68,"y":324,"width":817,"height":11}},{"id":"c9d67a97-9a44-4851-a3fa-ea4f07374c45","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":181,"box":{"x":68,"y":339,"width":840,"height":11}},{"id":"46c0d347-ec08-439c-b2bf-171121512f8e","block_type":"box","text":"or to accommodate a request by a particular shareholder that does not adversely affect the interest of the remaining","page_number":181,"box":{"x":69,"y":354,"width":834,"height":11}},{"id":"6118ee1e-6025-4704-ad28-4b4a477b9bf3","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s portfolio holdings at its discretion.","page_number":181,"box":{"x":69,"y":369,"width":829,"height":11}},{"id":"1d00d7ae-4196-40cb-b194-e88fb81aba14","block_type":"box","text":"In-kind payment means payment will be made in portfolio securities and other assets rather than cash. If this occurs,","page_number":181,"box":{"x":70,"y":384,"width":834,"height":11}},{"id":"23513d63-fa72-48c4-ad24-c21772d90a62","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to convert the securities and other","page_number":181,"box":{"x":68,"y":400,"width":793,"height":11}},{"id":"34a56423-e532-4509-b532-746975b25f14","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata portion of a Fund’s portfolio holdings will generally be distributed","page_number":181,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"cf1f4ab6-4dfb-45c1-9c6d-0fd20f20237d","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under certain circumstances, deviate from pro rata redemption","page_number":181,"box":{"x":68,"y":429,"width":838,"height":12}},{"id":"3119382f-afd1-401e-a139-5aa68bd52e72","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of portfolio holdings and","page_number":181,"box":{"x":70,"y":445,"width":818,"height":11}},{"id":"6ea6c0d7-0cac-4f8c-a5cd-75016cc047df","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":181,"box":{"x":68,"y":460,"width":831,"height":11}},{"id":"cc60a7e5-baf5-4b98-8753-c0548cb2e1a3","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":181,"box":{"x":68,"y":475,"width":828,"height":11}},{"id":"4e01fbd2-c4c4-4fc3-b566-b9bc6be54c0a","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":181,"box":{"x":70,"y":489,"width":826,"height":12}},{"id":"b3d26ae3-ba1e-41c5-99cf-234a9a974362","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":181,"box":{"x":69,"y":505,"width":810,"height":11}},{"id":"347d8846-e46a-4d4c-bfe9-b6976673fdcd","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":181,"box":{"x":68,"y":520,"width":827,"height":11}},{"id":"38bc0659-6b19-4259-bb0f-b841c13f82d9","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":181,"box":{"x":69,"y":535,"width":832,"height":12}},{"id":"c13ee7b5-3718-490d-b527-4ca5f9fdba25","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":181,"box":{"x":69,"y":550,"width":828,"height":12}},{"id":"89208242-fbbc-4872-8241-e2f1520b9f5b","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":181,"box":{"x":68,"y":566,"width":746,"height":11}},{"id":"b1d53566-3bb3-479b-b01c-0418d75137ae","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":181,"box":{"x":101,"y":588,"width":807,"height":12}},{"id":"c4d19c7a-d93b-43a6-abab-597fd56e7f80","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":181,"box":{"x":69,"y":603,"width":835,"height":12}},{"id":"6a51f934-5506-47ae-a0c7-6be57aa37340","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":181,"box":{"x":68,"y":618,"width":811,"height":12}},{"id":"bbdee80a-136c-4f40-975b-efcbca774ed9","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":181,"box":{"x":69,"y":634,"width":741,"height":11}},{"id":"60f7f0e2-ba49-4528-98a7-ae38f29bc5f9","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":181,"box":{"x":69,"y":649,"width":813,"height":11}},{"id":"90df64d3-fac3-41c4-8bc8-2f7d2138421b","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":181,"box":{"x":69,"y":664,"width":787,"height":11}},{"id":"145d1458-92d2-4aa9-ac91-d15566491ac7","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":181,"box":{"x":69,"y":679,"width":685,"height":11}},{"id":"d11f212a-a3a3-4578-b0ae-75c49a8672fd","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":181,"box":{"x":102,"y":702,"width":798,"height":11}},{"id":"b5077842-a8e0-4d33-af59-fb285451d967","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":181,"box":{"x":69,"y":717,"width":820,"height":11}},{"id":"4689144d-6b85-414d-a6a0-e776a2da5a9c","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":181,"box":{"x":69,"y":732,"width":653,"height":11}},{"id":"f07f871e-c8c4-4faf-bd27-b0afefc996aa","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":181,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"6d66f490-628e-4aae-88ed-6c459af9b38f","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":181,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"4d120226-ae9e-4f82-894f-7342d8cda082","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":181,"box":{"x":68,"y":785,"width":824,"height":11}},{"id":"072f651a-e875-4686-af6b-95b837bd4470","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":181,"box":{"x":70,"y":800,"width":825,"height":11}},{"id":"595c7b8e-c8a1-4ecb-b1df-94b7d62c6d5d","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":181,"box":{"x":69,"y":815,"width":825,"height":11}},{"id":"dd5cb260-5eb7-4425-ae69-84af6eaf433b","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":181,"box":{"x":69,"y":830,"width":823,"height":11}},{"id":"4a2d0517-1c80-4f8b-b436-b17d2c4cfee9","block_type":"box","text":"II-112","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e16e5702-2d50-4b33-8455-89bf23da4c76","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4aa28a39-eb89-405f-bcd3-e7613a960a52","block_type":"box","text":"Redemption","page_number":182,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"1e8edb90-ba5f-4e86-83d8-07a757097fb3","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":182,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"d362727f-f6a5-4081-ac6d-a5ef7088e829","block_type":"box","text":"Redeem by Telephone:","page_number":182,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"81b8e9a6-4d88-4ebc-87b9-1ffb8d63c75b","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":182,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"39d522cb-9adc-46ff-9818-5f75e267c1a8","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":182,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"5a2cad78-3aa4-417b-b8ac-a44f16d2c91a","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":182,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"923aba7b-290b-4d8a-9c97-d23d53ca8197","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":182,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"87d63589-8bd4-41c6-ab27-d6f7928d8842","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":182,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"b46cfe3a-e53a-4420-aca2-34e105d29f60","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":182,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"d98f0109-39d5-42f6-8775-7da385735eae","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":182,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"2923cc30-e427-4187-b2b0-7a1aa379a446","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":182,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"fbe1cc08-5adf-45bf-98c2-ce78e9cbd156","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":182,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"7f4f1e1d-8da9-4d98-81d7-ce213b3c0f06","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":182,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"1e066172-b618-40bf-a03e-860edc49c2d4","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":182,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"594a9f12-ebd0-4731-bbdb-81574d6369a4","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":182,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"a63ef876-add8-439a-b1ae-b5fc824ce0b6","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":182,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"20268bc0-aaf7-49c4-b74c-b1bdaec6b1bf","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":182,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"0f7c81b5-b6b1-4c16-b527-2c7bc827348c","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":182,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"db9bba78-bf5d-4610-9aac-1d8ccc1f9b8f","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":182,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"4dc3fb50-a404-4fc2-a467-37be3ffc661c","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":182,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"88c19763-29b8-4f47-bb7f-751d63545a32","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":182,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"98e3771f-2125-44dc-b051-88ef272bc630","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":182,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"9fea2ed7-8c76-420a-b7d8-4b6307974539","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":182,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"ce4d411e-888d-486a-b2f5-866b2bd8b480","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":182,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"a92a6931-aa33-4040-8284-918c8b9fa205","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":182,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"cfac7b2b-4275-4684-99b6-1a7dfb71ae69","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":182,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"01f6cc51-662e-4c34-aa05-24248167c12c","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":182,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"6f5278ce-2878-414c-9e93-efbdee500edb","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":182,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"d0322775-7b13-4b01-95d8-41b627b45073","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":182,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"5c3d39b4-a745-4447-bee3-7557af4baf6a","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":182,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"afaa5e5d-90c0-47c4-8dbc-0044dfc7ac28","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":182,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"3b26102f-275a-4491-94ed-ee359d77773e","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":182,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"690667d3-6db4-4e6a-8e43-d67e733a0a37","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":182,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"810d90a2-da6a-4224-b73b-835d4879210c","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":182,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"e5aecdab-7247-4e0a-8e46-53215cbe5832","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":182,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"2186a2e5-b0ea-473d-a203-287acd7ed49d","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":182,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"1c9024f3-3a25-4738-9db2-117390dc598d","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":182,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"364a0a4c-ac66-41be-b7d0-22ea70071890","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":182,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"d557f88c-7f82-4243-b9af-c24e265903f4","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":182,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"0d95575d-7069-4d90-aecc-9ffb08838313","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":182,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"61b52013-c5e7-4e3f-ae94-c02d1d9aed26","block_type":"box","text":"Redeem by VRU:","page_number":182,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"854b4686-dbc9-4f42-bcc9-6a328d9369bb","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":182,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"97802cd8-76e5-4f51-aff3-c430c6f173dd","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":182,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"c9cbe6fe-2f68-48d0-959f-8bb465a2223e","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":182,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"517b31be-e6b0-49a2-816a-98dc70a805cc","block_type":"box","text":"Redeem by Internet:","page_number":182,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"c4868fbe-4e90-45b8-ac24-7c0f2409f3df","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":182,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"dd04b06d-c3bd-4ba3-85b5-ef9d23c77a1d","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":182,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"3117e2cc-4544-4948-b7fc-4ac09268a299","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":182,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"38ce5d8a-24ab-46ed-b1f6-4d2a648f6108","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":182,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"35d20ab2-6dc0-485e-83e5-b906ce503b9d","block_type":"box","text":"institutional investors.","page_number":182,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"a39a2d47-161f-499d-aacf-9af09cd1c240","block_type":"box","text":"Redeem in Writing:","page_number":182,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"a9caff5d-891b-4371-939e-65d8f92778cb","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":182,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"bbe1e840-1f6c-40fa-8138-ef89d48fb29c","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":182,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"240441ed-10fa-4568-abd6-55c5d9118129","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":182,"box":{"x":68,"y":838,"width":827,"height":12}},{"id":"25aea6c4-3fc6-492d-8460-eff2d1a66c1a","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":182,"box":{"x":70,"y":853,"width":802,"height":12}},{"id":"ef6a49df-ec50-444d-835d-bac3be1d8479","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":182,"box":{"x":69,"y":869,"width":786,"height":11}},{"id":"4ae72771-701a-489d-9a64-dd7ffac9e7dd","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":182,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"f9ffbab2-5aa0-4074-95c4-1378a403cf11","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":182,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"bd4d3c0f-a0a1-4e36-a3a8-85ac6a15a380","block_type":"box","text":"II-113","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bc8d3041-77ba-4f31-9362-d94233c3f176","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06995ed9-220d-4f7c-979d-aa255c204835","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":183,"box":{"x":69,"y":45,"width":761,"height":11}},{"id":"9e9e3b3b-259c-4a46-9200-768e5e34f7a8","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":183,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"2133e5d6-f8b5-4232-913b-4faa5a053533","block_type":"box","text":"the bank account of record.","page_number":183,"box":{"x":68,"y":75,"width":196,"height":9}},{"id":"90edc259-5a7c-4027-b6f8-a25daeb0b05a","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":183,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"aa7e5107-e05a-4fe6-ad02-1471a6c6f5c7","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":183,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"067decde-4016-4721-97ea-674442315684","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":183,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"a4463528-6407-4140-b510-31abaa6082e8","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":183,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"71aa81ae-f43a-4714-ba19-2a4691d0d82b","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":183,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"74cb5993-0b9e-4fdb-a4a1-b715733811e5","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":183,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"4dd1a5da-7dde-4c09-98c1-775aa3152e10","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":183,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"e7996bab-923d-4e3c-b120-5e8243610931","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":183,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"bc90abee-00d0-46fa-b380-1f4281c055f4","block_type":"box","text":"redeemed by the Fund.","page_number":183,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"93712c81-d5f9-4224-8b8c-dbc2fae67d1f","block_type":"box","text":"Note on Low Balance Accounts.","page_number":183,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"83ef7793-5e0b-4e7a-8f0e-57e46c05a39d","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":183,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"ba2a97da-8879-4595-ad81-4dd70c009d0d","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":183,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"7a35ce7b-7b72-475a-b139-dd773f7d7cdb","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":183,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"099cf16d-0ac4-4846-91ee-08ed6b8aa5e6","block_type":"box","text":"for any reason, including market fluctuation.","page_number":183,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"4a6a79e0-507f-4397-a710-66f8e953d2d1","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":183,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"aaca0596-5329-4783-9d72-82f872b4f5b0","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":183,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"ab237b34-ba07-449c-9fa0-972b35711326","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":183,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"a30dd11c-d811-4c64-8d56-560cecae6d19","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":183,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"ad6366e6-3e0f-4cff-afde-f57924041c11","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":183,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"44868f46-c56f-42f6-ad5f-0b214bfc6168","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":183,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"a33bd0f2-8486-4321-b700-0358f60dac67","block_type":"box","text":"Repurchase","page_number":183,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"1e7848e3-ebde-468a-a6da-3149b752efd1","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":183,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"6c621bad-7d0f-4582-92e4-3e6d1db57737","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":183,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"ae08ee47-644d-4c7c-9fca-7a14ff45deac","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":183,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"9291fb1d-1415-4508-9e88-16df57b00c69","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":183,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"4d0681ad-2809-4370-b034-ab68986765e2","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":183,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"3525b931-01c2-43fe-b37c-59fab91b2f4c","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":183,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"2020625d-f6b9-4376-9f3e-43318378f0dd","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":183,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"36e08896-6f7b-4d5a-9854-24a2e3eb5b62","block_type":"box","text":"next business day.","page_number":183,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"7c863c43-683e-47bb-8687-00900dddb2c8","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":183,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"50c57e5d-c8e7-4cb0-84b1-e8c8e87ee70c","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":183,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"333c2eda-c2d4-415a-9fda-88e49b3c7027","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":183,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"061f9fb1-64ee-489d-adaa-fc8f65e5d6d3","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":183,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"b29ff242-e582-4dcd-b364-1a9fcfc6767b","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":183,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"4fea0198-0dd7-44c6-9f80-af4d019aecb5","block_type":"box","text":"redeem shares as set out above.","page_number":183,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"bf7a38ed-e70a-490a-817f-856461f49725","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":183,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"79bed661-4db0-4bb4-9218-3d997438354c","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":183,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"81abfb8d-981b-417c-aaa7-023a4b28a4c5","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":183,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"6b2756a9-1026-4180-a99f-4965d186929b","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":183,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"d06f67d7-ef58-4248-af93-f935a65c03d2","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":183,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"84fdfdd9-a599-4b63-9da1-0b67132c4be2","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":183,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"18da8741-9180-47b9-ab2d-d996bee10ba0","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":183,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"ccd808d2-33da-4783-b372-ace325165bb4","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":183,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"a74e529f-c6cc-4119-ac4c-437476bec535","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":183,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"2b4aa2fb-8eac-48b7-b5c6-dee7a14b7b47","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":183,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"e037b74f-9aaa-486a-b8c0-3cd2e4d5afa3","block_type":"box","text":"II-114","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"deed5006-5a94-4ecf-a082-22294057a783","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5002cfe-bc98-4ded-9cfc-faca68d495aa","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":184,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"ae0da53e-2382-49e3-ad75-ea724bf3d093","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":184,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"4a733e39-262e-4e28-812d-f5cb2a8f51e7","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":184,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"3492b370-81a1-44b6-8b81-8a2bfdd518ac","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":184,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"a9513478-85d7-45a1-b7d0-1f2ebe06636c","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":184,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"5a60a6cc-8b81-47c1-b7f7-299a37e1cee9","block_type":"box","text":"Investment Account","page_number":184,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"238fa3f8-ea6b-49dc-b1dc-87a8b7431be1","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":184,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"23077e94-c3f6-47d6-87df-5a9e509be7dc","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":184,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"7ab458e8-30cb-44c3-a3fb-3b9074cedc1d","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":184,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"5c1d70cf-0240-485a-90a0-d57013d7171f","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":184,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"4a35531b-c365-4a38-a28a-37f5e1094ea6","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":184,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"daa04f38-4608-4514-b301-ba70a445a127","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":184,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"55ef20f7-ca6d-4326-97d2-aba1c8222e32","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":184,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"909d3e36-0ea1-4d8e-8474-968d20a1ede7","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":184,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"8bbac079-bba1-48dd-a33f-37a3288a91e1","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":184,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"0d5c4a78-cbc2-4b72-80d8-e21095eeeba3","block_type":"box","text":"automatically at the Transfer Agent.","page_number":184,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"c33bcc56-6a7c-4549-bee7-bcccf267f3d8","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":184,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"ba65e7a2-d60b-443f-b708-6a9abf296236","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":184,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"0fa9d2ba-8ec7-40a5-99f3-0737cc4bfdb4","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":184,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"476aaf98-33cc-4b0f-9d88-da5c66679e5c","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":184,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"62853e0b-af6e-4f1a-814f-811721c70d47","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":184,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"ea0cc6f7-2dbb-45e9-8ae0-d6309ddfb044","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":184,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"4e6e2de3-7e79-4d49-90fb-f0aa78accf3d","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":184,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"f9c1ea79-e429-42b0-892f-5835d3d3d94f","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":184,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"a48cb751-2181-421e-a57b-0d564f06d156","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":184,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"470dd93e-d881-4dd4-bc4e-53984807db7f","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":184,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"72f09f52-2fa0-4e80-b167-685b6224d9bb","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":184,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"0e3da173-0d5c-4c9c-8b0b-748e4b2f2b5d","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":184,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"efa19885-ba1f-4012-9cb9-b5760184017d","block_type":"box","text":"issued.","page_number":184,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"e9eec6f1-eb91-4369-95b5-93f101eb0e00","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":184,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"4124782e-b518-493a-bca0-1029c9578b20","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":184,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"374d8dcc-0582-4275-91eb-ed1697cc1727","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":184,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"dd6c0bac-5c82-4ec7-b744-d7ac319faa39","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":184,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"140e08c7-99e9-4bfa-8db3-e26fe126bcb4","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":184,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"5c268122-f95e-4c14-86fc-0d5e949c3145","block_type":"box","text":"Exchange Privilege","page_number":184,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"44bea0f9-083a-4297-8d86-ace830f81692","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":184,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"e1e5d2ae-ebc5-4821-87df-4c5b27665e06","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":184,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"95ff0163-5f29-48ec-8528-f78220973836","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":184,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"d5af70ba-b896-456e-b53a-25b93e0aa8e4","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":184,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"880bae50-9a97-4b93-92ed-96592e433c70","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":184,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"8da0f80e-3bae-4a78-903b-ebc6062b9c18","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":184,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"1b9bfc10-5f15-49c6-b0e6-459e1b4c9af1","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":184,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"6bcb3a65-7c6f-411c-aae8-21376f7b0635","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":184,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"78774953-4e1f-497d-8099-605b43bb2686","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":184,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"50c6ea41-9543-4107-9654-edff6236697a","block_type":"box","text":"Institutional Shares","page_number":184,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"fde70911-8f2a-437b-b434-f696a4d2a1b6","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":184,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"58cb27cb-59cc-4071-913d-120b65cc9257","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":184,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"00060c87-deb6-4574-8a27-a53f55e955c6","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":184,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"d2b0b8c5-c7b4-4847-98a6-74f1eee490db","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":184,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"04b1d88f-6650-4242-bdce-f96d41db1787","block_type":"box","text":"for Class G Shares of other Funds.","page_number":184,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"7b84985a-5959-49b5-9fec-9df9ef3043e3","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":184,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"eac82275-0158-4eb4-a125-a66469245c16","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":184,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"c45ec69b-4c29-4d13-9835-caed8a008e36","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":184,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"524703a2-4ea7-4c7d-acb6-9ca96d48e9f4","block_type":"box","text":"II-115","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2eb7d554-14fa-4151-bcb0-245a8bafd183","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4b7632e-6823-408c-8f06-48ebd2ccd194","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":185,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"8605c1a1-05cc-4cd2-86a1-1d7cfeab5e17","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":185,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"628ae081-3bb8-48f7-83ed-907585783dd0","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":185,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"c29ea0bb-8f56-453b-93f6-91b58200997d","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":185,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"245060eb-d9e5-4d4e-8489-b8c68af04c66","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":185,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"b9bcf96e-4ce7-407e-abce-c69a2b4fbafa","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":185,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"f9f02d19-f827-4023-b6d6-841db779a16a","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":185,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"4099ee08-58f5-4c71-a660-419022811d55","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":185,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"b5819d4f-ac43-4a28-9879-8194ee722e20","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":185,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"bacce586-bb77-49bb-ae0f-300718db42df","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":185,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"7f12246d-8a15-4eca-902c-c530ec0d836a","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":185,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"91a8c80f-883f-4a73-9fa3-4792ae4ce428","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":185,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"1d862940-f51b-4f01-bc7a-9c25a27e6f51","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":185,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"7b52584d-dc42-4564-bb5b-bbe3774ccf20","block_type":"box","text":"Exchanges of Service Shares.","page_number":185,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"bd329ed2-998d-48da-8721-0c20694dc44c","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":185,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"104de610-59d3-433b-8a52-3a7d59498c67","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":185,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"1e045b90-e465-472e-952e-440fb6a683d0","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":185,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"15983a73-77b7-48a2-a498-cb7e6038f11c","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":185,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"0dc43fdb-9dd3-4d34-8641-d4e431bb588a","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":185,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"3e45546e-f046-44f2-965f-d61d2205174e","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":185,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"69501770-50a0-43ee-9a75-abb7cc5ce440","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":185,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"97c96758-e9b1-4f63-90fb-06840638905e","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":185,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"7b153f2c-19d3-4895-949e-ca9ba14a1dcd","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":185,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"6e00dd68-a193-4bea-9509-2d43e17fb163","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":185,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"1841d09b-d8fd-4fb7-9c12-50f8b302abbc","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":185,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"ca094197-f237-4ee1-ad10-f2497a0fd26a","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":185,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"50b42814-9a26-4992-a80a-af4eda7c9350","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":185,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"75c2c1d1-249c-42b9-8be5-60260cc73a21","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":185,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"5338bace-3d26-4c92-aa6f-dfb55ac12568","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":185,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"e371e9e8-dde6-4413-b45f-8c55b9f04205","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":185,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"8c21de46-daf8-4107-abd1-b03e06a0fffc","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":185,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"e0946f55-b53f-4333-9be7-f28ad6d9d376","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":185,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"0f97de75-5d15-41cc-b938-fa9b216293b7","block_type":"box","text":"exchange.","page_number":185,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"17194ea9-47d6-46f3-9904-ba67a1b0ad9f","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":185,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"2326f427-78ac-40e6-ba84-4af54f5ed423","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":185,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"5f91c01f-9abd-43ec-a2c6-6b386795c265","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":185,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"d23cebac-1e05-4231-86d9-363c8a301107","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":185,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"1a28bd99-41a7-4ddb-b3dc-8a92c34573c5","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":185,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"f26de528-907e-4c2b-9c04-4c950f60764b","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":185,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"4f3821a3-fc46-4846-bb40-75172b439a15","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":185,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"9c494c90-dddf-4f6d-b293-de57228bbd8c","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":185,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"ea35cd14-e53b-40f6-8b9e-b2e7d207d077","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":185,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"c5432b34-d0eb-4f36-a5fc-3b7a22792c93","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":185,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"b53ea361-0d0d-49ed-aace-e2b663e097d6","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":185,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"cf5712cc-1d77-4b17-aa24-9ef5b8f6a6e5","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":185,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"301cdcd2-fdb7-4a6f-b06c-bacccbf99ba4","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":185,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"358bcf8c-4c4c-44df-a660-04d4822c552d","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":185,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"e5f09b21-53dd-4849-bb7f-a22f61089529","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":185,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"7c5414be-d44b-49e6-abc3-5c03cf6ef2f8","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":185,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"c9fe0a2c-f7c9-4441-8b97-fff5d40223a1","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":185,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"2cce89b7-2de8-45e6-9d20-31b7a4a8c3a9","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":185,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"02ef60fe-8ad8-47d9-b5c6-93fb112ce101","block_type":"box","text":"Transfer Agent in writing.","page_number":185,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"132016a1-511f-419d-b8e2-09b7284d22a7","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":185,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"9a6416bb-39c5-4ac8-bf57-32633ca7d17b","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":185,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"e9502986-406b-456d-a4b1-9bd7018cae0e","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":185,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"544339b7-fe6d-473e-8585-09a3cdc98c6e","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":185,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"c69f3de6-87de-4896-99be-60b2de3e7858","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":185,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"a8695514-9703-46f7-91e6-c0fc82e9c2e6","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":185,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"0df8babd-174e-4d9a-bb9d-831332743d30","block_type":"box","text":"II-116","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9f9b6a24-4c37-4bd6-a001-cc0a2adc0310","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de4e4171-2e7d-4606-abb6-66a681cc13ad","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":186,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"d1c90c19-b4f2-4404-90f2-cbf6c5e5fa0f","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":186,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"80d7ac84-5f18-4176-b05b-fd9f1ef2f507","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":186,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"dcd6dac9-ceb5-4a39-83ba-71be35f3d23f","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":186,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"878e6659-fd3c-40b2-9697-8523bee3f6bf","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":186,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"ad214122-5d97-4475-99b7-97aff119f8bf","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":186,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"0d40c616-b955-49eb-b63a-35927eb74071","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":186,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"e91314d6-9a8d-4c0d-9295-a13dae507f56","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":186,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"2112b218-875e-4df4-ae33-a75b4a28d2c7","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":186,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"6c16b2c7-3f34-4578-9d9b-1d86c61bc4fb","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":186,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"e44490f0-f5c0-42f6-b87d-ca40f5ddaa33","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":186,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"0b202fae-ab2c-4ce3-ac95-e19e8280aa80","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":186,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"2ec47767-c20e-4377-b48b-807793f3254f","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":186,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"0f0c2863-e18e-493f-a4e4-95d7ada7ccb8","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":186,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"f01a9e16-ed32-4077-ae48-fa7f410348c2","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":186,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"e511689f-ef2b-4d1e-a517-a75914481619","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":186,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"1bc9179b-e559-4c1b-adde-c1686b794f13","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":186,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"63e20ed0-9922-45c6-b14f-6c7b5befa0f5","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":186,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"f69d7a10-8024-43c0-901a-7ce1faa6ed61","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":186,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"a2f7bb47-c28b-4449-82dd-791d9410aa12","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":186,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"16fa3ab9-62a0-4f69-8c78-1e7ea86f1bbf","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":186,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"4cd4acda-fbe3-4b0d-a65d-e56ca1fe1dbf","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":186,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"2d3772f0-698b-4636-b154-455079c57449","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":186,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"a9ac6026-5554-4194-b838-5a7dc4771d9f","block_type":"box","text":"may be distributed by the Distributor.","page_number":186,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"70475bfb-6d61-4f06-8b2b-c07c98fd9c54","block_type":"box","text":"Participation in Fee-Based Programs","page_number":186,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"4cc2143b-83c3-451e-b81d-544e094613fc","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":186,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"9b2e2f07-7cdd-43ea-878f-df8c06512f11","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":186,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"fc36c2ab-394f-4d7f-abd7-c1b3ffeb49a2","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":186,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"a401e994-b6c7-4986-b018-825da19322bb","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":186,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"9a18c9c8-a87e-4fcc-9888-080b69577abc","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":186,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"f02eb528-dbcb-4261-86e2-4289c17dd633","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":186,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"c18e161e-033c-41d1-9335-6a8a18ade65b","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":186,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"df7cbc06-681c-4ab7-b55e-0da3fa89ebab","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":186,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"5bca3cbd-139d-406e-8839-dc0cf13d1589","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":186,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"151c349a-e674-43f1-9012-ad6a85c660e7","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":186,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"aa791427-bfb2-4f73-a4c0-34837f997ebb","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":186,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"7f71419e-b38e-45cd-9bc2-b8522ff3ed7d","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":186,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"bdd34378-a6d6-49e1-b047-c9733d13832b","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":186,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"c0598657-c59c-49d9-9b57-a1a47ed5195e","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":186,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"7d58ea90-5499-47f5-a3da-07582209cb07","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":186,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"58e47dbd-3d84-4a19-88ab-c0b9506aa4d8","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":186,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"96ae5a4c-08c7-46d1-bd71-e7683afdc3b9","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":186,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"5807e5ae-fcf9-46b2-81a4-e2cb2ad99dfe","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":186,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"6591b1d0-3012-4400-af20-5b7e3a6fee30","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":186,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"a380a90d-38da-4381-9aab-c4f5f7887b90","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":186,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"31216d7b-5165-40e8-8f4e-1cf6811f7889","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":186,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"5474951d-466e-42e4-ae99-22b98d0af7f4","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":186,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"7f36482a-dba9-4675-9af0-260a04165280","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":186,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"dee7c89b-4702-46c5-aeda-f8eb503aa8fa","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":186,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"ae51a6b5-795e-469d-8910-24fae106305d","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":186,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"3a3018d8-a891-41e2-a6df-c16f34c6ee0c","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":186,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"5e981abe-e7b2-4e87-b855-7673a50f475f","block_type":"box","text":"information.","page_number":186,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"f58d68ac-11b7-425f-8bbc-341c4d40f637","block_type":"box","text":"II-117","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9eda339c-243c-4816-98ef-f3678639b2b0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f7f70d5-e746-4b30-96f9-beec6293a1e7","block_type":"box","text":"Retirement and Education Savings Plans","page_number":187,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"32a0334a-1965-4e7b-84e9-9465bb9e2f73","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":187,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"03ec81dc-5e85-4e3a-ad9a-0b2f5b796819","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":187,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"39b46fc0-ede4-47d0-9654-dff74b1c8d1b","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":187,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"6a1faa0a-835f-4c3f-98d8-0d361b9ef5f0","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":187,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"7dc33664-0b7b-4286-8246-2b6ebd8c13de","block_type":"box","text":"your financial intermediary.","page_number":187,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"eca669b9-f0f6-485a-905a-90857747ce92","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":187,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"2c212bdf-e4fe-4ee9-ab1b-777bc57cadb5","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":187,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"270e0c92-b22f-458b-9658-e88c5322e6b5","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":187,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"58c99f85-8a87-414a-b39d-0a23c29872a7","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":187,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"529a0356-2eed-4cdd-b63d-a96eb46faf2f","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":187,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"ffebfb4e-65a2-4fa7-9877-e392fe7050c0","block_type":"box","text":"Automatic Investment Plans","page_number":187,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"093e5695-4c9f-475b-96f0-798b9cd7dc45","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":187,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"8a0d1ed6-195d-43b4-8157-5e6033213854","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":187,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"e11095bc-4a25-407f-b23e-55c892fc2836","block_type":"box","text":"®","page_number":187,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"9e4f20ef-cf53-464b-9d29-9154de0cfd07","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":187,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"ff55a2df-ebb2-44ce-84db-2d533dae93e8","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":187,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"466d671d-e890-4960-8bc1-d28f86681614","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":187,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"73c8e513-384e-413c-a556-3358a73cf84d","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":187,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"4fb1defd-472d-43e5-bc98-95f1c2fea510","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":187,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"33511557-7528-4c2b-ba50-0bf35d2a71a3","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":187,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"525648a5-9b1a-436b-bf77-b14623ddc05c","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":187,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"d2340527-2e3e-4875-8c52-2e92b89923bb","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":187,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"fb191fb7-8a6e-48db-99b1-7bc5d4c35eb1","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":187,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"47c32df3-f419-420a-ab29-84875ac50cf0","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":187,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"620f3220-ab2c-42e2-828e-9d2579272786","block_type":"box","text":"Systematic Withdrawal Plans","page_number":187,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"b64605d4-15ab-46c2-81cd-917d1b700048","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":187,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"943f63d3-357e-4b72-ad18-6a260934b967","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":187,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"0fbc910a-725f-4e78-ba00-ccea7abeb3ac","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":187,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"1e3ac603-b956-4e41-8920-c0a1fcbeaa85","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":187,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"051057ce-a65d-4baa-99fc-eb0690ce98d1","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":187,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"6cd882d4-c773-4572-9bbc-33c724446288","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":187,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"23778df2-6419-4aa7-abdd-75066a3645aa","block_type":"box","text":"www.blackrock.com.","page_number":187,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"c5fe59f6-aa0e-4c73-8fc6-28ba15f8b549","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":187,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"3e30fc7c-1f2d-4c75-8593-7e128c5b78ae","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":187,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"8c7ad787-b3d9-41d0-a241-d0d04499cb4c","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":187,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"66143b0b-d8cd-478e-b640-5ffe24e4dee5","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":187,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"45c80e73-e5cc-4ae8-98ca-1966d45f95c5","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":187,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"262edf0c-4cfb-4295-b280-2c058f66ce0b","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":187,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"3ffd88cf-a25d-4550-a640-df2d793df813","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":187,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"86e11a67-5d0e-4326-9250-82d1c776e7be","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":187,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"02d6ed14-f825-4852-8ffb-f84e16cd3a22","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":187,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"e8159764-2217-4db6-a5f1-bd5fe8a2de98","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":187,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"d7d526fd-141a-4797-a854-8c806d5cda77","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":187,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"15e8a406-d3cf-416a-bbd3-5280dadc0e04","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":187,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"5d2792c1-369c-41a5-a247-488baec33407","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":187,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"b94eae97-c288-4d35-ab50-8c6e8ff29696","block_type":"box","text":"Dividend Allocation Plan","page_number":187,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"82018c99-6f66-4fff-9877-e93e12d8527b","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":187,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"6960a882-d552-4372-ad26-23b8fe4766da","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":187,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"7e5a6d5d-6606-4a85-936c-854f368d6ebb","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":187,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"c5869c39-8ad1-4904-a94d-e8cb157e7960","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":187,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"a921728a-78b9-49e2-831e-994a5fb67e67","block_type":"box","text":"II-118","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6c9d168d-a4a6-4cc7-896b-762d582e6f0c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c364f914-f7b2-4e83-9a75-52c9da769950","block_type":"box","text":"PRICING OF SHARES","page_number":188,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"75b004aa-0453-4e17-bfb1-519d8dc88798","block_type":"box","text":"Determination of Net Asset Value","page_number":188,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"4cce02db-9854-4d68-9628-a18dbbb681e7","block_type":"box","text":"Valuation of Shares.","page_number":188,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"24a9dd00-97b9-4a32-bb66-b90854affd10","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":188,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"56d93682-ddae-4c95-a62b-4ef41b5b2dd1","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":188,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"099af119-abde-493a-a1f9-2465b2ef15e1","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":188,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"9165586a-94eb-4d03-9d0c-9c88da925e22","block_type":"box","text":"Equity Investments.","page_number":188,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"81d9a6d1-9e0a-43cf-a21a-684a0ef77a48","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":188,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"7d8a0d14-3606-422c-847d-8079e2c76ef7","block_type":"box","text":"e.g.","page_number":188,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"9f19709f-b172-4cad-87de-6e0064a52720","block_type":"box","text":", NYSE), on separate","page_number":188,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"32f45a2a-ae9a-4426-9938-2b243897469f","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":188,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"23f1e96a-6994-49cf-8a58-49a5ba409809","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":188,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"a9b835c2-d3ab-440c-8d5a-e6dad19f11ff","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":188,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"57caf811-9993-4df1-85c1-f3b9e802b04a","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":188,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"28b68b84-1c15-422a-8760-b0bc7541c975","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":188,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"0cb2804d-4a1e-4466-9a5e-bd5e2d707679","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":188,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"941aed2f-e02d-40e7-a82e-2166c82961ae","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":188,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"973c25bc-dab3-435b-bf6f-49d24ca6d25e","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":188,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"4da71d18-7563-43b8-8e14-1e375abca1e0","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":188,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"1ffc796c-610f-4ea5-b636-c2b6d3aa0fdb","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":188,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"4892457f-e8dc-4db6-9f3e-14c5adb1a75c","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":188,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"f56e8bb1-0156-4adb-a859-d13533b3ad7c","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":188,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"fd11b895-9311-4239-ae8e-627af2831d41","block_type":"box","text":"defined below).","page_number":188,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"a568ed24-950d-41e4-918f-860aba04df92","block_type":"box","text":"Fixed-Income Investments.","page_number":188,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"29c08370-d9b6-40ba-a25a-72f25c090f85","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":188,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"2fc70870-8f7a-49cf-be86-6f34e0f3f72a","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":188,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"b2728489-0ad8-4274-985b-a59756374c8e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":188,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"ed885830-956e-47a4-9477-00ad6570d0c2","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":188,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"cb61293c-3548-404f-b433-d900d7197442","block_type":"box","text":"e.g.","page_number":188,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"cb6809f1-c474-41ab-b09c-e5290593d9b4","block_type":"box","text":", recent representative bids and offers), credit","page_number":188,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"3d8e9d14-bcfa-411e-bade-a81e35f31226","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":188,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"32b13878-0d52-4b2d-8f0c-b5c9ba291823","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":188,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"f88cc0b4-c854-4aac-854d-7c23f58bdbb7","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":188,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"a93b0c62-74d5-4d39-84cb-8704d861f9f2","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":188,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"ee86bd6a-46ae-4e19-be40-4a66a72e7d37","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":188,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"13ff717d-1e22-4bc1-afcd-14251dcbe419","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":188,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"a6c6ef68-b26f-43f4-8d2f-ef87659f03bc","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":188,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"892665c0-ee6c-4334-91e3-832fbc3d13f3","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":188,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"baeedef7-fc66-4bc3-8d37-4ea2c4858cdd","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":188,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"ac846daf-3a46-4e6f-b7d7-ed6de1c1ab3a","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":188,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"9e6b4f01-1a96-4404-abc9-a909cfa371c4","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":188,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"e27de930-a588-44dd-b960-badc78d1ea29","block_type":"box","text":"attributes of the tranche.","page_number":188,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"4ce091e0-1e03-42fc-9288-d2b9e7794ed4","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":188,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"70680586-9153-40c7-a60a-dd8387be0728","block_type":"box","text":"Exchange-traded equity options for which market quotations are","page_number":188,"box":{"x":453,"y":620,"width":451,"height":11}},{"id":"ec7adda5-0924-482f-86af-03f9b4ba7e98","block_type":"box","text":"readily available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board of","page_number":188,"box":{"x":69,"y":635,"width":808,"height":11}},{"id":"58e63273-48b6-4d68-9fc8-86263f37324b","block_type":"box","text":"trade on which such options are traded. In the event that there is no mean price available for an exchange-traded","page_number":188,"box":{"x":68,"y":650,"width":807,"height":11}},{"id":"3939868c-54b0-4e28-8b11-b439c7ecf6e3","block_type":"box","text":"equity option held by a Fund on a day on which the Fund values such option, the last bid (long positions) or ask (short","page_number":188,"box":{"x":69,"y":665,"width":840,"height":11}},{"id":"e2b1bca9-96b8-41d1-a705-c1b784b2ed0c","block_type":"box","text":"positions) price, if available, will be used as the value of such option. If no bid or ask price is available on a day on","page_number":188,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"e6de7dd5-9b2d-416d-a4be-db2f4c30517e","block_type":"box","text":"which a Fund values such option, the prior day’s price will be used, unless BlackRock determines that such prior","page_number":188,"box":{"x":68,"y":696,"width":803,"height":10}},{"id":"de17158d-dcec-4e9a-bade-7ab7469caf4b","block_type":"box","text":"day’s price no longer reflects the fair value of the option, in which case such option will be treated as a fair value","page_number":188,"box":{"x":69,"y":710,"width":805,"height":12}},{"id":"646fd834-2064-4d3f-80e6-948a275a164a","block_type":"box","text":"asset. OTC derivatives may be valued using a mathematical model which may incorporate a number of market data","page_number":188,"box":{"x":69,"y":726,"width":819,"height":11}},{"id":"e18fff41-11e8-4d43-aef3-efc21f1c3dfe","block_type":"box","text":"factors. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale","page_number":188,"box":{"x":68,"y":741,"width":834,"height":11}},{"id":"a619e94a-5507-4df8-846c-2bd06084a712","block_type":"box","text":"price or settle price as of the close of such exchanges. Swap agreements and other derivatives are generally valued","page_number":188,"box":{"x":70,"y":756,"width":824,"height":11}},{"id":"b79d45a1-a688-4b0a-ac67-e61d797a5d15","block_type":"box","text":"daily based upon quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":188,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"02f27f46-2857-4327-b752-45415b0ad779","block_type":"box","text":"Underlying Funds.","page_number":188,"box":{"x":102,"y":794,"width":128,"height":11}},{"id":"d074e1a0-4ba6-48d4-83fe-9de3c7b2fa94","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":188,"box":{"x":237,"y":794,"width":621,"height":11}},{"id":"7d382c35-f780-4a6f-977e-5cf36851c73c","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":188,"box":{"x":69,"y":809,"width":837,"height":11}},{"id":"6a42cd4a-cd74-4bc2-adb6-306d5ea799b2","block_type":"box","text":"General Valuation Information","page_number":188,"box":{"x":69,"y":839,"width":215,"height":9}},{"id":"86a05a3d-ea0e-442c-b94f-7eee90e6bfd5","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":188,"box":{"x":102,"y":862,"width":784,"height":11}},{"id":"0ea3f0fe-8bdb-43cf-9678-ec32f7063d92","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":188,"box":{"x":69,"y":877,"width":823,"height":11}},{"id":"5fcf3c9f-e687-4929-8412-092fda4dc0d6","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":188,"box":{"x":69,"y":892,"width":818,"height":11}},{"id":"26d6be5b-64f4-47f2-bd27-a2a7abb22c6c","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":188,"box":{"x":70,"y":907,"width":832,"height":11}},{"id":"e6624b5d-b181-4518-a13f-b58d1fd195a4","block_type":"box","text":"II-119","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"68957de2-cac6-49db-a5e9-25f98f2e9452","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8aa9d49a-155a-4570-9d83-97fbdf1a8583","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":189,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"30be89a2-d7a6-41d4-a889-111da9f8dd82","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":189,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"d98d2123-c81c-435f-98e1-e2beada3baf6","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":189,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"0f888e9f-cbed-45d5-a96c-2b69e1598e70","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":189,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"2a584cd4-cfd6-4e20-96ec-448f9700abd2","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":189,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"70e12586-fe7a-443b-83cd-2b5bd5583100","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":189,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"12dab4a0-1e01-4f6a-805f-41273c55b9f2","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market makers to value each","page_number":189,"box":{"x":102,"y":143,"width":775,"height":11}},{"id":"d8439d8b-4c5c-4377-a86c-ecb61ba9d13f","block_type":"box","text":"Fund’s securities and other assets and liabilities are based on information available at the time the Fund values its","page_number":189,"box":{"x":70,"y":158,"width":821,"height":9}},{"id":"2c51baf0-a8a6-4c7c-94ba-202c5e0b93a3","block_type":"box","text":"assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on","page_number":189,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"ad8d2574-d1ac-4db7-b89c-b945f47beab3","block_type":"box","text":"which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively.","page_number":189,"box":{"x":68,"y":188,"width":800,"height":12}},{"id":"73e62ae4-344f-4d0f-92a9-045475f9ac51","block_type":"box","text":"Such determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":189,"box":{"x":69,"y":203,"width":750,"height":12}},{"id":"d3d9314f-00a5-4a94-9501-deac064fc86a","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":189,"box":{"x":102,"y":226,"width":800,"height":11}},{"id":"79623e5d-cb8d-43ad-b95c-72348858e7a9","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":189,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"df35c331-1864-4dc0-80d4-4bfd62df557a","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":189,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"92d46572-ae1c-4e3d-b063-b0cae873af63","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":189,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"e1996a5d-2a97-4e9b-b616-40acb9e03ff1","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":189,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"fee6ad85-5489-44be-a856-936d498c010a","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":189,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"4e89d74f-513f-4407-965b-faa08358a7e5","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":189,"box":{"x":69,"y":317,"width":685,"height":11}},{"id":"651d5459-12d6-43c3-a1b0-38936a25022a","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":189,"box":{"x":102,"y":339,"width":795,"height":12}},{"id":"915cc6ba-a2e1-4927-aeef-9f6488477d4f","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":189,"box":{"x":68,"y":355,"width":805,"height":11}},{"id":"9ac730bc-07cb-4df6-8f63-fa06bd6434df","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":189,"box":{"x":69,"y":370,"width":529,"height":11}},{"id":"13b3e4c0-5655-4ba1-838a-495edafdca72","block_type":"box","text":"Fair Value.","page_number":189,"box":{"x":102,"y":392,"width":74,"height":9}},{"id":"d4bc193f-df60-42f0-9c5b-b83e5f92ec07","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":189,"box":{"x":183,"y":393,"width":693,"height":11}},{"id":"f3446da5-a10e-4faa-a594-90b135a24645","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":189,"box":{"x":70,"y":407,"width":785,"height":12}},{"id":"c1a1f04d-b41f-4544-a291-b1e4257807a2","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":189,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"0d69a036-9636-43e4-8f64-4a536244c5cf","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":189,"box":{"x":70,"y":438,"width":779,"height":11}},{"id":"3af66fc6-8e40-4a57-b45a-be1435dfb082","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":189,"box":{"x":70,"y":453,"width":773,"height":11}},{"id":"80752467-e3b4-4012-aa9e-a028f3345b09","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":189,"box":{"x":69,"y":468,"width":772,"height":11}},{"id":"83842944-8d22-4499-b291-13106aea26b3","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":189,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"3205892b-a796-4bb7-be1d-269c60f1658f","block_type":"box","text":"(","page_number":189,"box":{"x":69,"y":498,"width":3,"height":11}},{"id":"f7212dd3-6be2-495c-a762-8d791019428f","block_type":"box","text":"e.g.","page_number":189,"box":{"x":74,"y":500,"width":25,"height":9}},{"id":"db018d62-929e-4451-87df-3de3824e290a","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":189,"box":{"x":101,"y":498,"width":806,"height":11}},{"id":"5e709aa7-89bf-4897-8997-6bbf1fe649e0","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":189,"box":{"x":69,"y":514,"width":813,"height":10}},{"id":"d6fe5569-d069-488c-a86b-1517d364914e","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":189,"box":{"x":68,"y":528,"width":837,"height":12}},{"id":"7708c3ef-6e18-439d-b9e2-5faceb89831c","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":189,"box":{"x":70,"y":543,"width":838,"height":12}},{"id":"65e90b19-914a-4e6f-a9f8-cec0d7c57ff7","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":189,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"71d9a538-bc1c-4265-9273-4007efaee282","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":189,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"704f98aa-835c-44be-ba9e-524e41ac7a8c","block_type":"box","text":"one or more assets or liabilities held by the Fund. On any day the NYSE is open and a foreign market or the primary","page_number":189,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"beee2beb-6a98-4015-8ff5-a9fcfe1d751b","block_type":"box","text":"exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior","page_number":189,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"9fe13561-8c87-4662-ab47-7d291f00e857","block_type":"box","text":"day’s price, provided that BlackRock is not aware of any significant event or other information that would cause such","page_number":189,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"9bd57185-d4be-4a6e-8200-4624b0054023","block_type":"box","text":"price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated","page_number":189,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"1e90839c-388e-439f-9b20-1b590311385e","block_type":"box","text":"as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing","page_number":189,"box":{"x":69,"y":649,"width":838,"height":12}},{"id":"30069d77-f3ca-4b99-bde1-b0568ca6487b","block_type":"box","text":"based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This","page_number":189,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"7ad28e78-7243-4487-b6a9-543ba73ba8e5","block_type":"box","text":"systematic fair value pricing methodology is designed to correlate the prices of foreign assets following the close of","page_number":189,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"c10c2fc3-5e17-4b4f-9794-d676eb3ff3ea","block_type":"box","text":"the local markets to the price that might have prevailed as of a Fund’s pricing time.","page_number":189,"box":{"x":68,"y":695,"width":593,"height":11}},{"id":"735fdbda-f50b-481f-a324-085ec51dde2e","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":189,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"5ff9b6e0-8388-4cdc-aaf6-03ee787793d8","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":189,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"8999f3ac-730e-4e5a-91a8-72e5947a2708","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":189,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"d50ec10b-f2fd-46a7-988c-db2549905be5","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":189,"box":{"x":70,"y":763,"width":808,"height":11}},{"id":"bf787035-2d95-4313-8dbb-0cfb0c5a2f06","block_type":"box","text":"assets and liabilities of the Funds.","page_number":189,"box":{"x":69,"y":778,"width":245,"height":9}},{"id":"6c73d3ef-48ca-416f-842f-1d992fcdffd2","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":189,"box":{"x":101,"y":801,"width":795,"height":11}},{"id":"1a5fab2d-7ef3-4bd4-a56a-20d8ccdd12d4","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":189,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"cdc79345-a285-499e-9f7b-e140bf8a5b65","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":189,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"24276011-10f9-4634-8098-b914dd92b2f3","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":189,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"898ad7b3-a8b3-4781-85e5-41dbdb5eb8f5","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":189,"box":{"x":69,"y":861,"width":744,"height":11}},{"id":"b4d38c19-9d86-4621-82f7-0163e1aeaa8f","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":189,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"f702971e-4150-4fbf-8904-d5a763a2ded3","block_type":"box","text":"valuation models.","page_number":189,"box":{"x":68,"y":891,"width":125,"height":9}},{"id":"5dd74c17-9b1c-4d47-b861-82d85f3500ca","block_type":"box","text":"II-120","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4014737e-f022-4f76-acaf-8686830330a1","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e0ca7fd-c2a6-4540-9273-e090a757d564","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":190,"box":{"x":102,"y":45,"width":785,"height":11}},{"id":"ae96f92d-5cda-478c-aca9-03e2b6e83406","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":190,"box":{"x":68,"y":60,"width":822,"height":11}},{"id":"be410f49-9cdd-4f9f-b912-5a8548293368","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":190,"box":{"x":68,"y":75,"width":820,"height":11}},{"id":"b0f6ddd9-4004-4a06-8d3c-50bee7590a05","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":190,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"ec3f5bd6-59aa-45c1-8aa0-2c150423732d","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":190,"box":{"x":69,"y":105,"width":766,"height":11}},{"id":"68877409-bb13-4a6f-924e-e0793561145b","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":190,"box":{"x":69,"y":120,"width":828,"height":11}},{"id":"54de97f6-5c8c-4adf-8896-c5d169c99a86","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":190,"box":{"x":69,"y":135,"width":378,"height":12}},{"id":"17abe54f-a75c-46a8-8b6d-2ed92ad16f69","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":190,"box":{"x":101,"y":158,"width":784,"height":11}},{"id":"c3b419f7-44a1-4f39-8aca-a1a2423ec685","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":190,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"76958a2e-63dc-445c-944d-2e168bc32360","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":190,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"bc982a01-cdf8-4673-ae93-a68dad887b5a","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":190,"box":{"x":68,"y":203,"width":728,"height":12}},{"id":"549c6669-fc24-4960-9539-aaba6136aefb","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":190,"box":{"x":102,"y":226,"width":786,"height":11}},{"id":"a1c049b9-a024-4a2c-a900-c4a50c230c6d","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":190,"box":{"x":68,"y":241,"width":809,"height":11}},{"id":"df38155a-08ab-441b-a11c-5a63de5fa151","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":190,"box":{"x":70,"y":256,"width":821,"height":12}},{"id":"ffc0a18a-88df-45a8-9b63-be02a3bac5df","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":190,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"460e04a5-b662-4923-8551-57802c528535","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":190,"box":{"x":69,"y":286,"width":641,"height":12}},{"id":"8bcad118-4bd1-4cc6-8b71-09aa2c917489","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":190,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"2540d5f9-0c18-489b-87cb-9375b68b52da","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":190,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"312afac5-20fd-4013-9618-7538d7a82b5e","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":190,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"7038710a-bf3f-4cdf-8f08-f3df24aaebe9","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":190,"box":{"x":70,"y":355,"width":810,"height":11}},{"id":"0a202b86-91c4-46ed-aa43-d8068a014571","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":190,"box":{"x":70,"y":370,"width":810,"height":11}},{"id":"d68f30f0-060e-4d48-ad88-0a96618f5991","block_type":"box","text":"party determination of fair market value.","page_number":190,"box":{"x":70,"y":385,"width":285,"height":11}},{"id":"6e4942f3-efca-4ad4-afab-ca6b6aec85cf","block_type":"box","text":"Computation of Offering Price Per Share","page_number":190,"box":{"x":69,"y":415,"width":292,"height":11}},{"id":"52610654-852f-4854-8079-e056a97fac5a","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":190,"box":{"x":102,"y":438,"width":791,"height":11}},{"id":"fea8e59c-e850-46d8-a25b-6aa1a494de9e","block_type":"box","text":"the offering price for shares of your Fund.","page_number":190,"box":{"x":68,"y":453,"width":295,"height":11}},{"id":"0da5c7d1-4669-41c5-b04a-4788ed35c2d6","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":190,"box":{"x":303,"y":482,"width":373,"height":10}},{"id":"c6cf8862-b952-487b-8df8-423d0d7acf50","block_type":"box","text":"Transactions in Portfolio Securities","page_number":190,"box":{"x":68,"y":513,"width":257,"height":9}},{"id":"1648b345-93d3-44cf-bbe7-b4454dd362ce","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":190,"box":{"x":102,"y":535,"width":798,"height":11}},{"id":"ca26d7c5-eb72-4fce-90a4-2113d5f19ba1","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":190,"box":{"x":69,"y":550,"width":839,"height":12}},{"id":"d1400de4-1350-4eda-8f9b-9f56410c61ff","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":190,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"9c3503da-ba26-43cf-a282-b9f82587f831","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":190,"box":{"x":69,"y":581,"width":820,"height":11}},{"id":"4daee976-ce12-4c78-ac21-934429177111","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":190,"box":{"x":68,"y":596,"width":798,"height":11}},{"id":"b795acd2-89ac-47a9-a264-b8e3b9b54452","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":190,"box":{"x":69,"y":611,"width":765,"height":11}},{"id":"10ee1703-a4d1-4fe6-a5bf-bcab98c94727","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":190,"box":{"x":69,"y":626,"width":768,"height":11}},{"id":"bf8b9122-3423-457e-90e0-042f4b1222fc","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":190,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"991e9b9a-0789-420a-8926-51cfa4d99ee3","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":190,"box":{"x":69,"y":656,"width":760,"height":12}},{"id":"7357c2fa-663c-408e-b98e-7687ce514030","block_type":"box","text":"reasonable in relation to the services provided.","page_number":190,"box":{"x":69,"y":672,"width":336,"height":10}},{"id":"b40b4b42-1f2e-40de-831c-c109b3494835","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":190,"box":{"x":102,"y":694,"width":794,"height":11}},{"id":"34c84ac1-5c06-4b3c-ac08-31046d0255e5","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":190,"box":{"x":70,"y":709,"width":835,"height":11}},{"id":"4ecbc2d5-3950-4c80-985f-2aa232ee1297","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":190,"box":{"x":102,"y":732,"width":784,"height":11}},{"id":"86a91312-e484-45d2-9ce2-9f38018cd36d","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":190,"box":{"x":68,"y":747,"width":829,"height":11}},{"id":"81965ee1-8a06-428a-8899-4b6686ff387c","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":190,"box":{"x":69,"y":762,"width":802,"height":11}},{"id":"40bbdbb6-7894-4226-aeee-30af07057c41","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":190,"box":{"x":69,"y":777,"width":826,"height":12}},{"id":"be1c8810-bd18-4d68-84dc-f27441e1aa2b","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":190,"box":{"x":69,"y":792,"width":789,"height":12}},{"id":"0c84b2c8-6900-4203-9d3a-6e00046e1676","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":190,"box":{"x":70,"y":807,"width":818,"height":12}},{"id":"d26e8618-cabd-48a4-9b1d-0ce15c6a216e","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":190,"box":{"x":69,"y":823,"width":769,"height":11}},{"id":"78db5c25-5a7c-4259-8220-32c27145b0ca","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":190,"box":{"x":69,"y":838,"width":837,"height":11}},{"id":"d0851abf-ac66-4f49-8477-e4be327ba962","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":190,"box":{"x":69,"y":853,"width":391,"height":11}},{"id":"5c372023-ba17-46ea-ba48-35f5797f3882","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":190,"box":{"x":102,"y":875,"width":801,"height":12}},{"id":"798e0674-33d0-4ff2-a59e-efed2497fbfd","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":190,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"a46be80c-c963-4b7b-bf8e-3ee84fddad3a","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":190,"box":{"x":69,"y":906,"width":775,"height":11}},{"id":"96a8a3f0-dba2-4de2-856a-8ff4a4603132","block_type":"box","text":"II-121","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"24625016-eb30-4438-9e99-a2004b511a26","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fdf48dce-4aa2-4bc5-8e05-a3bea97c486e","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":191,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"85c22b10-016b-4c00-9531-ceb0b3e9f013","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":191,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"9c0ac544-9664-4e20-8cbc-db9c626b3fe9","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":191,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"1ff8a78c-4129-4786-b2f4-8343ddb621b9","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":191,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"db59ea9e-b81a-4d14-b4b9-f4a56240dafd","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":191,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"0109d34d-ed5f-471a-8e0e-d460c0e99449","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":191,"box":{"x":70,"y":120,"width":775,"height":12}},{"id":"e9b8fb16-d542-4230-a156-4f60f7c3a2ad","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":191,"box":{"x":69,"y":135,"width":764,"height":12}},{"id":"cdcc0a7b-df4b-4c87-b1b7-2622a5e08ab0","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":191,"box":{"x":69,"y":151,"width":770,"height":11}},{"id":"0675931e-4cf0-43c0-ba8d-c9aea1ffca2d","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":191,"box":{"x":69,"y":166,"width":599,"height":11}},{"id":"64465742-99e5-4f03-9525-8f8c6fd42ff2","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":191,"box":{"x":102,"y":188,"width":796,"height":12}},{"id":"2a826bc5-fb5b-44e1-87bb-aa33b2dc76db","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":191,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"67c72070-7fb1-4e78-8f0c-bf6762c125f6","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":191,"box":{"x":68,"y":218,"width":839,"height":11}},{"id":"c4cfb00a-b47a-4c5a-a404-4465fe3a0a07","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":191,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"2f08b7c4-82c7-455c-9a1d-34863ab9bf0a","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":191,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"8569a01e-1c6b-4f0d-9da8-0059f3f7d5b2","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":191,"box":{"x":69,"y":264,"width":808,"height":11}},{"id":"4cfb6419-78bf-446a-be93-ac929a442b24","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":191,"box":{"x":69,"y":279,"width":818,"height":11}},{"id":"2a793171-f17f-4827-8c7b-0414eb28d890","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":191,"box":{"x":70,"y":294,"width":813,"height":11}},{"id":"6aac985b-f155-4b41-bf40-1a3d264c57d7","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":191,"box":{"x":70,"y":309,"width":801,"height":11}},{"id":"8d284507-3b47-4a39-82f6-a06870ffa045","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":191,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"994fedb9-5b73-48c7-b42f-7db169a8e85f","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":191,"box":{"x":69,"y":339,"width":790,"height":12}},{"id":"5f4a2368-2075-4574-ab95-920384d52001","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":191,"box":{"x":70,"y":355,"width":361,"height":11}},{"id":"c8c3f1ae-37dc-4ab6-b7ff-0f489da73f34","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":191,"box":{"x":102,"y":377,"width":791,"height":12}},{"id":"a3349d64-64cf-4b42-8fa9-beb79c00072c","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":191,"box":{"x":69,"y":393,"width":819,"height":11}},{"id":"89fcaae9-a7ee-4cdf-8f61-5d9d7edb3014","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":191,"box":{"x":69,"y":408,"width":772,"height":11}},{"id":"60809df2-da15-44c6-a364-324c0d753953","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":191,"box":{"x":70,"y":423,"width":785,"height":11}},{"id":"da535632-e0a6-4cac-bf4f-fd019f14b727","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":191,"box":{"x":70,"y":438,"width":806,"height":11}},{"id":"54519ad8-75b4-4042-b8a4-911dcc1fadd3","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":191,"box":{"x":68,"y":453,"width":772,"height":11}},{"id":"d24d1a5b-f020-4a01-844a-a5ddf5900b76","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":191,"box":{"x":69,"y":468,"width":838,"height":11}},{"id":"5076f523-00aa-4247-9298-edfd66c7c5d2","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":191,"box":{"x":68,"y":483,"width":769,"height":11}},{"id":"c0d3f9cc-d24f-4ce8-b848-7d4d609fd56e","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":191,"box":{"x":69,"y":498,"width":801,"height":11}},{"id":"3de0b5ae-0a1e-4c14-b2b3-3d4b79249ce6","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":191,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"78cb592c-faf7-429d-a0e0-12fc6a23f0aa","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":191,"box":{"x":69,"y":529,"width":363,"height":11}},{"id":"88cc3d14-befa-405d-9713-19f6eb1ce4bc","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":191,"box":{"x":102,"y":551,"width":749,"height":11}},{"id":"e84a2de1-cc65-4884-996f-0ac5c6c0d9af","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":191,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"4c48582e-2067-43ec-801d-9ec1e2552915","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":191,"box":{"x":70,"y":581,"width":752,"height":12}},{"id":"547c97bf-4ef4-40dd-b221-c81b51471d5c","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":191,"box":{"x":70,"y":596,"width":823,"height":11}},{"id":"78ed2b68-e058-4258-bd39-c6efda879417","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":191,"box":{"x":70,"y":612,"width":822,"height":11}},{"id":"d50c41bb-1b85-437a-b778-47a44d933b4b","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":191,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"28baf531-4865-462c-8af8-d23794ddef5c","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":191,"box":{"x":68,"y":642,"width":805,"height":11}},{"id":"869982fd-f516-474e-b44f-04ebc167290d","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":191,"box":{"x":69,"y":657,"width":798,"height":11}},{"id":"5124369a-dc30-4175-b3bc-ae6121d6caa5","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":191,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"caa9f8aa-94a4-43f3-9e65-6f348d50ef85","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":191,"box":{"x":70,"y":687,"width":832,"height":11}},{"id":"f6241059-52b2-4ed1-9ebf-2f6fe99f01de","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":191,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"00e0f95c-3706-482a-907f-457a94ca1827","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":191,"box":{"x":69,"y":717,"width":780,"height":12}},{"id":"c585661a-dd7b-4cfb-828b-c2984df42958","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":191,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"330dfc60-99c9-4ffb-ae95-0f90455772ed","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":191,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"41fcd590-0e03-4a7b-a583-91f0a7f1c344","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":191,"box":{"x":69,"y":763,"width":797,"height":11}},{"id":"3d85d56c-782e-487f-9d11-4e1bce498c26","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":191,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"cca0826b-a4f9-4249-a673-66d8b15ba238","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":191,"box":{"x":68,"y":793,"width":555,"height":11}},{"id":"787b9532-98fd-44b2-bdda-1b9ce32bd40c","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":191,"box":{"x":102,"y":816,"width":802,"height":11}},{"id":"0dec7f02-6b36-4feb-9b8f-8116833b6537","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":191,"box":{"x":68,"y":831,"width":825,"height":11}},{"id":"2a417396-fbcb-4a2e-ba84-8572ad99a125","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":191,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"c3e3db03-5c2f-4e83-8d42-be5b2e591b9b","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":191,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"3eaebaae-0b30-4494-a4f7-71bf9f777c45","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":191,"box":{"x":70,"y":876,"width":812,"height":11}},{"id":"694556e4-3e6d-435d-b142-eee6f9f83254","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":191,"box":{"x":69,"y":891,"width":547,"height":12}},{"id":"32ea042b-ee7b-4392-a284-5e53d93d81a2","block_type":"box","text":"II-122","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0f8d4b46-9c14-454c-b7c8-b32a15ef412f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07d02618-09dd-43a0-8efa-8685578d69ac","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":192,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"060a2a9b-f43f-44e8-bd49-669c83675097","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":192,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"dda19b6f-12c6-4ad7-a8e4-e84ef76abd09","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":192,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"c6f63836-5d38-42c3-904e-584f29b065b1","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":192,"box":{"x":70,"y":90,"width":777,"height":11}},{"id":"dcc62bf2-8162-44a2-b874-8576a099e480","block_type":"box","text":"brokerage.","page_number":192,"box":{"x":69,"y":105,"width":74,"height":11}},{"id":"0d18d52a-77f8-4478-afa0-96b4a0a7af9e","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":192,"box":{"x":102,"y":128,"width":781,"height":11}},{"id":"97fade21-a080-4c92-9390-c455d74518ce","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":192,"box":{"x":68,"y":143,"width":810,"height":11}},{"id":"b277b4ca-08c5-4b9f-8b0c-efb752048ab3","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":192,"box":{"x":69,"y":158,"width":771,"height":11}},{"id":"c2ba9a08-98e1-4ac0-bc5d-40018d233299","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":192,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"bf1e1451-2620-4434-8555-92fe096cb2af","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":192,"box":{"x":68,"y":188,"width":821,"height":12}},{"id":"ca51550d-46db-4b99-9e82-1b8bd7040668","block_type":"box","text":"Section 28(e).","page_number":192,"box":{"x":69,"y":203,"width":99,"height":11}},{"id":"4e8a9e6f-b9ea-4ce2-ba73-fce87d269ac0","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":192,"box":{"x":102,"y":226,"width":755,"height":9}},{"id":"666f9dcf-ef11-4470-bcb9-e3d44c95f1d2","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":192,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"6e785303-2eee-4bd7-88e6-13de6aff0e33","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":192,"box":{"x":69,"y":256,"width":799,"height":11}},{"id":"618266bf-d1a5-439a-9bf3-34ab5717df3e","block_type":"box","text":"execute transactions for those mutual funds.","page_number":192,"box":{"x":69,"y":271,"width":319,"height":9}},{"id":"ead54082-c2df-4f97-a6ed-b884cf78bdb0","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":192,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"5acc0b16-a54f-4923-8f0c-eb69bd81d033","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":192,"box":{"x":70,"y":309,"width":825,"height":11}},{"id":"c1653638-ce02-4300-b38c-3e4b6486deba","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":192,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"841878d4-6ac9-4a6d-bf83-1140a0d5047d","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":192,"box":{"x":69,"y":340,"width":805,"height":11}},{"id":"00b523bc-2409-4780-82fe-69b54966dc64","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":192,"box":{"x":68,"y":355,"width":773,"height":11}},{"id":"d3cbf7c4-2ec8-4d05-9020-f1dc3f25dadb","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":192,"box":{"x":69,"y":370,"width":798,"height":11}},{"id":"8488131e-c103-4488-986a-838cd53a91e9","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":192,"box":{"x":70,"y":385,"width":812,"height":11}},{"id":"741a0246-a12d-4562-8fc8-35d7f91e4a76","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":192,"box":{"x":69,"y":400,"width":754,"height":11}},{"id":"fc8d8c04-25e8-42ed-addb-8ff07a28cdc6","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":192,"box":{"x":69,"y":415,"width":540,"height":11}},{"id":"7bf2d3e0-f4d5-44af-a469-16f59629d601","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":192,"box":{"x":102,"y":438,"width":798,"height":11}},{"id":"2827eb8b-ff6d-48d9-82bb-6c243f83ec5b","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":192,"box":{"x":68,"y":453,"width":597,"height":11}},{"id":"b72cf2fd-98ce-451f-a755-f24a72fa7aa2","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":192,"box":{"x":102,"y":476,"width":802,"height":11}},{"id":"8d274be0-8df2-488b-b85c-0835371882f7","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":192,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"6cf69d32-5629-4f93-8f67-b09c29192b49","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":192,"box":{"x":69,"y":506,"width":804,"height":11}},{"id":"c93cbd5d-6069-4e47-8aa1-6b69c4d39c8e","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":192,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"f65cbfb0-a559-4a05-882b-e0daf61db351","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":192,"box":{"x":69,"y":536,"width":762,"height":11}},{"id":"134655c4-6d66-457b-83ec-4687ed02ab17","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":192,"box":{"x":68,"y":551,"width":770,"height":11}},{"id":"6e989143-728e-4980-8c6d-97807dd1e2cf","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":192,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"97634efa-f698-4803-8bc5-434f00f8b71f","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":192,"box":{"x":70,"y":581,"width":814,"height":12}},{"id":"f3d9578c-db82-43df-9147-edba49719063","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":192,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"183d8ea8-4919-48b2-a7d5-4bdaeb7dac57","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":192,"box":{"x":69,"y":612,"width":645,"height":11}},{"id":"9eab82f7-721d-4af7-8d1b-d2415a093297","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":192,"box":{"x":102,"y":634,"width":797,"height":12}},{"id":"712cf198-4026-4105-bc41-e429b02574af","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":192,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"07032dec-9c7f-48ab-af70-1dc6247e0996","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":192,"box":{"x":69,"y":665,"width":839,"height":11}},{"id":"97b9f782-d162-44d3-9644-1fe1b1b3aaf4","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":192,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"9b6ad14f-b231-420d-b689-d4544eb61060","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":192,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"2d054039-4b46-4d79-a0a6-459b08a1dff8","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":192,"box":{"x":70,"y":710,"width":730,"height":11}},{"id":"0b84dd7b-c070-423d-8eac-dad7af529937","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":192,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"e5a363be-d762-4e79-a5c6-c548af263a8a","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":192,"box":{"x":69,"y":748,"width":807,"height":11}},{"id":"c2f53df1-daa5-463c-9697-93801eb53445","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":192,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"88226794-5111-43d6-ad34-6ca1a10aace9","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":192,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"90ec37fa-61c5-4eab-99d1-6eb937d78c82","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":192,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"32528713-b04d-45b7-bf9b-187947929c08","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":192,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"abca0432-1424-4a6f-8733-e0e77358d99f","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":192,"box":{"x":69,"y":823,"width":802,"height":12}},{"id":"486361f1-7e2d-46b5-af6d-98cad59ae154","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":192,"box":{"x":69,"y":838,"width":700,"height":11}},{"id":"d3784aae-3e4d-4a3f-8895-ebf844054793","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":192,"box":{"x":102,"y":861,"width":756,"height":11}},{"id":"e416b07d-84ca-4cb8-acde-0d726cacc923","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":192,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"4d6fdbcc-062e-4485-bbac-439bcdea89e2","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":192,"box":{"x":69,"y":891,"width":766,"height":11}},{"id":"83cb7fbf-4519-4fdf-a247-3882df0d95b5","block_type":"box","text":"II-123","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"63f201ac-6fde-411d-8d3c-2ddde55427b4","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f508b878-565f-4c11-914f-04a75fd03e3d","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":193,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"9c4a5ec1-06d4-4d0c-b4fd-e082f8d53811","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":193,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"95588124-9f65-456d-805f-ed905287c783","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":193,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"ddf62c8e-e686-49b3-856f-3ad4f5e75788","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":193,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"079d52a2-d376-4c17-a596-b0767c983b3e","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":193,"box":{"x":70,"y":105,"width":800,"height":11}},{"id":"aca98d7f-fb92-45f3-b2d6-08ede8bb09dc","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":193,"box":{"x":69,"y":120,"width":352,"height":11}},{"id":"d9c01314-acc9-4fe0-b75d-0b4b1dc3c19f","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":193,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"1dbf8629-7011-4c57-abfa-5a253a8e50f5","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":193,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"36aec788-f73f-4a27-9702-59f4fbd21114","block_type":"box","text":"accounts in a fair and equitable manner. A variety of factors will be considered in making such allocations. These","page_number":193,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"b8f68973-0292-431a-a70f-54c8d01f8e00","block_type":"box","text":"factors include: (i) investment objectives or strategies for particular accounts, including sector, industry, country or","page_number":193,"box":{"x":68,"y":188,"width":819,"height":12}},{"id":"faf76186-8d37-49f5-92a3-3ac4f44da20c","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":193,"box":{"x":69,"y":203,"width":783,"height":12}},{"id":"b758e0b6-109c-42d8-a8f8-43a8df474691","block_type":"box","text":"parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of available investment,","page_number":193,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"667ec5e8-22c1-4f10-a9c4-4864d6dd97e0","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":193,"box":{"x":69,"y":234,"width":809,"height":11}},{"id":"839101e5-13cc-4a15-9ff5-f0843e4c3360","block_type":"box","text":"size of an account, (ix) relative size of account, and (x) such other factors as may be approved by BlackRock’s","page_number":193,"box":{"x":69,"y":249,"width":783,"height":11}},{"id":"92060eba-f156-430d-bbad-609566ea4d0c","block_type":"box","text":"general counsel. Moreover, investments may not be allocated to one client account over another based on any of the","page_number":193,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"ac1b0b65-4b16-46e8-b4c7-9088cde34b56","block_type":"box","text":"following considerations: (i) to favor one client account at the expense of another, (ii) to generate higher fees paid by","page_number":193,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"b7425d87-39c1-4d4d-9f50-566a91a5cdac","block_type":"box","text":"one client account over another or to produce greater performance compensation to BlackRock, (iii) to develop or","page_number":193,"box":{"x":69,"y":294,"width":808,"height":11}},{"id":"22f5d6c3-d9e2-461a-a9b4-04f673781635","block_type":"box","text":"enhance a relationship with a client or prospective client, (iv) to compensate a client for past services or benefits","page_number":193,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"979d92bd-5f20-43fd-b322-05932dcc1fc0","block_type":"box","text":"rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock, or (v) to manage or","page_number":193,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"e2b8d786-1c27-41d9-a84d-22ba95be362a","block_type":"box","text":"equalize investment performance among different client accounts.","page_number":193,"box":{"x":69,"y":339,"width":472,"height":12}},{"id":"f29361e0-25f8-4e08-823c-61ddd477cdc4","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":193,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"4d78b611-5499-48b6-91d2-f02eb32291af","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":193,"box":{"x":69,"y":377,"width":800,"height":11}},{"id":"8fb0fafc-eded-44de-801e-974a4f2ec3e8","block_type":"box","text":"accounts and compliance constraints.","page_number":193,"box":{"x":69,"y":393,"width":269,"height":10}},{"id":"885a1d2d-873f-4600-856d-783f50de65f4","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":193,"box":{"x":102,"y":415,"width":736,"height":11}},{"id":"13d93f16-a1c1-43f2-af4a-0d830134a3a2","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":193,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"310a142f-0355-4e8d-8fc4-0f3aeb359df2","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":193,"box":{"x":69,"y":445,"width":821,"height":11}},{"id":"da375014-dc86-4edb-8eae-adfc0c9608f1","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":193,"box":{"x":69,"y":460,"width":823,"height":12}},{"id":"4355700d-9103-434a-8d99-bafe5a4785f4","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":193,"box":{"x":70,"y":475,"width":783,"height":12}},{"id":"eb7400c8-5467-4bac-ad20-c3b39d47be5a","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":193,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"028c6501-70cc-4abd-a29b-a38313f0f327","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":193,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"01200e43-66bc-4199-8d68-da3de373c65b","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":193,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"39a46178-8921-4c08-b071-37b47efe5b91","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":193,"box":{"x":68,"y":536,"width":839,"height":11}},{"id":"3bdd9625-189d-4e12-9314-628e3d6a24f5","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":193,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"5a6844ba-4ac3-4f4b-8597-f808701c0535","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":193,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"8f7a9ada-eebf-4818-8239-3913d3d50a91","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":193,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"509cf5f5-e085-448b-a05c-51e316581fd1","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":193,"box":{"x":69,"y":596,"width":791,"height":12}},{"id":"7667335e-76a9-4a91-97d1-d959e0ef3628","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":193,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"c88d58f4-c798-4f99-bf24-ed5eeda877e3","block_type":"box","text":"clients may be used as well.","page_number":193,"box":{"x":69,"y":627,"width":200,"height":11}},{"id":"6fbc0aa9-fb6c-4967-aa70-40e5807a77c5","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":193,"box":{"x":102,"y":649,"width":789,"height":12}},{"id":"0f68a075-89a8-45ec-ae1f-569ab480ab2d","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":193,"box":{"x":68,"y":664,"width":815,"height":12}},{"id":"a7749564-2902-474a-a64e-3fd07abf6402","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":193,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"32d214d0-6d70-4152-9ce7-f5ac423ee5fa","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":193,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"9f84ef38-a96b-45e2-bda5-bf77428d8c3b","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":193,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"67f7db99-a8db-441a-90a3-ab28f3c1b537","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":193,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"be523d2e-481f-40a6-9abe-9d80a98aa29d","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":193,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"0b2ed735-ee64-432a-a657-dcbe5844ee72","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":193,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"d24215a4-0b1c-4e3d-9bb7-4ea3a2d6f0f9","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":193,"box":{"x":69,"y":770,"width":836,"height":9}},{"id":"ff915dba-074c-4ae6-8901-c42867569000","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":193,"box":{"x":69,"y":785,"width":773,"height":12}},{"id":"9a637136-98a8-4d7e-8188-6b6a13dd5991","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":193,"box":{"x":69,"y":801,"width":467,"height":11}},{"id":"b63755a1-af1d-4d4b-9b12-dbf4561658c4","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":193,"box":{"x":102,"y":823,"width":741,"height":12}},{"id":"5df8791a-6bb0-4f35-bfd6-ab59a151d20f","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":193,"box":{"x":69,"y":838,"width":721,"height":12}},{"id":"5a676697-1be4-4fc7-a334-9c65b508611b","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":193,"box":{"x":69,"y":853,"width":824,"height":12}},{"id":"78decd06-f8a2-4365-992b-252ac7a214d8","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":193,"box":{"x":68,"y":869,"width":795,"height":11}},{"id":"63025bf4-24ae-4aa9-8f7f-35f4e14934e6","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":193,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"b5727150-01a9-4bc7-988f-44f1c2f9ebaf","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":193,"box":{"x":69,"y":899,"width":783,"height":11}},{"id":"c75d7754-bacf-43a4-8346-be6f43fe9d53","block_type":"box","text":"II-124","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"105ffe6a-0c94-4e9b-ae68-d8d9ffb662ba","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c36870ee-ae1e-4f14-8f8e-d65a6956f607","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":194,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"1428b20d-5248-4f0f-af1a-8b1b096952bb","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":194,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"b5e1e974-6c9a-430a-bf6c-cb5f02bc3e97","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":194,"box":{"x":68,"y":75,"width":819,"height":11}},{"id":"3754eead-9aac-44da-a562-7937651fb22c","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":194,"box":{"x":70,"y":90,"width":771,"height":11}},{"id":"d2a47107-9d35-4126-8f6c-00ee1e8dbdb4","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":194,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"3be158d5-c12d-4584-a857-52b579cf8be1","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":194,"box":{"x":68,"y":120,"width":835,"height":12}},{"id":"cb070116-8ac0-4b99-a2c8-23006bcfc8f2","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":194,"box":{"x":68,"y":135,"width":817,"height":12}},{"id":"eb7333a2-2b6d-4a04-98e6-96bd5e08bf0b","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":194,"box":{"x":68,"y":150,"width":823,"height":11}},{"id":"3467c04d-72ba-428f-84bf-e82c7e846bae","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":194,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"a6cd28bb-766e-42dc-869c-ed8e44bbf31a","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":194,"box":{"x":101,"y":188,"width":767,"height":12}},{"id":"77672500-52e0-4f30-989e-338bd365ea1d","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":194,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"3470d4d2-ddcf-40e0-8837-525abe50ede5","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":194,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"5d598ebe-070d-4a4c-8594-786368955966","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":194,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"9ac169ab-552f-4e45-8247-659be6a66aab","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":194,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"ef90cce8-8c45-4f2c-b79e-78bf3b926d16","block_type":"box","text":"Portfolio Turnover","page_number":194,"box":{"x":69,"y":279,"width":129,"height":9}},{"id":"0f83b851-889e-4c17-bd05-e19e561042ce","block_type":"box","text":"While a Fund generally does not expect to engage in trading for short-term gains, it will effect portfolio","page_number":194,"box":{"x":101,"y":302,"width":729,"height":11}},{"id":"57bbb051-9ddc-4c5d-987e-3ab0718f9f0a","block_type":"box","text":"transactions without regard to any holding period if, in Fund management’s judgment, such transactions are","page_number":194,"box":{"x":68,"y":317,"width":770,"height":11}},{"id":"ddc4e622-fae2-4994-906b-033bbd0f46ca","block_type":"box","text":"advisable in light of a change in circumstances of a particular company or within a particular industry or in general","page_number":194,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"f3fbc0d4-aa23-4081-bec1-ffe860dfb01b","block_type":"box","text":"market, economic or financial conditions. The portfolio turnover rate is calculated by dividing the lesser of a Fund’s","page_number":194,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"be43c9ad-daf3-4e82-aeb8-26a5016ad48d","block_type":"box","text":"annual sales or purchases of portfolio securities (exclusive of purchases or sales of U.S. Government Securities and","page_number":194,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"a1806542-6cfa-4ae4-a5d8-1761c1cea624","block_type":"box","text":"all other securities whose maturities at the time of acquisition were one year or less) by the monthly average value of","page_number":194,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"2faf0736-8573-411b-83b7-dd9131eece0f","block_type":"box","text":"the securities in the portfolio during the year. A high rate of portfolio turnover results in certain tax consequences,","page_number":194,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"1d7b8a32-9810-468c-9999-40b72b7bb837","block_type":"box","text":"such as increased capital gain dividends and/or ordinary income dividends, and in correspondingly greater","page_number":194,"box":{"x":69,"y":408,"width":761,"height":11}},{"id":"1df050ff-4510-4864-b292-dfcf24f6656f","block_type":"box","text":"transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by a Fund.","page_number":194,"box":{"x":68,"y":423,"width":799,"height":11}},{"id":"e9815f94-3d6a-49b3-bf1e-4ba998d99d44","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":194,"box":{"x":396,"y":452,"width":186,"height":10}},{"id":"46e34729-4d98-4992-becf-2d5c9e3fbd2a","block_type":"box","text":"Dividends","page_number":194,"box":{"x":69,"y":483,"width":69,"height":8}},{"id":"1a0cba65-09b7-4448-bd6e-b42e1328bb12","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":194,"box":{"x":102,"y":505,"width":776,"height":11}},{"id":"8e79df64-0f20-4419-9745-2644e840248b","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":194,"box":{"x":70,"y":520,"width":795,"height":11}},{"id":"c9128787-d7b8-49b1-a544-b49191355992","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":194,"box":{"x":69,"y":535,"width":837,"height":12}},{"id":"65717d2f-f5c1-4f00-93f5-c2ac74cc1cd9","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":194,"box":{"x":69,"y":550,"width":836,"height":12}},{"id":"53297d9a-e4dd-4926-ac81-b92c7198f43e","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":194,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"e5e82088-f1e9-47b1-b136-6b5dc4152c54","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":194,"box":{"x":69,"y":581,"width":739,"height":11}},{"id":"6b154a12-2f0c-42f1-8dad-85a2aec4dc62","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":194,"box":{"x":102,"y":603,"width":773,"height":12}},{"id":"d01724f3-aa4f-415a-98e9-6cad4def27ea","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":194,"box":{"x":70,"y":619,"width":819,"height":11}},{"id":"d377dabe-37dd-4799-8500-0d97dbb21722","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":194,"box":{"x":69,"y":634,"width":807,"height":11}},{"id":"bea2239e-096a-4896-ac2e-5ea91c2b11f6","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":194,"box":{"x":68,"y":649,"width":800,"height":11}},{"id":"d6af1eb0-110e-4291-8095-fef41e092cc6","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":194,"box":{"x":69,"y":664,"width":801,"height":11}},{"id":"bae686de-acec-49b6-9337-5743f2445214","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":194,"box":{"x":69,"y":679,"width":783,"height":11}},{"id":"4987ce61-656a-4409-aae2-e02c2eaaf869","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":194,"box":{"x":69,"y":694,"width":820,"height":11}},{"id":"44970bdb-8f2d-4d39-aa5a-d54e76e64300","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":194,"box":{"x":69,"y":709,"width":794,"height":11}},{"id":"6618c5c1-a9cb-486c-b6af-66bb82572970","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":194,"box":{"x":69,"y":724,"width":834,"height":12}},{"id":"6166f0c2-99aa-4453-a5e0-2e2c98fabd0e","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":194,"box":{"x":68,"y":739,"width":826,"height":11}},{"id":"8e6e74e3-e382-4c06-bc9a-15a9957dff75","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":194,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"811b86bc-4a27-4b3a-aff1-3feb35e6c5a0","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":194,"box":{"x":68,"y":770,"width":461,"height":11}},{"id":"1cc71841-487e-4c5a-9b62-87f66a145434","block_type":"box","text":"Taxes","page_number":194,"box":{"x":68,"y":800,"width":42,"height":9}},{"id":"293b72b8-7147-46a3-863e-f10b9dc3e0a3","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":194,"box":{"x":102,"y":823,"width":732,"height":11}},{"id":"2df32e62-7f45-4137-ab2d-4c13c9ee8e6b","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":194,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"39e72d50-2116-45b2-9136-25e4f907a3f5","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":194,"box":{"x":70,"y":853,"width":817,"height":11}},{"id":"1065266d-672a-4112-949d-6e60821280e0","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":194,"box":{"x":69,"y":868,"width":832,"height":11}},{"id":"dd5251a7-5285-4e6e-b156-9f6f5b9c9b40","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":194,"box":{"x":69,"y":883,"width":791,"height":11}},{"id":"64daec48-27fc-4a09-a123-e74b083ed164","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":194,"box":{"x":69,"y":898,"width":786,"height":11}},{"id":"9a5cff6e-72a2-4a52-818e-8fd2fbf0f155","block_type":"box","text":"II-125","page_number":194,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6e87f651-170d-467e-a45c-da349fae08f8","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37383ba1-d083-42b2-ad24-db5f4c7efea2","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":195,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"8bbebcae-6781-4acb-ab8d-d4e477e29a82","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":195,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"fab23fc1-ab89-418a-95ae-904cf74f5be2","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":195,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"b9d5e539-be81-438b-b77e-4aeda25f09ec","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":195,"box":{"x":69,"y":90,"width":739,"height":11}},{"id":"9dc8f620-f805-47e6-855b-458d784c47ec","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":195,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"3a62668c-67c2-42f0-84f8-837d270555ca","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":195,"box":{"x":68,"y":128,"width":819,"height":11}},{"id":"4b26ce6a-8d97-4f23-84e9-fa2dedc2484b","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":195,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"210deba2-8214-495f-b359-177b4bd741b3","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":195,"box":{"x":68,"y":158,"width":744,"height":11}},{"id":"6f2c1e8d-094e-45fc-9199-696076b85799","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":195,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"c65dd2b1-06f5-4230-847d-98a3e07f793d","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":195,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"b03c8b6a-c458-4a1f-8779-a4dcba594416","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":195,"box":{"x":69,"y":203,"width":767,"height":12}},{"id":"cb6735f8-4df2-40f4-904d-234616115899","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":195,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"809b7b5f-7add-4883-9fe4-05ff60e28dcb","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":195,"box":{"x":68,"y":234,"width":521,"height":11}},{"id":"2e314607-66a2-4453-911c-43995d496f5a","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":195,"box":{"x":102,"y":256,"width":798,"height":12}},{"id":"2f491225-54f5-423e-be2f-46a07192c3a2","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":195,"box":{"x":69,"y":271,"width":762,"height":12}},{"id":"a8c4fb91-6c48-45a6-a06a-d5706e5901b9","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":195,"box":{"x":70,"y":286,"width":789,"height":12}},{"id":"f51cb887-421f-44c5-8721-4aed21aab428","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":195,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"677229fa-d07a-4627-9d7e-6cde610f8478","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":195,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"13a81cc0-4ebd-4072-8bb9-0d95ed1dc620","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":195,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"5af1487c-7a1a-424e-94b0-7a62e424033f","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":195,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"c5261f10-26ec-426c-8a79-d098c844d5fc","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":195,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"53e0bb5b-7faa-42c9-93c3-287b7f46efcc","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":195,"box":{"x":70,"y":377,"width":813,"height":12}},{"id":"a753e15f-6c09-4570-abfb-c54673134c96","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":195,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"eabc149d-a434-40b3-a05a-4e9f99031dec","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":195,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"2a60fa5e-b71f-4842-a0be-edc83b5603ac","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":195,"box":{"x":69,"y":423,"width":771,"height":11}},{"id":"9eaa9e7f-4bbc-43f8-b600-4091f0e3a5a0","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":195,"box":{"x":69,"y":438,"width":512,"height":11}},{"id":"cb169abb-228b-4024-846f-59907dbf7032","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":195,"box":{"x":101,"y":460,"width":759,"height":12}},{"id":"3c8b03f1-b889-4b35-be35-b74fa2bc3f3f","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":195,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"8a124722-1e11-4548-adfd-5358a066c136","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":195,"box":{"x":69,"y":491,"width":830,"height":11}},{"id":"da392716-b896-4c22-b645-8d5b4f0aed78","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":195,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"f86909d7-b33a-4fbd-90ac-0d8152b3012b","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":195,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"1e4a8078-f660-4bce-bf2c-7bf051f38a9a","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":195,"box":{"x":70,"y":536,"width":810,"height":11}},{"id":"299b5f6d-c680-4dd1-adf0-bda7da678f0b","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":195,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"1f376414-accc-4a2a-8f0c-a84e361f42b3","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":195,"box":{"x":68,"y":566,"width":666,"height":11}},{"id":"d9fae252-60ed-4ba2-a44b-e3feaa20c4ae","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":195,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"1f3ad6bd-9555-4fd6-9813-b04d411aaf54","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":195,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"bfac341f-a0c7-4879-aff0-5b0846421e4a","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":195,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"30562e1c-1224-4792-9eb5-c4309a2ca600","block_type":"box","text":"limitation.","page_number":195,"box":{"x":70,"y":634,"width":68,"height":9}},{"id":"54163bd6-9694-4248-867b-81d5b1795996","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":195,"box":{"x":102,"y":657,"width":803,"height":11}},{"id":"7158838e-ea73-407d-a904-a5770d54ddf5","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":195,"box":{"x":68,"y":672,"width":790,"height":11}},{"id":"563e445a-8e9b-4bc7-b3c2-bc1a5eb56730","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":195,"box":{"x":70,"y":687,"width":815,"height":11}},{"id":"d34cc94b-9efe-4e6d-9bf1-ad8d310912c4","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":195,"box":{"x":68,"y":702,"width":748,"height":12}},{"id":"06fb9813-bd2a-4ea8-80d2-fcacc4712da2","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":195,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"c1e31c9c-220b-4dd7-932e-7d9ccb330b48","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":195,"box":{"x":70,"y":732,"width":829,"height":12}},{"id":"e8f013ef-5d42-4a1b-b6f5-fec15e4e78bf","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":195,"box":{"x":70,"y":748,"width":785,"height":11}},{"id":"6ecc11b0-1f1d-4d35-b2ea-cf346d079243","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":195,"box":{"x":69,"y":763,"width":795,"height":11}},{"id":"72448b68-26ed-4c5a-b1b8-11fb129e5e47","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":195,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"94fc6541-b248-4c8e-afe2-82badf9a7e5b","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":195,"box":{"x":68,"y":793,"width":814,"height":11}},{"id":"0ed8ba53-a541-446a-93db-fca720aaaa9a","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":195,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"4ec83216-de1b-44a5-9952-29100dcf17e2","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":195,"box":{"x":68,"y":823,"width":751,"height":11}},{"id":"c1edfb28-9bbd-4b79-b702-047e97f08a80","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":195,"box":{"x":69,"y":838,"width":823,"height":11}},{"id":"958e5956-2a29-49ae-b678-977da1c68d19","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":195,"box":{"x":68,"y":853,"width":817,"height":12}},{"id":"5232895d-32ac-46c9-b933-0be16ca9bc54","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":195,"box":{"x":68,"y":869,"width":813,"height":11}},{"id":"c481ded1-1dc6-40f9-a96a-1a50d17e5b5f","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":195,"box":{"x":69,"y":884,"width":825,"height":11}},{"id":"8a7c2d9d-c349-4330-b5ae-cdbb970d277e","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":195,"box":{"x":68,"y":899,"width":789,"height":11}},{"id":"bba6054f-49c7-41d5-8aae-0442a5c9861f","block_type":"box","text":"II-126","page_number":195,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"16452b82-ce0f-45d2-97ff-c50e4c72ea35","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ba2c46c-dde8-4638-aebd-9d3c13f0b6c9","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":196,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"646e429c-c028-4ca8-91fb-c35272db4574","block_type":"box","text":"constitute “qualified dividend income.”","page_number":196,"box":{"x":69,"y":60,"width":275,"height":11}},{"id":"b7abf9b5-2561-41cc-91c2-fde868aa9927","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":196,"box":{"x":101,"y":83,"width":806,"height":10}},{"id":"f1fb957d-cd3e-4d6f-8fb2-3236f8adfee4","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":196,"box":{"x":70,"y":98,"width":368,"height":11}},{"id":"1c79327d-1eb6-44a4-9514-2b6cb1070841","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":196,"box":{"x":101,"y":120,"width":772,"height":12}},{"id":"8f620b5c-38f1-4c94-8858-06efe9600242","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":196,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"b42a2293-754e-46e4-b5ad-2ad9776ad543","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":196,"box":{"x":70,"y":151,"width":745,"height":11}},{"id":"ec875512-bfb8-4b30-af07-015db89dece3","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":196,"box":{"x":69,"y":166,"width":795,"height":11}},{"id":"8fefb89f-e0cb-47a2-83c5-3db1765495ef","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":196,"box":{"x":70,"y":181,"width":838,"height":11}},{"id":"6d12652f-b438-4e80-8f3d-cc5d412a28b0","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":196,"box":{"x":69,"y":196,"width":809,"height":11}},{"id":"d523629e-28ce-48cc-b468-44c728251347","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":196,"box":{"x":69,"y":211,"width":822,"height":11}},{"id":"72ab026c-6be9-4909-a960-6daffddfd26e","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":196,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"54567258-b692-494a-9f67-5e4f01dbc75c","block_type":"box","text":"against their taxes.","page_number":196,"box":{"x":69,"y":241,"width":135,"height":11}},{"id":"c55bf6cf-9f94-4538-b9e2-d310aa18f51b","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":196,"box":{"x":102,"y":264,"width":783,"height":11}},{"id":"7d45414c-8df2-47de-9658-cce4ff76e5f3","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":196,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"57bc2168-b778-4adc-81a0-185cf8550922","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":196,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"1abda43e-ea6c-4495-860f-016b1e67657a","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":196,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"88a062f1-90af-49d7-9255-56efaec89a0c","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":196,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"dfc351a5-40bc-4bcf-bc9e-95dbb8c3b245","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":196,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"26e7b8e3-d46e-4150-bd70-68f0ce1a90e0","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":196,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"d88d3b4e-a589-4e29-903a-6e66be0a2ef7","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":196,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"6cc8b11b-17c3-44ce-bfbe-a0b317094208","block_type":"box","text":"dividends received by the shareholder.","page_number":196,"box":{"x":69,"y":385,"width":272,"height":11}},{"id":"356f0b6f-121b-4c67-b2dc-ae0e260031a0","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":196,"box":{"x":102,"y":407,"width":792,"height":12}},{"id":"70538109-e4ec-44ee-b421-aaac49f8290f","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":196,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"590983ac-4382-432c-8905-9d6f58684dfd","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":196,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"36c2db8a-388d-4c53-a08b-1e4e542f6392","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":196,"box":{"x":68,"y":453,"width":819,"height":11}},{"id":"4ea1b3c1-3837-4865-8b72-603f3bc90e31","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":196,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"33282dac-c57f-4d98-9306-91606dbf23a5","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":196,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"ebfeb0bf-d143-40e3-b2e0-f6762c7269e8","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":196,"box":{"x":69,"y":498,"width":804,"height":11}},{"id":"e454d47c-f73e-4b3f-ab00-4e1b7597f639","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":196,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"ca2cd15e-a894-42dc-9a6c-d19c00505f0c","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":196,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"2aac98f3-2504-42eb-b96b-64a126937e94","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":196,"box":{"x":68,"y":543,"width":826,"height":12}},{"id":"7f716e7a-1c60-4131-9aa5-7c06cd69f7da","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":196,"box":{"x":70,"y":559,"width":772,"height":11}},{"id":"60388512-b6f8-436e-b4c9-40b9a3cafc0d","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":196,"box":{"x":70,"y":574,"width":795,"height":11}},{"id":"6d6fafd3-f01e-43ca-9180-5e43e0e7a3e7","block_type":"box","text":"taxable year.","page_number":196,"box":{"x":68,"y":589,"width":89,"height":11}},{"id":"e50f5c3f-7eea-4c7a-85b3-056b0cffb44f","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":196,"box":{"x":102,"y":612,"width":733,"height":11}},{"id":"2b96dcac-ddbe-4111-9cc4-e886742fecb5","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":196,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"c6a69d97-2637-41fe-8dcf-e7d8de24ff54","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":196,"box":{"x":69,"y":642,"width":809,"height":11}},{"id":"0b14a3b4-8d3c-4757-a1bf-cdfd423c17d8","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":196,"box":{"x":69,"y":657,"width":362,"height":11}},{"id":"679af426-995f-49c2-8820-695b0b5ef63d","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":196,"box":{"x":102,"y":680,"width":795,"height":11}},{"id":"24e227f3-37ff-467c-82ba-0a677761286b","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":196,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"3ea92fd3-32b9-4606-83a0-86c15dc65a9f","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":196,"box":{"x":69,"y":710,"width":797,"height":11}},{"id":"a4c371a2-9e5f-4445-914f-0c16bb2f9c2b","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":196,"box":{"x":69,"y":725,"width":791,"height":11}},{"id":"5f053c96-a3e2-4c3c-9542-cd025fd96d7d","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":196,"box":{"x":70,"y":740,"width":646,"height":11}},{"id":"52dbbe34-0472-488d-9c4c-814754c21d0e","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":196,"box":{"x":101,"y":763,"width":807,"height":11}},{"id":"be34d512-fd47-4929-98d3-d4a50c04e36a","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":196,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"dc7cb851-3226-418c-87bc-17ff2e613027","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":196,"box":{"x":69,"y":793,"width":799,"height":11}},{"id":"7023ca92-a897-474b-8004-b17759a3b724","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":196,"box":{"x":69,"y":808,"width":534,"height":11}},{"id":"c8167acf-335d-48e1-8c5c-7ccb5f13d520","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":196,"box":{"x":101,"y":831,"width":792,"height":11}},{"id":"e38f675d-befd-4314-826f-e2a14c9dff38","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":196,"box":{"x":69,"y":846,"width":800,"height":11}},{"id":"1f47dbdf-67e0-48f1-912a-1a16413a3bfa","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":196,"box":{"x":70,"y":861,"width":828,"height":11}},{"id":"0be05414-f6fd-4689-b6ae-0081bc7b6628","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":196,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"8e80cce0-6d2b-4cd1-9a43-48d19347ca2a","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":196,"box":{"x":69,"y":891,"width":816,"height":11}},{"id":"f02bd7df-fc17-46b5-a3ee-698fe8b023d5","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":196,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"bf59e85b-0bb3-4336-96de-b0c49560430b","block_type":"box","text":"II-127","page_number":196,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f43b0eac-0f85-4db0-948f-5ef86bb1d284","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6117a291-6002-40c8-a034-4906fa5e0207","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":197,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"6aef9d60-60a0-41ed-8e91-dc259de89e24","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":197,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"b11ecf70-fb0e-4ed4-8140-91b5cda46b67","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":197,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"b2314476-fc2e-4cf4-ae52-0d6124ef16a4","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":197,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"869ca4ea-13c7-4994-81fa-f403c8674c93","block_type":"box","text":"redemption of such shares.","page_number":197,"box":{"x":69,"y":105,"width":195,"height":11}},{"id":"f4c2db2b-cf80-4951-962e-99c18ae22fb8","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":197,"box":{"x":102,"y":128,"width":799,"height":11}},{"id":"36a0b55e-4cd2-4aa6-a6e7-a7355805ff40","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":197,"box":{"x":69,"y":143,"width":791,"height":11}},{"id":"0b560c59-cdcc-4b0d-98ce-8357b3d3c552","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":197,"box":{"x":70,"y":158,"width":826,"height":11}},{"id":"7d44e6c4-bce3-4b95-b969-00c24b66735f","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":197,"box":{"x":69,"y":173,"width":803,"height":11}},{"id":"9e611d74-61a7-43d1-9b60-e1c1d229041d","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":197,"box":{"x":70,"y":188,"width":825,"height":12}},{"id":"f59ccdbf-f9b2-46c4-9280-b186d6c203c1","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":197,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"c0f5f7ce-e8e9-4d19-8f4d-73ec52521a71","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":197,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"59c35347-9af6-443c-80fd-9442fc639738","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":197,"box":{"x":68,"y":234,"width":831,"height":11}},{"id":"f03f570a-64a9-4c94-9733-6486cdc05394","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":197,"box":{"x":69,"y":249,"width":775,"height":11}},{"id":"6248ac6a-8c5f-4f17-a5ad-44329da71026","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":197,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"70036a97-aaa3-4ced-a3ff-ebd4fa764058","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":197,"box":{"x":69,"y":279,"width":658,"height":11}},{"id":"7dc9ac6a-383a-4275-8114-1a30c6a41cb5","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":197,"box":{"x":102,"y":302,"width":744,"height":11}},{"id":"1e4d9ab9-be1f-401e-af3a-4e5eb37562a1","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":197,"box":{"x":69,"y":317,"width":751,"height":11}},{"id":"7546bf43-b659-4c06-9445-91070d604a89","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":197,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"7dd4f2b5-c100-4bdf-948a-4cee80b4e202","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":197,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"0929513c-8369-41a8-94b1-2eb4f639acb8","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":197,"box":{"x":70,"y":362,"width":802,"height":11}},{"id":"c9e469c1-1de3-4feb-8a7c-a33994f490c8","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":197,"box":{"x":70,"y":377,"width":797,"height":12}},{"id":"178cee32-775a-443b-bad1-adc5f8efaf9f","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":197,"box":{"x":70,"y":392,"width":839,"height":12}},{"id":"2518febb-ceb0-473f-a941-728bad21ee94","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":197,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"a313efa6-a6ca-45e5-abca-cab850e9835e","block_type":"box","text":"gains.","page_number":197,"box":{"x":68,"y":423,"width":42,"height":11}},{"id":"41f1d1f3-748c-45f9-9435-fe2cd0c3788f","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":197,"box":{"x":102,"y":445,"width":768,"height":11}},{"id":"00f15af0-17a6-474e-9612-ca83cde76b36","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":197,"box":{"x":69,"y":460,"width":769,"height":12}},{"id":"258258d7-e6ff-43eb-9bbe-ab5b441a463f","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":197,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"23eebe6a-127b-4f3c-99be-b1c29a96b243","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":197,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"22b20b9d-ebda-4513-ba5d-371a22e205b6","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":197,"box":{"x":68,"y":506,"width":818,"height":11}},{"id":"e274ac7b-d523-4cb2-bb2b-bdc14449af53","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":197,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"9e0e28b9-54cb-4695-8895-d2d7dfec92e2","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":197,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"0538466a-f889-4cc2-9052-fb814fd23b64","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":197,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"1393e1a8-fc94-47dd-b660-b486be39ab22","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":197,"box":{"x":70,"y":566,"width":812,"height":11}},{"id":"7da2e441-88e1-4581-91e8-6ebedb881f41","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":197,"box":{"x":69,"y":581,"width":570,"height":12}},{"id":"2244d217-c5c4-4f88-a8f1-07da0accd72f","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":197,"box":{"x":102,"y":604,"width":795,"height":11}},{"id":"5809117f-8377-4bfb-b5a5-23e3233726ba","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":197,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"dd35674d-77ed-4d15-a5ce-95ab37e29717","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":197,"box":{"x":69,"y":634,"width":835,"height":12}},{"id":"7929428f-bca9-4ca3-948e-5cb8190b1edf","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":197,"box":{"x":68,"y":649,"width":815,"height":12}},{"id":"299f0926-5c81-4c61-a208-9719e138bafa","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":197,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"09ea38a1-d68a-48b0-ad44-f3c98963e859","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":197,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"ef10b51d-309c-4d63-b895-3cbe623d2325","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":197,"box":{"x":69,"y":695,"width":781,"height":11}},{"id":"894c0aa4-379f-4223-889a-fc13898d8f66","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":197,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"96b15665-aabc-43ba-8574-c02a90e643c4","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":197,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"01b5fed4-edc7-4708-a737-4e2865a16bd8","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":197,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"b543d8ef-03cf-4b84-a81a-9a384d3a26d6","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":197,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"6253513f-b0cb-4b52-aaf4-1961103147fc","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":197,"box":{"x":69,"y":770,"width":830,"height":12}},{"id":"6f585b84-cc6a-40ca-9478-b21341a7ed59","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":197,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"e7a82a2a-ed95-466a-933b-ce5e35b8b6e4","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":197,"box":{"x":68,"y":801,"width":784,"height":11}},{"id":"f40cbce0-5eb4-4833-9418-37297099969b","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":197,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"08cdd2eb-7e08-43fb-9493-d67a25cf5bdc","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":197,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"e1cb0182-93ac-40c6-b5af-32adfaf1065e","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":197,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"4896ca71-d27e-4a27-b7f1-2bca1b3cf8b6","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":197,"box":{"x":70,"y":861,"width":791,"height":11}},{"id":"dca2b201-6141-403f-8251-dada4bf6d447","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":197,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"2599ebb6-928b-4409-885a-aa4d58684ed5","block_type":"box","text":"dividends under these rules.","page_number":197,"box":{"x":69,"y":891,"width":201,"height":9}},{"id":"fffd056b-49cb-4563-a3a6-232e533d3d68","block_type":"box","text":"II-128","page_number":197,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"89c44a8d-43d8-4a6d-8052-c0b7d59d29fc","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e8658d8-b4d0-4714-b279-74adf4d6b6fa","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":198,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"5db417c7-b850-4a75-88c5-60f447908730","block_type":"box","text":"assets consist of interests in U.S. real property interests, including certain REITs and U.S. real property holding","page_number":198,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"91ecca12-f2f5-4b07-bce4-90acc1e26318","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":198,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"9b1a36a3-35c9-4cea-a4e7-584f64295078","block_type":"box","text":"attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and","page_number":198,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"2d59ef84-3ef2-4264-b31c-8ba247689bb0","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":198,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"843c8888-b1ec-4e12-bad1-cad5fe551cc6","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":198,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"b9ce57a3-7790-4923-91e4-26ebe9eafa68","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":198,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"86864580-c15f-42bb-9810-d19d021903fe","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":198,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"db966f2c-9f8c-46d8-b83f-57c479277af6","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":198,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"b0e04153-b593-4f0b-80dd-f2827c214e1b","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":198,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"e22813f6-873c-4552-98c8-618a2695149b","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":198,"box":{"x":69,"y":196,"width":840,"height":11}},{"id":"8e15cf6e-c840-464f-b118-8ff02f4d965c","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":198,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"1c5774ae-153c-4860-b491-27f3e26f8a59","block_type":"box","text":"controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real","page_number":198,"box":{"x":69,"y":226,"width":790,"height":11}},{"id":"60c6c4c1-f80b-46c1-9766-7b84b083eac6","block_type":"box","text":"property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":198,"box":{"x":70,"y":241,"width":804,"height":11}},{"id":"349f6feb-a5b8-4f63-a738-ad52b2be7075","block_type":"box","text":"advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":198,"box":{"x":69,"y":256,"width":648,"height":12}},{"id":"09c6a04d-3372-4495-af66-398218d42932","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":198,"box":{"x":102,"y":279,"width":763,"height":11}},{"id":"db9a932b-a84d-4989-9e32-a1e5f6b780ce","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":198,"box":{"x":70,"y":294,"width":820,"height":11}},{"id":"12b2526c-50bf-46c1-abe9-852bf63f0b7f","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":198,"box":{"x":69,"y":309,"width":794,"height":11}},{"id":"2a122b67-113c-40f9-94ad-8e84c1aa4212","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":198,"box":{"x":69,"y":324,"width":794,"height":12}},{"id":"8d13b8a0-9792-48f9-adc8-8382cc7d58cc","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":198,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"66b1ed9a-9fe4-4996-8294-ee647e89e9a0","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":198,"box":{"x":68,"y":355,"width":791,"height":11}},{"id":"639daaf3-12df-4402-b746-5e93b61c154e","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":198,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"2255cbfd-2bf3-4231-901c-b4ac5ebff3d1","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":198,"box":{"x":70,"y":385,"width":739,"height":11}},{"id":"74045b66-0b07-4330-a827-8fbae0be1660","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":198,"box":{"x":102,"y":407,"width":786,"height":12}},{"id":"93c1c71e-3e90-4bd9-9b65-6bc2e12a79c9","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":198,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"3b6a231f-4c3c-45aa-be2d-99f278f88e7d","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":198,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"d6968f01-e23b-4437-97cb-8b0b5fc44c58","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":198,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"0193de40-0abb-4f35-9e57-8f9c9b9268cb","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":198,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"db099d62-8ef9-471e-8a37-3fdd3f4c2032","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":198,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"b4c170a9-1c1f-40c3-90a5-98c24cf85443","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":198,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"1baeef48-fb7b-41ec-8ba9-38ae4ab602fd","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":198,"box":{"x":69,"y":513,"width":364,"height":11}},{"id":"0d0587b6-52d9-4aca-9ddb-cec80857c1eb","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":198,"box":{"x":102,"y":535,"width":742,"height":12}},{"id":"63b37ac3-c7bc-4953-8aa8-fac228388614","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":198,"box":{"x":69,"y":550,"width":832,"height":12}},{"id":"d2cca5c1-c796-419a-840a-a5a5f49ae7c6","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":198,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"7cee4e29-30d7-4719-8ddf-c5463153d78e","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":198,"box":{"x":70,"y":581,"width":781,"height":11}},{"id":"17b1a341-3b8d-4014-968c-35cab7eeef5c","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":198,"box":{"x":69,"y":596,"width":774,"height":12}},{"id":"9de58ce6-fbbc-42f4-9dd8-f74ea5cabbf4","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":198,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"7f5dd52c-1d77-4c45-88b3-ae4ca8fbb6c2","block_type":"box","text":"individual circumstances.","page_number":198,"box":{"x":70,"y":627,"width":177,"height":9}},{"id":"b40dedc0-aade-45c1-931e-a4144ad509f4","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":198,"box":{"x":102,"y":649,"width":758,"height":12}},{"id":"3d5e02f8-6442-4ee7-b93a-e45dd548e157","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":198,"box":{"x":69,"y":664,"width":782,"height":12}},{"id":"8bba804d-7e67-4356-a7b7-1711c0f9df8b","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":198,"box":{"x":70,"y":680,"width":783,"height":11}},{"id":"1f025c22-29fa-48b7-b7c1-1e3f199853ba","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":198,"box":{"x":69,"y":695,"width":797,"height":11}},{"id":"5cd727b8-dbd8-4ce3-822a-c76603050ff9","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":198,"box":{"x":70,"y":710,"width":822,"height":11}},{"id":"77b1521b-3203-49fb-b73b-8a09c3359cf9","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":198,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"c96c9ff4-3b3c-46e3-ad8e-559926543c3b","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":198,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"41da15f8-2338-4c62-834c-5cabe08bae43","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":198,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"0d341f33-e9b6-49bb-ab31-7a9fe14ac187","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":198,"box":{"x":69,"y":770,"width":800,"height":12}},{"id":"7ae42433-f692-48d3-b0dd-99e6cda9e7d8","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":198,"box":{"x":70,"y":785,"width":770,"height":12}},{"id":"fa5f718a-7cb5-4cf0-9d7d-db4d1caefd68","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":198,"box":{"x":70,"y":801,"width":816,"height":11}},{"id":"cc43afcc-c630-458d-93d7-faa9b6d9027e","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":198,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"7d1f6c33-61a5-4a97-a658-2ea3efa8e3e9","block_type":"box","text":"investment opportunities.","page_number":198,"box":{"x":70,"y":831,"width":180,"height":11}},{"id":"5173c05e-0385-4584-88ad-96c2f8b8a778","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":198,"box":{"x":102,"y":854,"width":801,"height":11}},{"id":"809107f7-1512-4e59-a4a0-31bdc1a126e5","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":198,"box":{"x":70,"y":869,"width":839,"height":11}},{"id":"793df31b-43a1-4404-9ec3-a05f0b93930e","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":198,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"d36c693e-326b-494c-baa6-55fbda0dd999","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":198,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"e3864910-b275-421b-9ea1-86e67f581923","block_type":"box","text":"II-129","page_number":198,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4b1f7ede-a457-4d81-b83f-c959004733a7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31d29a86-98ff-48de-9ec3-b2f110d7eff0","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":199,"box":{"x":70,"y":45,"width":774,"height":11}},{"id":"149cc7b2-a270-4f90-b7c4-fb9733abcdc2","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":199,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"d0a743c1-88d0-492c-b94c-084547b2db58","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":199,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"8479d21d-f1b5-481d-941b-091697f15120","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":199,"box":{"x":69,"y":90,"width":755,"height":11}},{"id":"4e194793-0b12-4395-b9f6-475d76d814eb","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":199,"box":{"x":69,"y":105,"width":811,"height":11}},{"id":"470b09b2-ad4a-40ef-968b-585641f8926c","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":199,"box":{"x":69,"y":120,"width":839,"height":12}},{"id":"be5f0085-4774-4c98-8868-4aeb68660251","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":199,"box":{"x":68,"y":136,"width":812,"height":11}},{"id":"24891304-bab8-4c49-b58a-c4e55656cc37","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":199,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"7523f155-c255-403d-ae14-5e2bb1f17cb5","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":199,"box":{"x":68,"y":166,"width":827,"height":11}},{"id":"9b72a96f-4726-4ff1-9315-8f45e563ae3a","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":199,"box":{"x":70,"y":181,"width":829,"height":11}},{"id":"210cfd53-5f4e-48e4-a095-4dd0b412a2dd","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":199,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"77bb1a89-b59b-4eae-8934-63abd0901eb2","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":199,"box":{"x":69,"y":211,"width":788,"height":11}},{"id":"ea208134-025a-4d9c-a2e8-8196ad99d23f","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":199,"box":{"x":69,"y":226,"width":818,"height":11}},{"id":"b0e2b8bb-9a3f-4d3f-b520-fbe527948d44","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":199,"box":{"x":69,"y":241,"width":773,"height":11}},{"id":"9bdfe01a-f6d2-41b1-9e97-8f0cff35027e","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":199,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"266a7136-b9e7-4b43-952d-af1983a20dbe","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":199,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"0fbf095e-7d7b-46ee-87ad-2ab9aee524a4","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":199,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"229eaf33-ae45-4233-8c76-70b9f2702ff4","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":199,"box":{"x":68,"y":302,"width":527,"height":11}},{"id":"b2d958ba-acd6-4def-890b-6bfb24dd78c4","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":199,"box":{"x":102,"y":324,"width":768,"height":12}},{"id":"c016c545-42c3-42e3-82cb-e3222ab4eb71","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":199,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"aa3dd9f5-4144-48f8-8921-ae2178d36f27","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":199,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"760a81f8-a349-45eb-9fb6-07a05c579681","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":199,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"fa891b61-3b23-4764-9dce-99c39306320f","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":199,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"a516230e-5120-4b1d-9968-b206de71e7d5","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":199,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"f43b12c4-c22d-4ea0-913e-517a2ab707de","block_type":"box","text":"positions in its portfolio (","page_number":199,"box":{"x":70,"y":415,"width":177,"height":11}},{"id":"3a2024f9-b415-4ea1-be80-d8b263747f0c","block_type":"box","text":"i.e.","page_number":199,"box":{"x":249,"y":415,"width":20,"height":9}},{"id":"ea622172-baf9-4cf1-81d8-6561a1f0d377","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":199,"box":{"x":272,"y":415,"width":636,"height":11}},{"id":"1294f207-fa36-4b51-8bc1-f422299cbcf3","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":199,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"84cdab4b-d99e-41f5-9e0c-3ddc39321946","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":199,"box":{"x":70,"y":446,"width":830,"height":10}},{"id":"7742ba0e-319a-4e74-9e59-2f638e2ee913","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":199,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"b90684ce-b985-44b0-a614-c4f50d56f218","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":199,"box":{"x":69,"y":475,"width":415,"height":12}},{"id":"673ded0e-f785-43d8-8114-1688a31da84a","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":199,"box":{"x":102,"y":498,"width":787,"height":11}},{"id":"beb3880d-e995-43e4-8f2b-9eb6e5f24c6a","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":199,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"ca06121b-28c4-4097-8fa1-af52684ce132","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":199,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"ed3f4639-9753-48e3-8ac9-5ebf741e1054","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":199,"box":{"x":69,"y":543,"width":805,"height":12}},{"id":"fc1c2fee-ae13-470d-8f4b-9545c3c4f620","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":199,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"0390503e-31d8-4665-9a95-3299a26828f3","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":199,"box":{"x":70,"y":574,"width":803,"height":11}},{"id":"63e8c2c0-b173-4882-9dcf-eaa9ea57193c","block_type":"box","text":"Fund were to invest otherwise.","page_number":199,"box":{"x":70,"y":589,"width":216,"height":9}},{"id":"0b7c6f0e-a4c9-4983-b96a-02074dc7f882","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":199,"box":{"x":101,"y":612,"width":721,"height":11}},{"id":"e54ca637-ab46-41da-9c87-db7646ebd291","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":199,"box":{"x":70,"y":627,"width":787,"height":11}},{"id":"6ad520e7-01e2-43e5-95a9-f1a512cbaf87","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":199,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"08be3caa-4cd5-4b49-a10b-f8075bbda8bf","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":199,"box":{"x":68,"y":657,"width":823,"height":11}},{"id":"21b3a02f-e67f-4f31-9be1-a57bdf66b6a2","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":199,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"8b49059e-2734-4e77-a769-b73a720dd92b","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":199,"box":{"x":68,"y":687,"width":838,"height":11}},{"id":"acbe5e3c-101c-4b3f-a468-89e8e560ba68","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":199,"box":{"x":68,"y":702,"width":830,"height":12}},{"id":"12732667-02d9-4933-8c5f-806f2bfbd4e0","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":199,"box":{"x":69,"y":717,"width":515,"height":12}},{"id":"f3637a7c-e9de-4965-b549-f48b645f9ea7","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":199,"box":{"x":102,"y":740,"width":798,"height":11}},{"id":"d4c48d35-0417-40d4-907c-c38347fab7fa","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":199,"box":{"x":68,"y":755,"width":835,"height":11}},{"id":"17afcbb6-5058-44bd-802b-d2876d6868c0","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":199,"box":{"x":70,"y":770,"width":827,"height":12}},{"id":"4f13feac-c665-4b17-8a28-95e253a30918","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":199,"box":{"x":68,"y":785,"width":830,"height":12}},{"id":"2a7b5318-b2d7-45fc-8b82-8bd1a42704e1","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":199,"box":{"x":69,"y":801,"width":802,"height":11}},{"id":"51c72fd1-a350-42b0-9ede-7ca1edbf09a4","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":199,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"6d8e0227-985f-4752-9933-b1f324bb080d","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":199,"box":{"x":70,"y":831,"width":797,"height":11}},{"id":"c03010e7-addf-4452-be2e-7c609d0b0a5c","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":199,"box":{"x":69,"y":846,"width":801,"height":11}},{"id":"aec94c56-7c95-4adc-b4ff-e5770934649d","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":199,"box":{"x":69,"y":861,"width":818,"height":11}},{"id":"d6512013-a635-455a-9707-3c26faca36e8","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":199,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"e336cd3a-092f-45a2-9216-cf352053e4a0","block_type":"box","text":"II-130","page_number":199,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5fe1fd9f-30b9-4ed5-a020-7ab29f321b62","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5014173-adc1-452e-87da-8e435b4d8d3b","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":200,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"be1095f3-9fa1-4999-9102-e9d7f23aeea7","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":200,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"58815b35-184d-4c02-94ef-1c2a9637afc6","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":200,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"00c99401-a8d0-4f87-a3a2-09dfb9976428","block_type":"box","text":"PFICs.","page_number":200,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"3fcd23f5-1506-4742-a83d-e9b6b0016946","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":200,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"96e55b0f-d780-4f3b-9fa7-0a012ae00adf","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":200,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"cb1847ca-a96c-42a8-86bc-7ed80786e406","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":200,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"80b2abf9-46b3-4a53-88d5-e6375f1598bc","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":200,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"8cb1e25d-66d1-4f40-945d-7a0b4f28509c","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":200,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"a736b5fa-7057-4899-986c-bed54493e46a","block_type":"box","text":"difficult or impossible to obtain.","page_number":200,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"1510200d-ead3-4023-a2fc-59824d1b902e","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":200,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"35dc9bf5-99dc-411e-ac57-b796c4421cb0","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":200,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"2c30afe2-f548-402f-a995-ea65a817a5c1","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":200,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"21121061-a4aa-415a-b617-4f93dd52bef6","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":200,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"22901a4c-0c01-4642-a43a-c334fb256a9c","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":200,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"39a043b2-c99a-4097-a411-91407d70f7f2","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":200,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"b03b9b8b-6198-40ef-87cc-24c232df6edc","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":200,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"dcbb8a0e-0ea0-4166-80b6-57b003281ff8","block_type":"box","text":"Municipal Funds","page_number":200,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"4b43960f-1136-4c61-8b32-14655a0868f3","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":200,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"412338b6-9395-4de9-82b5-5ebc3708aa6c","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":200,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"541e9549-4ace-440b-8a63-47f76b4fd995","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":200,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"e0b93791-4000-4d97-a369-28abd03f98cd","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":200,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"ec1f2f80-d63a-4b7e-8ed9-9143ac445e56","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":200,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"cf60054b-7032-4482-9c26-b04c828367a6","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":200,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"475c02ba-0179-4ffa-b1fb-280ad12907d0","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":200,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"ba920f59-33d4-401d-9f81-cddfd009b33e","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":200,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"33e61588-053f-426a-b345-04f3e26e6461","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":200,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"56a2c1c4-b8e5-4af6-8169-0f73df0cb3bb","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":200,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"fe057c33-5e9f-47cc-a3f9-d00dd94f3e2c","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":200,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"c29d8cb6-471b-472c-bbac-2c31359cdee0","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":200,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"eeeb4156-1196-4f6a-9662-b8e511ed7386","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":200,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"053799ad-32f0-49ca-b2c4-00e5bfa1708f","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":200,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"25b9b160-1214-40fd-92d0-4a20fb0bde4a","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":200,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"a15fa0fa-2a38-4598-b77c-1931f4017ca9","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":200,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"c8671e16-9c76-4539-8dff-0045ddda1860","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":200,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"a44a5440-3c32-4e71-a4f9-935d597f4a7e","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":200,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"c18617fb-4322-43c5-9274-34b1883ddf95","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":200,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"1e7304ab-147e-49c7-81d7-d7096cbe2fb2","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":200,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"23101108-1d13-45b8-ba6b-437698dbaca0","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":200,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"9040f259-4b32-43ef-9d55-ec2183a14813","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":200,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"a9a45317-17ec-483f-b995-933756a924d3","block_type":"box","text":"constitute exempt-interest dividends.","page_number":200,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"e7ff8444-17dd-4d63-a8b3-3cf465ad935f","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":200,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"b0efebd6-d164-41ac-b6b1-02c6c2256fa2","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":200,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"d0880898-cbd2-4684-9156-d3086115ccdd","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":200,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"603fb6f1-23b0-4acb-804c-69d4ead6952a","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":200,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"d6891bb6-e28c-4de9-90fb-db1ffc847e69","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":200,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"4aa702c7-b562-4649-9d66-16ab8f97b1a3","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":200,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"a51a1a22-e9d3-470f-a4ac-14714dd7c645","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":200,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"49332c2f-e5c5-47fe-8d81-632e298a4e7c","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":200,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"21eeb1a4-7bc0-4faf-99b6-d69c96c431d9","block_type":"box","text":"income dividends received by shareholders.","page_number":200,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"94596b3d-a25f-470f-b3bb-fc13d2c01fd3","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":200,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"927af604-b91c-4d44-849d-fa854c66d4d3","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":200,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"fdeec57d-e5eb-4e2f-be5d-53395e0c6c82","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":200,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"b9d34a81-efdf-4862-ac6e-babd6901f0f9","block_type":"box","text":"II-131","page_number":200,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"27c30d15-c5c2-4cb4-a40f-be0dc84b5e2c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd66fd88-1667-43bd-a7b5-9be6e8e295b3","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":201,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"46078f1d-081a-4ee5-8bb3-48f598ed90f0","block_type":"box","text":"the accrued market discount.","page_number":201,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"80053780-1adf-4413-8525-be21a78235df","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":201,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"c0356a50-747c-408d-bde2-ab06267eb8e4","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":201,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"26fd1e1f-87d7-4370-8731-bdf10c187aec","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":201,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"28a166ea-afe8-43e2-8b5c-7335338fe1e3","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":201,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"8d80b226-faf5-4842-a427-d77ff14ba0e0","block_type":"box","text":"e.g.","page_number":201,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"c0493277-d7d7-4574-ace7-19031afccd13","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":201,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"f10cd8bc-66ee-4690-8a68-b56d5286464e","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":201,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"ce8d360b-e212-4fe9-be8b-00c6be86b1e4","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":201,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"8d9d8983-7ceb-448d-aef7-91db265537fd","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":201,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"8dd4ab70-c90c-4341-bfe4-7775de6b1b95","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":201,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"073688aa-262b-4803-8c26-c5ec7c9b6a5c","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":201,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"1d560169-15ae-4156-84e1-a7ff9cb92961","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":201,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"ad9659da-9960-4e66-8fbd-99721dc8e61f","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":201,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"522598fa-3226-48aa-a9c2-6cc8bd40ac60","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":201,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"7b61c2a8-0b63-46d6-a736-a60ebad00828","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":201,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"c4b751fd-01ef-4e3f-961f-83ddeb1fd7d0","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":201,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"a5a23564-428f-4f7d-8b3f-34bf09500d36","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":201,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"8f9d853a-d532-4786-9c8b-656f280acfd8","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":201,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"abc36d3a-d5ba-4763-8f33-61392124cafa","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":201,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"f2a47427-0d99-43da-8cdc-32e2b8c6caec","block_type":"box","text":"within each applicable state.","page_number":201,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"701974bc-1258-49a1-8a94-51c560b82e85","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":201,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"fd1c90bd-c40e-4b64-a7e3-a6224473cf1d","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":201,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"0abbd139-ea79-487a-aebf-39bffe06917e","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":201,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"f75a0813-c48b-4165-b1dc-717a468c7815","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":201,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"432647ea-2d16-4392-b506-245b9ea22b4b","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":201,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"4f3b82c5-33a9-414b-b605-9b3110c8d03f","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":201,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"a9deb8a3-2ea2-41f0-811f-e3def6cc3855","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":201,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"0cf7517d-eef3-4981-9b2b-c10f0cdeca79","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":201,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"146ab850-3871-4c8b-814d-2d3e3f0f7723","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":201,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"536982b5-8fce-4d7c-86d0-4fca8601ec14","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":201,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"171b7934-b248-4f69-8f4b-2af24bafb5fe","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":201,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"484b9970-ca3e-44d0-8429-4830fa5f1438","block_type":"box","text":"exempt from state income tax.","page_number":201,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"ccbbf2d1-df0c-4482-ae45-9f23aff361e5","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":201,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"ff1a3212-6e70-47de-972c-3f1e8e83a8fa","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":201,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"3869feca-90fb-4c01-b776-5f47e4b22e73","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":201,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"d4dec408-a886-4284-a1df-9956fe2596b8","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":201,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"7dbe18e9-1f9f-4658-ae19-efbf91b02084","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":201,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"07ef4ee4-7894-43cd-b54d-980aa0efd7b5","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":201,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"e120370e-42af-4f78-9a99-1f07f19fcb78","block_type":"box","text":"decisions may have a retroactive effect.","page_number":201,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"21c87864-94c5-479c-a781-fd1e2b204423","block_type":"box","text":"PERFORMANCE DATA","page_number":201,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"065eb57c-01c1-4c98-8c3b-bcce08f4c049","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":201,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"a5e02b8e-d0fb-405c-b6e3-b5fbd48f8417","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":201,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"5c7e16e3-58d4-4548-8ff1-7b0a931f22cd","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":201,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"510a3c29-4409-4116-b3cc-cc32412a6a8c","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":201,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"219b2ac4-9fbd-4d07-bcc0-8e3043f605b5","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":201,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"bc37ed1d-63ac-4099-be44-c1dfe1ddd724","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":201,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"487a53d4-0d79-40e0-9616-dc33ca3c7d22","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":201,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"d92e19c9-ff8a-4daa-b1be-d49f316ee61b","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":201,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"1dc16e95-937f-480f-87f0-54ed96590a98","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":201,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"a508947a-4fc8-43ad-ac02-fb0f61aa229f","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":201,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"5047452f-125a-4c9b-92b3-09538b34f33f","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":201,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"9c9785df-fbd6-4cda-819b-80f3475ffb16","block_type":"box","text":"II-132","page_number":201,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d2f26db6-e98a-4266-a9cf-a1086bcdd7da","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80fa5449-3b8d-438b-aef0-489f33bec448","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":202,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"26840ddb-c3ae-43eb-939b-1e80c1b78c42","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":202,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"fcf7b056-1854-4e8f-a7c5-227b95e63d6c","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":202,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"c07660c0-d0a8-49ef-9158-cb2eb6688cf6","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":202,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"8b7356bb-461e-4f17-bd76-dbc42428bdd7","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":202,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"cda93730-1e8c-4731-afa5-0b36a336f104","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":202,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"c19bd5cd-f973-43f2-aeb2-41118ac4fda4","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":202,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"8c9b0553-e684-49be-bee0-65b9a0e24ac7","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":202,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"74fc9227-d7ff-4319-aac0-635f54322733","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":202,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"e612b739-ea24-479d-93a4-30f742912501","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":202,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"5829938c-9862-409d-9b16-4014af8f9367","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":202,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"b0541e5e-2aed-41ef-ba84-1edd92507f9f","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":202,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"a3c6411b-cadf-4faa-884b-e68a6fadab20","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":202,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"ade95a39-968e-43a0-a173-ed3463ba03cb","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":202,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"e2110317-ef6a-48df-a6aa-631bc35fb8c2","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":202,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"d87fd2d9-ca34-4099-96aa-5be50bb70067","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":202,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"0667aa25-86f9-4011-953e-5d2610392879","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":202,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"3a32f0e5-b3a9-40ca-be1e-236ca0a31952","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":202,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"4686b4c9-6bc2-4a52-a7f8-cb63170f6608","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":202,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"167be84a-baa0-45a5-9302-00c23df7473e","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":202,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"bd7f877d-ddc5-4322-92ef-2646abed1b94","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":202,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"657e37ab-dc14-4f49-887a-4f8dc3b9d414","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":202,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"3a1de825-2f9c-4083-a547-ade64cc158f5","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":202,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"cf186741-f3ec-433f-ac1c-57db3563bb39","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":202,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"66614946-c226-49dc-a23e-782da1d77081","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":202,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"13bd9fa2-07dd-4cec-aba8-fd5de3be7ad6","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":202,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"394e6751-2ed5-4895-8ecb-6bb082cf311d","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":202,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"f688e484-8790-432d-a90e-7af3097a660c","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":202,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"8708f48e-b5ae-4b42-94a0-64ec9699df08","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":202,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"d2cc2a5b-73f9-45e6-a35d-4c8aca6a5fda","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":202,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"7e3950f7-5b7b-4db0-9638-15b1ed66c5a9","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":202,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"26a7e239-93ee-4fc7-818b-82b64a112cb4","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":202,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"975f1997-355c-41a4-945a-8907374c2fbe","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":202,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"52f11305-b7fb-41e9-9f70-72c30c4d8d4b","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":202,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"4eeac7d5-10b3-4b8f-8afb-a9efb7ee5905","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":202,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"896eeb23-7317-473e-b8db-32c501c203c8","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":202,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"4a6da4b7-ca90-40a5-9f99-03c8736b3a4c","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":202,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"a1e2f40d-169d-473a-a309-85b769cc0993","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":202,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"0da23765-303e-4df0-a1fd-0d45bde1d483","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":202,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"83ee93e5-40f8-49e0-a0ff-ae14ba892961","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":202,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"2ee55654-a526-49a1-b27c-5957718599b8","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":202,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"c4912fa7-3368-4f09-9e5c-453899381b06","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":202,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"0c36cf47-8c5a-4780-b9cb-c049f41919f4","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":202,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"88ae0726-b92c-4a04-9045-5f78c8bda8b2","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":202,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"7f3a47f5-e605-4722-9b24-4b79dca5ca71","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":202,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"75ad2f6d-2137-4ccc-aaa7-0795357663d1","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":202,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"81d1ab6e-7de6-4b3e-a622-54b14c4c7508","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":202,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"560664ec-2d7e-476e-bf01-4d2dd9ef11be","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":202,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"a701f4d4-e76a-4ec0-9363-858590db7dc6","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":202,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"b6e7035f-a9ef-4116-8e66-909a053f074e","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":202,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"9fd11dc9-5ecf-4317-8ffd-3614a6837a29","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":202,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"1e233eef-5403-46fb-a3f3-015534a34ee2","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":202,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"4dc6ec67-3484-4f3a-ae2a-69a085085d71","block_type":"box","text":"less than their original cost.","page_number":202,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"52f7bd9b-223b-4bac-b5ad-ee487fa48f83","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":202,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"93422228-5266-4216-a77b-7254bb4f46e8","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":202,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"db32b29e-8f08-4f4d-b7bb-237a19320096","block_type":"box","text":"II-133","page_number":202,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"759c9d9d-97fb-4632-b12e-37a6750243bc","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62e4fc7c-f2de-4fd6-8540-2f10bef73269","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":203,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"751d9713-e781-4338-8134-d603677effeb","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":203,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"5e4c290a-db27-4ed8-8979-5393c10e98e1","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":203,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"fd5227fa-ca2c-4a95-99bf-9bf36a71a35f","block_type":"box","text":"lower amount of expenses is deducted.","page_number":203,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"0047831c-865a-455d-b571-82f60b30b398","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":203,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"c963af30-d1d7-4681-b98e-20b41d31471f","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":203,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"3c1cc9f0-4ebc-493d-bae4-e1e66b0ab13c","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":203,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"61911102-d8c5-467c-9472-5a2b600b6cb0","block_type":"box","text":"Money Magazine, U.S.","page_number":203,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"2b58ad84-c249-491e-a5dc-fa7d87cd6185","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":203,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"94c7312f-367a-462f-8aae-727f70a46f29","block_type":"box","text":"or other industry publications. When","page_number":203,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"2508ee4d-e830-4175-9324-59177a75533c","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":203,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"385d302d-9b1b-4986-b448-9e0cbfd30eaf","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":203,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"576f38c8-efe0-4ed8-9f31-015191c189ca","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":203,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"f5ec9d4a-466d-4df0-9489-d9297f8b59fd","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":203,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"b9b1b451-2bbc-4a9b-bad5-c231ad9e6699","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":203,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"126b88b3-a230-4437-8a84-324e88a5e8c9","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":203,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"e73f5020-a501-4f28-8142-6e0865dcd0e2","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":203,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"6bdc817e-59d6-4b82-86aa-17833e172239","block_type":"box","text":"developed by Fund management.","page_number":203,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"e13a792e-04db-4be5-b126-0f90233ac537","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":203,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"b2808a87-618e-4409-bf7f-8e900c836dc2","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":203,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"d190d7af-d876-4808-a0de-9505706f508a","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":203,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"b00d0470-a24b-4e31-9846-44d35606d15c","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":203,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"1a618b02-b424-45eb-ac82-9ab9a17a90fd","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":203,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"74668f39-96ce-4589-bf59-81374f3a03d3","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":203,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"4f621a92-23da-472a-a615-d7d7d378ee56","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":203,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"ceb3e98a-2c85-4684-9de7-0e1e4cf0712d","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":203,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"d5de8d69-65bf-430d-8956-0d73262315aa","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":203,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"975df87b-7b0e-4bfd-84f0-bd721d29114d","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":203,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"48d8b8f3-f710-4358-b737-8a52611e11d1","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":203,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"37a35f47-c5e5-4973-ad88-337da2e9bd1f","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":203,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"0cfd1145-c25f-440f-b7fb-89c182116dd8","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":203,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"78347f66-66c0-4918-a272-89ac0c9dfd4f","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":203,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"5f157689-a4d1-4e51-9e8b-31dbe4f41627","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":203,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"abcade23-257b-4805-aae1-13235e92b525","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":203,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"d6a88165-05f9-4c6a-8c8f-7a25aa46abad","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":203,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"eefeee91-b9e9-49fa-a258-a24306c5b3e8","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":203,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"cf551db7-550c-410e-afd0-4735d60f1722","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":203,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"30b4075e-aef3-4f23-b5fd-d61f1403c081","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":203,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"d4795da9-9a64-4d3f-809a-8cb8f0cd7057","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":203,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"fbfdbb03-1c07-4c53-85dc-4b23a68bc2ff","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":203,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"8f55e781-4e3b-4de2-8f3e-ea6494c181fd","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":203,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"f792edfe-ae0d-49a9-a464-40b6f83d8233","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":203,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"8299fe88-c2f3-4fb2-9c37-4068b8acee77","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":203,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"16e76c0c-ec0f-4254-947c-60735b7ac493","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":203,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"1d3d0f0e-6c81-4374-a890-7b6d1b0c9320","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":203,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"fbf304d2-0de6-42cc-87d7-4b53847f91f1","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":203,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"57249f59-a4ca-41a2-8070-6b516b6f84e7","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":203,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"a935347e-41b0-4104-b9a9-4d000c8c50be","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":203,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"7a13c965-3ecc-4aa4-b2b3-e2b8a9e40d35","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":203,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"c3036192-e09b-45e8-ac8b-066b71582ba4","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":203,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"bdaebebd-f0ac-4a4f-af97-b4bf2a5ced4f","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":203,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"ecd93bf7-3941-4fd8-af1c-878190ca7727","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":203,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"1a26ec86-9875-4884-9536-8c48b8515289","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":203,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"8c9b8341-498a-46fb-b9a2-34f51a4c88e7","block_type":"box","text":"II-134","page_number":203,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9d0df9f8-dcbd-4e59-b03a-93e0bfcb6337","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"034520bb-f20f-43c9-b67f-5bbd43d69d0a","block_type":"box","text":"GENERAL INFORMATION","page_number":204,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"807c9ffa-08cf-470b-a305-5aa2f8e77b69","block_type":"box","text":"Description of Shares","page_number":204,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"8e18373d-ba63-4b56-bf8c-6c82450de31d","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":204,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"77b1290d-bfd8-4943-8a7d-3862ee731e3f","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":204,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"3344519e-1f29-4295-8d23-2ac2ca3aa170","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":204,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"ba9abe6b-272d-4340-8684-d8720fa965ff","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":204,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"1f06eee3-251b-4e19-85f0-0ef8e45aebc4","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":204,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"cb0dc3e8-1060-4b95-8edb-064198ac7e82","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":204,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"19d7cbf8-d6e6-4c64-a9b3-0d7522bedb4a","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":204,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"dd64597d-19bd-49f6-9731-ef843dadaec5","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":204,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"c7a232c1-cd8d-4853-ab7d-c6669468482c","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":204,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"fd77214c-4fa0-4611-be2b-9891ba9f9e81","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":204,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"46203f51-5966-4ef0-bdfa-d70884c1c276","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":204,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"0d26d697-96ee-40bc-bd99-97feba1d6ee1","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":204,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"105383de-eea0-4c8c-8985-df0f243dde94","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":204,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"7ff308fc-508a-4133-ada5-8b9d95f5640c","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":204,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"374603c5-c9da-4f11-beb8-35a466489d6e","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":204,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"9789cd43-a9f6-409c-8582-0f24b3ccccce","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":204,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"95e01b91-380a-4183-8dcf-1d36c45c6bf9","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":204,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"4555a323-8a61-4d2e-b8e4-545abd29ad63","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":204,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"693f81bd-5eb4-4190-85e7-95802f9b0c73","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":204,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"7164449c-d960-45b6-9369-b53f05c95d3f","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":204,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"5ce54283-a54a-4d0c-81fe-867ab8d1a4cf","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":204,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"fc7d1037-05f4-4952-9482-6faa732e07ac","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":204,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"7cf0d6b9-07ea-4007-be18-e89a8280a50e","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":204,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"da3abf2b-f00d-40b0-9396-aabaa0796e27","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":204,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"e9f48147-16f7-4a9e-a6a5-bc6eff7c6059","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":204,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"d7957fa3-4880-4914-8aa8-74e852e93455","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":204,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"5b4ee022-b3af-4a75-81a8-f91ad44f1d77","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":204,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"43624b0c-ecc2-4d6b-b41d-98d9ba80626a","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":204,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"2f596af2-5b8d-4da4-91fb-b0907662ad2b","block_type":"box","text":"Additional Information","page_number":204,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"7ce1a373-bed5-41d2-ae7d-d307fe860812","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":204,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"b810699d-669a-48cf-9dc8-e0a39ee75541","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":204,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"e4ff28a2-924d-48ed-afa8-4afb4f85e719","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":204,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"59606126-585f-4dd0-b752-68388f4731bb","block_type":"box","text":"such name to any other company.","page_number":204,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"0b0f7f95-6407-4fff-b90a-8e43916f0177","block_type":"box","text":"II-135","page_number":204,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ee88be59-12f6-421b-b925-7d00241d2bc5","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b1b7aa3-5d3d-4584-8a45-e300fd04edb9","block_type":"box","text":"APPENDIX A","page_number":205,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"0ac3862c-c3cf-4942-9dc0-5fd0aad2e782","block_type":"box","text":"Description of Bond Ratings","page_number":205,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"69b9377a-ecdb-4bb5-8832-cea02accb6ad","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":205,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"3efa5e33-ba6c-41f0-ba98-dd4893c24ba8","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":205,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"693df79f-f70e-4be0-b986-96540e8e68c0","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":205,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"ee2c5eb2-a794-4645-a24a-fe3125ff1a29","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":205,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"b0aeba57-6fdd-449c-9e3c-1bd925d143b9","block_type":"box","text":"date.","page_number":205,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"fd6f9fe8-3718-439c-a57a-74d516b1a5b3","block_type":"box","text":"NRSROs may rate specific investments (","page_number":205,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"f127c801-b00d-4794-b2eb-bcd89e761a8f","block_type":"box","text":"e.g.","page_number":205,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"a00a2e61-4efa-4d95-91da-d7806f5a9a05","block_type":"box","text":", bonds), issuers (","page_number":205,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"3fe3fdc3-1c92-4bc9-a5aa-3b5132b1f5d2","block_type":"box","text":"e.g.","page_number":205,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"32165a4d-a6f6-4fe7-9872-e82e3f1dd9e6","block_type":"box","text":", corporations, governments and financial","page_number":205,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"d041666b-a155-4c5f-9cf6-1eb17e018f43","block_type":"box","text":"institutions) and/or programs (","page_number":205,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"5d551b17-92f1-41c8-b14d-880f0c02096d","block_type":"box","text":"e.g.","page_number":205,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"c855d965-3431-4ac5-a0b4-45c0b4e65eb7","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":205,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"185b7759-0674-4d50-8b6f-228b8f7491e8","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":205,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"9d1dd694-d5ce-4fff-94fa-930fdb764a36","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":205,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"8e4a7577-3dd1-45cc-8be6-57419b4e4c0a","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":205,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"0326e765-43e3-42f8-b87d-0d19358dbcc7","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":205,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"ebb8775c-6708-4b56-8abb-78f9591a27aa","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":205,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"e7396c94-f613-4b98-bbb0-6e677185f74f","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":205,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"170be5d3-117a-496a-9e26-d76b866b2612","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":205,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"a8de50f3-6802-4682-873d-f6850927a50e","block_type":"box","text":"security (","page_number":205,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"e8720316-18ba-4f82-857c-b80cbabfd505","block_type":"box","text":"e.g.","page_number":205,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"12017e94-6bf0-40c1-b4f9-c72f19d6636a","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":205,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"b9c07862-0a34-4e6a-a977-a37224484e41","block_type":"box","text":"highest of the multiple ratings.","page_number":205,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"dddc89e0-14d4-4d79-b5ad-d3d15930d497","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":205,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"fbd352bd-2894-40b6-97fb-7ee171303c4a","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":205,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"d9bf3a86-13d2-4761-b0eb-f1a14aa7d8e2","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":205,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"2723c190-b688-4e06-82b4-271e6957c055","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":205,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"4abeda22-cfaa-4046-bf69-c8cd7ee7b9b1","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":205,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"091ec626-0099-49ff-b42a-ed763d920ed3","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":205,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"2389fb4e-ef7f-4e78-8137-9fc22b125633","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":205,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"5a62cd8b-c738-417a-95a7-98baf5fe92b9","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":205,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"967e171b-4a92-4756-b3bc-0a632d2f7844","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":205,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"fe01e418-7083-4bdd-8578-a6d8960145ff","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":205,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"2b8bf277-b3f7-48a5-a8a9-f6bf581b930d","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":205,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"8a585a19-e307-49e9-a9c5-6adc92d160dd","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":205,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"ac72ede0-856f-469e-b13b-f6f20fbd91d9","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":205,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"c387ad4b-50fa-47c4-a3ce-a94643285cd2","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":205,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"7644f9d6-9793-4f48-a500-49311ce784c2","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":205,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"1a6dfada-ba43-477a-ae2c-34a5c18f52d8","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":205,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"99b3f0c6-03aa-4b2f-97e0-399acce2bd19","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":205,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"565a0369-aaf5-45c5-a801-30ad6da61e39","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":205,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"da664246-322f-4c1c-bdf2-d39b40739a91","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":205,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"a41fe0bb-5c2e-4185-a22a-50dafde2900b","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":205,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"398974eb-df38-4cf6-974a-893bdfd7cb30","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":205,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"4c0f7c80-9367-4304-b3df-0cd48f755504","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":205,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"0bf6f2b4-1e81-4eee-bb1b-546281ca8a2a","block_type":"box","text":"Fitch.","page_number":205,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"ea845d21-e53f-40b9-bc44-ac0b3f4c9d43","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":205,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"07e0ff57-d38b-4d3a-bc5c-1db5a70fe4d2","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":205,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"014e5716-1dbb-46a5-a840-f1cf40e5f909","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":205,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"88bcacba-78d8-4012-8d99-ce8d34f1d408","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":205,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"eb76040e-2460-422f-94ab-44a61cc35823","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":205,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"7cdd70a6-1f0f-49d1-a34d-a8599fc36554","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":205,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"e7307123-033e-484b-bec6-6403a290a2b3","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":205,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"3523a023-cedb-4304-8259-0ca224cf66eb","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":205,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"aa8d8dd7-1996-4101-9ecb-45f6e0369ac0","block_type":"box","text":"sources of variation (","page_number":205,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"c62cbaac-6756-46df-9340-06c579307ed0","block_type":"box","text":"e.g.","page_number":205,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"db8dd9f7-2ec5-47c3-96c0-4496a29f5ab0","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":205,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"24d09d6d-70e1-404f-a99b-6db0dde6fea5","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":205,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"f6c3e5a3-5087-4fe3-a5ec-c99f6277162e","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":205,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"3555fe61-fa8d-43c5-b603-62d6fc3a2baa","block_type":"box","text":"e.g.","page_number":205,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"046ff25c-f2fc-45c8-80d0-8b3c50f35ad8","block_type":"box","text":", equity indexed), absent an express","page_number":205,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"db314f46-1e7e-4ba8-980b-8a65d596586b","block_type":"box","text":"A-1","page_number":205,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"14979a5b-27c9-40c3-8d0a-a07199e69fec","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eef355ea-663b-472f-8c09-c8f9519953af","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":206,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b2ee6735-36a1-4b14-b117-5b3371e76bf7","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":206,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"64e0a3ac-6344-4919-beb8-9412053b9d7e","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":206,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"c3f0a360-e823-4a18-977b-74d0cd532537","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":206,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"71881c20-b93e-40ba-b478-cb788281aad2","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":206,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"f3e5672d-7c87-47d1-84a5-df472499471b","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":206,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"649e8411-1885-4b40-ba72-3aa9b5bb5f5f","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":206,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"52fc3c34-294e-4bca-b69e-2e5c8466601e","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":206,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"d0b8e3ff-19ab-4f0f-9226-32665d6e8fb3","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":206,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"d0a10833-5c74-4f35-8e2e-5e6042942299","block_type":"box","text":"i.e.","page_number":206,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"eb6717f7-cd12-4424-9682-99769583aa4c","block_type":"box","text":", ratings on nonfinancial","page_number":206,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"9b9625d8-56c2-4e41-9afe-d26f7cd64bab","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":206,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"2351a7ba-35d7-4a2c-b56f-011051e4758b","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":206,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"283dc41c-c86f-4128-8095-a5e65e24766f","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":206,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"fb050af7-c744-46e8-b4f0-a1fffce0154f","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":206,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"2053c6cd-f779-4985-ab2e-07c7de2b66a0","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":206,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"20665254-21aa-4d80-9fb3-f65b577e3496","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":206,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"bdaa0fd0-6220-4c6c-8e98-c341b05dedc3","block_type":"box","text":"of time.","page_number":206,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"773488cd-230e-470e-8b25-3490038fdf86","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":206,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"593dce11-92dc-4005-8ae3-dd4b80ca10d7","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":206,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"79a47be0-7038-4aa8-9196-7bdd6c5153b6","block_type":"box","text":"risk.","page_number":206,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"b9fa143c-457b-4c2c-bf47-734a0647437c","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":206,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"af797f9c-a26d-4fff-9b86-3e5e5b3216bc","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":206,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"87d4c14a-5266-47b3-8753-a88a6296f8df","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":206,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"e299e723-9be5-462a-b8c6-5667fcb05d8f","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":206,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"d66b9f08-bb96-4ece-b51e-c65f5f870e71","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":206,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"63ce0041-6d2c-48c3-a192-da29d5d5ac0d","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":206,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"d3f87f58-4c8e-4a02-ab37-1b111004e8b2","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":206,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"08834dd6-c580-4fb9-906a-fb15f7bdeef2","block_type":"box","text":"credit risk.","page_number":206,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"4f59537d-4184-4440-a728-1b831734b40a","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":206,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"326c1c1e-64d1-4b62-803b-21e22a9e5f6d","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":206,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"d4a49f9a-9747-4b1d-aab2-c2450e560a8e","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":206,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"d0036afb-d480-4f94-b0de-8267a45afba4","block_type":"box","text":"of principal or interest.","page_number":206,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"19452383-8573-4963-acf3-32668b7fd5fd","block_type":"box","text":"Note:","page_number":206,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"0e742802-c100-4a7b-92f7-7d38526a4ed2","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":206,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"6974ca02-5615-4efd-bafd-b188c06d790f","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":206,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"4cac6d5c-07c8-48b7-b45b-f3ec5d6be49a","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":206,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"3d5e193d-8968-4b5b-8964-fa6dc650a680","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":206,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"68f692dd-d46f-4164-b278-dcee3ff6a9bc","block_type":"box","text":"companies, and securities firms.","page_number":206,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"dec6b106-9b99-4da8-8ff5-b15eb62ac39f","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":206,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"144976cf-9958-4c9c-b59f-618d0196b1a0","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":206,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"0173566f-e491-454a-92cd-12bd70d25a6c","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":206,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"8b6cca1a-1bd9-41b2-ad16-313d7ba8870f","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":206,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"afcea016-f019-4bbf-bb19-45f35aa2bcb5","block_type":"box","text":"that security.","page_number":206,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"d885b4a1-c2a9-4179-b118-7c7009905532","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":206,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"d3864949-99f3-424f-9a88-cc5f3f74bb18","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":206,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"06ef9086-c1d6-4d28-bb3c-277c73c2a00c","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":206,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"f99a14bf-96d3-4be6-85a9-f048b5d3ed73","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":206,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"21e95693-c67e-4a41-9057-f6d2d3265d5f","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":206,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"1d07a3aa-a075-4181-a858-b61a08935a60","block_type":"box","text":"categories.","page_number":206,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"1db37812-c9e8-4822-ad2a-736d9fd7bb78","block_type":"box","text":"A-2","page_number":206,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b9fb8124-2157-402f-af41-32cf7cba5350","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9d8852f-78df-474b-8ce7-c1e710456b31","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":207,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"9fa2e0ae-c2df-491a-95cd-2dc48bceb6cb","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":207,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"0251c57c-7551-4165-b504-3e49e758b015","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":207,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"8f045c04-a92e-4d47-a00d-2163a0a23378","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":207,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"fd6eca58-29df-4611-83f5-e0766fad581a","block_type":"box","text":"an issuer’s self-liquidity.","page_number":207,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"0e4d5751-3184-4227-8d81-caa9327e04db","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":207,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"b82d04f5-8836-4a2d-9692-1dae75f09112","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":207,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"8535cecb-ef46-46bf-a87e-a0db04aef0f7","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":207,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"9b3922dd-7a1a-47c7-ac2e-b1f00abae452","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":207,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"6755cc80-c1fc-4d07-8afd-0fbcb6535e82","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":207,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"433d75dc-4546-471c-a204-cf1de60bee17","block_type":"box","text":"MIG Scale","page_number":207,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"8b700905-685b-43d3-811b-776102923eb9","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":207,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"89b1d13a-9132-457b-a0b8-e103bea45a71","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":207,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"6cae4a95-72f9-4a7c-8b1e-17ec51098c2c","block_type":"box","text":"refinancing.","page_number":207,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"761dc4d6-efe1-4c49-ab14-05cffb1f17ff","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":207,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"98f88405-97cc-4b51-b317-069d7cffcb2f","block_type":"box","text":"large as in the preceding group.","page_number":207,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"6be5186f-0e1f-4652-89b1-d47b76771e66","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":207,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"6fa3e4fa-7c17-45d1-8db3-1cc2965f1903","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":207,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"13ec818f-e17f-4589-b842-9cad709987db","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":207,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"33eb673d-8b82-4cad-9b6f-0d8af312f432","block_type":"box","text":"lack sufficient margins of protection.","page_number":207,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"3c7b13f4-4301-4126-9a03-e59bf642e4bb","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":207,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"3aaa026e-6d91-4b09-b529-2431c843f5c0","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":207,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"d0ed0b13-0934-4c83-bf93-054667592863","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":207,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"41bc2913-3747-45f7-8ace-ffd369769142","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":207,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"0875e574-e1cf-401d-82d9-211e767d970a","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":207,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"d8028953-02e8-431d-bbd0-cd7e8101daa6","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":207,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"3d92b0be-94f2-455a-be62-33e5db415714","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":207,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"dfb2cd02-4588-4272-94d2-20c43531aa23","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":207,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"86601e5d-73ef-457d-ab3e-38ccb6e34288","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":207,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"be8ae190-687b-41f9-9c91-fc0be74cc3d9","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":207,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"67878eb2-3e6c-473c-acdc-133e2ef9afa3","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":207,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"55144078-0ae4-4f96-9e2f-bd907095dbe1","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":207,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"a3017f9a-be68-4d41-96f7-531e864e5161","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":207,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"5be4cd26-5ada-4eaa-9a64-c845c8074ca7","block_type":"box","text":"VMIG Scale","page_number":207,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"06cfd864-c316-4de4-98d1-6a9a915aff95","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":207,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"3f145da3-67a7-40f5-84a3-9e80818cb81d","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":207,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"d02ed755-c2f0-4b62-86c4-a821b7c8df36","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":207,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"31357a58-62da-41a8-90f7-2860d2bf5ba4","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":207,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"be7cb8ad-c787-4a8d-9b5f-b5735fd9a61a","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":207,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"1ba84f81-c6b1-41a2-ae82-afe67d8653f4","block_type":"box","text":"payment of purchase price upon demand.","page_number":207,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"bfdb9c3c-1b75-4eaf-807d-4aea5ccc87e4","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":207,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"9de3afa8-97ad-4489-806e-4a3bad57d701","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":207,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"55df89d5-418a-42b3-8f0e-f3d95b62a0e2","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":207,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"0cc8ac9a-55df-4d9c-aab5-d68609ff9cde","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":207,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"d331db30-1f3f-450b-813a-b88645df67a3","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":207,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"a353a267-e314-448d-b5b7-f1c9ade5ffa3","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":207,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"be909125-70db-4f22-90bf-33a5196e7095","block_type":"box","text":"price upon demand.","page_number":207,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"885ef3b6-222b-4c03-ab0c-102d93a8e4b1","block_type":"box","text":"A-3","page_number":207,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"045e9ad1-6767-4c8a-9efa-22265a646891","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4dc2f8f-10ee-46a4-8f5c-243fd4b434c8","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":208,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"f67672bd-40be-4a3d-a840-ecc63b86923e","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":208,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"2435489e-9e55-42c6-aff1-9433e9db2763","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":208,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"acf49f2a-35cf-4a08-8817-d28ff5949656","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":208,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"f2d7abc8-4744-4866-8317-a81a00a416af","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":208,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"04fd4312-035c-4720-b2bc-eb9af527d8e5","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":208,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"faa3ccc2-1382-4a15-a9b5-295aa661e399","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":208,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"463f4cb2-b4b9-4d0b-941d-1d3e21aca115","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":208,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"9119e1af-fc9f-4b0e-abc9-9ca34d742e57","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":208,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"4dbb6072-2ec5-4e6b-9527-05c4175a41e2","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":208,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"56aac2c0-05c6-4563-840f-fe67d4ca141d","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":208,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"6b8e0ee8-480e-43c6-9a77-a6f68c9d1ecf","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":208,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"401d27b9-52cd-45f8-b0b7-ed080579cc88","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":208,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"bd33111d-e2d4-4fb5-827d-af115a8b53cb","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":208,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"7aaa9a57-26e5-4c04-8f38-434a3e6549ed","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":208,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"08db5aa2-0eee-45c4-a602-bcb1231c38be","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"d5c38d62-0570-4e3b-b587-9bd27c5bd566","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":208,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"113c6690-1789-4ac1-8eb1-1b3bc15858de","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":208,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"a10dad9a-4d5b-4bc2-a283-b749732a79ec","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"bcc44c15-9d0d-4631-9add-15c81ca498c5","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":208,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"9b3766a2-8614-4fdd-a23f-261ed7c0d13c","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f7c23d5b-d0eb-4e26-9ccb-598631a2168f","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":208,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"4a6e76fa-3d79-4d7a-afbb-845f37f2c771","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":208,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"6ee85b66-5bb2-4a6a-89ff-fa545ce185ef","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":208,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"18642832-587f-43f9-a648-d18fada47171","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":208,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"62b83ee4-e7fd-471c-98a7-452f3616775c","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":208,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"4aa143df-6f18-4c77-9ed9-b5eff930178d","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":208,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"2600c812-fd1b-4623-82ee-e52c3316ef21","block_type":"box","text":"obligations.)","page_number":208,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"455e67e4-8c6c-47aa-bd39-e7405286b081","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":208,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"fbe828e2-3265-4003-a5e2-cc0e4ceac560","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":208,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"502d1d9b-142c-436f-bb4a-2393cbc68819","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":208,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"fe1dda4e-e663-4590-8acd-25923b98ce8d","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":208,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"dd074f2b-d4a9-4800-87cd-c22c1432c42c","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":208,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"1cd179b7-fb4f-4c85-8f18-b0484b7bf089","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":208,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"15a0cba1-1436-4007-bee3-2d8ca262aa73","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":208,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"6dea67ed-298d-4476-9d9d-ef219c8238fe","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":208,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"135b4e0f-d621-431b-955e-8727f8664863","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":208,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"12c59534-770f-4ff6-8031-147ab96cedf2","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":208,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"4e41db2a-736d-45aa-ac04-b8c0f8536f42","block_type":"box","text":"financial commitments on the obligation.","page_number":208,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"3cda820b-6d15-404d-b9c3-f5f5944d9c3e","block_type":"box","text":"BB,","page_number":208,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"497c5d49-5a60-4cca-bdc1-f1d7cc32186d","block_type":"box","text":"B,","page_number":208,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"d6ede8a5-e44e-46ea-8275-aef9bd9d366e","block_type":"box","text":"CCC,","page_number":208,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"0366532e-e586-4fd2-bc2a-24f7615802f1","block_type":"box","text":"CC,","page_number":208,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"a33ac1c5-f815-43b7-b4b4-c61c88ae8484","block_type":"box","text":"and C","page_number":208,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"fc983074-120e-4fd9-9638-23cedccb2297","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":208,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"978a2f97-82a7-4908-900d-736b6fc4f5d1","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":208,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"94e8a005-906d-45b6-893c-961f167f4f5f","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":208,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"20ea5698-6c40-43e7-ab05-96c1d5d6d61c","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":208,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"f65b7d65-8395-4df1-9cc4-f0b3613cce28","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":208,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"d245bf54-e28e-4e21-9157-4cf41d9c63b5","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":208,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"ab57fef7-5def-42ef-a5f0-1fa953a5dba0","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":208,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"47c2cf32-b4b3-40c9-bfd8-479e2e35a60f","block_type":"box","text":"on the obligation.","page_number":208,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"a15a8701-3206-4f93-8180-7002bc2cf466","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":208,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"7c3166c9-733f-4e9f-89c9-e91419ab090c","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":208,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"69a8a232-818b-4d4c-a031-3f4ad7ba7048","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":208,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"7494effb-51f3-4676-a3b3-f2d5a3b0a025","block_type":"box","text":"financial commitments on the obligation.","page_number":208,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"466995b2-af34-459c-ba1e-1cd70223b262","block_type":"box","text":"A-4","page_number":208,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"24591fbd-4858-41e1-bb4b-8b5fd919a8b3","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5b09346-3908-461d-b060-3a4b47213936","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":209,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"d23e51de-e19e-47d8-acbe-6258c559b912","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":209,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"dba12de6-a609-46aa-ba1b-d483e6ec6e80","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":209,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"472926f8-aede-4451-8f9b-1f2dd2b04244","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":209,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"6ff60e60-c45f-4d74-a9f3-00d2db351dfd","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":209,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"50974c19-a23b-46e4-bd9f-9b479f7e35e6","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":209,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"4a459c75-9c43-4d8c-8a70-96df9218222f","block_type":"box","text":"anticipated time to default.","page_number":209,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"6924eab6-64d1-4be9-a14d-77f8fa10c688","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":209,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"b602a55b-ab75-40ff-a8d1-59ca0b113313","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":209,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"1a9b8320-73d4-4d12-a995-2d4130263549","block_type":"box","text":"higher.","page_number":209,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"70471d1e-41e0-4e2a-b745-64ae1bf41cdf","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":209,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"a0a07e02-10cd-4ba1-845d-ecc5b098fba3","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":209,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"e6d671f4-651b-4874-b86a-35ee18eb25b1","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":209,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"d7005e7d-ee75-49d7-ab02-64fd43e355ed","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":209,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"033ae487-70e2-405f-a902-95cf71580019","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":209,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"9079d3f2-529e-4691-8a50-169f38c3ec24","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":209,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"8cb9c63c-eb7f-49d0-9d52-4d460f1accc6","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":209,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"9d3e0811-de9b-4ebc-9f6f-261dc7d39310","block_type":"box","text":"restructuring.","page_number":209,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"977a349b-1131-4fa6-a872-7d27349c9c85","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":209,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"e9c830bb-cbc6-443a-891d-f527d9ae587f","block_type":"box","text":"standing within the rating categories.","page_number":209,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"3293157f-25ff-4a14-b279-8d77aeb40da4","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":209,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"6cc6ff4b-24e4-4bc8-bacd-fdf918ff92e4","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":209,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"596a90d8-5d25-40dd-abd5-1906959a6eef","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":209,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"7ca45510-2ae6-4e00-8279-948078ba10ad","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":209,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"91639fd3-2770-4574-b38f-e03c527b8d49","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":209,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"79f6665a-8be9-416d-ae14-b74ca186455d","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":209,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"3ae72e7b-f403-4436-82b7-3280590d5126","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":209,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"fc152c70-e52e-46bc-a278-9cfce64bcfac","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":209,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"dc5033f2-aad8-495a-8a55-5b3cbdf808e5","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":209,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"87ce08e3-f657-423d-915d-b14746506b6c","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":209,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"e22ba185-e20e-4339-9956-bba017c75af0","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":209,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"a052b213-107e-432b-a38e-17780cb4d775","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":209,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"d0265f3c-ab9d-48e0-9c56-7c1d813e12ac","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":209,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"771cd1ac-cfb1-4ddb-ad79-2f24d505f80d","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":209,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"dc6255de-4f3e-4634-b8e8-583ec9724ba5","block_type":"box","text":"financial commitments.","page_number":209,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"eda5e92e-188d-44b4-98c9-11f753699a92","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":209,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"cb8b011c-dc3c-42f6-8d10-83b5ffd0aed5","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":209,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"a07770ff-8eac-4411-b49c-b8e86af4fa88","block_type":"box","text":"commitments on the obligation.","page_number":209,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"90db33b9-a9eb-44c3-a581-8a7f6bf829c0","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":209,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"534738ce-31ed-40d3-bdbb-afc84bc3459e","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":209,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"6e804f74-11e3-46ea-8039-8e517e785257","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":209,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"5d2df93a-b391-45b6-9e18-371335785287","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":209,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"9ad9a3b6-150a-4aaf-b47b-5e09baa17e04","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":209,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"70df8a3c-b464-4bc3-af31-a37bbfdd2a62","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":209,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"2d434e96-9b48-48b4-b638-f6a9f3bd3913","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":209,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"62019035-c37a-4aaf-b913-0792daf3e03e","block_type":"box","text":"debt restructuring.","page_number":209,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"f04dc772-9634-4064-bf3f-970ca01055f7","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":209,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"3a22d818-80a0-4598-93c8-15c5e17cb05b","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":209,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"6d683c58-95fc-442c-a1c2-c9dcba244a1a","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":209,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"63859da5-a427-4811-a4ef-102a1b92c608","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":209,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"2ab2fcca-57b7-4851-ae78-15f5e37cb7a9","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":209,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"133e4e67-ed31-436a-9ac2-c72724604a6d","block_type":"box","text":"A-5","page_number":209,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"50be04c2-7609-4815-b768-31c235664171","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97194308-3251-4c97-ba9a-5368af33928f","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"ad59d183-a59c-4747-a4ea-ec04a36fa438","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":210,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"af1c3c8f-3bbe-4b6a-bdbb-7ae33c478ecb","block_type":"box","text":"as a note; and","page_number":210,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"5c2c9af4-1705-4461-9442-ef10ba37558c","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"c134e015-f65e-4e85-8c88-ed6ea57cfbd1","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":210,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"131a0504-22d7-463c-941e-66569d416d4a","block_type":"box","text":"treated as a note.","page_number":210,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"e03dc0c9-32b3-45d6-b703-40059b928e23","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":210,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"d3f2c13a-21bc-4f11-8bb1-70632a199a10","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":210,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"e00e64c4-9e5e-4077-8d7c-7871b34588f0","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":210,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"747b3e15-431d-4979-af9d-59055b3748f3","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":210,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"b864c680-8814-4df2-a405-b7466ee209f4","block_type":"box","text":"economic changes over the term of the notes.","page_number":210,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"71251893-6b67-43c3-bc00-15923335364e","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":210,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"04d05032-3ba4-4320-9e87-8babe79c47b6","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":210,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"8f488665-d32b-4713-962c-1f31c1e2f4b0","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":210,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"acab3906-87d7-4449-baf7-f052dbc9b793","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":210,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"c5e7c70d-a781-4e4e-895d-3a2c902c86e5","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":210,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"e598a9da-1cec-4c95-82fa-ab4d79f1e400","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":210,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"44c014aa-4cec-4d42-a549-458ceefc7b3e","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":210,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"9d5cab93-8cc8-48fa-bb4e-30c8027762fe","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":210,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"ecdc4f0d-9117-41a4-86ee-eba88cf443f3","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":210,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"fa82bc5d-11df-4051-b524-10950e0bd084","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":210,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"1977c752-1d9c-4b0c-816b-8c0c337e49b5","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":210,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"368e42b7-ca0e-48a9-a90e-85982a87d0a8","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":210,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"b0c4678a-cd4a-48f8-adc7-0e174c3955e4","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":210,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"498546d7-57e6-424b-86d9-d966644054e5","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":210,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"9889806b-da2b-4336-b2d2-b13945b3f13a","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":210,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"0a144e69-d78b-4f48-8596-ebac7c20569d","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":210,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"5fdff3c8-0699-461c-b568-9772c82fd031","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":210,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"b2510143-f06b-47f5-9e25-f5da40e81a6d","block_type":"box","text":"receivables or other financial assets.","page_number":210,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"3ec5d3b0-85c5-4ef0-b659-4e39e2dddd20","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":210,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"ed51cf47-cb32-46d0-a6ab-37a77cc12699","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":210,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"a0c6805e-32bf-4db4-a8a7-bdb05e813823","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":210,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"af532f67-b6d5-4e7d-8cc1-b365eb5dd6eb","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":210,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"ac7246ce-432c-4bce-989d-4b2d687c4eab","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":210,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"f5fc622b-33a4-448b-a350-5650d2fbafc4","block_type":"box","text":"occurred.","page_number":210,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"afb05864-1a7d-4b7a-b0bd-889699c208bb","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":210,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"fa8e0a23-1321-4cdf-810e-e901730098d5","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":210,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"68edd86b-9751-4993-a767-acd71ef862eb","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":210,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"3315409b-fb58-4903-86fc-2b9d07f4573c","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":210,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"74273eb5-773a-4340-add9-87d2bcfb50c8","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":210,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"49665cc8-0484-4404-9fe0-4079a5ccb1d4","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":210,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"068a59f8-4262-47cd-bc76-d715ed11cc5f","block_type":"box","text":"rates.","page_number":210,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"6aa59c2f-5d43-4d25-8430-d4e129aa1a9d","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":210,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"43759106-7963-4e00-834c-ceac3f9c5b2e","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":210,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"8a0c7847-7945-4ec9-b977-4af4628284e6","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":210,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"77155dcb-d6d3-486b-b54c-46d50c7695a3","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":210,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"226da5b3-da5f-4c71-b8e0-732bcbba6e70","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":210,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"93d4a91d-6eb7-43ce-9922-101fd47a6e2b","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":210,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"b510c2cf-af53-42cb-ad5f-f3613a245af6","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":210,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"f9c6e0fb-fbf0-464e-86c0-bff440a1b748","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":210,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"b3b71040-0a25-4b75-901c-b307c81affd4","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":210,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"ac03a207-b72f-4177-86a3-9e33ff62e246","block_type":"box","text":"i.e.","page_number":210,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"ad5f0f16-1863-4c24-8f8f-0e5a4062d542","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":210,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"e8fa64b4-9ed2-4262-81f2-a442a287f496","block_type":"box","text":"the obligation’s documentation).","page_number":210,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"dac236a0-7f8a-4ac4-afb2-b02b263c78f2","block_type":"box","text":"A-6","page_number":210,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"fa8a5c33-a166-435d-9ff3-3f0870bf453c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"549aac21-0cd7-4bcb-9998-a15b7d50aab1","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":211,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"7604b643-7cf2-4788-8e58-c94b39d52b4a","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":211,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"d560da7e-621c-482d-8831-105776065b47","block_type":"box","text":"agents in the form of a rating letter.","page_number":211,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"dc2c9823-efa7-4f0c-9c5f-d779b14fff8c","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":211,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"0e46a81d-45a5-45e4-90e5-19536435d31c","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":211,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"c2fabc03-8b9b-4b85-9f5e-6d043040979e","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":211,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"951954eb-dc89-434b-8fdb-a2d3cc6e515b","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":211,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"dd503a0f-a1ce-4809-9379-ec49cd233ad7","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":211,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"8dd8a364-7ca2-4fba-9201-ee56f4f817de","block_type":"box","text":"e.g.","page_number":211,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"c8bcd1be-7067-428b-9a7a-789690f711b9","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":211,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"4cf4acaf-a87a-4b3a-b319-e3973c340e30","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":211,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"e5b1c7a3-9076-4686-aa1e-3a1183835046","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":211,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"0b46fb14-e994-436f-b702-79475775c8dd","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":211,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"381238d2-826b-4ed1-a4cf-f12047f74c17","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":211,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"39166dee-fed3-4c54-ac4f-38de005d36bd","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":211,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"d1860de4-305e-4489-a475-74bec05e6dbd","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":211,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"57bd8370-06b4-4f02-81ed-f524c03a777f","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":211,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"264f4d29-7638-46f5-8493-6221bd4caf44","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":211,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"0a2d2736-bfc0-485e-9d82-76464a6f3cb1","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":211,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"8ad2b689-412c-4207-b050-808821682570","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":211,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"9ec51d17-c3ea-4655-9eb8-7ce5e3e488fc","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":211,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"28c28f51-4155-4c65-8584-c3d044446178","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":211,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"1777e23e-0600-45e6-bf49-ac4349e46a6e","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":211,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"b818a9e0-bf59-4f31-91dc-91d0429ad78e","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":211,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"e7d1da7f-af35-4100-aa00-aecf6619623c","block_type":"box","text":"Ratings.","page_number":211,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"0d81862d-4df6-4073-a949-1257b0faa505","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":211,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"39798c48-ac33-4259-91ad-b6908f72cc19","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":211,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"3206bac8-7431-40fa-8110-940853322a4f","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":211,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"f356e27c-d16f-45d1-b3e1-c6aaed2c34c8","block_type":"box","text":"obligation ratings.","page_number":211,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"200c7ac6-3801-4c76-8b16-70463601f41e","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":211,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"67bacaa6-cd6d-4b8c-a7c3-61b0b4734312","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":211,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"bd70cbb3-9c60-4e01-9111-98ad1ebd93b6","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":211,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"5f869c7e-6320-45a5-8720-063594d57212","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":211,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"f9443813-703e-4562-96d1-52b6563ed1f2","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":211,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"a11bbc89-eda3-4aaf-8d1e-e9b2bbc13433","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":211,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"c3ce8cb5-ed63-4e7a-9f7e-3c6dec7f3649","block_type":"box","text":"to foreseeable events.","page_number":211,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"450b3827-5e68-4729-a39b-4318472c36b3","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":211,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"39a61856-90a5-46bc-b1e4-dd1a88228b58","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":211,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"a069c62c-dc40-454a-99ef-d57bf47df8fe","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":211,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"6d742aff-ee9b-4677-a4e9-7481011536ee","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":211,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"fe8d023e-af1c-4232-b56d-f007d0ad6210","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":211,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"356e0ae5-9d45-4144-b89f-2b4e11107154","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":211,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"b9870d72-f1b2-464f-9eb3-0e3fa1149871","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":211,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"5401f3cc-ebbf-48ff-86d5-8deac982d9d2","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":211,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"b1bb22ce-b73a-44cf-846e-b1ca1de4a8f8","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":211,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"6bb20e97-4e7f-45d2-b073-cda2c6f7aad4","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":211,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"b1c66075-3143-4f36-a212-362b909c5aa1","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":211,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"73e4b596-8b1f-4120-8801-858e58835d13","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":211,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"802c3cf1-caee-484c-81f0-1a9db44f456c","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":211,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"94bd982f-774c-4b88-ab80-58a55ac7064d","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":211,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"8b820ba9-7425-4cb0-a9f8-63b8cfceece6","block_type":"box","text":"relative status within major rating categories.","page_number":211,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"10df4329-039e-4e5c-b37b-f81167fd0096","block_type":"box","text":"A-7","page_number":211,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"bc854822-e7d8-4cff-93d0-c1c502d95812","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9d50e0d-d7f8-4d3c-a6d9-6ab7f26d90eb","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":212,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"3b4e7f8d-849f-438a-a53e-7be1c4798b50","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":212,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"d594c50c-86a5-4529-b77f-fa23c9ddd58d","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":212,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"35afff18-1b4b-407b-a433-2e4b9a7c119a","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":212,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"a0102b51-4ed5-4853-91bf-775ad2c5a34e","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":212,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"1268f3c9-927f-4933-8251-e027b71551a0","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":212,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"e89180c9-ae7b-4569-9e35-eb499f15fe32","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":212,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"dca432b8-8433-4e0b-a56a-54839cfe64bb","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":212,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"cae65eb0-c0f8-4de6-a3b0-594c55590121","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":212,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"dc4f78d2-fbdc-41f8-8423-cc043384c2df","block_type":"box","text":"finance markets.","page_number":212,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"ed020929-b75b-42d5-b2c3-28a96163f5c2","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":212,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"bd5a8b4d-1848-4bc4-9d2c-e2e1a6f03474","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":212,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"b902ff01-c184-45de-8c0a-726b9bd9360b","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":212,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"00881554-f188-44aa-a354-7cc719677ed0","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":212,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"c1d6dfaa-473a-402b-9387-b9378dbccf06","block_type":"box","text":"commitments.","page_number":212,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"7046a1a4-d2a1-4e50-8658-fb5d346a3572","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":212,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"c2f31f3c-d511-4be7-8746-615e2e93c43f","block_type":"box","text":"adequate.","page_number":212,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"dc842b82-10b4-44d3-9b51-4264055ac41c","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":212,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"d676d1c5-d8c6-4455-8a32-f86933a483d7","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":212,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"59650cfc-2880-42be-95c1-2ae6e6ba7d6e","block_type":"box","text":"economic conditions.","page_number":212,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"9c368ea4-3ffe-43d2-84e2-436cb439665e","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":212,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"b93b9d74-9d30-417e-81fc-9ad3e604c44b","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":212,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"b98f9509-7500-40a2-af8e-cc036197bb47","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":212,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"526905b3-53ef-457e-8bad-228becbea2ef","block_type":"box","text":"ratings only.","page_number":212,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"d8e048f1-fb11-4d33-91c3-014bf0a7f9eb","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":212,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"a11c6e66-930b-431d-96b2-35ce85b7c98f","block_type":"box","text":"obligation.","page_number":212,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"4f27181d-3c50-49d8-bc34-6e05609a13d4","block_type":"box","text":"A-8","page_number":212,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"5e9f8812-d959-44a8-92e0-33521e22d247","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a64549a9-9afa-49dc-882b-6929280ae725","block_type":"box","text":"APPENDIX B","page_number":213,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"3d99a1d3-fdeb-440b-889c-98c728f4c975","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":213,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"1af52411-7e40-43c7-8a58-65d159bd6d8f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":213,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"5f42f3ac-4313-46be-ae06-9c1474fa2dd8","block_type":"box","text":"Effective Date: January 1, 2025","page_number":213,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"0cb469da-9e83-4db0-9bc5-3fc81d5a9d98","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":213,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"0f6abf3c-ff91-4769-96a6-93d3023b8049","block_type":"box","text":"□","page_number":213,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"bf551fb9-5bf7-4bbd-a36a-d7bdfdf07620","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":213,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"5fa911f2-8b75-4c47-8d34-a5d630319c5f","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":213,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"59c5bcd6-bb74-4891-bfd5-42173d7fe6ba","block_type":"box","text":"□","page_number":213,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"30bd277e-50ce-40f6-bed4-d7121dbe8955","block_type":"box","text":"Money Market Funds","page_number":213,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"f881e54d-77bd-4580-ab0a-6c0948d8c65d","block_type":"box","text":"□","page_number":213,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"7e9c6427-94bb-4ff3-926c-4d6b3d4bb4c9","block_type":"box","text":"Closed-End Funds","page_number":213,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"b9bec2b7-72b2-46f2-8b96-5560adf97de8","block_type":"box","text":"□","page_number":213,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"a439263b-31de-4293-bfc8-938d82fc44e9","block_type":"box","text":"Other","page_number":213,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"711c9382-3e94-4b99-8cac-4001449ecca7","block_type":"box","text":"Objective and Scope","page_number":213,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"c73547a1-9810-4dac-b2b8-629588b60f11","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":213,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"d8781ed7-c14c-4bd2-a1d9-f6955461d42f","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":213,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"63bd447b-4c2f-4423-bc37-2d67d6849938","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":213,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"63c369f2-60bd-4b9a-9d47-ba77013cc793","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":213,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"6f039c38-6fb9-4f8c-909c-d8a4bbd91919","block_type":"box","text":"voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of","page_number":213,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"4e291985-1c4a-4f9b-9918-fa0fbb249ba1","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":213,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"6bff1a06-9387-42a2-8a30-ad68bf61b02b","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":213,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"a56166e5-fe38-4b22-a24a-0fc110ab668f","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":213,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"fa2c7f09-bcb1-4fa7-81dd-85266474460f","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":213,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"8adc68f1-e121-424f-973a-e01f2f2875bd","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":213,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"6bf84978-7db7-4b10-a184-a2c175f7f058","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":213,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"b0349f25-5daa-4597-9859-acf3b0ee399c","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":213,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"80240545-4e9d-480c-8dae-d662a9ef6abe","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":213,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"c4b3bd9a-e9ed-4302-b12a-47eacca8bf9d","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":213,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"9c21b33b-0517-4e99-929d-b58f9e242cbd","block_type":"box","text":"Conflicts Management","page_number":213,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"ac8f766d-846d-4fdc-8483-fa061a8ae942","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":213,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"537a659e-086d-4bd7-a2e5-374bb3b1d347","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":213,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"80f36e75-a52f-4e1b-929c-0b9b5f170fe5","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":213,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"70a68f76-a298-4396-bca2-4977d251663f","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":213,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"af8e7e9d-c9d0-4e60-b131-b439482bbca3","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":213,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"31984010-7111-4048-bc1f-3038844e232b","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":213,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"3e312c4d-7992-4146-9a09-3a0d65bda2a3","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":213,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"8497e46a-0a74-4efd-a207-069ba6b2c2bf","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":213,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"a40c900d-46bf-4405-9856-e02f5ecbfdff","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":213,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"18231671-bc84-4c4a-a5e9-fc1634854263","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":213,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"73ba858d-232a-4e47-8d64-a0bf62163943","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":213,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"7f175da5-b85e-4299-9405-bec6598c7941","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":213,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"c6d099a0-8e98-4860-94c3-2e1cb06e0f7e","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":213,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"fb824154-c0d7-4843-90d3-3ba798368aa6","block_type":"box","text":"connection with proxy voting.","page_number":213,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"c0ca8b32-093c-4d3d-9b97-aa100bd76f17","block_type":"box","text":"Reports to the Board","page_number":213,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"16d8bb71-fc8b-4bb0-a61b-dbaf664c1898","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":213,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"3df0a9f2-4efb-48e6-a3f2-8a05b9df9ea4","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":213,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"be81dd78-3c6b-4970-a7e2-823c364eaf59","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":213,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"e9677100-0c30-4dfb-a90f-6a254469c593","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":213,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"54216da8-4f3a-41ec-ac03-9d4187147010","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":213,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"635aa548-5173-461c-afc5-11de90f68338","block_type":"box","text":"BlackRock","page_number":213,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"000ffa74-4f31-4dc6-8844-e0d322064631","block_type":"box","text":"Public Page 1 of 2","page_number":213,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"1a2413dc-285e-4afd-a8b5-6efbef6d6d96","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e08a558-80a1-41cd-a331-1be90d6daba0","block_type":"box","text":"Appendix A","page_number":214,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"77e021af-33d4-47d6-b4db-affab598b1bc","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":214,"box":{"x":135,"y":98,"width":347,"height":9}},{"id":"96ae9b4a-2af4-4e9e-b80c-12330c7c67ec","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":214,"box":{"x":135,"y":120,"width":413,"height":9}},{"id":"b685dacd-01cc-405d-ae06-143bb702668d","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":214,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"11427356-6b14-44c5-bcc1-da18e7a38387","block_type":"box","text":"BlackRock","page_number":214,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"53cb51e7-0604-4a39-8ede-37f7412d26dd","block_type":"box","text":"Public Page 2 of 2","page_number":214,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"bbfdca50-13e2-42d0-93c3-7c9779206520","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a6f52d6-a4c1-47b4-ae88-95bbaafc0faf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":334,"y":45,"width":311,"height":11}},{"id":"6d12a870-b539-4d43-904f-b5874af50f32","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":215,"box":{"x":337,"y":67,"width":304,"height":11}},{"id":"205a9401-6bcf-45aa-accd-11163ff99309","block_type":"box","text":"Effective as of January 2025","page_number":215,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"14bab2f3-7cbc-431f-ae08-97232e2cf838","block_type":"box","text":"BlackRock","page_number":215,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"b1d9f526-8b43-4170-835d-a6c2fd46f9ef","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c106fbc1-b5f1-461d-a56f-ced63c3cdadd","block_type":"box","text":"TABLE OF CONTENTS","page_number":216,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"27e4d1c1-21c0-4098-a5b1-2dc25dfd17d8","block_type":"box","text":"Page","page_number":216,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"dd6f9374-0a9f-4f3e-8880-8fa81fa7ec1a","block_type":"box","text":"OVERVIEW","page_number":216,"box":{"x":74,"y":84,"width":79,"height":9}},{"id":"16a8ca5b-ea58-4b33-9881-fff5be860842","block_type":"box","text":"....................................................................................... 3","page_number":216,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"5585cadd-b03e-4ff7-8023-bbec3d00dc83","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":216,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"0f45e465-86af-4e78-a815-e9822040b37e","block_type":"box","text":".................................................................... 4","page_number":216,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"6af0086a-41b0-41a5-980b-7bd6ee97d698","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"4a30c52e-e9f3-48cb-be06-3f967b914802","block_type":"box","text":"............................................. 4","page_number":216,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"5ad2f345-d69e-477d-8453-02a8ad835cfd","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":216,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"f0e3e61f-1756-4582-9c65-1d5b0486b69b","block_type":"box","text":".......................................... 4","page_number":216,"box":{"x":528,"y":134,"width":376,"height":8}},{"id":"6e4080b2-660a-411a-8a17-b3a5fb90de90","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":216,"box":{"x":74,"y":150,"width":433,"height":9}},{"id":"f2424432-4d73-43ff-b59f-e56a0624945a","block_type":"box","text":"............................................ 5","page_number":216,"box":{"x":512,"y":150,"width":392,"height":9}},{"id":"04318e40-995e-4760-ab4f-fa6454fb84d9","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":216,"box":{"x":74,"y":166,"width":178,"height":9}},{"id":"f8316805-7659-4276-8322-b632fc9f4fb6","block_type":"box","text":"........................................................................... 6","page_number":216,"box":{"x":259,"y":166,"width":645,"height":9}},{"id":"b60dfa29-e8ec-4e5e-9466-2294e41fbfb4","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":216,"box":{"x":74,"y":183,"width":207,"height":9}},{"id":"c892eda1-137c-463a-967c-38d199e7a5a3","block_type":"box","text":"....................................................................... 8","page_number":216,"box":{"x":292,"y":183,"width":612,"height":9}},{"id":"578cd874-542f-48f8-a1f8-a3912e2ac699","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":216,"box":{"x":74,"y":199,"width":325,"height":9}},{"id":"c974dca2-65c0-4bf0-80d0-c5348570029f","block_type":"box","text":"......................................................... 9","page_number":216,"box":{"x":406,"y":199,"width":498,"height":9}},{"id":"80294953-31ce-4339-a9ba-ccdd16607150","block_type":"box","text":"CAPITAL STRUCTURE","page_number":216,"box":{"x":74,"y":215,"width":156,"height":9}},{"id":"67b278f7-04e5-47ae-b75d-928dc1f52a11","block_type":"box","text":".............................................................................. 9","page_number":216,"box":{"x":234,"y":215,"width":670,"height":9}},{"id":"54468c4c-462e-41d3-97e1-350a809be9e2","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":216,"box":{"x":73,"y":232,"width":315,"height":9}},{"id":"22c2da69-eb89-43a7-9e11-31786480ad4d","block_type":"box","text":".......................................................... 9","page_number":216,"box":{"x":398,"y":232,"width":506,"height":9}},{"id":"171b0be9-9708-42a5-a794-2f5a1bbef29f","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":216,"box":{"x":74,"y":248,"width":430,"height":11}},{"id":"f7906e08-742c-4049-8f1b-06d51e458a38","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":216,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"9ace7364-a06e-4d45-afc5-7667a9502076","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":216,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"63378b17-c6c0-446a-ad60-dbe8cbc1996b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":216,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"0d614463-b54d-4763-8227-683df1867197","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":216,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"5a9e3826-de21-496f-844c-4a1cb531e631","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":216,"box":{"x":283,"y":281,"width":621,"height":9}},{"id":"280bd3c3-67fa-4f79-b412-14d70141a376","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":216,"box":{"x":74,"y":297,"width":259,"height":9}},{"id":"b1a3e3db-54eb-4d47-b983-8205481c541e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":216,"box":{"x":340,"y":297,"width":564,"height":9}},{"id":"0d67c34a-fc97-48ce-bf03-6c3bb435107b","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":216,"box":{"x":73,"y":314,"width":522,"height":10}},{"id":"d8e2950c-7656-468f-9af5-64588a37a6bd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":216,"box":{"x":601,"y":314,"width":303,"height":9}},{"id":"738f3dd2-9beb-4c9f-93b1-929f16d0dd9c","block_type":"box","text":"KEY STAKEHOLDERS","page_number":216,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"3d62ef56-cbde-4698-ae8e-a6543bc12def","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":216,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"ec1b1536-4ea3-4c1b-8591-9fd0d942f9d4","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":216,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"7acf1702-7235-4677-8958-73a1075ef071","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":216,"box":{"x":528,"y":346,"width":376,"height":9}},{"id":"7cf44334-cfe4-4387-94c8-3a1a3d35e392","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":216,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"cb95c04e-d910-42ca-af71-887291f62599","block_type":"box","text":". 15","page_number":216,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"de7a28db-51fc-479a-b993-e8b41101edef","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fe976b86-59e1-4e1c-bf69-b51ef3582d6e","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":216,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0a6044d2-adfb-4990-ba42-cb126abbd875","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"488b303b-2233-4291-8bd5-c09cce1854ba","block_type":"box","text":"OVERVIEW","page_number":217,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"790ce6f0-b21d-4e8e-9210-e38d6c1ada1b","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":217,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"6a6fb0d1-df2e-42d2-8f46-717f294d1cfb","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":217,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"c89bdcfe-6000-4eb3-b916-cca0242cf2ce","block_type":"box","text":"issuers. BAIS works in partnership with BlackRock’s investment teams, excluding index equity, providing expertise on","page_number":217,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"38771052-f6a4-4d56-8a59-8bb9bdf14b5c","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":217,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"b8de1db0-295b-45d0-86ee-c3659f32556f","block_type":"box","text":"recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS’ voting","page_number":217,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"18191ef3-e7e3-4a53-8c83-9d265b293a1f","block_type":"box","text":"recommendations to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s","page_number":217,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"24f80b37-33ca-43a4-8315-3bafc5b586f1","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":217,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"17d6aa82-3cbb-4d03-9149-3f277869b861","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":217,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"76f59710-76e4-4395-8e8e-d976854b9ad6","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they","page_number":217,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"36caa098-dd7e-4f6a-b29d-2a64c935cf3a","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":217,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"d6d0e464-3c43-41dc-a278-e5f3dc5b6b5c","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":217,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"3219ad83-9e8d-4b0a-b554-323bebb9a761","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":217,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"f18d6c89-046b-4d80-83c3-25a55b697d45","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8df918cf-3d5d-491c-8706-785bd9304dfe","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":217,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"6fee0244-611d-4f76-aa33-9271be7d3eec","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4d7bf5e-81a3-4882-88db-2ce4d7c6ab36","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":218,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"566dd763-18db-4464-8f09-4ed76fcb4af2","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":218,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"6490e098-808b-45d4-9770-fba8893c48f1","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":218,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"20e54d66-9c91-480a-983e-e85137f9ae2b","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":218,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"5f50b002-cc1a-4596-aa5f-834ec89f93d6","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":218,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"db79b6ea-8bfc-40b8-98e3-b1b6ea6ecd77","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":218,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"328601f0-771a-4ba5-9e23-5671c711e7fb","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":218,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"782e3b46-a094-49dd-86fa-06b0c402ce92","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":218,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"88d4d455-1ca7-40a3-9bda-0496bec7b954","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":218,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"2d1ad4fc-08f6-49ec-9dda-dac7a2dbee2f","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":218,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"2bbb12b4-d0e4-4306-b86c-dacbd4ce616e","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":218,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"203a5193-3378-44e9-9c2b-7c845e9c54e6","block_type":"box","text":"shareholder meetings.","page_number":218,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"eea4a1b5-c143-4736-aa79-e05054c4573b","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":218,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"ba6d7e43-0f24-4031-91b9-37c8c24b166d","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":218,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"017fcd52-6387-4a99-ae58-e77e63d06b60","block_type":"box","text":"manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and","page_number":218,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"f7c481d5-2cfb-46ce-bbb1-8bb56a8a92c7","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":218,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"eb812e93-cb60-4729-8fd1-36b3c4e2fea5","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":218,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"9ff20c10-ac17-4807-95ad-fef391df6e9c","block_type":"box","text":"performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":218,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"54db55d1-6088-448a-88dc-1bfce843c0c4","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track","page_number":218,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"b4130153-da66-4751-bba2-361aad9a0ad6","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":218,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"5de6ae53-31f4-44f9-a5f1-b7f0cb8d814a","block_type":"box","text":"on open dialogue and mutual respect.","page_number":218,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"d7f4386f-9704-4e52-a707-e11f8bda716e","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":218,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"215a16cc-e8e3-4d37-b06f-35f35a1f8be5","block_type":"box","text":"the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and","page_number":218,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"edf5ab12-a6c6-42fa-9ba5-446679305e4a","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in","page_number":218,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"3cc8dfea-5b69-460e-815a-ba14033b5d2e","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":218,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"b00019db-24c7-4224-b89c-61cd78abf7b0","block_type":"box","text":"who may determine to vote differently based on their portfolio investment objectives and strategy.","page_number":218,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"8e688e7a-efd6-4d84-9455-a69790a80285","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":218,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"6f30b5a2-d27e-4ca2-b482-f10cf08152c0","block_type":"box","text":"board directors","page_number":218,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"30c1ce98-bf43-40ad-b77e-5e42b459f7cd","block_type":"box","text":"1","page_number":218,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"5f42f709-be14-49a1-a160-ab06ca322b35","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":218,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"ef931bf0-1e7a-4e7a-9c5d-a59c87ec4448","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":218,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"2b78c8fe-350c-4bcd-989c-a83d71c981ee","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns","page_number":218,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"34e20a49-4978-45d2-ba9e-972270689c17","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":218,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"dadb5d36-e100-4e8a-8955-969725ccf9a3","block_type":"box","text":"markets or, particularly in markets without well-established norms, aspire to widely recognized international best","page_number":218,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"8173e64a-d01e-4801-bf12-0fd4f2af6a50","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":218,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"65cff4b9-958b-4c4c-827c-dd0132b05cfc","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":218,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"258f6ea6-c7e2-47c2-ad8c-0f9cd8c21936","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":218,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"308f8589-6ad8-441c-a5f8-cfcb6ef61369","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":218,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"a2f3f6df-0028-49be-95b9-8625d48e6eee","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to","page_number":218,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"4c2dba68-9481-4f71-9800-1c94a138f741","block_type":"box","text":"vote on proposals put forth by a company’s management or its shareholders. The voting rights attached to these","page_number":218,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"248843e5-1614-4035-a470-617523bbb051","block_type":"box","text":"clients’ holdings are an important mechanism for investors to express support for, or concern about, a company’s","page_number":218,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"6144bfa6-b465-40cf-9ea4-64576510bf5c","block_type":"box","text":"performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":218,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"9d77f8c3-069f-4da0-8c52-41ed046ea91a","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":218,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"78d65e47-f02c-4a35-bd99-47865facf5cf","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":218,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"636682d8-57e3-48ee-ad8d-21edb4295160","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":218,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"02cc7a32-cae9-436f-98e1-d9d883050253","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":218,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"b5f4033a-22a5-4918-b09b-0d0af3cab482","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":218,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"5f7b0485-2485-4043-9974-6c4bb8872af1","block_type":"box","text":"a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":218,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"5c6551e8-4640-4b24-97c4-4e7cba234efa","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":218,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"3bdd6ac5-785d-4f87-8fb5-8ea3281181e7","block_type":"box","text":"stewardship responsibilities.","page_number":218,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"2fbafdeb-3b3a-4090-873d-17f0d8cd683e","block_type":"box","text":"1","page_number":218,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"c8b25d9c-95e3-456f-940d-5e054f96e675","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":218,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"9eed8862-eea9-4f43-806e-cfdd1e02e84a","block_type":"box","text":"boards and their members, where relevant.","page_number":218,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"7d82575f-8700-47ba-919a-8a872906e6b2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6af080ee-d67a-465c-aab2-e3f57d4869c0","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":218,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"75e205dd-f0cf-4f6b-ba75-a9361fa00aaa","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26437a40-ed05-4103-9036-f355aeb83e80","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":219,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"963fc94b-04ea-4edd-a4df-27cbdec8c6e5","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":219,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"5f8de874-abad-47b9-8bf6-94897d4633cc","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in","page_number":219,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"64928d99-42a2-40f0-9fc1-d3d3e42b3c19","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":219,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"2737d7be-a849-49ee-aade-834d1f3094ab","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":219,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"05906a81-f2c4-4ce4-9417-db13071df49e","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":219,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"f7723ccb-56ec-4fbb-b587-3b19747fa3d4","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":219,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"9bee5e6d-497e-4f29-9f42-0dd8550a1a88","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"45d3bb7e-3c54-454b-a8e5-8daabc6c1442","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":219,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4c1b1415-a0b0-469e-9989-6072bf8d848b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a0b94be-a437-4472-a8b1-f8dfe5687335","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":220,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"c7edb01c-4f6b-41c6-876e-232ddfccc1d8","block_type":"box","text":"Roles and responsibilities","page_number":220,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"6da10ed5-6057-4a06-aebd-d54af56242cf","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":220,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"8a36d1fc-0f7a-4c3d-ab41-8208eb5e096a","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":220,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"b4ca1519-940e-4d4b-9f39-5d1581a449c1","block_type":"box","text":"2","page_number":220,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c179198d-be29-4c3e-b997-116b94325a02","block_type":"box","text":"We look to the board of directors (hereafter ‘the board’) to have an oversight role in the establishment and","page_number":220,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"6b2fc962-bec7-46eb-841d-557d3ea502ef","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":220,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"dd4d9ee2-c7dd-4aaf-bcc8-d79f5a12ac78","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":220,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"c62675b2-58d9-4d0c-8d83-ec1a57911059","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":220,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"a1c5f880-af89-4a86-8042-118f6c884cf3","block_type":"box","text":"performance over time.","page_number":220,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"0d40bb52-abd8-4df4-ad5f-af0bbc2b6a5d","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":220,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"d9052d1a-fb97-4fef-be3b-cd27474a0f40","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":220,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"9594c788-6648-49ac-a8db-8925560f8d9d","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":220,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"3f92eaf8-f0d8-41f5-9063-70a3464d92ab","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and","page_number":220,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"191ae1bd-490b-41a1-a54a-8b3e7e3c7d45","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":220,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"a69ed589-0460-41d3-8aca-7ce9b833a6dc","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":220,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"25c502fe-e798-483f-941b-0eeefeac0815","block_type":"box","text":"Composition and effectiveness","page_number":220,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"ac224779-8929-4211-9925-bcd6512f7991","block_type":"box","text":"Appointment process","page_number":220,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"0a60fb23-c27a-4360-a4df-ed5a720ee63d","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":220,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"9e434076-fdc1-4866-b0ad-4ac589acb8e1","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":220,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"ced82b81-cd3e-49e1-ba9f-1d37f677a669","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":220,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"c78c6f29-9098-47f0-b8e2-2c774929a508","block_type":"box","text":"e.g.","page_number":220,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"87fbec3a-7553-43e1-99a2-9f5f56d3aec2","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":220,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"93fe04c1-4847-44be-a4e9-7a325971df5f","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":220,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"279837f0-ee9d-41af-aaed-468c95420e6b","block_type":"box","text":"e.g.","page_number":220,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"7d1cb4ce-b3e6-418c-98ea-652d4acee413","block_type":"box","text":", financial expertise, industry track record). To inform the","page_number":220,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"d31a8bb0-e5cb-455e-84f3-27e419c1c7b6","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":220,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"6167d8b6-6cd7-4415-9289-eb130ab3624d","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":220,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"aecdf25d-723d-41b8-8446-a927728eadb9","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":220,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"c5644a90-e20f-4929-8257-a8faf65167e8","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":220,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"91000327-29b2-4d5a-ab5b-6feaf767ebc9","block_type":"box","text":"market requirements.","page_number":220,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"7f1aa344-2e31-4c9b-a921-5294ca65fb17","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":220,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"3a668482-ee84-4f4a-a5a7-52e5cda8a124","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":220,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"470032c9-9547-449a-9613-3769b37df23a","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":220,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"d8d8f1c0-83cf-47ea-91b9-174f38c10dea","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial","page_number":220,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"6188d30c-33ea-4a32-90fd-c17731b8d3eb","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":220,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"54f17114-0310-4d9e-a999-4ebee7d4a33f","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":220,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"9ae768bc-9b9c-45eb-b09a-42cfe6eedf2b","block_type":"box","text":"Independence","page_number":220,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"9ca37508-92dd-4994-9916-493db2bd472c","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":220,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"8b117b33-dcbb-4d43-acba-146ddc8cc3ab","block_type":"box","text":"e.g.","page_number":220,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"008cd3a5-2467-4eda-8bcd-89edf0148f45","block_type":"box","text":", government or","page_number":220,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"2d0d3f5b-90fe-4134-8c37-94e6918f51a1","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":220,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"5f484c40-84a3-487b-83ff-2876b41133d4","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":220,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"45741cac-08c5-48ee-8f36-c3af2e867077","block_type":"box","text":"influence.","page_number":220,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"b5a49c12-12be-49a2-ad68-df645e9929fd","block_type":"box","text":"3","page_number":220,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"eff00e3c-aa06-49b6-953e-cf3ae03420a4","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":220,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"71a74843-591b-4986-900e-ea0e9e5df246","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":220,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"02e7e3e7-bf70-42da-a342-5b69d44d0922","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":220,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"83f8f1a3-d2f2-4215-9ec3-d91451df690b","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":220,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"b353fef3-d1e2-4934-bb87-8187ed9e7328","block_type":"box","text":"composition if this is a perennial issue.","page_number":220,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"207fee55-1fa9-4090-a108-ba5a8bba82f1","block_type":"box","text":"Independent board leadership","page_number":220,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"33083316-72a3-4bd1-a913-d74e70446271","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":220,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"f0da225c-886a-4140-8e82-46bef43c573e","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":220,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"45daf25b-083f-4747-b098-610d44935b8a","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":220,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"beaed3fd-b341-48e9-9edf-31bbb0bed075","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":220,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"fca7c8ed-c35e-4588-9ed3-1b05b6cdc693","block_type":"box","text":"2","page_number":220,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"e281f81e-6bf2-463a-b247-02aa1a816085","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":220,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"3f40d9d3-60d8-4f31-8cd1-ffaa99ce1ee5","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":220,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"262b0cd7-7226-450c-90be-63df400a03b9","block_type":"box","text":"3","page_number":220,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"3a229634-824a-4384-b883-03288199444d","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":220,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"069cdd65-2ea9-4efb-9cd5-30d41f4b5866","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":220,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"77b00fcf-93e7-4b25-a44b-140f6e487be0","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":220,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"86b0a2b7-c929-4cd5-9f25-d47f431ad5be","block_type":"box","text":"or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the","page_number":220,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"7124f4d4-a4ff-47f8-a051-b26b7b7bb0db","block_type":"box","text":"company and shareholders.","page_number":220,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"cd5d005e-2728-4ff6-9a66-be48552ab088","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0a73c5ad-dcd3-4ca9-a088-99931584e1bd","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":220,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"75b69cbd-a68c-45fe-b711-690dbc0cde48","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9fd277d-d946-40ba-9fa4-bad4d3cc11eb","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":221,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"8bcd7479-8565-4952-b6dd-32b81f467ef3","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":221,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"66638137-a385-4814-aec4-0642a8606f41","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":221,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"35c21fb9-7fdb-4e9f-a532-5aab8a68e14d","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their independent board leadership","page_number":221,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"5a802e6a-e1f2-4337-adc2-f32b1b712979","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":221,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"4379ce1c-a638-4e02-86c6-d7eed1997c34","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":221,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"3a006e88-cb17-4bb9-a53d-5565479782b4","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":221,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"f7bc720a-c23d-4cce-8267-af2dc2fd3f56","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":221,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"83aeb304-c520-4407-b9f2-ef0dec3cfe4a","block_type":"box","text":"Tenure and succession","page_number":221,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"bf90d35d-33ff-4475-b491-84ea0801444a","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":221,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"ffe33c35-ee73-46af-9ac8-8d87ec7845ad","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":221,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"67901221-891d-4261-b100-7d14fba9738f","block_type":"box","text":"tenure particularly around the contributions of directors who have served for longer periods than provided for in local","page_number":221,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"63ba1fd7-156a-41c7-af28-cf3d10c04f41","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":221,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"45c60f82-18f7-4b83-95b5-a88b324ddb02","block_type":"box","text":"management and involvement in past board decisions.","page_number":221,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"e34ddd16-67d9-4943-874e-319fdaff45ac","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":221,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"bcdf02d3-24aa-4666-b9d7-5b88c67d56f7","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":221,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"52a59893-db77-4387-b4df-7ba402d8df9f","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":221,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"f388984d-70ad-4580-9e9b-247c47767825","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":221,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"a80bffe3-c0a9-4b04-a2db-6f1d06ddfbf4","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":221,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"c4a8308a-0b53-4231-b7bf-713098e20479","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":221,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"debe3150-5232-45b3-9eb7-7897360e1929","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":221,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"28b5b4e9-958b-4eec-b332-8ec6c5fbd53e","block_type":"box","text":"Capacity","page_number":221,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"a21e345b-c727-423f-b3a8-ce7f0fd341c9","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":221,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"1651a1a9-2f60-4be8-8fe3-4c27750a89f6","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":221,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"43a6e8e1-b910-4972-867f-115ff2dd67b5","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":221,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"3dcb2f96-ef93-4ac6-9601-e79f1bc2cd1d","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":221,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"9ef9f4cb-804d-4c79-8ee4-e5965d1caf99","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":221,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"c1fb0728-a843-454b-a99b-4a7b75634495","block_type":"box","text":"markets.","page_number":221,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"0dd91235-0ba6-4457-9f29-8568c6ea9f27","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":221,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"15ee3bc4-412f-4665-a1d0-07acd46944cf","block_type":"box","text":"their duties to the board and company.","page_number":221,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"294e64b4-deba-40b5-83ac-e517d037ee74","block_type":"box","text":"Director elections","page_number":221,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"ffe68ca4-6155-4134-bd42-3d55f4f0081c","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":221,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"42ae0142-f561-45eb-ad5c-43e03572724c","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":221,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"ef860d55-2ca6-4b8d-8297-66fda918f941","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":221,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"a2f6aa19-5b7c-4b16-b90a-917fdb883c00","block_type":"box","text":"e.g.","page_number":221,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"e7bb5cce-c4b7-4d7a-9f7c-1f7dc97a3578","block_type":"box","text":", a non-operating company such as closed-end","page_number":221,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"634da528-abad-4ede-9bd7-a30b2ac9295b","block_type":"box","text":"funds.","page_number":221,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"b32b1dad-3345-45b2-8e55-a28055a3e12a","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":221,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"5fb2b6d0-af62-42d4-9aa2-94d7f3ca2b5d","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":221,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"91d33031-a308-42f8-b1e6-41fa3972d862","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not support the election of directors whose names","page_number":221,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"be65b64e-2aa0-4511-996f-7c5316729054","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":221,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"3c558262-5e5d-4146-bc76-02fc48902556","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":221,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"5c5bdae6-71d2-4e08-9964-1a64ed1124d1","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":221,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"f4132cee-b677-4353-9956-a7a8055f6788","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":221,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"df4a0bd2-c707-46fc-a1b7-83888e254f9c","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":221,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"8c7ff13f-0578-41e3-80ca-2b387b9305fc","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":221,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"a550fa0a-c30f-4280-95bd-26afc6202320","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":221,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"cdbba256-9fa8-4185-b9de-cc958fbabcd1","block_type":"box","text":"Committees","page_number":221,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"0f9f4859-cfcc-4676-8cc1-e200a41b3218","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":221,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"445bb816-ccbc-47ab-a92a-4938d1980d04","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":221,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"6f49796a-5213-43c0-90ca-b0379ccdefa2","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":221,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"aaca6da6-7d3c-4e99-9330-002e1ceeb8c0","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":221,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"d5840c1f-bf32-4851-80ae-8cda7c130cd6","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":221,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"188348dc-bb90-4e54-b7e4-25c909680b35","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":221,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"35cd6922-c893-4e84-b91c-01e09e7f933b","block_type":"box","text":"the structure, membership, proportion of independent directors, and responsibilities of each committee. The","page_number":221,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"8f40dc40-f82c-4da1-96da-463db58b3f42","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":221,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"294fbd5e-e2f7-434f-8a9c-686f91156908","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b77316ee-ca49-419c-acff-340795f72684","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":221,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"60cdbbd0-850a-4fe1-95a9-71e275751316","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4077e26f-e2ae-4975-9361-a45416836c6e","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"cf311a37-9b9d-4975-8488-4fc4976a345a","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":222,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"7b8b14ed-124f-4c46-8c7b-687cdd3e36cc","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":222,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"56f6e353-1dce-46b6-af66-c5c8003ff2d3","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":222,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"9221293d-13f5-4b1c-a808-19ea42e708cb","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"fa1ee216-7d99-4281-9637-59c4b153850e","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":222,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"ab66c0f3-b3c9-4220-adf1-7e6c4190bb74","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":222,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"0850a0cd-bdf9-4287-992e-21f6ac081762","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":222,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"6b62da8d-260b-4d4c-b1e7-c09517859c0e","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":222,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"52b2d310-1cc3-4051-8966-55601d18b815","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"64d93fae-358d-4439-bebb-5ac985cece92","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":222,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"a7d40b90-caba-4c35-8693-662b3400cb1d","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":222,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"7a725fc1-4a25-436f-b176-716ea6705bee","block_type":"box","text":"firm-wide compensation policies.","page_number":222,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"408025b9-7e03-4bdb-8faf-63cf416f2700","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":222,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"8bec5bad-76ae-48e6-a458-9bc2740e68c4","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote","page_number":222,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"4e53f049-1b5c-4520-9edb-f6162114c251","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":222,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"ab0cdc97-3c9b-4cd7-a7eb-3aad7b0509eb","block_type":"box","text":"committees.","page_number":222,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"25f5375a-a106-42bd-a040-4cef83b8bc0f","block_type":"box","text":"Board and director evaluation","page_number":222,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"0ad2f477-e7d8-43d5-8534-727d12a23567","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":222,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"92108627-b4c2-45a2-959c-87d7c4fa68df","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":222,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"1c3bd9d1-ddd5-4203-b61a-69a81d59d473","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":222,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"707a23ed-99c6-4ce8-9809-08f3efc75cf7","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":222,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"8ea5af73-8bcf-48e3-828a-d930ecff0667","block_type":"box","text":"result.","page_number":222,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"418d1223-f786-451c-9bc5-be34854be338","block_type":"box","text":"Access to independent advice","page_number":222,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"b27d5d67-cd2c-41fa-bc66-c6da13f7fbc3","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":222,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"8595e113-a785-4039-b8bd-e1d27ee694e0","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":222,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"2e0475b1-a12e-4ce0-bee0-81c7ca3d4db3","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":222,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"77a438d8-6646-417b-807d-da054b7cab82","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":222,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"2d3c4883-47b3-4a42-90af-85deb0eaef38","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":222,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"95f771bd-e312-4ec4-b29a-2a811cdaa8c7","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":222,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"381a29d8-eea7-4e65-9777-d4a5fb6315b3","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":222,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"62522aa1-e26e-4617-a3a4-4a1563931beb","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":222,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"d54de36a-11bf-4a55-9fde-b96a3409e3cf","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":222,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"886f6764-7688-48b9-814c-e7f202285d78","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":222,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"8fe48d4f-27b0-4577-bc78-f63c58ae6d88","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":222,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"9c19f9b9-e0bb-4f00-9d31-97d3455523ca","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics,","page_number":222,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"7f3731f6-b45f-4de1-bfea-75aeb3ff9b46","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":222,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"7bd82c34-5c54-431d-874c-8236075f1745","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":222,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"31907518-c045-4a61-ac2d-4e84806426f0","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":222,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"f03d4752-70ef-4989-bd67-c7a07cd9f7bd","block_type":"box","text":"motivate.","page_number":222,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"886e642d-48cd-4b38-aa5d-61bebdb97eee","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":222,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"349c7dc0-788e-4504-8a98-cc7cb9802f9c","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":222,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"4a96a482-4942-453e-b11a-2cc0e35ac413","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":222,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"e23a47f9-5ed0-4648-9b9f-241b5aeb2a9e","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":222,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"ea6ac911-05f7-41c7-b004-aa73e631256f","block_type":"box","text":"arrangements include:","page_number":222,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"9e433dbb-ad55-4d18-9d38-9318628fbe42","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"bebd0492-42fa-4a3c-b21b-b64b291fdda1","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":222,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"5b5a2b8e-c1ab-4775-89c8-9eac1c5e895d","block_type":"box","text":"the company’s size, sector and market.","page_number":222,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"f08dead6-ba8d-49b0-8be7-647014742c6b","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"eff1e544-1f8a-4a3b-8c9c-4427ecb1a1a4","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":222,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"12c8d4fc-615a-4b56-a336-48aab6d99384","block_type":"box","text":"strategic objectives.","page_number":222,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"754ed22e-f495-4d8b-a3fd-0de632d30ba2","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"a780ad67-e29e-424b-bdc5-76fe2b8a3615","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":222,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"6fd64e0d-3d10-4a47-80c2-9ce646b40822","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"b9a94576-a0be-42a1-8755-9a3453c4f466","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":222,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"932cadc3-a9a4-48a3-aa90-d9004046b12c","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":222,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"32a39d38-8a96-450a-be51-fe46182ef8b8","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"d0a6ad2d-ad0e-4f99-8c55-9ec2ba8ab559","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":222,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"1da2fa24-9ad6-44b4-9cad-e1d97fe7ce39","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"c75178e6-6127-42cb-b307-09803dda1d3b","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":222,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"fc33c1f1-7a46-4f1f-9d21-9f5ff61ec3a0","block_type":"box","text":"transparently.","page_number":222,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"054aa220-8901-49ab-9523-59a5c9210806","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"0e55a196-7797-4697-b969-edcf3cfa1190","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":222,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"43750f8d-f2fd-4ac6-8286-a621128b3b14","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":222,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"6544d8cd-8e77-4883-ac67-5f749748b259","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fbe85f93-9ee5-4bab-9179-013ccd408b65","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":222,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2672e657-0460-4dba-80cf-fa18ed49edb4","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ba93c25-884d-4b2b-b1ff-9946520ea480","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"680ed4d2-0f0d-4869-9f2f-ed0c10e07266","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":223,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"c3e4f79b-eb5a-4d16-b1c5-ca57ac1d9914","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"fef4e776-35bc-4d00-85b3-793fcb7400a5","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":223,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"946a30ed-a036-43db-9dbb-22a492dbe26e","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":223,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"7624bdc0-ad01-47b6-bf99-4f63e16eabcd","block_type":"box","text":"misconduct.","page_number":223,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"0966bfdf-cb5f-4eff-9201-cbbbd10f1dad","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"4cfc62a0-97e2-49b1-8b55-ff1f04542a82","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":223,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"04111e72-f0be-4f8a-b25b-03426baa9859","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":223,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"ebb6bcf7-b54d-4c63-8e36-d57f6d37e7cc","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":223,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"a4b380bc-b39a-4823-b764-fdf23e2e6446","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":223,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"56e4391d-f5ab-4323-9ff2-942906cc4927","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":223,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"004d5542-ab16-43f2-ad61-7ea7d3743c3b","block_type":"box","text":"committee, or the most senior independent director.","page_number":223,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"61a1a15a-ab34-4ff2-9328-ed54246de698","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":223,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"9b2bed54-225b-417c-b938-2df9edd7e267","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":223,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"2d4beccc-6c64-462c-832d-287b0ddf6b20","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":223,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"c7fd198c-5556-40bd-bb25-14cce2fd22dd","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":223,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"b1c57136-9777-4de2-82f0-120a8c19bb54","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":223,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"b2b8be99-d27e-4acf-8f49-7752175ec5d3","block_type":"box","text":"CAPITAL STRUCTURE","page_number":223,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"dff1135c-c760-4d01-8a4b-5d1d534e920a","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":223,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"0653675f-fc99-45b0-9537-4dfc1fb5ab57","block_type":"box","text":"appropriate capital allocation and management in support of long-term financial resilience.","page_number":223,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"fc57ce14-0f26-4c7a-a58f-8e505b94fa41","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":223,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"7972ca5b-8863-4912-81a7-fb10adf54c76","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":223,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"2c290b65-0173-4f96-9a89-2576c097a5ec","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":223,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"c80992ff-db72-4758-9ebb-a709b0d95a00","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":223,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"ca7bc117-b3dc-4ebe-af51-5b8f30bf4548","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":223,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"b1347cae-3515-4dce-a554-0f0ab5976fc9","block_type":"box","text":"Share issuance","page_number":223,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"021f0bc9-33a0-4d22-972e-b793c62086f9","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":223,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"0db7487e-effd-447a-8a87-70e8e299cd1c","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":223,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"36ec84d6-6604-42a1-83fc-a09f8d5c18e5","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":223,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"523f3858-dbfe-4aab-9276-bcd80e34607a","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":223,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"e763d927-0928-47f8-b218-58b4857726a6","block_type":"box","text":"Share buybacks","page_number":223,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"bd6a9867-0790-4f49-95d7-c36d51b08045","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":223,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"f518e73b-9b9e-4f76-879f-f679cd3e1930","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":223,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"5ad1e7c1-dcd5-4a7a-b650-635839c2ab78","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":223,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"60389127-67c3-4c28-a71d-f20618ff3f09","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":223,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"c64b46f5-d5a5-40b1-aafe-b0012104427f","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":223,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"7efa6ccb-8e83-4225-9146-f8c460ea3c12","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":223,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"f0f7aeb8-40a4-4eba-9fc9-1160249ab77b","block_type":"box","text":"market environment.","page_number":223,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"1b1e1a16-46ef-4696-82e3-fc0ded567aa3","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":223,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"07af7d67-af85-4c92-b4a8-a5337fe2506d","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":223,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"5ce7730d-f68c-48b7-8fd7-2fc9196a4b40","block_type":"box","text":"strategy.","page_number":223,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"9a738da6-ce1e-4797-8a11-b1ec6acc1e51","block_type":"box","text":"Dividends","page_number":223,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"7d1c1c6a-8b51-474a-93a5-ae85d8aedb5d","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":223,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"95311f7f-dfe3-48f6-9780-8c3223920b96","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":223,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"df6a9f40-1474-4d07-b778-7ad24967a940","block_type":"box","text":"Differentiated voting rights","page_number":223,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"a1f23d36-c7f6-4f88-9103-463e5f935f3a","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":223,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"ae2303c0-53a6-4cf4-9b4d-cb98b23b94fd","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":223,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"8a16254e-fc7b-4862-8abd-1e3539c4774c","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":223,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"7addda39-abcf-4ca9-bbe1-f6dbc408a26e","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":223,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"bcabd0e4-528f-4b2a-abb7-33d4c22694f0","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":223,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"5da549d0-e83c-4493-90bf-ce6d32093e25","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":223,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"281df716-3365-4dc6-b20c-faed66c22a58","block_type":"box","text":"analyses of proposals.","page_number":223,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"2627246d-928a-4da7-bf5d-470f2c6dad5e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"837010da-31f6-4a05-97ac-392d314a6b12","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":223,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2da6d91e-daa1-4639-a877-e667c8aff65c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e26a69be-baf6-4b94-94e0-6a55019c93d5","block_type":"box","text":"Mergers and acquisitions","page_number":224,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"959ab7f0-5413-45e8-a904-46b05fed8110","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":224,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"d78b0871-af60-4022-a48f-79e2a1e59420","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":224,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"b2932ba2-0363-4095-82e5-abe85c95c067","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":224,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"fbc4adf2-9c20-4e67-8264-e93547cb2f36","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":224,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"27ec00dc-71f4-4402-a043-d483bc4d3a59","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":224,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"86bf8d15-9159-4b47-a015-61d1cba27d03","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":224,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"d7b3e1e1-730b-4bea-a9e5-eb80c6d84893","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":224,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"bd78dfed-b916-46ff-ad19-b89426bc2576","block_type":"box","text":"Anti-takeover defenses","page_number":224,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"b3c6670f-65bf-4674-93e8-ac4c192c7c53","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":224,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"759a5607-bd2f-468d-a159-11f81689f326","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":224,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"1af93e60-abc5-4dd6-a1a5-64a2c8b7d3b8","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":224,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"ab07a925-ddb8-4f1f-a977-7313b2512ca4","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":224,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"f9b6bdf8-e166-47bd-b994-a84768575cff","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":224,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"095614b2-48d9-49b0-a87b-47e6f03e568a","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":224,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"b17d62fd-ba6c-4263-84b8-78fb2234990f","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":224,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"fc80e9b1-6567-4a80-99a8-95def6e9a566","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":224,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"a0eda9fc-95ab-4e78-8ff3-da019ee06ebb","block_type":"box","text":"Shareholder activism","page_number":224,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"041562e9-bd78-469a-afe2-390292122576","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":224,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"75b8c38b-5485-450e-bccc-0dd2f91d3d0d","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":224,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"fdd1ec7d-9bc4-47ac-8133-f165eaad873e","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":224,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"006d9171-ecad-4b53-bcf0-7bec4b7928ee","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":224,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"63f892a5-6b8c-4a2e-a848-bdb15831dc4d","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":224,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"f70e500a-1386-4529-8468-7a074b395b8e","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":224,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"a0e3301c-61b3-49d8-94d7-3162aa3e3167","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":224,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"9755a54f-83a4-41bc-a7c5-f83882f9f43b","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":224,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"2975e7ec-95e2-40ff-b8bf-d8a9dcd32761","block_type":"box","text":"skills and expertise or have a poor track record of protecting shareholders’ interests.","page_number":224,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"e92f5c59-e333-4ecf-8ed9-8ebb252c1b7a","block_type":"box","text":"Significant shareholders and related party transactions","page_number":224,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"2b782a82-2634-4dac-bdca-67d4395101e1","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":224,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"cb889a89-8be3-4547-8b4f-e4725bfe2d3d","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":224,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"f0534f71-5fa6-4b80-b283-a2cfd944fff3","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public","page_number":224,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"cf225896-ecc2-40ac-a001-d73a49c66e45","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":224,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"64f236c4-1693-4141-b000-a889772cd657","block_type":"box","text":"with a non-related party. Such transactions should be reviewed and approved by the independent members of the","page_number":224,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"a94832dd-7eaf-4c79-88d1-5ef02c556945","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":224,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"680d2e76-eee8-475d-bee0-de92e9e7a784","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":224,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"2f4fd4f2-7a73-4657-be4e-263c9259c664","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":224,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"ca68abf3-e587-47ca-9c33-a2993011079d","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":224,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"9d05b427-91c3-4c6e-a1e0-6cc41a4599f8","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate reporting and","page_number":224,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"90c8c68b-fcb7-42db-a09f-afbe7cabb314","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":224,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"c174f51d-c027-4c0a-8045-06c582ab89a6","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders","page_number":224,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"314b7dcc-7dc0-4f2f-9623-ab8e17669d43","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":224,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"da6bd861-c33f-4176-98ac-461c6d44e6ae","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":224,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"edfeb12c-ad4e-4e2e-bd87-79c2e112eb13","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":224,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"9d16492e-04a2-46fa-9531-ffa390d70c85","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":224,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"1454f413-504c-4a5a-bb6c-05f5d68150ee","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":224,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"6bc1a86d-217f-4eef-80f6-b0f6d6ac6a9b","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":224,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"bfa43f89-4860-4351-9719-67cd39e63251","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":224,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"40341f57-ffa3-47b7-9b4c-2dd5fd5db533","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":224,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"c52c3449-dba4-4760-9b2f-402d5daa841b","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":224,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"4341f09c-79df-4e22-b7f3-9eb096ee899d","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":224,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"c6a5fbed-a9d4-47f3-bd31-8578ebc8cf51","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":224,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"53cd92ec-1418-4dc1-88bd-5a38f242b171","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":224,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"53ad4517-33e8-4f26-a984-a08edc6d8061","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4083ab11-965a-4fc3-9d22-89c426ddfb46","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":224,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"bd0ed09a-fdf6-4655-976d-c7ff8cf67d37","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1ac227f-bfbd-4127-b0a2-76a5e15613bd","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":225,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"9544b0b5-f903-41b3-854d-35b87ecdb4d9","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":225,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"cbcc0258-e29e-4d83-a167-c80a1485d0dd","block_type":"box","text":"Board, can be helpful to companies in preparing such reports.","page_number":225,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"94c90b66-d8c5-4525-9678-3722447ad1c8","block_type":"box","text":"4","page_number":225,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"2b3ff080-d88d-4922-9992-2746a7ff937e","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":225,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"7f58756f-3c65-4606-9bb0-b6c42bd9e9ca","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":225,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"a3d53016-a8f7-4f5a-9fa8-9831b0359fc2","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":225,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"748ad076-ac35-47d4-9387-7cfcecc61047","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":225,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"5575407a-2927-4462-930e-66eae61be8b8","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":225,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"c72ba5b4-1b77-467a-8653-2587c6ca5777","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":225,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"5ee0f9a5-d3c2-4a92-949d-92ac17613076","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":225,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"fdd34193-b37d-4d32-b7e3-55e47e646ea7","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":225,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"6c81086f-71ce-401e-808b-a47821cc01e6","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":225,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"36d608b0-21c2-488f-807c-e7bc99b171c2","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":225,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"8ce5e015-420d-4537-b375-42e684040f11","block_type":"box","text":"remained independent.","page_number":225,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"58bc94cd-c7e0-4aff-b1ad-fec819844430","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":225,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"da690274-5292-460b-b19d-bcd9f400e048","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":225,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"218c6b24-f773-45bd-aa8f-28395fb1ed68","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the reporting or","page_number":225,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"27304d96-672f-4fbe-a1a4-17a032109630","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we","page_number":225,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"0b0f0cd9-6a94-412c-9e9b-d3362cc7c856","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":225,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"bd2f34dd-9a60-480b-92d8-de3b7de94707","block_type":"box","text":"financial reports and the board has not established reasonable remediation plans.","page_number":225,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"71e1abad-0d23-4376-af14-27c04f050e13","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":225,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"75fd1136-e301-4b72-a863-ce26ca0b835f","block_type":"box","text":"General shareholder meetings","page_number":225,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"c7f3c196-437d-4ca3-8146-7c46ae5012e6","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":225,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"e8312f42-3a7e-4cd0-895d-8bb872a485e8","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":225,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"2c79723b-307a-4244-bc99-5433582eaf32","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":225,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"39640b4f-e340-4c81-81f6-953825a700e6","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":225,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"fb8c1fc3-55db-45dc-8bb6-f31f68ab3d09","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":225,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"c0b8c7fd-7375-47d3-970d-fc53c14c644b","block_type":"box","text":"an in-person meeting.","page_number":225,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"57e75b65-daeb-464a-892f-97519279e3fb","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":225,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"dedc355a-7b74-445e-9ae7-a793f10f1671","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":225,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"67cfc62e-d828-4d73-9a47-f0677d51f538","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":225,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"269a2df4-e9d9-4ecd-a2b5-92200b48adaa","block_type":"box","text":"participation.","page_number":225,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"7e3ea201-eb4d-43af-878a-e08a94c82f8c","block_type":"box","text":"Bylaw amendments","page_number":225,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"3829949f-517b-4c7f-9637-681928ceeb6a","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":225,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"54a3235a-a189-466f-93d2-0c0ac0d2b5ee","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":225,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"3f7a62b4-7f8b-467c-bfbb-87fc0522fbfe","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":225,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"9a345d9a-9ac8-4530-b949-7771c4a853e5","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":225,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"9b727c80-c736-4184-8a0a-7732dd13e251","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":225,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"3f5df30c-e74c-4b27-81ae-121799d40cf9","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":225,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"37b7ebed-2939-494c-9196-8c8bf13c874d","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":225,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"28105b93-079a-4527-931a-bdab66a4eb84","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":225,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"97968568-504d-41cf-8966-11c4ef9a2cb8","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":225,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"12996477-508a-4867-9bd3-b77c35c64565","block_type":"box","text":"group, with a meaningful shareholding the right to nominate directors to the company’s board. The threshold for this","page_number":225,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"8d96b83c-e4ed-4b8c-b84f-e896cbc8826a","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":225,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"0972ba90-ef48-4ead-9743-95b43c955471","block_type":"box","text":"nomination process.","page_number":225,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"fa21f8a6-5e03-4453-8fe5-1131da45436f","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":225,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"5c06cddb-73d6-4cc9-a746-d9a477151733","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":225,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"ddca3f7f-9044-4a7e-8717-20bd3de2e8a5","block_type":"box","text":"4","page_number":225,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"eec840b1-240c-4c5b-9c32-709b12776bf1","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":225,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"257f9ab0-0650-4d63-b477-b6a5dd6371b1","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":225,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"1b3dc152-1e8f-4b4c-bb35-7a24629e7ae1","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the","page_number":225,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"49d24613-662d-4d62-9734-2a9ca792f75a","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":225,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"8e41535c-a831-4274-ae55-6c39dff949ef","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in","page_number":225,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"9133adb5-3b69-447e-ba19-366bad854154","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":225,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"422d2c1c-bf8e-41c6-b070-354d1cbfb77b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c48b2bb8-5946-4e69-b539-8ec40a86057c","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":225,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"07f1f1ff-c32f-40e6-8619-eaa38da5ee1b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86777883-560f-4b9f-9d47-b843c9266e94","block_type":"box","text":"Change of domicile","page_number":226,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"95378186-f114-4480-ade0-785978c35dd1","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":226,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"08cab85a-9709-47ac-9765-187a51cbe9fa","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":226,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"8ef887ab-5b5a-4e01-8d26-b5674ac4733f","block_type":"box","text":"immaterial.","page_number":226,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"65c78b8d-5eeb-45c4-b68d-a9259c1dd98d","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":226,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"bce91b7a-48fb-433b-8240-8e6e5fd4c487","block_type":"box","text":"with our clients’ financial interests.","page_number":226,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"bc3cec56-59b7-4037-a7eb-ee750a8fb0b4","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":226,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"7db9ed49-db34-480e-aa9a-463e6300b3af","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":226,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"9e4398b1-036f-4507-84c1-58a00e0181b5","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":226,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"c49d8c10-9989-461c-9d35-980598241c18","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":226,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"0df8437c-e415-4d4b-b5e9-826220fb6239","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":226,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"ef91f2b6-5796-4d5e-9619-c3e3ae9a6a20","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":226,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"1c4c76a1-acbb-4544-920b-7e45b6d98bea","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":226,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"fac6e34b-963a-468c-9328-8e41a121a159","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":226,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"1d771dc9-cbee-4eda-9a1a-d5f4d746f236","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":226,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"67381dda-5dab-4a49-af7f-813c71cf8b90","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":226,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"2fbdb89e-858a-4f28-877f-07a9d91c2035","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":226,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"96799d98-bfe3-4576-9307-d72d5294f5b0","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":226,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"0df7c855-52ea-4885-ac1b-0c2ae49716ca","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":226,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"37a6537b-73c7-488d-84ba-b455b78b3e7b","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":226,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"0b97333d-969a-4512-84de-f57c7290cb14","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":226,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"ce2ed89b-a081-441c-bb01-0ba893bda295","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":226,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"bcfc421f-8b6e-4c1d-b5f9-8d1c94aa0d26","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":226,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"c1825f40-1ad4-43c2-8424-2071a2bec41b","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":226,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"34113093-f235-4adb-a37e-6124c3bfd2fc","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":226,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"64751dcc-e1ae-49fc-9b2a-113b606d504b","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a","page_number":226,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"6391050a-fd6b-4cf3-9980-eb10b275eaa4","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":226,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"04a84832-1d85-458e-a5b7-18c37607a3a0","block_type":"box","text":"returns.","page_number":226,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"6d62d060-8bd1-4809-a175-f10c7bb0d9c7","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":226,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"9f11434f-05db-4e75-b5a6-06dcc417a3a6","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":226,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"da8b12ee-168f-43bd-8d04-803387628f66","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":226,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"1de456b4-8bf5-4e38-91b9-7445f116c28a","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":226,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"c11035ae-0f96-4fc1-8201-bcbea69b1fac","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":226,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"8b5770c8-a314-463e-942e-bcf135b60f26","block_type":"box","text":"process is consistent with their public statements on policy matters important to the company’s long-term strategy.","page_number":226,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"6993e511-1fad-48fa-bea3-4aa33151166e","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":226,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"448b9119-5498-47e4-ab0a-c0287b275bf6","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":226,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"64a3773d-58e8-4aae-a9db-0db495efbd71","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":226,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"c34b2f6f-cd02-4fa4-b4e5-053b0b22133f","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":226,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"d7cf37c5-19b9-4bd1-bec7-cf13d821d28e","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":226,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"dfa79ac3-fc47-4d03-8dbf-012942ed609a","block_type":"box","text":"are active members and any engagements undertaken by trade associations on behalf of members.","page_number":226,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"50925bc7-60cd-41a2-b1a9-87f35d6b2d03","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote","page_number":226,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"829d2bf9-e2d3-4aaf-9b55-bbc2699005ca","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":226,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"6fffd1ec-e650-4736-bbc1-7ecfba2b5748","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":226,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"8031ea82-2177-42b1-961d-295e26338d6f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0dc58802-e8c8-40d2-a022-6c15c5fdaf43","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":226,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ec97a5e1-7d3a-4413-a65c-a50f5aeea268","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78fffbe4-a3f5-4908-b880-a56edf5b9061","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":227,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"ee1412df-70d3-4a7e-a2b3-88cd6aab678a","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business","page_number":227,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"147d9245-d818-411a-aa68-26ff7bb0fbd6","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":227,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"621b93de-247c-4f37-a33f-4a0a93597615","block_type":"box","text":"5","page_number":227,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"8485c63b-4288-40c3-9737-f0a8a5c2133d","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":227,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"9d56bb60-76a5-4b74-acf6-a57cad33f137","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":227,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"cbee53b3-4ad2-449f-be9a-15a3f4e30676","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":227,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"fc75164d-02ad-4186-a091-3fa178589ac2","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":227,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"dad1f84e-d6b7-4256-a70c-ef97743fa9c0","block_type":"box","text":"regulatory requirements.","page_number":227,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"495055ba-a8cd-4c51-b1eb-0df260e0899a","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":227,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"ecd9f99d-0a98-41d7-8741-e68979f900d1","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":227,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"323f481d-899b-41f9-8a91-4733de5da7ba","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":227,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"2a6800d5-918d-4a08-9caa-cd98c96c4f36","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":227,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"c88616d7-bc81-45dc-b041-ea40703b73bc","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":227,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"f347a080-1d69-4f27-b113-adc6b3ff7433","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":227,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"8ad185a3-5341-4557-9bc8-232488fc2b0f","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":227,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"ca1b2da5-e23d-48c6-ab90-8311b6277cc9","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":227,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"a16bbf67-9f2b-4315-a555-8308b0c59bfb","block_type":"box","text":"returns.","page_number":227,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"33d0f383-dbe1-4a22-b8db-ed272cd1386b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":227,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"b1a072a7-f444-4450-a033-6fa79eac37d2","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":227,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"fdb9e296-acf2-4862-a853-6df33650ce9d","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":227,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"ea5d8749-c539-4a6c-8ff9-bdbb97a9de71","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":227,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"94e4e060-94b5-46c9-8063-044d96999a32","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":227,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"0bd47c14-4f38-42b6-a4ba-8769a3bccca3","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":227,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"492c9fe1-d70c-4ed9-b4d1-5908ca3393a5","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":227,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"4cd990d0-75bf-490d-8613-29dd3be97125","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":227,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"fa05f645-d891-41f0-850b-0cf4f68fd4f1","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":227,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"081c6e79-a4a4-4cd3-a3c1-266910ddf722","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":227,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"e2932899-f20c-4595-81ed-45d977d629c3","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":227,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"e4ce9623-e8aa-49c6-bfdc-c44e869375a4","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":227,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"73f2a0e7-c922-4958-8834-f6d4b0f306d9","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":227,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"2266caf6-bc21-411c-9445-459e5fe79b75","block_type":"box","text":"i.e.","page_number":227,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"8a334fe8-1816-4533-a825-d776ecb3fdfc","block_type":"box","text":", one in which global","page_number":227,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"e0294ec3-9389-4b30-97cd-b0156c5de867","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":227,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"ecc58527-4a3d-4a19-a495-16cd4d9b32ef","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":227,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"61d9a788-b1b5-4a67-8949-15d07780d297","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":227,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"758e4991-ce5b-42ac-ae00-05ab4580a5e5","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":227,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"4d9b0ffb-1078-4c50-8ff0-43a9fd268b4b","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":227,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"a4eaa269-3a60-4521-835c-1b15f8028b7f","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":227,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"ca519c16-ab24-437c-a763-6702a5a0dc07","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":227,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"df74cd91-3a3c-4773-964b-9afe8ffb2d37","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":227,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"6400c527-b5ae-48c9-a409-9b1a7c571221","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":227,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"023d222b-a484-44b6-8c30-a08818152bc0","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability","page_number":227,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"8a81df64-fd41-4c2a-8948-29a824e8a5ce","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such reporting.","page_number":227,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"c3cb3e99-1401-47d8-90c5-6a42d28f768e","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":227,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"b3c28a86-182b-44f2-8d46-f85fad6fad76","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":227,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"ad3af5a2-b3d7-40a8-8a46-f6059cada457","block_type":"box","text":"material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to","page_number":227,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"0f20fb82-e529-47d6-a4f8-0b1706078fa2","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":227,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"3f1284e5-a3a3-4b47-87d9-e011ea69e0ad","block_type":"box","text":"5","page_number":227,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"f5c9f3d4-0335-410f-9d0d-ae904749fa31","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":227,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"088c5e08-8b04-4897-8acc-4933ec775af5","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":227,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"ca1b7def-46bd-4247-8102-3add9b9bd106","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":227,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"cb08c2ad-3778-455e-8845-719d16beaa15","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":227,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"d0dc0e12-1061-4492-83f1-a77ca5d9f380","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":227,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"641f373d-0a25-4c33-b425-e8a1f64c005c","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":227,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"366f4b1e-b3ff-4ff1-9e88-595833f2fbea","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":227,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"09db041a-77c3-4f81-99fc-288a51c97190","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":227,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"71d0510f-47d2-4bd3-a4c9-0aae2c92c0ca","block_type":"box","text":"sound governance framework.","page_number":227,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"c19ec1b1-f0f3-4d47-bc22-53f284d35dbf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2b795bd1-6b5b-406b-930f-1c42472ef571","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":227,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5a42221d-4b30-47da-923e-9aae491a66fc","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4f4ba6a-b6bf-4845-b9d6-d8c83b093242","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio","page_number":228,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"c3cfc2d3-80cd-4f50-a501-3e81e3055d1c","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":228,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"316eebe9-9b33-43c1-90f9-b031753d5414","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b3e41da8-5060-4ef4-848f-fae5dff55a7f","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":228,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"075b115d-18fc-497c-a2c4-4e397479c869","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4f1fc83-a5a9-4ea3-a752-ad3bb42930e9","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":229,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"9f529711-b8af-4f34-a633-6a8965bc21eb","block_type":"box","text":"Oversight","page_number":229,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"24a96161-1270-44de-a573-e7e3d423c4ee","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":229,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"b671590e-8554-48af-bb82-9492aff6f037","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":229,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"0cf7dd90-aa6e-4c0f-99e4-69a097ef6905","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":229,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"6ec64106-4a1c-4323-9294-980efb6b3ad6","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"93ed17a4-0767-4df7-83d7-52629c6e7171","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":229,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"72118fe9-3ca5-45f1-90a0-56f92966a72a","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":229,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"92420dbe-dd1c-4c82-b026-96d5b2246217","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":229,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"2507f6fe-8e9e-4f07-a716-e2096067bde4","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":229,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"708624f8-dbd4-4226-a787-346209096c62","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":229,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"204cb536-667c-459e-ad28-61aa3dc2ce1c","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":229,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"1a06f02d-c923-46a7-a16c-ef174a175964","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":229,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"6c7c67f1-d499-4ce6-ac03-a2dd8e01faf9","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the","page_number":229,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"db2bd5b5-b7ae-4e68-873e-1aa1c6848180","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":229,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"28b2d048-18a3-4836-9680-33e6c5da0dbe","block_type":"box","text":"Guidelines proposed by BAIS as part of its annual review.","page_number":229,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"1a041702-e306-46b3-87f2-9d004be8a75d","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":229,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"89e28c35-34ae-4a59-af2f-8caeb59cfda0","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":229,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"1fc83014-ea94-499d-a9f6-ada67bb38132","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":229,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"ce99639e-f6bb-4906-afd0-c76cfcd5e8ca","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":229,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"e4e44c67-1a8d-4b34-8c25-8d6b0ac22b80","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":229,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"d7230e21-fad6-4d47-86dc-f82a8ededef9","block_type":"box","text":"third-party vote services providers” below).","page_number":229,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"75cda46c-f2ef-4b0b-b4b4-1ed64e2c5f92","block_type":"box","text":"Voting guidelines and vote execution","page_number":229,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"e0446ce7-4c6a-4e57-aca6-a13e939b6d4c","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":229,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"1281cb7a-2612-4d5b-ae96-1397f0f0ee4a","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":229,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"3ca7c673-7394-4d31-bc6e-67a598b81fe3","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":229,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"64de9056-f6b3-4416-aaf6-1b10c1c635e8","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":229,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"96a7645d-8157-4d30-8e84-4ecce8e9693d","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":229,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"067e1a3b-1055-453e-a32d-c8576c5308e4","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":229,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"c4465cf3-d158-4d90-8bbc-64ac06448781","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":229,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"398ceca0-6e47-492d-835b-8e981621f649","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":229,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"37e60c1d-27ca-4b75-b223-597665a2b596","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":229,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"f27efe49-dc17-415b-879a-abb48f55bc14","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":229,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"9ffb9b6d-20bd-4d19-9c42-41de17cccca3","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":229,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"6bfd3c58-dae0-4e35-8cf1-63358fea82cf","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":229,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"da4f8684-b062-46e4-8d59-a1909ebc1c56","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":229,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"41f86e3c-da72-4155-b04a-643d6377cd65","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":229,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"770e96a8-5578-4ae0-9a1a-a14488f36b88","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":229,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"b8fda3bd-8f8d-446f-ab21-a4a3ba61647e","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":229,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"b77b2eb8-6fe7-470f-81d3-28a570e333dc","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":229,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"d2a9d76b-d7f3-4e8e-884e-456a1b6c4349","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":229,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"4c8c9e0f-e891-4fe0-8272-ed7bc7a3b2e2","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":229,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"287c8adc-147b-475c-a56a-b12661ac057e","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":229,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"6c6f1dba-24b4-4b12-a27e-da303478a3fd","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":229,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"3d30f07d-41dc-44f2-ab85-289455d962f9","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":229,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"2c146432-61cc-4e85-a525-9da52533abe0","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":229,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"6d38e7fd-7397-47b7-be02-7e2751f071d5","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":229,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"cfbb995a-0dcf-45de-9799-e634b7690e43","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":229,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"28a9af85-3284-477d-8601-607d5b81570a","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":229,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"902ed301-6801-4bec-b2dc-7d05e669d0ff","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":229,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"b9d70633-86f3-47ba-90b0-618e2deb67be","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":229,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"f15e1b81-26db-44a6-8d15-fea8902be5f8","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":229,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"7a18b11a-faa8-4a1e-8a5e-3cd9afb814cd","block_type":"box","text":"Voting Choice","page_number":229,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"37cd629a-5bea-4ad2-9231-a11dde663ab8","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":229,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"50dcf011-c9c0-4e56-bc87-419eaa057353","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":229,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"fd5de9fe-8aa6-420a-8a35-20ba6b570c0d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"65330cb8-6580-47a5-8e3d-a39323cb4580","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":229,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e6558051-071a-434e-858f-88a45e06a48c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0afe1e20-4a68-45d3-afe8-ddace9cf46c0","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":230,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"a0d016a8-8f34-444a-a610-b0604e1e04b4","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":230,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"7175805d-1560-4fea-b9d3-22e6030d46cf","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":230,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"f1b07d1e-0cc9-4884-9c66-ee908855868e","block_type":"box","text":"strategies.","page_number":230,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"b51fec94-708e-4395-b383-887e973e569c","block_type":"box","text":"6","page_number":230,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"fb08ea3d-b4f4-4461-89ee-d18841210bf9","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":230,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"4a3a1b67-9680-4090-9a5c-ad7a28336599","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":230,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"a842c3cf-e373-4836-927a-d5241d017099","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":230,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"22df5922-a457-4f8b-827c-079ba02b67b3","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":230,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"aa555b02-9919-4a56-a282-87be066d3a63","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":230,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"120bad2c-8a14-4778-a6a7-b03810979c54","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":230,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"7ad92941-195b-44ee-aa32-8b07fabc54c9","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":230,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"21391efc-1e32-44c7-9f04-b8a8b3fb87a5","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":230,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"8298b7b9-537f-46a7-b7ad-74b7dc76b140","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting","page_number":230,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"b42ce5a6-7beb-4971-8956-f6be090e2d45","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is important to","page_number":230,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"101188de-1cdd-4fa5-bcac-8a3150cd2e4d","block_type":"box","text":"note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their","page_number":230,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"8e412ff3-131d-4111-b4ef-3f571c58c9b2","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":230,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"8dc94119-1f7b-4fbe-bbc0-58c7a6870c4c","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are important inputs into our voting decisions on behalf of","page_number":230,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"fb6a304d-3c44-4b4f-a7cd-a30e8a2147dc","block_type":"box","text":"clients.","page_number":230,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"5d1b7611-5a23-464b-9d3e-c7d295cc7b91","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":230,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"d97055fa-ee03-472e-a295-f97ef57a3c39","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":230,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"6d336d98-0fc9-4f28-a1dd-0170681c93e0","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":230,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"532ddba7-3093-4db8-84be-69233cbeecc2","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":230,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"351dce12-f8b3-4f24-abf7-1289f1c9270e","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":230,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"e0292b64-6cc7-4676-b6ca-a953c8b8b341","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":230,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"12597104-0bc4-4096-818e-454fbf2ab6fc","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":230,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"4e59d716-d739-4a97-a314-a93857747e42","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":230,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"0e3d6e28-ce41-430b-886f-6df71b4602ad","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":230,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"40e397a5-3cb6-4b98-97be-6e3c2046991d","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":230,"box":{"x":70,"y":469,"width":760,"height":11}},{"id":"f57427fa-11bd-4ed1-8436-bf6315aa2006","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":230,"box":{"x":69,"y":483,"width":824,"height":12}},{"id":"8fe85886-ee9f-44ed-9d23-423797afd64d","block_type":"box","text":"policies.","page_number":230,"box":{"x":70,"y":499,"width":56,"height":10}},{"id":"1f7312f3-db6f-4c38-a617-dc379d9e34ea","block_type":"box","text":"Conflicts management policies and procedures","page_number":230,"box":{"x":69,"y":521,"width":342,"height":11}},{"id":"571c9144-48f4-4334-9af4-5515e9d6d792","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting","page_number":230,"box":{"x":102,"y":539,"width":754,"height":12}},{"id":"d9fbb4d9-ba6f-4ed2-9e9b-cd1d93539632","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":230,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"9b76cce0-fd40-4e7a-bba1-4884919390d6","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":230,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"dd4bbb3d-1e15-4f29-850e-bf1901198055","block_type":"box","text":"BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:","page_number":230,"box":{"x":70,"y":584,"width":761,"height":11}},{"id":"2383abc9-e95b-47b0-976d-fba57fd208da","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":604,"width":6,"height":5}},{"id":"2b50f1fa-cd9d-4ad7-bd44-3d1355a44b93","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":230,"box":{"x":102,"y":601,"width":660,"height":12}},{"id":"1c1b767a-9222-4b6b-83ce-48f93f06253d","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":622,"width":6,"height":4}},{"id":"d4ff7544-e495-49c7-a0f8-a3320f5b4bc3","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":230,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"ab96ee92-3ac6-4438-abad-77ee4378f667","block_type":"box","text":"resolutions","page_number":230,"box":{"x":102,"y":634,"width":78,"height":9}},{"id":"6b0b1c09-10a0-470c-aa7b-952a624ea533","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":654,"width":6,"height":5}},{"id":"f25251dd-ea0d-4961-9927-a5d1e1df5b96","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":230,"box":{"x":102,"y":651,"width":766,"height":11}},{"id":"1429e306-93ff-4cf1-a413-d73abec80a00","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":671,"width":6,"height":5}},{"id":"7c125b0c-8437-4539-a089-20ea299be1fe","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":230,"box":{"x":102,"y":668,"width":767,"height":12}},{"id":"aca15266-78fd-4b56-af73-46be344bb16d","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":689,"width":6,"height":4}},{"id":"53e0db60-117d-4346-bd3a-4d5aa84a5459","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":230,"box":{"x":102,"y":686,"width":698,"height":11}},{"id":"db4c72dd-6e7c-47ba-83fc-600a7b36e730","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":706,"width":6,"height":5}},{"id":"fdf41554-00a4-4e2f-8e1f-cfbb10c3e0ac","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":230,"box":{"x":102,"y":703,"width":789,"height":11}},{"id":"adcbd980-6c3b-4f27-94ce-212d5a6f8284","block_type":"box","text":"managed by BlackRock","page_number":230,"box":{"x":102,"y":718,"width":163,"height":11}},{"id":"ff5c7852-f5fd-4b6a-b417-452c46c46174","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":230,"box":{"x":102,"y":737,"width":785,"height":11}},{"id":"a08b5175-012e-43aa-aff1-97876c3df3d7","block_type":"box","text":"following:","page_number":230,"box":{"x":68,"y":752,"width":66,"height":11}},{"id":"6c64e5f0-33e0-4314-8009-b60b5c0eafd6","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":772,"width":6,"height":4}},{"id":"31d107a4-b586-4a9a-bbc3-d3d5528e9a69","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":230,"box":{"x":101,"y":769,"width":732,"height":11}},{"id":"509956bc-bbba-4a10-88dc-fa4b94bea408","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":230,"box":{"x":101,"y":784,"width":383,"height":11}},{"id":"91610b65-01f5-4123-8c5d-6c5a51e93c99","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":804,"width":6,"height":5}},{"id":"b72e2dd8-f621-40e4-9bd5-e998e4ac8be6","block_type":"box","text":"Established a reporting structure that separates BAIS from employees with sales, vendor management, or","page_number":230,"box":{"x":102,"y":801,"width":757,"height":11}},{"id":"e5161126-d7ed-481a-a805-e2dfe765aa17","block_type":"box","text":"business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":230,"box":{"x":102,"y":816,"width":802,"height":11}},{"id":"8852d797-d37c-4424-b21d-d0e9760eba33","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":230,"box":{"x":101,"y":831,"width":794,"height":11}},{"id":"b97987b3-83d2-4072-95c9-105da99fa8d8","block_type":"box","text":"relationship with such parties. Clients or business partners are not given special treatment or differentiated","page_number":230,"box":{"x":102,"y":846,"width":770,"height":11}},{"id":"7b4a67ea-dcd3-45e3-ba1c-63b11ebb6d87","block_type":"box","text":"6","page_number":230,"box":{"x":69,"y":875,"width":4,"height":5}},{"id":"2faf667d-e7de-4e25-8a99-ad96bc11feaa","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the","page_number":230,"box":{"x":78,"y":875,"width":814,"height":11}},{"id":"1f9cc127-f6aa-47a4-ab92-048160a885d4","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":230,"box":{"x":70,"y":890,"width":838,"height":11}},{"id":"b0ec9a43-0c42-4ea6-a136-5e45b96ed7f8","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":230,"box":{"x":68,"y":905,"width":354,"height":12}},{"id":"0376a4fd-81a2-42c2-946e-1d7130dcba5c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d6feb156-f1cd-4f4c-8646-b886bd8517eb","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":230,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3bf936dd-bc37-41e0-9467-c6ed50a091cd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46d4592c-bc53-4556-abb9-179d23aa67fd","block_type":"box","text":"access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":231,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"f4c9bec2-b40e-43d2-9cae-a8a37e1e3d55","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":231,"box":{"x":102,"y":59,"width":777,"height":12}},{"id":"66d18323-686a-4d10-a0a9-b9b1548a6f44","block_type":"box","text":"outcome(s) over time for the economic value of the company. Within the normal course of business, BAIS may","page_number":231,"box":{"x":102,"y":74,"width":784,"height":12}},{"id":"8a0c3e7b-92ab-44ac-a89c-677e2dd6ba84","block_type":"box","text":"engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with","page_number":231,"box":{"x":101,"y":89,"width":764,"height":12}},{"id":"1e4ff085-4f3d-465d-a750-1aed5cfdc76e","block_type":"box","text":"sales, vendor management, or business partnership roles, in discussions regarding our approach to","page_number":231,"box":{"x":102,"y":104,"width":714,"height":11}},{"id":"1507c063-c8e5-4271-a0cd-6274f64425e3","block_type":"box","text":"stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that","page_number":231,"box":{"x":102,"y":119,"width":772,"height":11}},{"id":"af9a3ba1-b729-48a4-909c-4cdd8a6d2cf1","block_type":"box","text":"proxy-related client service levels are met","page_number":231,"box":{"x":102,"y":134,"width":295,"height":11}},{"id":"73faa538-11c2-407f-8271-3eb252082909","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":154,"width":6,"height":5}},{"id":"af468124-ae6d-413a-a71b-7dcecf44d77a","block_type":"box","text":"Determined to engage, in certain instances, an independent third-party voting service provider to make proxy","page_number":231,"box":{"x":102,"y":151,"width":777,"height":11}},{"id":"e92c0411-bf8c-4498-95f6-b7c79010c1a3","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":231,"box":{"x":101,"y":166,"width":763,"height":11}},{"id":"3bc23797-bbe6-4b05-b287-bc7579277574","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":231,"box":{"x":101,"y":181,"width":749,"height":11}},{"id":"c5fb2ac7-09a5-4106-b938-4f469702d820","block_type":"box","text":"independent third-party voting service provider provides BlackRock with recommendations, in accordance with","page_number":231,"box":{"x":102,"y":196,"width":782,"height":11}},{"id":"608833b4-3e07-4b43-bc94-85bb4aae684d","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service","page_number":231,"box":{"x":101,"y":211,"width":749,"height":11}},{"id":"e53550c7-ff48-4853-92a5-53cecd5fdadb","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":231,"box":{"x":102,"y":225,"width":765,"height":12}},{"id":"6c905a64-c959-4515-92c8-8953b360f4f3","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting","page_number":231,"box":{"x":102,"y":241,"width":797,"height":11}},{"id":"1f7cd0f2-d6ef-4fa3-bcb3-f96a04de3b00","block_type":"box","text":"recommendations for:","page_number":231,"box":{"x":102,"y":255,"width":154,"height":9}},{"id":"401b9674-6af4-4303-b47c-af0a13344a39","block_type":"box","text":"•","page_number":231,"box":{"x":102,"y":276,"width":6,"height":4}},{"id":"edfab3d1-c2e2-44d8-85dc-3de05bed4e36","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":231,"box":{"x":135,"y":273,"width":570,"height":11}},{"id":"47e58302-12d4-4a52-9311-c8e80577386c","block_type":"box","text":"•","page_number":231,"box":{"x":102,"y":293,"width":6,"height":4}},{"id":"d4a78cee-686e-41c6-b48d-25178a00906b","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":231,"box":{"x":135,"y":290,"width":748,"height":11}},{"id":"31181738-7211-46ea-a3b2-fce280bae16e","block_type":"box","text":"the board of directors","page_number":231,"box":{"x":134,"y":305,"width":153,"height":9}},{"id":"6d109650-762b-494c-84ca-0629f3b81baa","block_type":"box","text":"•","page_number":231,"box":{"x":102,"y":325,"width":6,"height":5}},{"id":"ceea294f-5293-4e70-9866-2ff4154d7948","block_type":"box","text":"public companies that are the subject of certain transactions involving BlackRock Funds","page_number":231,"box":{"x":135,"y":322,"width":626,"height":12}},{"id":"b5ac2b48-bcf0-40ac-b4a2-e7f70bb9f223","block_type":"box","text":"•","page_number":231,"box":{"x":102,"y":343,"width":6,"height":4}},{"id":"fba41642-20a3-4582-9acc-eb563abdee6a","block_type":"box","text":"public companies that are joint venture partners with BlackRock, and","page_number":231,"box":{"x":135,"y":340,"width":490,"height":11}},{"id":"ae3229bc-4f9a-4fa4-87ae-d4404393a3af","block_type":"box","text":"•","page_number":231,"box":{"x":102,"y":360,"width":6,"height":4}},{"id":"4076b8d3-95e8-4f48-a66e-4bd3e95af3fa","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":231,"box":{"x":135,"y":357,"width":740,"height":11}},{"id":"38dbe79f-f8a2-43f6-9a1d-08d2ff6d0b25","block_type":"box","text":"party voting service provider","page_number":231,"box":{"x":135,"y":372,"width":200,"height":11}},{"id":"9ddebc7b-d89b-4820-834f-f67db09ba315","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but","page_number":231,"box":{"x":102,"y":391,"width":790,"height":11}},{"id":"3469c510-6de3-4302-85c7-ab402aeb01c2","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":231,"box":{"x":69,"y":406,"width":834,"height":11}},{"id":"39142643-8d16-44ef-8a65-a105ab6c7937","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":231,"box":{"x":69,"y":420,"width":806,"height":12}},{"id":"c5f88d53-7bf1-4aff-91a4-a7bcca21786d","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":231,"box":{"x":69,"y":435,"width":813,"height":11}},{"id":"76a110d6-0a08-4934-a3c1-0231f4146f0f","block_type":"box","text":"third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting","page_number":231,"box":{"x":68,"y":450,"width":804,"height":11}},{"id":"52d89efc-ea4b-4e65-b3c2-89546fc92009","block_type":"box","text":"service provider. The Active Investment Stewardship Oversight Committee appoints and reviews the performance of","page_number":231,"box":{"x":69,"y":465,"width":824,"height":11}},{"id":"6c3bacfe-8809-40f0-ac0f-9985f9cd0ff5","block_type":"box","text":"the independent third-party voting service providers, generally on an annual basis.","page_number":231,"box":{"x":68,"y":480,"width":585,"height":11}},{"id":"cb72ccd1-2a16-4ae9-9077-9d6894d73661","block_type":"box","text":"Securities lending","page_number":231,"box":{"x":68,"y":502,"width":131,"height":11}},{"id":"3f1eb0a1-89e5-4c68-b86c-a30291f43677","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":231,"box":{"x":101,"y":521,"width":775,"height":11}},{"id":"f5d31806-a3b1-441c-ae41-7dff7cd5840e","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":231,"box":{"x":68,"y":536,"width":794,"height":11}},{"id":"52a3b872-7c16-4609-81df-b45195937e32","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":231,"box":{"x":69,"y":550,"width":473,"height":12}},{"id":"c8a10494-05ec-41dd-9f75-d4c22d3e1306","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":231,"box":{"x":101,"y":569,"width":779,"height":11}},{"id":"4d0c5a76-e440-4772-a324-096ecfadd50e","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":231,"box":{"x":70,"y":584,"width":827,"height":11}},{"id":"b77843c9-caf9-47ce-8e2b-ac570778fcda","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":231,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"15cee981-7d07-43e4-8549-06a45ac4bad6","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":231,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"f361150e-2dc7-4579-a8a6-23e63610d751","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":231,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"8772fab2-374e-4373-a975-3d5a53178638","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":231,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"e1ef4a7b-af41-4f2b-98e5-686d914cea29","block_type":"box","text":"of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending","page_number":231,"box":{"x":69,"y":658,"width":817,"height":12}},{"id":"4ed20d52-079a-4a5e-9b79-9157076d3fd2","block_type":"box","text":"and Risk and Quantitative Analysis teams, to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":231,"box":{"x":69,"y":673,"width":819,"height":11}},{"id":"96f4f7be-1083-4bc2-bdd0-b8acd645eb0d","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":231,"box":{"x":102,"y":692,"width":770,"height":11}},{"id":"c2f71b0c-05c2-4273-b0b0-aed51bb0628c","block_type":"box","text":"shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in","page_number":231,"box":{"x":69,"y":707,"width":813,"height":11}},{"id":"43e37c30-f302-498e-8d7b-526007cc8890","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue","page_number":231,"box":{"x":69,"y":722,"width":825,"height":11}},{"id":"9cc13c25-fbfc-4eab-92cd-34201a971a45","block_type":"box","text":"loss to clients and would therefore recall shares to be voted in those instances.","page_number":231,"box":{"x":70,"y":736,"width":568,"height":9}},{"id":"886c54e8-b07a-43d3-ba3e-aa118d12a7af","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":231,"box":{"x":102,"y":755,"width":790,"height":11}},{"id":"42b1d299-13e2-4413-b407-fd912e7e614e","block_type":"box","text":"and may modify it as necessary.","page_number":231,"box":{"x":69,"y":770,"width":228,"height":11}},{"id":"69502c7f-f854-45d4-8340-98e001b74c81","block_type":"box","text":"Reporting and vote transparency","page_number":231,"box":{"x":69,"y":792,"width":239,"height":11}},{"id":"065edd76-6b96-4009-8e27-bc3ca65b7883","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":231,"box":{"x":102,"y":811,"width":788,"height":11}},{"id":"72d0c0b8-0516-4e18-98ae-7800593a5361","block_type":"box","text":"our engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":231,"box":{"x":69,"y":826,"width":791,"height":11}},{"id":"d77bc642-cf6e-42ad-95dc-532517bafad9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b8fae4f5-130f-4da3-9b12-72df98e54bcd","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":231,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"bcf102b5-9b81-46c9-a607-3244691818f0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a117827-73ac-4ac3-bc3c-43c7c68c7ca2","block_type":"box","text":"Want to know more?","page_number":232,"box":{"x":68,"y":762,"width":152,"height":8}},{"id":"8ac73348-d917-4ebb-a5e2-72a474e5271e","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":232,"box":{"x":69,"y":791,"width":510,"height":13}},{"id":"c53423ce-c3bd-4f93-af34-eeee384a09e2","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is","page_number":232,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"17cf7667-d3ee-4c6a-af84-4a8ae0535084","block_type":"box","text":"at the sole discretion of the reader.","page_number":232,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"e8ae71a0-5046-4cb4-8ab2-d544fcda0291","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":232,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"1a0fda54-ceea-4503-91d1-7b5559fe9207","block_type":"box","text":"©","page_number":232,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"a23601ff-f7c6-4fd3-82f2-320d175044f4","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":232,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"a9015d7b-4051-4dcc-b62e-8ff64a685638","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":232,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"5fe6564e-32a6-49b8-89a7-13cbc95a6532","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1a7e86f4-46d4-4f93-98d1-7c9fa3edf821","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":232,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5b70491a-f211-488c-8e4e-7fc21c119c22","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32a03786-11da-4973-85c4-7aa2c23e00eb","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":233,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"29fd4a12-a42d-409e-b31b-12cea23931b4","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":233,"box":{"x":247,"y":90,"width":486,"height":11}},{"id":"3ebe378a-7be7-435c-b9aa-66d67fbb2ef6","block_type":"box","text":"Effective Date: January 1, 2025","page_number":233,"box":{"x":376,"y":105,"width":227,"height":11}},{"id":"0e1633b4-115a-4ecd-b613-e8dee8e7065e","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":233,"box":{"x":231,"y":128,"width":515,"height":11}},{"id":"83b896dd-219f-4c58-9f44-a72289276f6f","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":233,"box":{"x":306,"y":151,"width":388,"height":11}},{"id":"f8ef28a8-ada1-44e5-a17e-2df03098daf2","block_type":"box","text":"□","page_number":233,"box":{"x":184,"y":173,"width":14,"height":11}},{"id":"aefe9b54-1b3b-4120-934f-4aa374752052","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":233,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"069dca7f-fff1-4d99-860e-64751a093822","block_type":"box","text":"□","page_number":233,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"65a46b16-bcd8-466c-8676-f6e7f9270b4a","block_type":"box","text":"Money Market Funds","page_number":233,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"f7e3fb8c-3173-477c-b37a-12bf780d8c3a","block_type":"box","text":"□","page_number":233,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"b61d8988-9208-455f-9ab6-d20d6134e041","block_type":"box","text":"Closed-End Funds","page_number":233,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"239efd41-e614-4ccd-b045-27f6ea8fbc43","block_type":"box","text":"□","page_number":233,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"f76151c6-d63b-47b5-a42a-e46124baa080","block_type":"box","text":"Other","page_number":233,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"c3b0dbc4-bd25-4791-a59d-cd7c7f7c6077","block_type":"box","text":"Objective and Scope","page_number":233,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"1c029d3a-07c5-4bcf-ac24-973b643e3518","block_type":"box","text":"Set forth below is the Index Equity Fund Proxy Voting Policy.","page_number":233,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"c01ea3de-a532-4383-9013-6f298d45a5f2","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":233,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"d85299cd-eedf-43c0-b200-43cffa290338","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":233,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"b819bcc7-5ee6-49fc-9e1f-3278dd7a87a8","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":233,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"6b0f6128-dd39-42c6-8fcf-d73cbe4f82e9","block_type":"box","text":"voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of","page_number":233,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"718802ad-3466-4744-a0d0-a571aa183915","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":233,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"7196bf77-c1b1-4fc0-8a50-938543d67a75","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":233,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"50ea2db0-e6f1-4d20-817b-1c2e486b5524","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":233,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"d5155610-0181-4ac7-8440-55cf49dbf7c8","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":233,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"241f8be9-4233-41ec-85b6-858c6c5df376","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":233,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"75616f7d-ea2a-4374-b84c-9a882dd9dc10","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":233,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"a944636f-371d-4234-b605-9276d8e4a04a","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":233,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"2927e866-ac7c-4f55-b2b6-cc0d2440f3e6","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":233,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"2861f530-479a-45bb-b747-ad4046c70c16","block_type":"box","text":"Appendix A.","page_number":233,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"cb104023-dd25-4c20-9e30-f14da123c622","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":233,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"4ea3ce5c-f522-4c74-bd0a-1f1f7500ea6a","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":233,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"84b741f9-4393-4eff-8edb-52372336486a","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":233,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"4fe281b9-b3d5-4f34-a94a-7897e1a8f172","block_type":"box","text":"Conflicts Management","page_number":233,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"99261cbc-e087-4847-bbbc-53bde38a1bd8","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":233,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"409710df-17de-446a-8af4-6263e3afa9b4","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":233,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"e22d70fc-7a7d-421a-b9ec-a27b017409de","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":233,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"b983ec64-859d-4fa5-a532-c22c18db6444","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":233,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"18b0eb96-514c-4766-8f61-ab6fa54cd77c","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":233,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"1e47c17f-ecfc-440e-a528-9c304176aa13","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":233,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"213081c9-6677-4f70-bb3e-7394576b4a9b","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":233,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"d0106628-074a-4177-8d53-80063a19498f","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":233,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"d596a814-3c19-42d0-90f4-428db5c4e8ef","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":233,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"3676ca0c-5c79-4d5c-9aed-70ff136bff79","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":233,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"80f20331-a039-48c7-ada9-013ec0544ae9","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":233,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"239dc733-2111-4c2c-b5f2-7255387014d9","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":233,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"5858d9b6-244b-4adb-a842-6ee94a4a373a","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":233,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"0a80aa4f-7812-4ba4-ab62-f216a550e43a","block_type":"box","text":"connection with proxy voting.","page_number":233,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"d9ced4dc-8f1e-4a16-929b-f2240e895398","block_type":"box","text":"Reports to the Board","page_number":233,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"5b0bab5f-dcfe-4045-838f-7e0b57ccc187","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":233,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"9765649d-b52b-4b0b-8b63-ccda9539d9cb","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":233,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"d3419da4-4369-4891-bee0-5f8b7dc018d1","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":233,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"8872efe7-2758-40a2-aac8-eeb32e261fca","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":233,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"ed34bd07-42d9-4ec9-b02a-72a4213f4754","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":233,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"dc9f4c30-cb4a-4f1e-8685-4d34391ced66","block_type":"box","text":"been reported.","page_number":233,"box":{"x":102,"y":882,"width":104,"height":10}},{"id":"453a059d-2860-4150-ac45-19997d936e1a","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":233,"box":{"x":651,"y":45,"width":259,"height":11}},{"id":"e6cbe85f-dfd9-4a0c-ac2c-0fe9eef463b4","block_type":"box","text":"BlackRock","page_number":233,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"95dfd6df-98ae-4621-981c-b87f0e549f9c","block_type":"box","text":"Public Page 1 of 2","page_number":233,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"c04cd938-28c3-4081-b9fc-bea54b6b1026","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b728d781-0e92-4151-b6cf-780ee9c9326f","block_type":"box","text":"Appendix A","page_number":234,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"a07f5380-caf8-4bb8-911e-eba59882f1e1","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":234,"box":{"x":135,"y":98,"width":389,"height":9}},{"id":"f3d22832-aaa8-4541-8ec1-c9898deea630","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":234,"box":{"x":135,"y":120,"width":274,"height":9}},{"id":"5ab8be40-be80-4f9b-b931-e245f78da3b7","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":234,"box":{"x":135,"y":143,"width":261,"height":9}},{"id":"3f5cd4ce-c39c-4556-b573-3b8b0c88328b","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":234,"box":{"x":135,"y":166,"width":268,"height":9}},{"id":"bdadb198-39be-47a1-a8a7-d565bebf1a85","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":234,"box":{"x":135,"y":188,"width":250,"height":9}},{"id":"d2243b6b-0c1c-4ee6-9d32-2c49430cb609","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":234,"box":{"x":135,"y":211,"width":257,"height":9}},{"id":"1a6ed99d-1d2a-4426-9160-c33fcb0783e3","block_type":"box","text":"iShares MSCI ACWI Low Carbon Target ETF","page_number":234,"box":{"x":135,"y":234,"width":304,"height":11}},{"id":"3555adc5-ba7d-410d-b028-3e9d5c47227a","block_type":"box","text":"iShares MSCI KLD 400 Social ETF","page_number":234,"box":{"x":135,"y":256,"width":242,"height":9}},{"id":"6aad78b5-ea8f-4f2a-873b-8296a6fd7b3b","block_type":"box","text":"iShares MSCI USA ESG Select ETF","page_number":234,"box":{"x":135,"y":279,"width":245,"height":9}},{"id":"cef942c7-6078-4569-ad51-f925efef3d57","block_type":"box","text":"iShares Paris-Aligned Climate MSCI USA ETF","page_number":234,"box":{"x":135,"y":302,"width":315,"height":11}},{"id":"4296c0c7-7385-48fd-9216-3a3ed50ee2e6","block_type":"box","text":"iShares Paris-Aligned Climate MSCI World ex USA ETF","page_number":234,"box":{"x":135,"y":324,"width":380,"height":12}},{"id":"2e37e96c-4583-4931-9961-e91cdb79dc5d","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":234,"box":{"x":651,"y":45,"width":259,"height":11}},{"id":"356147f9-641f-4b2e-a9a3-c997d2ba88ba","block_type":"box","text":"BlackRock","page_number":234,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"702168ad-e257-44e4-b5ef-1363f4c52e95","block_type":"box","text":"Public Page 2 of 2","page_number":234,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"ebc57553-6d7e-4b03-868f-10a14daa262c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eac91b09-1999-47bb-8a4f-4bb38ab1c34a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"f073f3ff-89aa-4388-a811-101197c7af86","block_type":"box","text":"Global Principles for Benchmark Policies","page_number":235,"box":{"x":341,"y":67,"width":296,"height":11}},{"id":"f8e8b25a-65ad-43ea-8a4e-b126fd28b836","block_type":"box","text":"Effective as of January 2025","page_number":235,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"f460418e-9e64-4db5-8bad-3f52f199be91","block_type":"box","text":"BlackRock","page_number":235,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"cae42e79-51be-4b85-a68f-0ca736b7195b","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40ef4300-b511-4fa4-add3-0a3abf84a9e1","block_type":"box","text":"TABLE OF CONTENTS","page_number":236,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"60b45b8a-cc3b-4ef0-9f7d-ba15d3e4de50","block_type":"box","text":"Page","page_number":236,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"1132d56f-9948-4f0e-a6b2-f2eebcce487e","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":236,"box":{"x":74,"y":84,"width":451,"height":9}},{"id":"ab4bf4a9-9c17-4d07-b19f-f4685b392353","block_type":"box","text":".......................................... 3","page_number":236,"box":{"x":528,"y":84,"width":376,"height":9}},{"id":"dfe9b272-2eb9-459a-8494-c5fc96903de6","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":236,"box":{"x":74,"y":101,"width":337,"height":9}},{"id":"c443b3a1-3526-4195-b1bd-4c9e59c694fe","block_type":"box","text":"........................................................ 3","page_number":236,"box":{"x":414,"y":101,"width":490,"height":9}},{"id":"b6e7815e-4ead-480c-aa94-c1a1188d7c1f","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":236,"box":{"x":73,"y":117,"width":172,"height":9}},{"id":"f3f61390-5948-40b6-bf5b-2959d4a09023","block_type":"box","text":"............................................................................ 3","page_number":236,"box":{"x":251,"y":117,"width":653,"height":9}},{"id":"e0d1a8ce-d401-426f-8015-1291c533960f","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":236,"box":{"x":73,"y":134,"width":210,"height":8}},{"id":"a8fb13ab-b111-48f7-945d-4f1a72093351","block_type":"box","text":"....................................................................... 4","page_number":236,"box":{"x":292,"y":134,"width":612,"height":8}},{"id":"2ebe2407-1323-4037-a119-69170a82754b","block_type":"box","text":"KEY THEMES","page_number":236,"box":{"x":74,"y":150,"width":96,"height":9}},{"id":"fe3b4fe4-9d5e-428b-9358-15db0c4ec0ca","block_type":"box","text":"..................................................................................... 4","page_number":236,"box":{"x":177,"y":150,"width":727,"height":9}},{"id":"5c830262-402e-45fa-b4ea-bb9e30b5e0f7","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":236,"box":{"x":74,"y":166,"width":190,"height":9}},{"id":"4a717fa4-d6fd-4217-a571-fd66e04afaa5","block_type":"box","text":".......................................................................... 5","page_number":236,"box":{"x":267,"y":166,"width":637,"height":9}},{"id":"d83f215c-2f3c-4ca3-a0a5-465678f9d57b","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":236,"box":{"x":73,"y":183,"width":294,"height":9}},{"id":"8a3ee030-05b5-424e-ac61-296cc82c6186","block_type":"box","text":"............................................................. 7","page_number":236,"box":{"x":373,"y":183,"width":531,"height":8}},{"id":"2fde5236-100d-40bd-9437-1c572119b13b","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":236,"box":{"x":74,"y":199,"width":639,"height":11}},{"id":"c9bd9a96-6057-4b08-93fc-a5d317752f26","block_type":"box","text":"................... 8","page_number":236,"box":{"x":716,"y":199,"width":188,"height":9}},{"id":"bd887a29-e149-4715-a4ba-bc935ba75f88","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":236,"box":{"x":74,"y":215,"width":207,"height":9}},{"id":"2e02d25d-c45e-468f-9bee-03f7ca2b2e37","block_type":"box","text":"....................................................................... 8","page_number":236,"box":{"x":292,"y":215,"width":612,"height":9}},{"id":"b435899f-dc73-4395-8e7b-348e3063c6fd","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":236,"box":{"x":74,"y":232,"width":484,"height":9}},{"id":"3fe16737-c1c9-4221-bf6f-5590f5f73a36","block_type":"box","text":"...................................... 9","page_number":236,"box":{"x":561,"y":232,"width":343,"height":9}},{"id":"a01e4305-b455-4365-9609-004ab917894c","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":236,"box":{"x":74,"y":248,"width":594,"height":9}},{"id":"d20750e7-6eb3-413a-8f3a-08231a9a30f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":236,"box":{"x":675,"y":248,"width":229,"height":9}},{"id":"7c2ace67-57ae-4040-9449-5261347797ce","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":236,"box":{"x":73,"y":265,"width":207,"height":8}},{"id":"a3a6232e-b7bd-4878-a327-4a414261c23b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":236,"box":{"x":283,"y":265,"width":621,"height":8}},{"id":"ab5813da-6731-4249-a5f9-5f108db5ae6a","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":236,"box":{"x":74,"y":281,"width":553,"height":9}},{"id":"58fc5460-b6e4-4ba3-b1a0-4e4a7e366e56","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":236,"box":{"x":634,"y":281,"width":270,"height":9}},{"id":"e6633752-a3fb-424f-be0e-97df6bfe2f6d","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":236,"box":{"x":73,"y":297,"width":321,"height":9}},{"id":"b95383f4-9685-44de-b164-0e18f081a4c4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":236,"box":{"x":398,"y":297,"width":506,"height":9}},{"id":"06caa1ec-614d-4a73-ba9a-fab802c68cac","block_type":"box","text":"VOTING CHOICE","page_number":236,"box":{"x":73,"y":314,"width":118,"height":9}},{"id":"54106cc5-d838-428c-bf26-e3cd7894f79b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15","page_number":236,"box":{"x":194,"y":314,"width":710,"height":9}},{"id":"43a81a08-4f9c-49c3-8d6d-b5cecb10133c","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":236,"box":{"x":74,"y":330,"width":415,"height":9}},{"id":"54452148-72cd-4e37-a8d9-43a51f690e6a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15","page_number":236,"box":{"x":495,"y":330,"width":409,"height":9}},{"id":"59de8626-0d9f-486c-8911-3d6b6d5c1f39","block_type":"box","text":"SECURITIES LENDING","page_number":236,"box":{"x":73,"y":346,"width":159,"height":9}},{"id":"4eb682dc-368c-4417-892e-87c752645f82","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16","page_number":236,"box":{"x":243,"y":346,"width":661,"height":9}},{"id":"c3f05718-b8f4-4402-b511-2a4d281fe802","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":236,"box":{"x":74,"y":363,"width":293,"height":9}},{"id":"9e9a1f7d-4548-432c-9817-8509f2342933","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17","page_number":236,"box":{"x":373,"y":363,"width":531,"height":9}},{"id":"681fe283-adbc-4258-b6ec-e55320e4cfed","block_type":"box","text":"The purpose of this document is to provide an overarching explanation of BlackRock’s global approach to our","page_number":236,"box":{"x":75,"y":409,"width":778,"height":12}},{"id":"9bdc5151-fccf-4052-bf90-7dc63ca51475","block_type":"box","text":"responsibilities as a shareholder on behalf of our clients, the principles that guide our dialogue with","page_number":236,"box":{"x":74,"y":423,"width":711,"height":12}},{"id":"25f6a33a-d0c2-4ff4-b544-24c842e6ba4c","block_type":"box","text":"companies, and our commitments to clients in terms of our own governance and transparency.","page_number":236,"box":{"x":74,"y":437,"width":674,"height":11}},{"id":"338b366c-08db-4f4c-80d7-6b7aad272c08","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"daea5e90-718a-43fb-8d68-67837d2fb5dc","block_type":"box","text":"Global Principles | 2","page_number":236,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a879c0cf-e94b-4e71-ac60-c7dfc2e59d1e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dad504cc-8a99-443e-979e-fd2ab8fa5c04","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":237,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"5f6696e6-1589-4e80-92b4-d59dbfde1299","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our","page_number":237,"box":{"x":102,"y":67,"width":776,"height":12}},{"id":"c6d41521-35ad-441a-9bd9-1b2b3fa043d8","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":237,"box":{"x":69,"y":82,"width":839,"height":12}},{"id":"bd0bf8c4-a84a-4692-9b81-9688f1e6285d","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":237,"box":{"x":69,"y":98,"width":779,"height":11}},{"id":"9ee59575-8e40-4bf4-a08c-ca6fd64ba26a","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which is responsible for engaging with public","page_number":237,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"a9eccb06-d267-4b98-8514-2938bf0d231a","block_type":"box","text":"companies on behalf of index strategies. Investment Stewardship is one of the ways we fulfill our fiduciary","page_number":237,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"6b209f79-f536-47c4-a0d8-00ec8e1afa09","block_type":"box","text":"responsibilities as an asset manager to our clients. Our sole objective when conducting our stewardship program is","page_number":237,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"a02f91db-c984-485b-a8ea-f0d84df1b748","block_type":"box","text":"to advance our clients’ long-term financial interests.","page_number":237,"box":{"x":68,"y":158,"width":370,"height":11}},{"id":"a93909e3-4d45-469e-8d4e-186e19b42c01","block_type":"box","text":"1","page_number":237,"box":{"x":440,"y":158,"width":4,"height":5}},{"id":"59dc5b5a-3519-4957-853d-ff835b74223c","block_type":"box","text":"BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of","page_number":237,"box":{"x":102,"y":181,"width":791,"height":11}},{"id":"9b1d3c26-786d-494d-9c38-e054919f6fd8","block_type":"box","text":"our clients. BIS does this through:","page_number":237,"box":{"x":69,"y":196,"width":242,"height":11}},{"id":"01c156b9-70ba-4c54-a7f6-4a710b92d7e9","block_type":"box","text":"1. Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":237,"box":{"x":70,"y":216,"width":823,"height":11}},{"id":"15a9baf1-efb6-4efe-b7f0-fcbf8a948274","block_type":"box","text":"our voting decisions.","page_number":237,"box":{"x":102,"y":231,"width":145,"height":11}},{"id":"07021d53-53ae-42e5-ad6f-f9cc5f2ef1d8","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have","page_number":237,"box":{"x":69,"y":251,"width":783,"height":12}},{"id":"a911c3a0-ae02-4e0d-ab53-01308b946f58","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":237,"box":{"x":101,"y":267,"width":284,"height":11}},{"id":"cda30955-373d-4186-9215-dee266b4a2ec","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our","page_number":237,"box":{"x":69,"y":287,"width":795,"height":11}},{"id":"97b7b06f-dacc-47ba-a11e-378e7ce68ebb","block_type":"box","text":"clients’ investments.","page_number":237,"box":{"x":101,"y":302,"width":147,"height":9}},{"id":"02a87392-b867-42d8-9156-06ee241ba145","block_type":"box","text":"4. Reporting on our activities to inform clients about our stewardship efforts on their behalf through a range of","page_number":237,"box":{"x":69,"y":322,"width":803,"height":11}},{"id":"15647e10-2439-49b9-a1f8-65333fd55b81","block_type":"box","text":"publications and direct reporting.","page_number":237,"box":{"x":102,"y":337,"width":234,"height":11}},{"id":"58babc04-9e94-413c-baf1-921a4d5fd17d","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":237,"box":{"x":321,"y":367,"width":337,"height":9}},{"id":"a06413d0-94ec-4468-8cc2-24f64d0f1e74","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term","page_number":237,"box":{"x":102,"y":390,"width":786,"height":11}},{"id":"0925609c-0dae-402d-8001-ec6ac9a0a2fa","block_type":"box","text":"financial value creation. Research indicates that high-performing companies will effectively evaluate and address","page_number":237,"box":{"x":68,"y":405,"width":806,"height":11}},{"id":"e86e7589-bfbe-4467-a676-4942f7e73d0b","block_type":"box","text":"risks and opportunities relevant to their businesses, which supports durable, long-term financial value creation.","page_number":237,"box":{"x":69,"y":420,"width":795,"height":11}},{"id":"affed3bd-ca30-4925-a31a-685404f12896","block_type":"box","text":"2","page_number":237,"box":{"x":866,"y":420,"width":4,"height":5}},{"id":"665a3ce5-2fa8-4d65-8cd8-81385bed6467","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":237,"box":{"x":102,"y":443,"width":802,"height":11}},{"id":"15a9e5b0-bdb3-4d66-aa82-773627cb7bd8","block_type":"box","text":"minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation.","page_number":237,"box":{"x":69,"y":458,"width":819,"height":11}},{"id":"f27e3597-de95-4299-b895-fd94769b63ed","block_type":"box","text":"Our role, on behalf of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is","page_number":237,"box":{"x":69,"y":473,"width":833,"height":11}},{"id":"8b65a6f8-2b6f-488c-8abd-cc53ed9f868d","block_type":"box","text":"managing material risks and capitalizing on opportunities to help protect and enhance the company’s ability to deliver","page_number":237,"box":{"x":69,"y":488,"width":840,"height":11}},{"id":"a8442a1e-d566-4bd3-a3a3-26f69ce89f55","block_type":"box","text":"long-term financial returns. We aim to take a globally consistent approach, while recognizing the unique markets and","page_number":237,"box":{"x":70,"y":503,"width":829,"height":12}},{"id":"9458e718-bad5-4f3a-b4e8-9eb8e4abba14","block_type":"box","text":"sectors in which companies operate.","page_number":237,"box":{"x":69,"y":519,"width":260,"height":10}},{"id":"cb97705b-ab38-4586-a541-257b656e868d","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":237,"box":{"x":403,"y":549,"width":172,"height":9}},{"id":"3e0c2396-1f40-4338-8047-383abfca9e82","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to","page_number":237,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"b53bbf67-03a8-41a5-924a-e0e261e5e9eb","block_type":"box","text":"shareholding. Shareholders should have the right to:","page_number":237,"box":{"x":69,"y":586,"width":373,"height":12}},{"id":"ad2d6953-c3b5-4729-8579-55b884fb371a","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":609,"width":6,"height":5}},{"id":"167f7f92-d6d6-4f05-a96f-596c22b4a2d8","block_type":"box","text":"Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter","page_number":237,"box":{"x":102,"y":606,"width":805,"height":11}},{"id":"35aeed85-025a-45da-b35c-5ca4719921a4","block_type":"box","text":"or by-laws.","page_number":237,"box":{"x":102,"y":622,"width":72,"height":11}},{"id":"910c8afe-a997-4f62-a18a-832a75f190c5","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":645,"width":6,"height":4}},{"id":"b68ce3ff-1655-4573-b786-3cb34404f2df","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":237,"box":{"x":101,"y":642,"width":789,"height":11}},{"id":"54e2d987-f432-49a3-8888-bcea86a8da4b","block_type":"box","text":"changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income","page_number":237,"box":{"x":101,"y":657,"width":779,"height":11}},{"id":"f0272a92-7859-4df1-a4bd-158b53c033b3","block_type":"box","text":"and capital structure.","page_number":237,"box":{"x":102,"y":672,"width":150,"height":11}},{"id":"12fca4d7-7567-4503-90ce-7a581f4871f8","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":695,"width":6,"height":5}},{"id":"db0dbca5-b55e-4105-b16a-a7cee79ac097","block_type":"box","text":"Access sufficient and timely information on material governance, strategic, and business matters to make","page_number":237,"box":{"x":101,"y":692,"width":757,"height":11}},{"id":"b7d6da5b-98a3-4d35-9e64-2881d91a834f","block_type":"box","text":"informed decisions.","page_number":237,"box":{"x":102,"y":707,"width":138,"height":9}},{"id":"84639d68-cd92-4117-9634-39465fee1115","block_type":"box","text":"1","page_number":237,"box":{"x":69,"y":737,"width":4,"height":4}},{"id":"0d185205-d4b8-4d7d-b61d-7daf42c1d449","block_type":"box","text":"BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality","page_number":237,"box":{"x":79,"y":737,"width":808,"height":11}},{"id":"adbc4761-66e6-44bc-8e31-8edce88b855f","block_type":"box","text":"based approach and are focused solely on advancing clients’ financial interests. BIS’ Benchmark Policies –","page_number":237,"box":{"x":69,"y":752,"width":765,"height":11}},{"id":"ae3e59da-9cf2-4102-8e36-2a4d943046c8","block_type":"box","text":"comprised of the BIS Global Principles, regional voting guidelines, and engagement priorities – apply to clients’","page_number":237,"box":{"x":69,"y":767,"width":788,"height":11}},{"id":"9c31d49f-ae06-4ef7-916d-916636b4caff","block_type":"box","text":"assets invested through index strategies and provide guidance on our position on common corporate governance","page_number":237,"box":{"x":69,"y":782,"width":805,"height":11}},{"id":"0bea2795-4faa-4824-befc-55fcabf03c58","block_type":"box","text":"matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which","page_number":237,"box":{"x":69,"y":797,"width":768,"height":11}},{"id":"aa2bae2a-defa-4837-92e9-a1f06f113890","block_type":"box","text":"companies operate. BlackRock offers a wide range of investment products and funds to support our clients’ unique","page_number":237,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"9537eadd-5fde-49f3-b412-0c2d09891474","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":237,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"f6ea2c4b-403b-4e88-9f4e-eff37be6ab14","block_type":"box","text":"2","page_number":237,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"29046877-b70a-45f6-bec9-ca0f7b0016e9","block_type":"box","text":"PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":237,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"e828cb6f-ab4b-486f-9312-5a9014bb0df7","block_type":"box","text":"High-Performing Companies Apart”, March 2024.","page_number":237,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"476c48da-6dbf-4ff1-97fc-a535854c685d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a6f3d4cd-6561-4abd-9f38-e9e4a17c8b36","block_type":"box","text":"Global Principles | 3","page_number":237,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"76f331b5-80d2-4cec-983e-5fda438f30a9","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1956638f-9402-42c5-a838-85270c25ba96","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":238,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"e7d3e669-09c2-41d1-b7af-d5f704859ad2","block_type":"box","text":"voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":238,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"94debf4c-bcbe-406e-bebb-c7038e9f0aa9","block_type":"box","text":"this balance.","page_number":238,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"ae22d66b-6139-46f9-b8a8-fe2e2b458536","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":238,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"cb7e8689-fec4-4225-8e02-6682f7bf7a1e","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":238,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"229537d9-e982-483e-a1f5-6ad250447ef2","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":238,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"c22be907-bcf4-4222-ae25-92cc3d5e4ff0","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":238,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"c8230742-f0ef-40e5-8693-9bdb40832882","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":238,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"59e368ba-1aab-42d2-9a89-5584970d1b6c","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":238,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"1075b2fd-91dc-4ae2-88c5-322a8192e0c0","block_type":"box","text":"management or its shareholders. Voting is an important mechanism for investors to express support for, or concern","page_number":238,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"d7a50568-84ca-4d60-ad49-dbeabaf2e9e3","block_type":"box","text":"about, a company’s performance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":238,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"01d868ff-025c-42ee-a1ec-504a655f397c","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":238,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"3373059a-2e7c-453a-933f-0aa235724e72","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":238,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"a12a5e48-b25c-40b6-a8bd-3bb4e77e0ef0","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":238,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"c898341c-bee7-4e2b-9679-d28013f3d37c","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":238,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"85c63c82-a754-4c8d-ac84-465ffda77188","block_type":"box","text":"engagement with boards and management teams, third-party research, and comparisons against a company’s","page_number":238,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"34508fba-c422-4939-a8f4-d5e0b552eda9","block_type":"box","text":"industry peers.","page_number":238,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"b3aadfae-9cd8-40f2-b3b0-16fb3ad1f9b4","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":238,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"363fc6d4-b41f-43e3-a116-d6cc20da79e3","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":238,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"e51feaa6-588a-44b0-a1be-23acbed519c4","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":238,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"e92be4ef-aae1-4b97-9f1a-d66af9766024","block_type":"box","text":"opportunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":238,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"4dc99e7b-f327-427b-8919-9911a8b404cd","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":238,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"c81f8f27-a2c1-4a60-9d65-db8d0598939b","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":238,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"1c783cfe-00d6-4d06-8e01-6459a4c58af4","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and opportunity set, and management’s plan to deliver","page_number":238,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"aa470d68-428f-426c-ba0c-c521283d3909","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":238,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"a0215e27-2e2c-424e-88c3-80c1b5dba40c","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":238,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"5f8bc32e-f6cf-4df1-bfd5-c140fb70195a","block_type":"box","text":"drivers of long-term financial performance.","page_number":238,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"aec96835-281f-46e4-90d2-9d627b3c1957","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of","page_number":238,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"5fd9c13e-fe7a-481f-8131-aa648611790f","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":238,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"c7600e38-acb1-463d-a3b7-e5d531dae034","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":238,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"0a33ecfb-0c3f-4e0d-97ff-09f5ec7f1bf5","block_type":"box","text":"forms: we might not support the election of directors or other management proposals, or we might not support","page_number":238,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"54df5135-d7a2-4622-ad32-f99fe5639d6b","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":238,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"4ddddeeb-a750-40b8-9579-3ce90aa3be3e","block_type":"box","text":"KEY THEMES","page_number":238,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"c7fecec7-8c5a-409b-bf82-0093607b733b","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":238,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"9f16842e-5619-4c15-a19b-474adc61efa3","block_type":"box","text":"there are certain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":238,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"d86c8b5d-954b-41cb-bdc9-30330f70f06d","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":238,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"0ed405b5-d650-44fb-8897-19b989ec5f5c","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":238,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"57f237ff-fa55-40c7-8979-be64116f98e8","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":238,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"25380909-5691-471a-9be5-781aaaa74483","block_type":"box","text":"their domestic market,","page_number":238,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"86c1c6dd-b6ae-4512-bb2d-a7aafdedd2bb","block_type":"box","text":"3","page_number":238,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"dac5de0f-3275-439f-abb7-ab84c621ee47","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long","page_number":238,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"a271e62f-8cfd-463c-a7c2-49dd7384c68e","block_type":"box","text":"term financial value creation.","page_number":238,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"396d9281-aa15-4bac-bd6f-312aae5082b8","block_type":"box","text":"These Principles cover seven key subjects:","page_number":238,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"1ee7f2ca-32b4-47d7-9860-8412059aa40b","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"66cfc0f4-a1a9-4d8b-9e0a-f8008f6a71b9","block_type":"box","text":"Boards and directors","page_number":238,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"3eafec9b-b99f-4848-8edb-cb71a108cc79","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"f3e8ea70-f3e7-48f2-87f9-ba47c77a519c","block_type":"box","text":"Auditors and audit-related issues","page_number":238,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"e29901e9-063b-4bd2-a295-f698b82eaa74","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"17d7421f-a284-49be-add0-bf13ad8e7587","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":238,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"40f40c0c-3657-43ec-acec-fc668a8494bd","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"f6c610ec-6038-4f1e-a34d-30b0663e7553","block_type":"box","text":"Executive compensation","page_number":238,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"d92f4ef2-7238-4751-ac4c-13c2cd12200c","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"a2c822cd-cef4-4243-a196-bbf0121f6dbd","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":238,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"b42ed9c5-f074-46c4-ac4a-b40e5173c62a","block_type":"box","text":"3","page_number":238,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"3163e49b-88ee-41aa-87c4-312be1572a64","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":238,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"a8d4d373-9141-4b75-a458-975320e07726","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":238,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"2fda09b4-5c20-4745-bfa4-c28263aa1e38","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":238,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"15c03b4f-74d4-4a60-a1a7-8ea6cd984431","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"636a089b-fcc8-4fb0-9b7f-9cd02887ec28","block_type":"box","text":"Global Principles | 4","page_number":238,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"82413815-e6c8-48cd-a7c9-9d11489eea0a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"504a4e7c-56ae-4532-988c-41da398fe4bc","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"5a093891-29e8-49c3-912f-9d3fed7d8c13","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":239,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"de329b75-6c86-42d0-a0b3-50d267a3fb7b","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"3026a76c-202f-4f53-9165-827e7a2b042f","block_type":"box","text":"Shareholder proposals","page_number":239,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"f2eca114-d699-4db1-ac78-7667983c09e6","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":239,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"4d4fe151-dc3a-409a-89d8-41f763c5a592","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":239,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"a305ed77-4627-49b4-8690-ebdb94f34757","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":239,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"47a91a0a-e844-4676-a290-0659cceeeb64","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":239,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"1fed0bbd-8058-4385-90b7-2c1544501229","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":239,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"635f53fb-7bc1-47bc-8039-54f83e317c5c","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":239,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"35b34e49-6a88-4c77-8263-c058d377d29f","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":239,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"579f35b2-8250-4cce-b793-22f489b912a3","block_type":"box","text":"environment within which a company is operating.","page_number":239,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"e82d642e-b5d4-4f5f-8c0f-117d4ce5f9b7","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":239,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"89afded7-4b0e-4366-8d71-4abf542d39cc","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":239,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"7914d3c2-71c2-4606-8a85-9cb3f692161a","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":239,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"7173f4d0-95ee-4ed2-b45d-ab87bf5d2bba","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":239,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"b26c69af-411c-4490-9fcb-56996cd2f2bf","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial","page_number":239,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"9c845488-dfce-4198-a2b7-1fb047dbf540","block_type":"box","text":"performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":239,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"67f6dec2-91c0-4005-b28e-9f83e0e0027c","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts","page_number":239,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"66664bb4-7979-46e3-b47a-420f98f92a27","block_type":"box","text":"have always started with the performance of the board of directors, and why we see engagement with, and the","page_number":239,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"52f01fe2-e7d7-444b-9da0-d24d342125e4","block_type":"box","text":"election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the","page_number":239,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"1c912004-2387-4c36-976f-224f5e814db0","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":239,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"d91c5608-2ce8-437e-9b0b-a974cea0495f","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":239,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"fc90e9a5-d4e4-418b-941e-1f7ee960dd1d","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":239,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"033b5cb1-18df-4d22-a0f4-013a6e482b82","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":239,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"b490d404-edd0-48a4-9d1c-7ffa7585dca7","block_type":"box","text":"governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long","page_number":239,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"33e62fb9-59d8-44b2-9def-64dc5331cbf9","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":239,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"82912d3d-8766-4a10-a63f-94efcfe704d9","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":239,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"bc2e10c3-433a-4ad7-9d87-c5fd1bd349ea","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":239,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"d685a52f-f352-4108-a515-c0036ddc773b","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":239,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"edbc4e40-ea0d-4f51-af49-f0b0eb009f0b","block_type":"box","text":"managing, and mitigating such risks.","page_number":239,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"64cdc4e5-5bda-46f5-ab34-2f1649eb1ce3","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":239,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"8f3411c8-3f7b-49c6-a68c-7784b17796ba","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":239,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"808d1f45-6cc3-4545-9094-69520f4a9646","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":239,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"c721b823-182a-4523-83fe-42b3f9ae4374","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in","page_number":239,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"8d698378-f187-400a-9fb3-d939037bb789","block_type":"box","text":"overseeing the management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":239,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"91f3dc3c-32d6-46c1-9c37-85e3fb5610d1","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":239,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"4edebdd1-ffaa-4b73-b430-885c48d6ddf5","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":239,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"f2d021e0-a0ef-4b2c-8fe1-f4837cee52ad","block_type":"box","text":"assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis","page_number":239,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"e1ebbc24-5d9b-4ba3-825a-c46006c79ec2","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":239,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"8b25f058-c308-45c3-9c09-82216febff66","block_type":"box","text":"support durable, long-term financial value creation, and performance. Set out below are factors we may take into","page_number":239,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"c1a2917b-dbef-4163-b089-208cd550a290","block_type":"box","text":"consideration.","page_number":239,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"93d393e5-e7b8-401f-ae05-c34bfe9a86b4","block_type":"box","text":"Regular accountability through director elections","page_number":239,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"898bbdb1-28be-418f-b276-b0ba51c246ed","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":239,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"ad86b804-b448-4653-9ebd-035734de9f48","block_type":"box","text":"regular basis, ideally annually.","page_number":239,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"920e6ba1-8add-4596-b999-92ee6bba9f94","block_type":"box","text":"4","page_number":239,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"8df32028-e3a7-4813-9d7c-bca10f858c08","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board","page_number":239,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"e9b0dfa0-37cf-4461-a14e-dcf3d68a859e","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":239,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"0c4d1112-98b9-4e83-8905-66ae295c138d","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":239,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"0b8a8b87-a785-43ac-9f9c-d3a1285ca777","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":239,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"2e1f547d-6b26-46b8-95f7-0d8b12dc9b0e","block_type":"box","text":"election at each annual general meeting.","page_number":239,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"83a4c576-195a-4b41-ab84-c342831032a8","block_type":"box","text":"4","page_number":239,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"6df82677-b4e9-4b4f-8c50-b7a5009509f5","block_type":"box","text":"In most markets directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":239,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"a1d4d989-1c0d-4c5e-9368-27aa6ac5d531","block_type":"box","text":"market regulation or voluntary best practice.","page_number":239,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"0440c432-3c2f-41e6-9944-0d337e8edd41","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a131b30d-b377-4c04-9272-c68ef2626311","block_type":"box","text":"Global Principles | 5","page_number":239,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a6a8d415-4293-4180-a583-5d7e2a0e93e6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"415b9fff-bb2b-4b87-84dd-6f04805d6ae3","block_type":"box","text":"Effective board composition","page_number":240,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"95a94622-56e3-41fd-b234-2974fc25ff3c","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":240,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"57c331f6-6a12-4eac-ae1d-69b9ef6f00ce","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":240,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"07feb256-e857-4419-abda-2c68507170c3","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":240,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"5121bf88-475e-4a2e-9e29-1335f3c3d121","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":240,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"667eae34-a9db-426b-8e1b-d1d112e53f26","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":240,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"2d3405d3-9ce3-4134-ae00-107f4ab34a8a","block_type":"box","text":"recently.","page_number":240,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"0330d2bd-6d33-4cb0-a58c-5fd916ff2abf","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":240,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"3b11ddb4-039f-4ca4-855b-c10c05d91cd2","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":240,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"f5a85261-b51e-4e8d-bc99-cf88e10daac7","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":240,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"3ebf0e4a-cf17-47a8-9d27-ce894553cb31","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":240,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"b6bcd889-29da-4809-98da-8db1247e6aa9","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":240,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"177fe815-117e-4e85-a678-41a7a9320209","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a central tenet","page_number":240,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"299fe328-8160-4876-a848-ad77fe896ef5","block_type":"box","text":"of sound corporate governance across markets.","page_number":240,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"4c6e6c95-886a-4d3a-895e-0b98b5361128","block_type":"box","text":"5","page_number":240,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"a03d208f-785f-4042-867a-b5a96252f2a3","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":240,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"187a2e67-bc19-4fc4-9690-cf2b70acdb70","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":240,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"f128c696-e316-457a-83bd-148769b2b6fe","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":240,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"ac57b83f-a62c-4fac-b205-6fcd6227ba94","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":240,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"d371ecbe-5740-4c52-9097-05e3b24afa00","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":240,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"fba69cd0-067d-4832-99b8-d0b1fd2c6947","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"50cf8a1d-621f-4306-a79e-a14f88216ae3","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":240,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"87e2df1a-aa03-4fda-8718-0103214ec621","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"ddb2c7f0-0e1d-4414-8ab1-771f1000b905","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":240,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"331597e7-9504-4d37-b8b1-abec3dff091b","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"090fdefe-44a4-4ee8-8186-88644951a111","block_type":"box","text":"Interlocking directorships","page_number":240,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"96d91c69-2157-43fe-b877-fb3544bda3e9","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"0bb02a86-7c6c-4f17-92a7-fc2ee0a2b8a2","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":240,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"173b5567-cc3d-4e51-bcda-bf3ae5af59d6","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":240,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"fbcd74ff-d265-46e1-9868-63b936e71174","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":240,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"e23021e5-dc39-4e6e-b939-03b377cf7bd4","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":240,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"4699d95a-f44a-4290-8f0c-7d0f69f639bc","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":240,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"246d416e-d663-4fac-ab24-5e9931d285e3","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":240,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"d1871957-40a5-4520-90aa-25694c1edf01","block_type":"box","text":"the board, and encouraging independent director participation in board deliberations. The lead independent director","page_number":240,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"1fdb8abd-0038-4edd-8662-f7fe83f694f2","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":240,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"4a445991-5995-49f4-af47-2ce033f0c15b","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":240,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"a211a62c-f490-4462-b163-a0f5c9a38ed7","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":240,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"800337bb-a3be-4fcf-a496-82409e745c90","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":240,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"d650bb49-fe31-4831-93af-4984c06f49a5","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":240,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"8cc36296-3ccc-41a9-93fc-1375225ed027","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":240,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"e7aa2d75-e5b9-4f2b-8bda-3b7df0f25388","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":240,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"0202a7d0-99b7-4773-a35b-6bf36427596b","block_type":"box","text":"transaction, particularly one involving a related party, or to investigate a significant adverse event.","page_number":240,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"71a4cd94-e154-458f-9608-89cdc76e7013","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":240,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"7baf4356-2807-48f7-95d8-523a9f7d0e49","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":240,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"5b8bdda8-ccb4-49ac-b20f-3c66d7304012","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":240,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"62a505e3-dacf-4c57-9cab-4f26dfca024e","block_type":"box","text":"and expertise of the board, as well as the particular skill sets of individual directors, aligns with the company’s long","page_number":240,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"ab072020-612f-4d4b-b86f-289f692f961d","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":240,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"03b35189-55e3-4bb6-9657-4106fc7141be","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":240,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"36e72634-894d-43b5-ab1d-05c467ab0b62","block_type":"box","text":"board discussions.","page_number":240,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"16226d3b-d094-47b1-bcd6-1e0e5cd6a75b","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":240,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"4d4f8715-51af-4edd-972a-92de87ad99db","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":240,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"3f19ce17-a3c2-4150-83ad-dfa7aa5a9290","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":240,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"79771aa3-3f8f-4bfa-8861-f3c835523a73","block_type":"box","text":"5","page_number":240,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"2124aa78-0368-4bdd-9cae-0cabca099feb","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting","page_number":240,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"0e961f47-f257-4f30-b455-72c28b1eb8b8","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":240,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"0e8b5d3c-ee83-46dd-8f17-d149903b7136","block_type":"box","text":"Principles for US Listed Companies.”","page_number":240,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"4ff1f0d5-e199-4fdc-b9a3-55a79e5fb938","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c54d4582-7651-43fa-b7ec-054635136059","block_type":"box","text":"Global Principles | 6","page_number":240,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"610f173b-768a-4c4e-a004-9abd6ac0db2c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b5d480d-324d-41dc-9955-6750cfb4bb7f","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":241,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"c5ab0063-cd79-4bae-b405-8adab2b47589","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":241,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"c7a307fb-c846-4435-8540-a43ea6353ffd","block_type":"box","text":"composition supports the company’s governance practices.","page_number":241,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"2a3ffa86-0029-4b95-9a0a-80d701fc17f4","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":241,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"bbb48ef8-ab74-4eb9-b464-40756bc30354","block_type":"box","text":"companies, particularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":241,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"e94c355b-6b79-41f3-9e99-66900dcf980a","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":241,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"f8d6efa1-2a55-4f44-853f-4e749b1fe39e","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":241,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"0a5c7ab6-b581-4ab0-8c7d-58ab9310c0ee","block_type":"box","text":"6","page_number":241,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"1113010b-5f12-4685-9c8a-bb672d05abda","block_type":"box","text":"Sufficient capacity","page_number":241,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"04cca7f0-dc39-41b9-b99a-0781f99e2d45","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":241,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"4f8204aa-5dc6-4ebb-abbe-d1ce587539dc","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":241,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"67df5eb5-7a4f-4cd8-8918-33658569df3f","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":241,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"51500aad-5d3c-47c6-a843-b1a65c0ae8b1","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":241,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"76db613d-f174-4679-b16c-c332ead42e12","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":241,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"c8bacd85-a51b-4d9d-aff9-745725e26612","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture","page_number":241,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"16086ceb-874b-47ac-9494-121b7bb77f9c","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":241,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"f31568ac-1f67-4135-9164-a11910a98271","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":241,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"da0c47f7-d03c-4976-857e-b51b91d4a27b","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":241,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"b8a40f07-a784-4378-9e81-703fdef688f7","block_type":"box","text":"under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize","page_number":241,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"64f282d8-bde9-4361-b9d6-ab528434436a","block_type":"box","text":"that a broader range of risks and opportunities have the potential to materially impact financial performance. Over","page_number":241,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"1333bc19-4415-44ae-b5f1-79deb27f55d6","block_type":"box","text":"time, we anticipate investors and other users of company reporting will increasingly seek to understand and","page_number":241,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"9b49da95-c9ed-4388-85c5-7cb55ad4e369","block_type":"box","text":"scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the","page_number":241,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"dcbc686e-a3ab-44a8-a92a-0d19ee589657","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":241,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"9ad90bf5-728f-4754-9b46-a6076f47af5f","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Reporting","page_number":241,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"a88a89b8-a4b0-40c1-954d-dab496b47bb9","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":241,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"61654711-18d5-4948-ad2f-6b247e582f7d","block_type":"box","text":"their guidance to companies.","page_number":241,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"ca75c81a-0b07-4ed8-ab0b-ccd2b7d91169","block_type":"box","text":"7","page_number":241,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"b919c3c0-6ece-4550-a756-8a46008662b3","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by","page_number":241,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"e1e851eb-69af-4a59-8c00-84c4a0376ccf","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":241,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"5f03d1cb-829f-45ac-a778-a816cb4bc8d8","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":241,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"aad1f3ec-281f-4d32-8858-c1d23f266647","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":241,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"af453284-9bab-44d5-a68c-86972f7fc452","block_type":"box","text":"8","page_number":241,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"e4079b9e-94b8-4308-b8ba-908b4cc0d8e5","block_type":"box","text":"In our view, effective audit committee","page_number":241,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"c04d0473-20d0-4930-af08-f92d70afb32a","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level","page_number":241,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"cb318629-e16b-4b38-a727-6e2c0676a6fa","block_type":"box","text":"of reassurance to shareholders.","page_number":241,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"4cb8705f-9855-47c7-bfd6-ae41501fd640","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and","page_number":241,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"0ee24fa4-217c-4a33-a3ba-a4cb7b468db7","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":241,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"7d3d06b8-700e-4646-833a-849b31bd8978","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":241,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"59ef35e7-e980-4629-a22d-bd55169709f7","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":241,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"7a2fc463-e547-4062-9851-c5fee65cfa58","block_type":"box","text":"relevant expertise to monitor and oversee the audit process and related activities.","page_number":241,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"7397afe0-e7ea-43c0-a3eb-4395307b5410","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":241,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"cd910cbf-589c-403e-ac10-20947a996f00","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":241,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"00a312c5-2a70-4718-8254-77ba8b644541","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":241,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"a446a1ef-6e35-4f08-a0d5-f2ac93e915d6","block_type":"box","text":"or internal audit function.","page_number":241,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"83bc6b8e-8b6a-4ce4-8f81-24419a05a029","block_type":"box","text":"6","page_number":241,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"d239529b-dcd8-48e7-a352-a49550b46a79","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":241,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"b13d1459-7c3b-4d40-8667-6104e8953d9c","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":241,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"c66514a8-0693-480a-b78b-0b0beecb8470","block_type":"box","text":"7","page_number":241,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"df7f53ea-7cf6-4440-8fac-4b56ab39ca4c","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":241,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"3f4ff8ca-3503-43db-a6d7-708ce9ce1d9a","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":241,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"219e648b-6adc-4906-a313-5859d6ca716d","block_type":"box","text":"August 2023.","page_number":241,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"daca4000-bf63-4b0d-b6d3-14c6ff42c8dc","block_type":"box","text":"8","page_number":241,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"8d1476a3-a4f8-4e20-84b5-03b41434543d","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":241,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"192452e1-6da2-4e01-a2a5-744df69b5410","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":241,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"36459340-7365-4368-9687-700f5c44c459","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":241,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"39e65522-70f9-4dde-9228-353d00099cff","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":241,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"3c6c0bc5-523d-4cd8-9739-dc2467e4cc8e","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":241,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"b964e128-3855-44e1-94f5-59460b708aea","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"197eb471-5bbb-4b14-864d-c890dec1a759","block_type":"box","text":"Global Principles | 7","page_number":241,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"44c3d0ae-adec-4230-bd44-32e36b2298d5","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea0d92d5-4602-40e2-b7e0-5a9aab4110f2","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":242,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"490e7d69-7b75-40d2-a85f-acacd34c485b","block_type":"box","text":"check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an","page_number":242,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"dcf4a2d8-9f43-4b08-b551-72f0f99ff200","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":242,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"80a88593-d8e0-4163-8350-152608873cb2","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":242,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"721952ca-aa31-4e30-8341-849c78d7b6fd","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":242,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"34d1047f-d937-4ddd-b5b1-f9ad97fdd47d","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":242,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"18c608aa-e35d-4f27-b1ea-418bfc1f3217","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":242,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"9e437413-3bc9-442a-869f-ae40e3b4b03b","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":242,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"a3f5c851-3de7-4b49-8534-0bf774c8d88d","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":242,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"59e1e01d-1cac-4c3f-bfc5-2cbd98ceb3b7","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":242,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"a73710ae-704a-4337-b5ca-8e9ac25c34e0","block_type":"box","text":"adequately managing risk.","page_number":242,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"4b5e92d0-9798-4ca0-aa44-e747c0007f2b","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":242,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"46517acd-9f25-402b-a749-d98e6ff3f0e1","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":242,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"61076728-441f-4dd6-91f7-34918260a5a4","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":242,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"876bb53a-b3b5-48a3-aa6e-06c91627609c","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":242,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"62876264-dc56-4d1a-8150-12ea9a2d2f14","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":242,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"92d30633-7e88-49b8-889d-c2a97b5c5508","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":242,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"e529f55f-5681-4a1d-a0a3-002f15131efc","block_type":"box","text":"and voting rights should match economic exposure,","page_number":242,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"038bdd1c-20ac-4925-a889-18934140b3a6","block_type":"box","text":"i.e.","page_number":242,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"573612e4-179a-4f2d-aac7-0077c7c8b7ad","block_type":"box","text":"one share, one vote.","page_number":242,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"d6c33961-3079-4cdb-8131-1bc5b13785e5","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":242,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"6046dd1e-f91b-433b-a8f2-8562b57c73e1","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":242,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"cadc876c-7cfe-4f49-b2a2-f3f45bf01ccd","block_type":"box","text":"proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":242,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"99f825b6-3fe2-49cd-a4b4-8e234b668e4e","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets,","page_number":242,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"873521fa-c81d-4875-9d03-fa69341d9dc0","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":242,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"71384e0d-dfc3-4eb2-9c0c-7a5ecaf4615d","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":242,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"86862ace-67fd-4364-b07f-70e590d734f3","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":242,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"5f107a88-d5e1-4b11-b785-64e01146d629","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":242,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"779bc2b5-babb-4cdc-bc5f-a61d295458a7","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end","page_number":242,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"9bd5d127-2b94-4c68-a419-40ff2ba8a519","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":242,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"c2af89ed-a1de-4fd1-8ea5-5401e496601d","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":242,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"b5117bab-daad-4c54-9c95-5ada588bdbd2","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":242,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"86bc53b3-1e32-431e-bb62-76a7bd48a246","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":242,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"82177b5c-4af5-472c-9fe0-2e8c224920e7","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":242,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"a251166f-00b3-4e71-92b1-360b99d37d64","block_type":"box","text":"transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek","page_number":242,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"f4f76de7-4966-4b89-b396-07518a48be39","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":242,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"56627114-1d4b-4366-ba15-788979a29fb4","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":242,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"9fa4144e-40c1-4ad6-a65d-8f8c535cd0d4","block_type":"box","text":"involves related parties, the recommendation to support should come from the independent directors, a best","page_number":242,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"9a0901e3-2cf5-4e4f-ae32-50187159556c","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":242,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"e290f8db-b038-4d5b-8516-315ee7e6d0b3","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.","page_number":242,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"60b773d9-6249-4cb2-8f16-2ef06210c198","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":242,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"6b6e00e2-ee69-4502-bf61-ea5d65256195","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":242,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"b3a8f3da-8ab2-45f4-801b-4694e378b0fc","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":242,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"c6a891ff-a8bd-4fce-bc57-73ca1078ec42","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":242,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"4029b90e-b4ce-49ea-a2e2-05e9a9ce20d1","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":242,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"542394b9-713d-429e-ba2a-2ed90b3d608a","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":242,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"ca298be6-43a0-4832-b8eb-538b3b7b1d33","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":242,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"de135b9b-3168-4f33-8167-bdd14fe41ab9","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a","page_number":242,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"8e41980e-689e-42e4-b54c-04d69eda551c","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":242,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"7ed1cb3b-d39b-499b-94b2-ab4c79910554","block_type":"box","text":"important tool used by companies to support long-term financial value creation. In our experience, well-structured","page_number":242,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"972c8841-7a8a-43d9-8104-de60487c771a","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":242,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"89f748c1-562c-4342-8938-194cd12cb3b0","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":242,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"63c782e1-f0a3-4bc6-a362-423981c76cd9","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance.","page_number":242,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"18678093-97f6-445f-b9d9-de059cc355bf","block_type":"box","text":"Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":242,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"03e191bd-7dc3-48f2-95b3-452091964624","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3bc92fd9-e1fa-4878-b11f-9cdfdf827849","block_type":"box","text":"Global Principles | 8","page_number":242,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"ab092415-ebf2-4446-9a3d-a5faeca89ea0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54354a75-6d23-45c2-9111-59ce83f368f3","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":243,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"fe385736-3b43-41c4-837c-ecac8ae06d8f","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":243,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"9a556a85-bbe6-4566-968a-400326e5dd75","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":243,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"58950d19-1e96-4a0a-b74d-f2ba42386b0f","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":243,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"3044d2e4-eab0-4889-b72a-591bf75dcda9","block_type":"box","text":"period of years.","page_number":243,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"faea86a0-67fe-41c8-9657-5bb1c72adf5b","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":243,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"d4a5677f-c75e-4216-a3ec-7d546f9d0b9e","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":243,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"8e24563d-9807-4f16-88ce-edcf5681e93b","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":243,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"1d23906c-7ff9-43d7-93f3-82e67a3cc4c9","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":243,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"da958d10-81b6-4e45-b9c3-b72c5aea2017","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":243,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"a6395978-7c52-4402-ab88-aa29854ceaad","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":243,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"31fd2078-a7bf-4f4e-b3da-a09a40a873f8","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":243,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"18f3cdd6-73a6-4cae-8504-b1ae5fb100da","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":243,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"f0f6c661-df3b-45f8-99f5-9273a0786383","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":243,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"177e6f83-e590-4247-a188-d0362b13d712","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":243,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"d042b8e3-2a9c-4e7e-85e2-7d6cfa294839","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":243,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"2a212870-4280-4c39-a976-6ec86ba9b9ff","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":243,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"c5b3d40c-86a1-4517-a3f7-527b60774388","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outperformance. We encourage companies to","page_number":243,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"df113783-ae9e-4374-90c5-46282f906927","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance.","page_number":243,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"cdf77ca7-2d1e-40b8-816a-6a5bb661e1e7","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":243,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"d5ae576b-2778-4c68-b8d4-3475537063e3","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":243,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"be23317d-645b-493e-a38b-ca8d45d454a2","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":243,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"3dbcb7bd-0f59-4f0f-a161-b7fbc45e3ac9","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":243,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"4123cdbb-c9b3-4df8-b465-2b94f9e81b14","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":243,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"6089a774-5b36-4291-9ff3-c056696b0893","block_type":"box","text":"restatement of past results.","page_number":243,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"7f55ddb6-04eb-4465-b2c9-bde96a6d12c5","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":243,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"69381a1a-ea34-45cc-84ef-81b9cac7b621","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":243,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"a683923c-50d4-43d9-902c-2c7f7e6ff513","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":243,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"3c665c7f-af5e-418d-b701-fcd42324bf5a","block_type":"box","text":"whom they are charged with overseeing.","page_number":243,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"8dd5d0cf-4dab-42b0-8e95-d64c3770c21c","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they","page_number":243,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"9188cf05-3443-4080-b5ac-30c799abb195","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":243,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"b802e680-a12b-4ef5-9083-af6bf6c740e6","block_type":"box","text":"for poor compensation practices or structures.","page_number":243,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"dc5bf4e6-4287-4a4a-a259-ad1ab66fb6e1","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":243,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"5fdf66a4-e0a4-487a-949d-f6e44b8c2b26","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":243,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"b820efb9-7978-481b-8f59-6b3bddbf170e","block_type":"box","text":"risks and opportunities relevant to their businesses.","page_number":243,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"39af0043-408a-467f-8565-9287106b2153","block_type":"box","text":"9","page_number":243,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"a6379403-17b5-4a07-a4af-29613917c654","block_type":"box","text":"As with all risks and opportunities in a company’s business","page_number":243,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"de01edc4-7058-41b1-bd4f-f0b7fe618bb7","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":243,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"2ea8352e-edf5-408f-95e1-fe04055ce457","block_type":"box","text":"governance framework that supports durable, long-term financial value creation.","page_number":243,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"0fe87630-bd8b-4793-93c2-aefb612306c2","block_type":"box","text":"9","page_number":243,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"aae8132e-77ae-489a-b258-215ff957feab","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":243,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"00a0962f-abc9-4b3a-81ce-dad280738cde","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":243,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"e47f5480-e4bd-4cc1-954a-112558d05795","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":243,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"7b650060-73f0-4be3-b4e8-1a268b3cea34","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":243,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"080a65e7-bcfb-4bf9-aaa1-b5506c764b01","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":243,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"a7dd59bf-58c6-4f50-a533-fb1728d38bbe","block_type":"box","text":"BlackRock Investment Stewardship","page_number":243,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ba27c4c3-b289-407a-adcb-3d5649309cd0","block_type":"box","text":"Global Principles | 9","page_number":243,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f98fd1b9-aad9-4c0e-a1a0-27c3a55c7691","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c20bd084-7854-4618-9e24-eb059a701a82","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":244,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"50749a23-3ab6-4df6-bca4-66aedf959ac9","block_type":"box","text":"material sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate","page_number":244,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"fb2be8bf-e837-4226-bc04-d6997337cfc4","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and opportunities into","page_number":244,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"4bece72e-e539-423b-8ab9-f9ffcd85eacd","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":244,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"ccb5b002-83c5-4936-af0d-1a608746fc0b","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":244,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"03a7c5a9-e41f-49ce-9328-ef179ae4f3ce","block_type":"box","text":"10","page_number":244,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"9b24c616-4993-4768-bb14-832ed2b43692","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":244,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"2a736821-30f5-404a-8fb5-a2047115f98c","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":244,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"027e6034-52d9-4f56-98cf-0e651e5b5dd7","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":244,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"075ff61d-e777-42f2-bd1c-6ccc2649db56","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards","page_number":244,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"4e0727cc-971e-4658-8e4c-e0209fdeab7d","block_type":"box","text":"over several years. We also recognize that some companies may report using different standards, which may be","page_number":244,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"910b0c23-1930-4177-a053-c370858ea48a","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":244,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"c3ed9cb0-9520-40c5-82d3-8eab22cf43e4","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":244,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"f73dfb1d-ff88-4a68-9d4f-023ddee28ff7","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":244,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"66fc7ac5-5e00-43e7-b7a9-78e977f3d003","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":244,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"106ccbc1-832b-4546-a764-46837770c27a","block_type":"box","text":"and reporting may not line up with financial reporting cycles and companies may require additional time after their","page_number":244,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"e08e3d87-c577-4593-a62d-a549fed8d2b6","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and report this data to investors. That said, while we do not prescribe","page_number":244,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"bc5a832c-fc41-4bcf-9a37-394361e7c703","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":244,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"d4ff076d-025b-45e1-a4d8-fdaa8aaa20a9","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":244,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"6bedf1e3-8fe1-43ce-8d5d-7ee3d0b56031","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":244,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"bf5f923d-6047-40c2-864e-73c94902d917","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":244,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"43595071-64ba-4ca2-b41f-0ba298dbb4a5","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":244,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"a60689ff-76f7-4bfa-a361-8c714f7fa254","block_type":"box","text":"Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":244,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"be54bab8-3cd6-409d-bcb6-e24f6dec2dcc","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":244,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"61503a46-4459-48fa-ae1e-7503a1e1cd1b","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":244,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"8c7edb1a-e30e-47aa-9b52-68982a0230f1","block_type":"box","text":"adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any","page_number":244,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"0b5ea9a4-5d0c-4c62-a53c-b0d9133fe8ce","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":244,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"68032959-7aa8-417b-8593-ade4b15710e7","block_type":"box","text":"10","page_number":244,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"24cdb2d5-744f-401b-a7ef-03b5ec70860f","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":244,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"a33d717e-ec09-4a19-a679-2adc91d33306","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":244,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"6cf9b026-6f0a-4f4f-b262-5629c8e95f0b","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.","page_number":244,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"5c5795a4-935a-49dc-808c-b3a649c4f39e","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":244,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"a1f7a56d-4ccd-4676-980b-a509beae988f","block_type":"box","text":"related risks and opportunities that is useful to primary users of general-purpose financial reports in making","page_number":244,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"bc81517f-0f7e-4a22-93a2-c11cc92bd2a5","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":244,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"40a14da0-b496-4ae5-a66d-eaf249ae59dd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"74515e08-ec2f-43aa-a349-c1d319ab8cb0","block_type":"box","text":"Global Principles | 10","page_number":244,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b766a879-e277-452a-9ecc-03a798ccc739","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"765a7a2e-ea4c-425f-8c71-f793617c4e24","block_type":"box","text":"Climate and nature-related risk","page_number":245,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"4bbf5d47-2de4-44a6-89fe-6182c22c029a","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":245,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"7da8d1d3-142c-4a6d-a6ff-9055b5db3315","block_type":"box","text":"11","page_number":245,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"66947d02-163f-4cf8-8c45-3efbaffce553","block_type":"box","text":"Our","page_number":245,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"521881f3-0031-4929-99ec-b03c1e85100b","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":245,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"42a130a9-3e8c-41e6-9a38-e80b6878ee9d","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":245,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"e203ae46-79bf-4e0d-a3a2-18250d3fd960","block_type":"box","text":"companies.","page_number":245,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"e4cc6af5-faf0-4cfa-9e83-1aac61fa9e09","block_type":"box","text":"12","page_number":245,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"6bbf30cb-774a-473d-acb3-854edbede060","block_type":"box","text":"Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy","page_number":245,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"de816bb9-e304-468e-adc2-8cf60a6d1d3f","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":245,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"8594dc22-1890-4bc3-8faa-29587e0b2426","block_type":"box","text":"related risk and opportunity on their businesses and operating environments. Many companies are assessing how to","page_number":245,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"dd1e52bc-e686-49f4-88d3-8486c7ea9820","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":245,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"f2f3fe1e-13e0-4ab8-9f78-7253b481d981","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":245,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"393cab84-e8ef-4871-adc9-2113a626c40c","block_type":"box","text":"and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon","page_number":245,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"742638d6-6a04-426f-bfc9-72961333c026","block_type":"box","text":"economy, including where available, their transition plan.","page_number":245,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"683376a1-174b-4a94-808b-ed110639e5cb","block_type":"box","text":"13","page_number":245,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"ed8a3c77-9357-4bc8-bddb-f6baf7709289","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":245,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"3054522d-55f4-407c-b52d-4b1fa0c63fe6","block_type":"box","text":"assess company-specific climate-related risks and opportunities, and inform investment decisions.","page_number":245,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"e67563af-fd79-401c-bde8-dbb755a43927","block_type":"box","text":"14","page_number":245,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"4319be4c-343b-4aeb-a18d-8ef1a6642f93","block_type":"box","text":"Such","page_number":245,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"5b7f8f18-5f50-431d-a296-12856eb085a3","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":245,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"f1c9e863-1449-44e0-b092-74d7573fe2b4","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":245,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"c96994bf-5a14-4389-8e67-d51c042ec384","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":245,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"0ac31ef7-8645-4026-80bf-c692de22a7fa","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":245,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"9181df91-d798-499e-bdea-77a648a07a48","block_type":"box","text":"as best practice in the market.","page_number":245,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"cfa40761-546c-483e-ae3a-c9122d869187","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":245,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"e5b10dd4-05f5-4516-a001-1ca06308c56f","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their","page_number":245,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"f2d9b4e4-e505-4d77-9d36-635c4538547e","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":245,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"5538ce98-3e59-4ef9-8213-f6d5e88505ec","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":245,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"ff6f0769-431a-4c41-b5d0-98757aecfd98","block_type":"box","text":"recently reaffirmed by G20 members as part of the 2024 Leader’s Declaration.","page_number":245,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"0e22daa4-8d5d-4322-824b-7b9774dd8c8c","block_type":"box","text":"15","page_number":245,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"526fc3a9-6576-4766-9032-1eb931468840","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":245,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"f8a32939-9cf9-475c-abb6-ebd4f0e28502","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":245,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"a9fefef8-4d34-4f17-baa0-4a4824abfa90","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":245,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"9389c21c-0413-45ee-bd3e-478d4b550d79","block_type":"box","text":"interests of their investors.","page_number":245,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"5d81e101-d3d0-406d-b651-3b36e7323127","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":245,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"5665b7fb-f8f4-44ab-b424-51c6293451b1","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":245,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"b7f961bb-9db8-4da2-8e5f-64670a39dd4d","block_type":"box","text":"11","page_number":245,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"62d2c695-7b15-4c0e-a1e6-a8faa5bf7d81","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":245,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"2b649634-c630-4a5d-baf0-b03b8bfe9d09","block_type":"box","text":"12","page_number":245,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"5c87192f-bdec-424c-852b-cef98760f0ce","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":245,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"b6ed1878-3dbb-4c11-a25c-5eb2a77a061b","block_type":"box","text":"13","page_number":245,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"45c8f0e3-145d-4827-a50d-8e1f36f5571a","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":245,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"46f8a4e6-39f9-4879-a71f-b6f7e3cd9cb3","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":245,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"9e2f1bce-cbad-4023-ac67-640be7e137a6","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":245,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"4525e922-1105-4868-80ad-0d424d8ce245","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":245,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"c7805c25-13ae-4a50-9493-837de82a319e","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":245,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"ea5fc1fa-5756-450b-b327-6c33a7cfdde6","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":245,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"ff172d30-91b7-4900-9f1c-be83ffc6111b","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":245,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"30691d11-5f6f-4e32-8b43-acdd5735275c","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":245,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"00e79e01-efff-4ea8-b69d-fd8d012b4078","block_type":"box","text":"approach to managing financially material business relevant risks and opportunities – including climate-related risks","page_number":245,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"e64d6d2f-ede4-412c-a1e6-e21d59ab7157","block_type":"box","text":"– to deliver long-term financial performance, which allows investors to make more informed decisions. While","page_number":245,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"9a2701f7-fc5f-466c-aabf-fa2f3b74aa88","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":245,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"afd6d263-3c88-4855-814a-b7685c5b401d","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":245,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"a4206272-907a-4f5f-8c2d-1f17e8a9ebed","block_type":"box","text":"actions and resource implications.","page_number":245,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"1fa1644d-68b4-437d-be06-7767951d8b3e","block_type":"box","text":"14","page_number":245,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"783455af-5749-4f67-8f3f-924901fab8dd","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":245,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"57851c85-1c62-41ab-b838-cd4bc6330f3b","block_type":"box","text":"companies may phase in reporting aligned with the ISSB standards over several years, depending on local","page_number":245,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"a4641986-039d-491b-a078-e1d8ee198cef","block_type":"box","text":"requirements. We also recognize and respect that some companies may report using different local standards, which","page_number":245,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"bae63153-55b3-4a29-86c8-fd29e0a8749a","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":245,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"279eb556-b1c3-43ea-b25e-6884c39addde","block_type":"box","text":"disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics","page_number":245,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"63774afb-32de-4821-93e3-c7448dc13eeb","block_type":"box","text":"that are industry- or company-specific.","page_number":245,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"6276f9f9-ea05-423a-ba6e-9916a7087e4e","block_type":"box","text":"15","page_number":245,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"c062bc64-7c14-4a0e-80eb-7206066e54f5","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s","page_number":245,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"0eb984ff-7f23-4de9-b55f-488e2e9ac68f","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":245,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"33527e75-ed5d-4219-ada2-49f0844613eb","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":245,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"ce41bf17-4b02-4691-a845-078e8b341a9e","block_type":"box","text":"about two-thirds of the world population.","page_number":245,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"aa72553a-be93-478d-9d6e-749a3745fafa","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9f1ae64b-57c3-4962-b757-93defa794f5c","block_type":"box","text":"Global Principles | 11","page_number":245,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"00b203e3-94e0-41c6-b693-589b4e30c5dd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8e50215-a75f-4dea-8c08-4740af185eac","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":246,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"0fd187fd-5c2b-4280-8405-5a0c03b59562","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":246,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"df109cb3-33c4-45c3-9bc7-096e483476c9","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":246,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"5685aa3f-2945-4870-a248-a19ad3b1299d","block_type":"box","text":"climate-related risks and opportunities.","page_number":246,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"84ef038e-6439-44a0-bdf2-123bb7559a88","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a","page_number":246,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"51e9ec12-8de8-4030-9cc9-c0179b724f9b","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly","page_number":246,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"4f6a8688-ec38-4352-9ab2-c54047192432","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":246,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"04c7f7f4-914f-4237-8e8e-dd8e3ae70c0c","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":246,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"7412b5d0-9b7c-4655-a9aa-fc370276f726","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":246,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"29363bad-341d-41b7-bc81-85a44b63a0d4","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":246,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"b492e141-0af5-4517-b5a6-4e8afc14082c","block_type":"box","text":"our view of how a company is managing material nature-related risks and opportunities. We rely on company","page_number":246,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"be9ec712-cd51-4f9f-af94-35b8ccb81395","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":246,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"89f4815b-52e8-41d8-aa9a-8b7edf1a2a0c","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":246,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"adf58401-a84f-4eff-bc78-bfd386139f3b","block_type":"box","text":"16","page_number":246,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"c0e178a0-56ae-4ebc-8c96-0a0174dcc293","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":246,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"abc2d7a3-89ef-4bac-985e-1590fe72f473","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":246,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"8e149ada-8eb2-4ca3-b557-f9245455a45a","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":246,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"d4a1b237-c27b-44be-9514-a20f742551d6","block_type":"box","text":"based on what is material to their business and long-term financial performance. For many companies, key","page_number":246,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"647e9fd7-b626-4395-9119-8b7f0e8e0467","block_type":"box","text":"stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers,","page_number":246,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"783b0f23-df04-46f9-be55-1fe1838f84ae","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":246,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"5966f26a-ba04-41b1-920a-f604b0214bbd","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":246,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"41b1f8a0-8645-40b9-a396-96c6e5b38493","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":246,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"ed8b1bf4-5a6b-4976-abee-37aea8349543","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":246,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"dbd39a55-8835-4b6a-9e49-d0e176e869a1","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":246,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"3590db4b-bc15-4fbd-8ce6-b4ace7b6d76b","block_type":"box","text":"understand how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":246,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"29126b99-be5f-41d5-8d43-5b6c5eeb6fab","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":246,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"f731523a-d187-41f9-8579-efa9a00ec5c5","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business","page_number":246,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"11308216-9306-41ee-970f-acbaa9f7ba63","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":246,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"01c7f1b1-f3cf-492d-96b6-b569081bb7dd","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":246,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"4cd0366c-7465-4f49-95dc-439c8d64afd5","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":246,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"a1dd8dda-cb44-4e12-b054-036b5a8a1746","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":246,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"350825da-c2d9-42f3-a219-9fe35d63852a","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":246,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"14de7c88-beed-4ca1-821d-eaa70b65961d","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and","page_number":246,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"3b043939-1d0a-4f4c-89fd-221d26684a75","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":246,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"72ac4e5b-ecbd-434b-8376-3ef4b116c451","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The reporting and disclosure","page_number":246,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"e79be53a-4c2b-467d-8e67-22a8ee4eb8a4","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":246,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"efaa5264-1275-443b-8f02-e42d046feb4d","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":246,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"5d95f9f1-3ea0-4e5b-baaf-fe13745ada9c","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":246,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"9139a511-3f49-470d-bf0a-669455033ce4","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":246,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"86ff2ef7-1a6e-4fb0-8987-b1e66cdfd322","block_type":"box","text":"16","page_number":246,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"e476383f-2faa-481a-82ce-5a114e5e55c2","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":246,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"2b3c051e-c099-4da9-a87d-06cc86f1e81e","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":246,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"ecee4e4a-645e-4e3a-980f-0b6869abd244","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":246,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"87af1704-8ce3-44b4-bea5-45a073dc674a","block_type":"box","text":"companies. We recognize that some companies may report using different standards, which may be required by","page_number":246,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"2aacf971-b0ff-4e2d-b21a-d06248950745","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":246,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"61ab4469-43e5-451d-b512-a3709aa826a1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":246,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"aac0bbac-eaf3-4a85-b761-307846761268","block_type":"box","text":"Global Principles | 12","page_number":246,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"79557c38-81b1-456b-8818-5a1351ddd0e2","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f592381-95a4-4382-b576-ee8fdc915568","block_type":"box","text":"Corporate form","page_number":247,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"715fcfab-e172-4304-a246-475d721632de","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":247,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"fb9f3899-7dc8-4b43-a28a-80263615dd02","block_type":"box","text":"the company’s purpose and business model.","page_number":247,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"9830ab71-3783-43c6-a49d-ff3acd81e652","block_type":"box","text":"17","page_number":247,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"f6fcf19f-4518-4c06-b059-eece33c74f2e","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":247,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"d4252e88-a970-4134-b3f8-df5d47de4857","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":247,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"1de48845-b975-45eb-956d-8b57c7beceec","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholder proponents proposing","page_number":247,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"cea2bd85-8c0b-4676-90f7-a80838ac0eb5","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":247,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"494f24d9-fe4f-4ed2-9aeb-558a637e4d1d","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":247,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"88103aeb-928d-4ea7-92e4-e697766b591f","block_type":"box","text":"support management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":247,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"5c9cb479-ea65-48ba-a86a-26e729c856c4","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":247,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"576891b7-64da-47f2-8e03-150062e29891","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":247,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"5d71f6d8-d0d1-4499-99e9-25ae7b795cf8","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":247,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"0cdb5ba7-7fe2-425d-b69e-778075e4be2b","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":247,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"74bb2787-5874-48ea-8bb3-c5c800637fce","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":247,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"46ea3032-ac48-4b65-aae2-f3c841638852","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":247,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"2e25aaef-02fa-494b-bc0e-024229f1f318","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":247,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"7a31ba60-34d3-43fa-bccc-e020e80a6dc1","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":247,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"c80f8aa8-3cf1-4a9c-af85-616971a07e2d","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by","page_number":247,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"c77244d6-7a7c-4c15-9503-5ff03ed23603","block_type":"box","text":"others.","page_number":247,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"bef6a22d-0f9b-4122-be3b-a0cbfce37758","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":247,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"eabc93a2-7092-4d59-9a9a-e793473a8496","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":247,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"89945a97-2339-44db-bdc3-b3ec7bb2d52c","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":247,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"de045283-8550-4374-8157-516f1c06a70e","block_type":"box","text":"may impact a company’s long-term performance. We look for consistency between the specific request formally made","page_number":247,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"66bd8cfe-1819-40ff-ac49-28a1351e03a1","block_type":"box","text":"in the proposal, the supporting documentation, and the proponents’ other communications on the issues. We also","page_number":247,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"18c9abab-cdfe-4c70-8a71-dc6e2268d2fc","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":247,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"f534882d-211c-4b05-a4a0-79f16cba5429","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":247,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"f539888e-c6ef-4c5a-8a6a-8b2327688544","block_type":"box","text":"of their peers.","page_number":247,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"ca3608a3-1cfa-4e12-9893-ccdc6d3403dc","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":247,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"79cb82d4-4c50-4505-ba75-f14facaeebf2","block_type":"box","text":"submitted or advised on the proposal.","page_number":247,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"441330fd-c180-4e16-a012-e99cea008e41","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions","page_number":247,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"47f65b46-a02d-48ac-91df-31510692ed89","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":247,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"e450aeac-87a6-4bf2-b215-809551440219","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":247,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"7341ce4b-00b8-465d-8107-6591876f9ff0","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":247,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"60d968bc-61b1-40fe-a1ee-06731c38ae9c","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on","page_number":247,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"14a7c13b-f5b9-4310-9d22-1acff01f9153","block_type":"box","text":"behalf of our clients, better understand the material risks and opportunities companies face and how they are","page_number":247,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"47ac3143-e7d7-462d-95d3-bc69a17040c5","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":247,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"728f715c-b9ea-4b49-a4aa-c47b4ac9ca33","block_type":"box","text":"support shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":247,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"37956df7-eb43-44f6-a9ec-406886e81c5e","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":247,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"40070cd7-b194-43c0-ae12-480be0eb84bb","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s","page_number":247,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"5423481a-4eb2-46c4-96c7-787f546da1ad","block_type":"box","text":"supporting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":247,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"a3226114-28fd-47c1-a270-b06184838663","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on","page_number":247,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"eed24606-d7d1-4b7b-8878-2d9bf5698f04","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily","page_number":247,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"dc3779c6-90db-4a35-9bc0-fb624671f283","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We","page_number":247,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"ed7c6347-8e66-4bec-a576-ea93bd850538","block_type":"box","text":"may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it","page_number":247,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"09c9c754-d088-4c65-b881-6828925b8634","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for supporting","page_number":247,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"8cb314b5-f74c-4b26-a26b-78c3403eea68","block_type":"box","text":"such proposals.","page_number":247,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"1c3fdeda-e232-4ad8-b422-3e8b8259d342","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":247,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"c61469e7-0968-46e6-ae91-3b7bba27f57c","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support","page_number":247,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"3968a073-b3ce-433c-b994-248649acb973","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate efforts to address a","page_number":247,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"222c14a7-04be-47e4-873f-77f109969f4f","block_type":"box","text":"material risk.","page_number":247,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"67ea56af-0dd0-4de9-af3c-660ade6feec6","block_type":"box","text":"17","page_number":247,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"44fc7aa9-e602-4cfd-ab4e-652ad3f46bae","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":247,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"b04613aa-cdbf-4ee5-877d-9051d329fb1b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":247,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8abc5588-61d5-4790-afc2-d4dd3dd53e79","block_type":"box","text":"Global Principles | 13","page_number":247,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"be451f49-7dd8-4f11-a3e7-8cf9cb034ec6","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0402651-bfa1-46cd-bf11-0a36f96ec5aa","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":248,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"94897b61-4551-4509-93ef-7c74d69c2a4d","block_type":"box","text":"Oversight","page_number":248,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"e13bd168-782a-4278-ba45-4830a1d07b73","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":248,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"5aa83b61-d7d1-4c70-8400-2186a7dbf21e","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":248,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"e1736d66-e57b-4e22-9f73-ffcd1deb84a8","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":248,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"f32064af-1255-45b3-82d1-f507efc5bd60","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":248,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"20d69ee8-a7ab-43c2-978a-4e550e37e528","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":248,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"8e6de5de-7f29-4f9d-9287-f3ad44e13a4f","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":248,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"69ff36f4-0139-45e5-8baa-664c74f316b4","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":248,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"a86bd417-1d4d-471e-88c4-7f71cba65315","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":248,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"331ab0e0-41cf-43f4-b367-fa72fa223059","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":248,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"bca658a2-7c5b-4258-abc7-15f209572952","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":248,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"65b77f0a-93f3-4271-9b05-014e07cdf6d8","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":248,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"ed4a33f6-afd5-48dc-8869-9f036a679180","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":248,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"751cbf17-4090-4c18-8833-ee9e14b9936b","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well","page_number":248,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"82e2da45-e3f0-48ba-b1b6-e31b9075dd2b","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":248,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"0a5ee525-0eab-49f3-ab78-d6d07aa934cb","block_type":"box","text":"Committee reviews these reports in an oversight capacity as informed by the Guidelines.","page_number":248,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"a78e694a-46ed-43d5-aa9b-08c73cf31318","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":248,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"db2af985-b17d-4e80-b3f0-a18f44178f4c","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":248,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"b5dc56e7-3149-413a-91e6-fec4da005b3b","block_type":"box","text":"on corporate governance issues and participates in industry discussions to contribute to and keep abreast of","page_number":248,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"3523fa7d-88dd-4c31-9072-30ee848e8b4e","block_type":"box","text":"important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing","page_number":248,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"7efa4078-9985-4fbd-91a2-9434e994ee7a","block_type":"box","text":"activities and performs oversight of those third parties. BIS may discuss complicated or particularly controversial","page_number":248,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"f40f438c-4e2a-4efb-87e6-cf0c3be4bf5d","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":248,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"376d4a76-b8ec-44e8-a26c-4178d349637f","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":248,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"0fa3af4d-15c8-412d-8339-3f07234c9d0e","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":248,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"c7eef72c-81f7-46bc-978b-e30fc1709aff","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":248,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"87bb5e1e-3ee0-43cc-a8ad-e39429895506","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":248,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"96e0d1c9-1430-45c3-a4ee-4072979049eb","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":248,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"3aad9401-42f2-4f97-8b1b-f16cd1e56d68","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":248,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"19ead682-c11e-4906-96e6-daba2972fb53","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":248,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"2e0bf405-7c1b-4014-adda-3a8777023b15","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":248,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"6c492b34-339d-4bbc-a1fc-3022d7cc741c","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":248,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"906bbab0-c67c-4d79-b8d2-71ef40e86211","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":248,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"555c9bc1-c1c9-4cfe-ad60-105ae887e830","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":248,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"0a8f6160-2d5d-4317-a6b2-5f51b98a012c","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":248,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"7be346de-9801-4bfe-b7b6-5929bc9141cc","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":248,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"2385c922-fd64-4849-b2b5-437e11fd9b76","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":248,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"2ed57c44-f5ba-44ab-8106-60b04ec63eab","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":248,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"49356e2a-4290-4b5a-aa7e-277ee7ba2caf","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":248,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"6358f436-94e2-4075-98b0-27d733082dde","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":248,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"1eb402ad-37b5-4576-bf49-116f0a1094d5","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":248,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"dc3e4001-27dd-4c5b-b037-0037d847de28","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":248,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"10b10a77-38cc-4384-b767-076512bb79f1","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":248,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"4255b97c-3d43-4fdc-967f-de804d1f50a6","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":248,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"0b976cdd-a939-4f23-93f5-44f4225d4941","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":248,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"f0a117cc-4ca7-4716-8a7b-ebddadc393de","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":248,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"cf31459a-6b09-41a1-be84-f3743eb21721","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":248,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"32dea2df-19c8-473f-bc4f-8b102a81e0ba","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":248,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"5798af9f-98ad-4a47-919a-3af5222b5242","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":248,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"d8858525-349d-438c-8565-2e844d5413cb","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":248,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"285622ed-d2a8-40a8-92a0-08be14040639","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":248,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"76e13f22-418c-4345-9a26-a75c13619f80","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":248,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"847a2d08-fc6b-4008-bffc-ed182bfd0c9f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":248,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4b1fe1ca-e375-4746-bed7-a39420bb0297","block_type":"box","text":"Global Principles | 14","page_number":248,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"fc1ce0bf-6bbf-4469-a78c-e537a8e80b7f","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":248,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29d9f630-ccf2-47d7-a319-9df4415167f1","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":249,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"7a16560e-a10b-4e22-92c6-63771acd0559","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":249,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"b649ad89-ca33-4f0e-b621-a4135c61c192","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":249,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"537529d0-bb17-4116-81c8-6d432786d7f3","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":249,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"c2747458-26e9-4d6b-a4c4-e438ce6f896a","block_type":"box","text":"VOTING CHOICE","page_number":249,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"33ff2dab-7d87-45ff-b1ea-31cc8b75c4eb","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in","page_number":249,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"1e9d6889-7533-4455-a80e-35875f108dce","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":249,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"4955dab2-9888-4c30-8ebb-3a8e9c461797","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":249,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"9aeee40f-09e4-4ea6-892a-88de59d95ca7","block_type":"box","text":"UK, Ireland, and Canada that utilize certain equity index investment strategies, as well as eligible clients in certain","page_number":249,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"02c9346d-8920-463a-8413-8637b7d920ae","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":249,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"55ab45ab-3f30-4b96-b522-3c17f7a92f30","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":249,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"383ff3a4-7773-4c7c-aa7a-2a408d855679","block_type":"box","text":"regardless of their investment strategies.","page_number":249,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"3f9601a3-46d4-40ad-9bdd-0769a7d312c7","block_type":"box","text":"18","page_number":249,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"085432ff-92fa-4dda-a908-7dff6b6dfac1","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":249,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"038631a5-68b9-404a-8270-3710ff9709e3","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":249,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"9f1d1f67-bf7d-42a5-837f-d31bbd43e3c3","block_type":"box","text":"19","page_number":249,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"1d56205b-0830-47e2-8fb4-eb1b96a24841","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":249,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"79b0b7ad-9f1d-434a-8af6-fa2afd57ed94","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":249,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"d5519292-b40a-4bda-849c-b67ea4fb52a9","block_type":"box","text":"third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":249,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"b9e7d2c1-a26e-4bf4-8161-63152e93c433","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":249,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"848cc7df-0ed9-4a1f-acec-14a9edc3e1f8","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":249,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"17fe4bf2-dd8b-4d74-b413-bc645767b0cb","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":249,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"fca585d2-ebf6-48ea-bca1-e59b5e82f804","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":249,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"06470862-5612-4fac-8dc7-7d36c487ba55","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":249,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"724827f9-c230-4506-ab04-a34c18b80c56","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":249,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"caedc6b4-048c-415e-9afb-bdef119ad188","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":249,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"2d22ab58-ecea-4ccb-b64b-11c5a778953f","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"927851f5-7a11-4d79-a063-5dda774b7b84","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":249,"box":{"x":102,"y":458,"width":660,"height":11}},{"id":"afc5f0e7-81e0-4972-8df3-a09b81ac806b","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":481,"width":6,"height":4}},{"id":"ed03dd90-628e-42c0-a259-0d1658948a6f","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":249,"box":{"x":102,"y":478,"width":772,"height":11}},{"id":"41f9453f-ba06-48f6-a8af-41243160a033","block_type":"box","text":"resolutions","page_number":249,"box":{"x":102,"y":493,"width":78,"height":9}},{"id":"bcd8ae72-2771-4cca-9e61-bca3674af415","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":516,"width":6,"height":5}},{"id":"44124872-fbf3-4fae-9c75-a6ba45dca703","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":249,"box":{"x":102,"y":513,"width":766,"height":12}},{"id":"a17b8113-1ecd-46ef-b7e9-365667c77d24","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":536,"width":6,"height":5}},{"id":"ac2b34c0-f3c0-4fde-9372-cbd8d4b408af","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":249,"box":{"x":102,"y":533,"width":767,"height":12}},{"id":"8cf390d9-f5b0-40fd-8065-597bbf9568b6","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":557,"width":6,"height":4}},{"id":"0f1d9fcf-4587-4f2c-ac6d-98ab6f0ea977","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":249,"box":{"x":102,"y":554,"width":698,"height":11}},{"id":"59f08fed-361d-4f1d-8351-1452807f6f44","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":577,"width":6,"height":4}},{"id":"e9b04bd8-413f-473b-9328-ea21fd841d01","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":249,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"f37bb67b-0bf8-4cb7-bab3-b1152463c2df","block_type":"box","text":"managed by BlackRock","page_number":249,"box":{"x":102,"y":589,"width":163,"height":11}},{"id":"7a2357ae-bec6-456e-a409-9b095df27c3f","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":249,"box":{"x":102,"y":612,"width":785,"height":11}},{"id":"33a07e7b-1423-4b82-9c4d-e1bd321dd85f","block_type":"box","text":"following:","page_number":249,"box":{"x":68,"y":627,"width":66,"height":11}},{"id":"049f581e-e8d2-4715-93fe-2bb25bccbbd0","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":650,"width":6,"height":4}},{"id":"b3577d48-c1db-4410-aff9-eccc0e08b7b8","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":249,"box":{"x":101,"y":647,"width":732,"height":11}},{"id":"0ba0441a-0407-4d79-8c70-a0fb66367360","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":249,"box":{"x":101,"y":662,"width":383,"height":11}},{"id":"3361dc94-0d7d-41c6-84d1-9cd94445a09e","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":685,"width":6,"height":5}},{"id":"1ec12baf-6ee4-4436-8005-91c3e0b3c96b","block_type":"box","text":"Established a reporting structure that separates BIS from employees with sales, vendor management, or","page_number":249,"box":{"x":102,"y":682,"width":748,"height":11}},{"id":"e156a5f4-f89f-47f5-be8f-afc5359835db","block_type":"box","text":"business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":249,"box":{"x":102,"y":697,"width":802,"height":12}},{"id":"d8920649-a7a0-40a1-a97f-7ab375915860","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":249,"box":{"x":101,"y":713,"width":794,"height":11}},{"id":"f8cfb0d3-f0f7-4166-836f-61dfaf326a60","block_type":"box","text":"relationship with such parties. Clients or business partners are not given special treatment or differentiated","page_number":249,"box":{"x":102,"y":727,"width":770,"height":12}},{"id":"359139d1-106a-4e08-af7d-8133dfb9feb6","block_type":"box","text":"access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":249,"box":{"x":102,"y":743,"width":802,"height":11}},{"id":"574170c6-6e7a-4846-bacc-6f9f50607b5e","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":249,"box":{"x":102,"y":758,"width":777,"height":11}},{"id":"8f8e5a8d-895c-4184-9646-addb4061418f","block_type":"box","text":"outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may","page_number":249,"box":{"x":102,"y":773,"width":775,"height":11}},{"id":"cdae4744-ae58-4fe6-a630-1f476653de12","block_type":"box","text":"engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with","page_number":249,"box":{"x":101,"y":788,"width":764,"height":11}},{"id":"865781ce-21a4-4995-acd8-df4a7de69239","block_type":"box","text":"sales, vendor management, or business partnership roles, in discussions regarding our approach to","page_number":249,"box":{"x":102,"y":803,"width":714,"height":11}},{"id":"ce992be7-22e9-4180-ac52-b899aacf08d7","block_type":"box","text":"stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that","page_number":249,"box":{"x":102,"y":818,"width":772,"height":11}},{"id":"eac24be4-28c1-4c50-a635-4aaf7305ca46","block_type":"box","text":"proxy-related client service levels are met","page_number":249,"box":{"x":102,"y":834,"width":295,"height":10}},{"id":"9e6f7e79-23f9-4240-b7bc-e818b8d3d349","block_type":"box","text":"18","page_number":249,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"5f72985b-128f-4d2d-ada7-7ac7bc968e50","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the","page_number":249,"box":{"x":83,"y":862,"width":814,"height":12}},{"id":"1ae7329d-627f-4c48-a226-c964fa7c98aa","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":249,"box":{"x":70,"y":878,"width":838,"height":11}},{"id":"e855001b-4b45-43ef-bb8d-6987c355d3fe","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":249,"box":{"x":68,"y":893,"width":354,"height":11}},{"id":"404fa38c-c8e9-4d2a-8bed-5eb0ee824d82","block_type":"box","text":"19","page_number":249,"box":{"x":69,"y":911,"width":9,"height":4}},{"id":"0d47320d-014c-48da-ab4d-d9e310139d57","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":249,"box":{"x":84,"y":911,"width":415,"height":11}},{"id":"5631d14d-50ad-4e18-96e0-09b42d9ff81e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":249,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f4fb5200-3cbd-453e-bc29-7dbd01321ef3","block_type":"box","text":"Global Principles | 15","page_number":249,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b2683fdb-6cdf-48ec-acb7-077701b59766","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":249,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ac19f9f-5a18-4e35-8636-58496f21e4c0","block_type":"box","text":"•","page_number":250,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"52f0495b-db85-4c9f-b8f5-76f6238eecdf","block_type":"box","text":"Determined to engage, in certain instances, an independent third-party voting service provider to make proxy","page_number":250,"box":{"x":102,"y":45,"width":777,"height":11}},{"id":"1bf7e8ef-34ee-4727-84c6-f4e480c9bb7c","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":250,"box":{"x":101,"y":60,"width":763,"height":11}},{"id":"99dce549-913e-4e34-a7a2-6d1a69c20cf9","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":250,"box":{"x":101,"y":75,"width":749,"height":11}},{"id":"96658257-9c2c-4568-a188-63554336f9bf","block_type":"box","text":"independent third-party voting service provider provides BlackRock with recommendations, in accordance with","page_number":250,"box":{"x":102,"y":90,"width":782,"height":11}},{"id":"b3c24b23-c9a4-453f-b928-18e482091106","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service","page_number":250,"box":{"x":101,"y":105,"width":749,"height":11}},{"id":"31e27298-99c9-43ec-afd6-0456b7ccc779","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":250,"box":{"x":102,"y":120,"width":765,"height":12}},{"id":"4edd7cc5-3626-41de-b1e1-23bd1a9d2294","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting","page_number":250,"box":{"x":102,"y":136,"width":797,"height":11}},{"id":"391a3ae1-a14d-43ee-a84b-5ed64b400734","block_type":"box","text":"recommendations for:","page_number":250,"box":{"x":102,"y":150,"width":154,"height":9}},{"id":"71b8b741-daa9-4362-9e40-3935d0d4e7a7","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"e0b1aa07-f8e8-4f43-a900-613c312a9c15","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":250,"box":{"x":135,"y":171,"width":570,"height":11}},{"id":"8701deae-348d-4e92-877e-d650f6711e52","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"6d7ce842-df87-4b9d-8137-33c3bbe84f88","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":250,"box":{"x":135,"y":191,"width":748,"height":11}},{"id":"5d888be5-a770-42f1-9f56-13ace8945190","block_type":"box","text":"the board of directors","page_number":250,"box":{"x":134,"y":206,"width":153,"height":9}},{"id":"b1351552-8296-42ac-affd-867e4a3aa535","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"c87b79cb-13a2-49c5-ac09-4082b40533aa","block_type":"box","text":"public companies that are the subject of certain transactions involving BlackRock Funds","page_number":250,"box":{"x":135,"y":226,"width":626,"height":11}},{"id":"ea6a3718-3ac9-443c-afb8-a7c880fe4225","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"c282f0f1-36bc-4768-b63d-15e860d1d0a0","block_type":"box","text":"public companies that are joint venture partners with BlackRock, and","page_number":250,"box":{"x":135,"y":246,"width":490,"height":11}},{"id":"f10822ff-7efa-4c4a-94d6-65de076530cb","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":269,"width":6,"height":5}},{"id":"797e5833-df5b-4216-b2e4-06f792e61158","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":250,"box":{"x":135,"y":267,"width":740,"height":11}},{"id":"5f92f60a-2cb5-49c8-a697-11feb4a1e5f8","block_type":"box","text":"party voting service provider","page_number":250,"box":{"x":135,"y":282,"width":200,"height":11}},{"id":"dddc0380-7116-46f7-b126-9d7731786c39","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but","page_number":250,"box":{"x":102,"y":304,"width":790,"height":11}},{"id":"563e9247-48cb-4725-bd6f-4a22d8d310e9","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":250,"box":{"x":69,"y":320,"width":834,"height":10}},{"id":"8a920b34-0b42-478b-a2b2-a6fbad4c5c91","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":250,"box":{"x":69,"y":334,"width":806,"height":12}},{"id":"02df9d10-3d9b-42a6-a691-1cc554cdbbdd","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":250,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"168d4de3-ed92-414c-9306-2db5af25dd0f","block_type":"box","text":"third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting","page_number":250,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"7ac04706-1300-4d13-aeea-ff66687676b6","block_type":"box","text":"service provider. The Global Committee appoints and reviews the performance of the independent third-party voting","page_number":250,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"a288deaa-36a8-4133-a293-3acefc540ea1","block_type":"box","text":"service providers, generally on an annual basis.","page_number":250,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"c2885b2e-ad88-4624-b499-ef4e4c54c1ed","block_type":"box","text":"SECURITIES LENDING","page_number":250,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"b76d7548-0cac-427a-aa51-6581b5f4dd97","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":250,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"58d11bbf-3b1e-4615-b7a2-5eee52728c90","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":250,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"b69cb12c-e508-45d1-ac4e-0204e20269fa","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":250,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"dc034f3d-4ae7-432f-a905-be4a52bb77c4","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":250,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"40cfca6b-0c72-4c0a-93f3-ec0ba8c316d4","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":250,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"8afd8ab5-6367-4c1d-9cbc-fe253f149ffa","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":250,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"b9005302-d222-4a59-a91c-1b51e8140500","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":250,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"bbe306dd-8953-49a6-a444-135a0e7a2dce","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":250,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"79d8a402-4e07-4246-a190-7c87cef73230","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":250,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"a9d7a2a4-dfd8-4f89-921e-84c2149d37c0","block_type":"box","text":"of recall consideration).","page_number":250,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"cac3c296-c9f6-444b-a7dd-047b430b3d92","block_type":"box","text":"20","page_number":250,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"0166bca0-6a2e-40fc-aaee-8bf23f863885","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":250,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"70bc3193-69a1-4b74-b335-09b248f155ca","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":250,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"83a28366-ce9a-4cfe-ac53-1ef2957356e8","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":250,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"2c229d60-5d38-462a-ac5c-ece7d8684711","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in certain instances,","page_number":250,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"60f9adc3-9731-48c2-95b8-e41f22ce3f2d","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":250,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"ee38cd28-5864-4c18-ab6f-c83120d8084b","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":250,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"7764f3c2-de62-436c-a977-92ae4ca8c333","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":250,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"229e25c9-8e35-400a-b909-aee2a37de9fb","block_type":"box","text":"and may modify it as necessary.","page_number":250,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"eaee2438-a1ac-47ca-9756-a882923e40d4","block_type":"box","text":"20","page_number":250,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"3e7931c7-18d5-4546-8315-49686c98190b","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":250,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"8ba59341-4763-4061-b1f7-9275af8571fa","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":250,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"d8accee7-82b2-4415-8eb5-1e90a9ae7157","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":250,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"ba94ef7b-fe74-4c4f-8f0d-b624d6378a80","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":250,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"5a73f03f-98a4-4d8b-96ca-62639a464879","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":250,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"45886ec8-9294-4d50-9270-fd473afd1ee2","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":250,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"7c474768-e7c7-4e41-84a7-e017d9139f33","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":250,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"22bb969e-16f2-4a08-b6d9-e0d3940f051d","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":250,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"9bdd68fd-3aec-4573-af33-97acc7f0cceb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":250,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d1d8cb71-bfce-41c0-b0de-61032e3f7fdb","block_type":"box","text":"Global Principles | 16","page_number":250,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b55ffa46-aaa1-4842-9358-004895148f94","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":250,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed1f03b3-203b-4e6e-a1f5-485fc65dc44c","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":251,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"1d4e7501-79a5-46d6-be66-06756ca1584f","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":251,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"e61da9ae-a952-4a45-9b84-c5c20af7f0c6","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":251,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"32c8120b-0972-429e-8104-e38e081f0dc3","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":251,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"3625eefa-4da4-4c89-af03-7dec07f37626","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":251,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"a32767de-24ae-4beb-a87e-659acb33596c","block_type":"box","text":"and emerging key themes.","page_number":251,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"011176a3-ed19-4229-a2a1-b23be7d96e64","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a","page_number":251,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"2e334147-582d-4e7b-8500-ebe9ead75630","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":251,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"5828d3ab-4ee2-461c-a689-cd31955e959b","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":251,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"0f69ec5d-a982-49bd-ac5a-288acb4747a9","block_type":"box","text":"be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and","page_number":251,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"76c28f60-9222-4f41-aae0-8e622e956585","block_type":"box","text":"explaining our vote on key proposals. We also publish a quarterly list of all companies with which we engaged and the","page_number":251,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"b3a02e7c-0d5e-4fbe-a56a-5f427f73d4a0","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":251,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"6e744c8c-0d8c-4735-9e57-6ea332d62d68","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":251,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"a8570e96-683d-4d0b-89f1-f96480e6bde5","block_type":"box","text":"business practices that support durable, long-term financial value creation by companies.","page_number":251,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"350c6c52-62af-43c7-9c7b-ccf7880474a8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":251,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5c10eb0f-ba2e-4dbd-9553-4de31533cf10","block_type":"box","text":"Global Principles | 17","page_number":251,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"b923bb33-f3b4-4b22-a097-94ecb526139d","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":251,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e921057c-e255-44ab-bd8a-59a573fe6d1b","block_type":"box","text":"Want to know more?","page_number":252,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"7b2e4163-093c-471b-b842-54a9a9c2a1f5","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":252,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"44f22dd6-595d-4660-ae12-70cdf78b37e0","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":252,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"04731c61-2aa6-49d0-a14c-0ec8fe3e4784","block_type":"box","text":"principal.","page_number":252,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"32321d13-0544-4ab1-977c-611d597a3f61","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":252,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"8af427e1-6e64-48ba-beaa-99aac83acd95","block_type":"box","text":"©","page_number":252,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"49ad7c4c-4dc9-4b1c-b0e0-dfb47052a563","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":252,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"d2bccdfd-7ebf-436e-9e98-fd18f2e95f23","block_type":"box","text":"BLACKROCK","page_number":252,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"f3d80b1f-8de3-4e81-8b97-4fc7294e55e7","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":252,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"26b838a2-9c59-4543-904b-901c87cb5e22","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":252,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"02099030-c7f6-4e07-9c40-409f853ef188","block_type":"box","text":"BlackRock","page_number":252,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"bb67a267-bd14-4b78-bcce-1c73d0d0e0ba","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":252,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57e2700f-dc3e-4d58-9c8c-5a9628e5080f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":253,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"823d5d0f-254c-4c13-ad80-c268d2c0edc9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":253,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"5729ba4c-ef77-4ebe-9e6c-bdb5db84215b","block_type":"box","text":"Published July 2024","page_number":253,"box":{"x":416,"y":90,"width":146,"height":11}},{"id":"3d78d440-df11-4025-85f4-1c747ec75d7f","block_type":"box","text":"BlackRock","page_number":253,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"dfcd08ed-036a-4a23-94c9-b81b05b531e7","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":253,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13b36f28-1e09-4e1b-a585-c5cbe664d86f","block_type":"box","text":"BLACKROCK CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":254,"box":{"x":208,"y":45,"width":557,"height":9}},{"id":"1d49ea7d-990c-40b0-a9c4-195fb4828b21","block_type":"box","text":"1","page_number":254,"box":{"x":766,"y":45,"width":5,"height":4}},{"id":"beb8b491-76d2-47da-8c93-5e6e29c13271","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":254,"box":{"x":69,"y":75,"width":374,"height":11}},{"id":"efbe1a29-6686-4d2b-9105-16f5193de97c","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our","page_number":254,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"a24f2c40-4fdf-4732-bf4f-6730d8cdee01","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":254,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"dbe10af7-4a92-4ac9-a723-760c79275a8f","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":254,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"1345320a-9af2-4f59-8225-68cc838ab809","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":254,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"c39e4efa-9cde-408c-89e8-d540e6fa0795","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship efforts,","page_number":254,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"2fd0ac00-ab39-45bc-b702-9bd25a16901c","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":254,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"acb1d2ca-97b2-457c-9509-73c937beca3d","block_type":"box","text":"1.","page_number":254,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"cd496abb-e62f-4e89-881a-46ee63b861ca","block_type":"box","text":"Engaging with companies","page_number":254,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"b05ff363-3e60-4bb7-9215-172d3c753731","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":254,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"b3cf8b13-192b-4ffd-ad73-e1c666f8b805","block_type":"box","text":"our voting decisions.","page_number":254,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"af7a1b32-1f85-4c8f-b4b8-1a458fc56227","block_type":"box","text":"2.","page_number":254,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"74725868-1387-477b-b2d7-958411131591","block_type":"box","text":"Voting at shareholder meetings","page_number":254,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"c0cb0ddf-3918-427f-a521-2cd82604e9a4","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":254,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"b1289703-730c-47dd-b33b-d3ae39c80ffd","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":254,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"63f574ec-0359-45b6-b9e3-13af48856f91","block_type":"box","text":"3.","page_number":254,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"94246c65-0fa1-45ee-874f-93ec661c06f7","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":254,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"115795e5-16b9-479d-a56c-37f606d259e9","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":254,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"443583a6-1016-41d6-a763-1dddc0d23aa7","block_type":"box","text":"clients’ investments.","page_number":254,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"a5b09c4e-836e-4f3f-8921-2eac32b7bb4e","block_type":"box","text":"4.","page_number":254,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"71a67477-8ae6-4c2d-a103-34e41f4a94ac","block_type":"box","text":"Reporting on our activities","page_number":254,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"164d3047-9f72-409c-a29a-8eb61bb1a48c","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":254,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"4627fbc8-bcfa-4922-bf93-681d2051034f","block_type":"box","text":"publications and direct reporting.","page_number":254,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"44687a40-aaa7-4810-9294-e5ab45e25945","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":254,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"70b3d587-bf53-42b6-851e-196973a8c3dc","block_type":"box","text":"2","page_number":254,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"6dc44a3b-6640-41f5-bded-dd927e8869eb","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied","page_number":254,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"a4fb8bf8-6d5d-4a0c-bdeb-3e11750dcd46","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":254,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"d2591bb2-6df1-473c-91d9-0222377d789f","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":254,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"b6e81a82-8406-4d06-8bb8-3c27f98594a7","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":254,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"949a0230-6dc6-40c2-9191-c1c960c85dac","block_type":"box","text":"financial opportunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":254,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"39c75e48-8cfc-4c27-ac7b-30bfdd63576c","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":254,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"98a2e166-0e0c-4568-a3f6-2aeee2324bad","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":254,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"0bb08f0e-0e70-444f-a33d-d8b8f45dce55","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":254,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"0583c8dd-00a9-414a-bb0c-0b872804d96b","block_type":"box","text":"clients believe, will shape financial opportunities in the transition to a low-carbon economy. A survey of 200","page_number":254,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"62ac8924-252c-4de7-9d58-e6a05c02945f","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":254,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"8e27ab30-4f0c-4047-a748-588af86cf6f6","block_type":"box","text":"have set some kind of transition investment objective for their portfolios.","page_number":254,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"4549b2b9-092c-42e0-9eb3-63d8c37abfe8","block_type":"box","text":"3","page_number":254,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"326d5290-5ae0-4f93-ba93-bcdb1ad6ece0","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":254,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"053e216e-8347-4365-b1f3-7292e664aec6","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":254,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"6f32d774-eec6-4646-bd9b-d6d68ea3714e","block_type":"box","text":"4","page_number":254,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"a3084a01-361c-4367-acb3-9d174c215d92","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":254,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"09d23bb1-a4e6-4701-9cdb-3e807f964833","block_type":"box","text":"leadership to support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":254,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"23476040-fd80-4814-842f-9216c5d0d27f","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":254,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"eee561ae-8aa4-4b50-9c3c-8400fbd40f4d","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":254,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"1750cc88-e615-44c5-b6b7-641d83b6c8e3","block_type":"box","text":"1","page_number":254,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"86694f5b-9789-4e05-94a8-e5d1c24e4d70","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":254,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"02f82855-a81f-4a86-a10a-4279fefc92cd","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":254,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"283ec57a-b8af-4760-9c3c-4f5b22c46725","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":254,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"1b98c4ae-9a5c-41e3-bd4a-bb686ddfc54e","block_type":"box","text":"commitment to offer clients choice.","page_number":254,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"57db8198-7945-4002-b02e-aa93d52ba26a","block_type":"box","text":"2","page_number":254,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"150fddff-3106-47c9-bd2a-bd861950c219","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":254,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"e4f94350-e182-48f9-b13a-7c23dfd9c1d1","block_type":"box","text":"appendix 1.","page_number":254,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"fe1bc4a3-43df-420f-a3ff-0ac4bbea63db","block_type":"box","text":"3","page_number":254,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"fa69614d-bb3d-4546-afa1-f980a75b7013","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":254,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"2e8c04ca-9b87-4b46-88a7-a44fbe313e0e","block_type":"box","text":"independent third-party research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":254,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"fd903df2-22a3-4add-9d89-ff15b1dff790","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":254,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"a0555df8-11f9-4518-8c67-b490bf89343e","block_type":"box","text":"4","page_number":254,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"aa258726-8bb3-412d-b7aa-e06a54ca1db6","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":254,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"4031d8ae-04e5-4280-bcb6-dffb2b88dc90","block_type":"box","text":"BlackRock Investment Stewardship","page_number":254,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"32abfaff-1c5e-438b-815c-8bbf6274f615","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":254,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"c6c0acb6-5a10-4105-9104-2a1ecdd4ab4a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":254,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f074841-d2a6-41f2-9885-65c0cd3ebede","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":255,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"4caee131-bd61-4f94-9bc9-83d1ded35560","block_type":"box","text":"5","page_number":255,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"3480e4bd-08e8-4492-aadb-b537acfaf5e7","block_type":"box","text":"and are focused on matters","page_number":255,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"ec31d3cc-7c13-4cf4-a940-79ec54ec1b03","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":255,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"164a7af3-75dd-45ec-a85c-fa1c4a2a368c","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":255,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"d4bfb03b-bed6-49ea-8c7c-0444c8b74c58","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":255,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"5bb3c0b1-345d-4402-b00f-fdacfda3b87b","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":255,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"e13f4e37-2f56-4964-bf2d-bcc10d3d0894","block_type":"box","text":"opportunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":255,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"13dc746e-9dc6-4752-8897-58fa33675fe5","block_type":"box","text":"Agreement,","page_number":255,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"d87d102a-bac3-468e-aa43-a769ca2f57f6","block_type":"box","text":"6","page_number":255,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"4c64a013-5392-4c91-8b97-7b82cf98e1ef","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":255,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"d04c694c-bdb5-4247-989c-81e2a2bc0dfc","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":255,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"7ee293da-c406-4680-8c90-9753e6af46ea","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":255,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"83e291cf-1426-4149-9676-ba7871c3df37","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":255,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"7900b88b-f361-4da4-94f8-cc4467fa3753","block_type":"box","text":"7","page_number":255,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"e5bb8281-0bbf-42db-8141-c9412d422a04","block_type":"box","text":"We estimate these companies","page_number":255,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"07e9ad70-7253-4e8c-a2fc-cdaad3207371","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":255,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"a6e92320-e33b-4ed8-aa22-9aed92828265","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":255,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"dc4d76b8-2402-4ac7-9898-1c0455a7f321","block_type":"box","text":"apply.","page_number":255,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"d29299d5-7600-4085-9aa2-0c683f114538","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":255,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"c69f46f6-88e3-4890-a551-00f270256227","block_type":"box","text":"benchmark policies.","page_number":255,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"4673f718-337a-4f7f-95e3-f7f391322dd1","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":255,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"56496932-b2e1-48c7-8518-212fe4cb5181","block_type":"box","text":"objective, BIS will continue to undertake our stewardship responsibilities in line with our benchmark policies, with a","page_number":255,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"7201e4f2-61d5-4e6d-81e0-33bf34d18960","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":255,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"2e730690-7cb9-43b9-8c6c-dcb226f44121","block_type":"box","text":"risks and opportunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":255,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"2650b9ef-21b3-4716-b788-2ef89c50432b","block_type":"box","text":"financial returns.","page_number":255,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"8c61c229-08de-4ea5-81ce-ec521c12ffe7","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":255,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"96b9be21-fdf3-4c17-9a7e-8324b392a089","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":255,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"6c937a2a-0f56-4ea2-8f83-7486d49daf7e","block_type":"box","text":"5","page_number":255,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"8b194619-5a73-4321-98d8-fb72fa589e06","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":255,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"fd6ce5a1-efb5-426c-a960-dd61a4760824","block_type":"box","text":"efforts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":255,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"705590ba-a6c0-4438-be9c-7b015d4f2c4d","block_type":"box","text":"They are anchored in our Global Principles, which set out certain globally applicable fundamental elements of","page_number":255,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"31daada5-b983-49a9-933b-2e35bf60cfe9","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":255,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"78aa4bc0-ee2c-4811-8aed-7088eea5092f","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":255,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"d1725f79-f298-49ec-8d93-677aa939652c","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":255,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"0588d46a-347b-4cfb-bad2-1ee1467d6395","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":255,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"45cf6d77-0a8a-44cd-899d-f0721d21091a","block_type":"box","text":"are relevant, as these can be a source of material business risk or opportunity. The BIS policies are applied on a","page_number":255,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"67c1e1b8-14bc-4fe7-b646-b7dd331bdef0","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":255,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"6cc2470f-4f0a-4072-8e46-88945f414a74","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":255,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"47baba53-fff2-458f-90af-f4be6f07f594","block_type":"box","text":"6","page_number":255,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"5582dc2e-8eee-4290-8c39-31ababa4cf30","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":255,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"f92591e0-c577-4d7e-8556-bfcb9619acaa","block_type":"box","text":"7","page_number":255,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"cdf2aead-c19f-40d0-aa93-0636c6467dbe","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":255,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"2c8e1995-3e9b-47fd-9f9f-4b636d15996a","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":255,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"2d337161-ba8a-4381-b817-9015252608ef","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":255,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"8fb97c19-254a-4506-a558-99d45575e24c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":255,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"db8d2dc9-1900-44a3-9169-c358b13f4607","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":255,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"859cddb4-111f-4de8-b4c7-439db3405307","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":255,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c46c48f-4ba4-43e2-98ab-b1b16edb2b0c","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":256,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"c084309a-1bae-4a60-8cb7-8cce74144d3c","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":256,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"b6a18fd5-a3ac-4504-ae3b-46b109108ebf","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":256,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"3b2f6d4d-5d24-432a-8031-f750bedb3599","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":256,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"0d2a1cac-31d5-43c2-83e6-296cc9662732","block_type":"box","text":"already being deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon","page_number":256,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"6d513f9b-c19e-4ff6-8c63-c8389406f45b","block_type":"box","text":"alternatives exist. We have heard from certain clients that they see the low-carbon transition as a series of shifts","page_number":256,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"7d71e7b2-60f2-475f-912f-008a15b2f58c","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":256,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"e13b34fb-201e-462d-af61-164162c2164b","block_type":"box","text":"opportunities and a wider range of financial and competitive outcomes for companies.","page_number":256,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"cb17293b-c4a9-435f-b72c-66518e9fb6e3","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":256,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"df7d7262-bbf4-4f4e-ab72-d587f2e05225","block_type":"box","text":"risks and opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":256,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"696a271e-8d18-4fcd-848d-fa70a0f5a861","block_type":"box","text":"by Aladdin","page_number":256,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"b795bcbb-ad73-42eb-9d91-508ee3ca1cd7","block_type":"box","text":"®","page_number":256,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"9619b76d-7891-4a07-948e-faaf48919d4f","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":256,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"465472c1-b371-4b06-ba96-f9f37b0fc2cb","block_type":"box","text":"play out based on what we know and expect today. It can help inform a top-down assessment of a company’s","page_number":256,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"aa233be9-4731-4901-8e80-8e4060794892","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":256,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"fcad918c-17d4-4034-9115-c85724280a33","block_type":"box","text":"BlackRock’s portfolio managers and other experts.","page_number":256,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"c6c53021-6815-4812-bbdb-d86fc1c162b2","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":256,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"88bdae4d-74d2-4689-ad51-e7320222394a","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":256,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"1e1e3097-f79d-4057-8c51-8c5d2878b9b3","block_type":"box","text":"®","page_number":256,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"4bd84757-ef72-49ce-9393-d7ad82ecd69a","block_type":"box","text":"Climate,","page_number":256,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"279c2804-f54e-4188-8e93-56a662be8738","block_type":"box","text":"8","page_number":256,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"3a1a79ac-7e7c-462f-a5a6-635c5582c345","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":256,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"ce10e5a3-71cd-4b68-bb25-69e4a1bc8268","block_type":"box","text":"applying these guidelines. In doing so, we will take into consideration the fact that the necessary data to assess","page_number":256,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"ee6f28ab-be8d-4079-8af1-7cb046f98a06","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":256,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"0adda6f7-223b-4d11-81c4-5adcfc5820bb","block_type":"box","text":"increasing number of jurisdictions.","page_number":256,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"52ad8c1b-b9bc-4a0c-be3c-f1fd3fc5ffda","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":256,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"60e7fc58-32c9-4f56-9ccb-e8088ab4f431","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":256,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"f2ebc67b-c7cd-4aec-a6e7-7028ef981608","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"c3a367be-6129-439a-b9f4-c06fd9c5195a","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":256,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"7c2e85c5-4733-40ef-b8cc-16f776f25fdf","block_type":"box","text":"This includes","page_number":256,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"f33d40ee-2177-4592-9a80-73c0b2e6bf37","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":256,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"a5a70f18-47ea-4911-9959-d1f014f6c699","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":256,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"08450016-963e-4d45-9d98-0fd7fc866965","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"d04a0a22-57cb-48f0-aa5c-f783e4ee485a","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":256,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"90ce9fe1-04d3-4028-b886-6cf162f102be","block_type":"box","text":"across sectors and markets:","page_number":256,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"beccb579-7ca3-41ae-b0fc-1448ee393272","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":256,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"4ef58037-0a5e-47d5-a530-2981230f4dbe","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":256,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"af25a43e-c6eb-43bc-992e-98c03fb40a66","block_type":"box","text":"other factors. Further, we recognize that these factors are uncertain and dynamic, which will require that we","page_number":256,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"d50a59c8-1275-471f-a6c3-3a046e7e18f0","block_type":"box","text":"evolve our approach as necessary.","page_number":256,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"9072979e-b4c7-4297-a709-f9cb23e329c4","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"d33e140a-d51e-4061-bbe1-f10b120c0f38","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":256,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"d948aa2b-61c1-46d4-a10f-54f8ed8ce2fe","block_type":"box","text":"their key stakeholders:","page_number":256,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"0bdb9f38-120b-4229-bb95-40e737ad1b5c","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":256,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"a2f1a3c9-0c86-4839-a082-ebb248b82766","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":256,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"d92617b5-1f40-44df-b21c-c9f572f358fb","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":256,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"76cb7be6-0f61-4512-99e7-31fcc25cce83","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Further, we consider the","page_number":256,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"fae58144-a11b-4dfb-b4b8-350e8af70f62","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":256,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"b03ed529-96f7-4f49-978b-443c1b5dd678","block_type":"box","text":"does not.","page_number":256,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"f4f1be0a-4be1-4fb1-a737-b9a76e1203d6","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"f6596a5c-3055-4171-8aec-93eb707d56c2","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":256,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"25120ed8-2b2d-458d-ab1e-6eecb164e63e","block_type":"box","text":"limitations:","page_number":256,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"d07e7b0b-4f41-49e4-8e8c-738db7a580c5","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":256,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"313ffeb0-0b57-48df-8322-8c50e797cabf","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":256,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"957530f9-115a-420d-a6e1-304beba053f6","block_type":"box","text":"include relevant data and narrative.","page_number":256,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"fa8b3eca-f342-447f-8892-891e018e57c9","block_type":"box","text":"•","page_number":256,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"d162ee92-93dc-4157-8d5b-1440e8c08e6a","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":256,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"cc98c7b5-4429-488d-ba8f-11cd7762f2a8","block_type":"box","text":"The boards and executive","page_number":256,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"bf4bf669-f39a-4e67-84bb-b3b00db0b3f0","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":256,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"19324854-ce2a-450e-964f-ee0affe95ff7","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":256,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"56c6f37b-3600-45bc-9e86-ef364d607bbe","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":256,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"70f63477-daf0-4ff2-9fdd-17204a8af674","block_type":"box","text":"8","page_number":256,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"6f4f16bf-9668-4465-9e6d-ec4557c21e05","block_type":"box","text":"Aladdin","page_number":256,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"e529eabc-8193-40ee-b9f5-e2194d5b8fb4","block_type":"box","text":"®","page_number":256,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"23917d71-e48e-4374-b493-fcfd545a337e","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":256,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"fb83042d-582f-4da0-b9de-9a036c4d186c","block_type":"box","text":"analytics. Aladdin","page_number":256,"box":{"x":69,"y":810,"width":123,"height":11}},{"id":"b4431f0e-e468-4b9b-b88a-cb51f3643fbb","block_type":"box","text":"®","page_number":256,"box":{"x":193,"y":810,"width":6,"height":4}},{"id":"b2d21e62-d92e-4b5d-bfd6-4bad315218d9","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":256,"box":{"x":205,"y":810,"width":418,"height":11}},{"id":"098804ab-0236-4c42-b458-9c5e83b0a7e6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":256,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"697e8e7f-b52f-4b5f-8f82-d0757ebe03d7","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 4","page_number":256,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"730166c0-784c-43aa-9b0e-f0938544130c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":256,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c55eff71-4ae8-414d-a5d6-c440abcfc788","block_type":"box","text":"VOTING GUIDELINES","page_number":257,"box":{"x":411,"y":45,"width":150,"height":9}},{"id":"f2f3bd8f-1676-4a63-9b07-391fffd4eea1","block_type":"box","text":"9","page_number":257,"box":{"x":562,"y":45,"width":4,"height":4}},{"id":"e976f1ec-3fee-4fa8-bd12-9f8bda9bcad1","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look","page_number":257,"box":{"x":102,"y":67,"width":792,"height":12}},{"id":"fe9d1f10-f2a0-4293-85ab-9b16dd49262d","block_type":"box","text":"to companies to demonstrate the following:","page_number":257,"box":{"x":68,"y":82,"width":309,"height":12}},{"id":"58724dbd-768e-4a32-b7e5-3bf1aa4471ba","block_type":"box","text":"Corporate Disclosures","page_number":257,"box":{"x":69,"y":113,"width":160,"height":11}},{"id":"4bddac52-2c31-42a4-a112-023b429c3986","block_type":"box","text":"10","page_number":257,"box":{"x":230,"y":113,"width":9,"height":5}},{"id":"59a17080-7e66-415c-bd44-bbbf2db1450d","block_type":"box","text":"In the context of these guidelines, we look for companies to provide sufficient corporate disclosure to allow us to","page_number":257,"box":{"x":102,"y":135,"width":805,"height":12}},{"id":"814db108-49fa-4720-afe2-330ae4ca7c30","block_type":"box","text":"determine the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general","page_number":257,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"3b3e58a2-a26f-4eb8-8050-204e04f84d9c","block_type":"box","text":"point, we would expect companies that have disclosed their aim to participate in the transition to a low-carbon","page_number":257,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"793f64ad-6c6a-494b-baa3-a965df7fd049","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":257,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"34a5f567-2280-491b-9b4c-61f51cae6a06","block_type":"box","text":"appropriate, which may include:","page_number":257,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"c7053d6e-2ab5-42b5-8001-48c3b7909291","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":257,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"5bf58a50-68f4-41cb-99dd-20d81391f649","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term","page_number":257,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"ca145c0c-99c0-4378-b249-d1f40015141c","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":257,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"11b87298-febc-48b9-9087-d592850f43e3","block_type":"box","text":"milestones to assess their progress.","page_number":257,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"8a7a488a-8037-441b-9cda-78fdadecddad","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":257,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"964d7d54-424e-41ce-b79d-8521712d2173","block_type":"box","text":"Standards Board (ISSB).","page_number":257,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"e4bc828d-8af9-48df-b88c-89a9b0aa4960","block_type":"box","text":"11","page_number":257,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"f727c188-569b-48db-80c5-7662253a2daf","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2","page_number":257,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"a1324b73-5300-4f1d-ae4c-67d2eabb7847","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":257,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"81ef3331-4230-425c-ac87-cb475c846597","block_type":"box","text":"significant climate- and low-carbon transition-related risks and opportunities. As audit and assurance standards","page_number":257,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"65e14f12-09a7-4c6c-a7e4-892fc8e9f6de","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":257,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"3544d7df-199e-4ff0-9059-6f01aef9a696","block_type":"box","text":"independent, third-party assurance.","page_number":257,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"817b5d63-a687-4627-bfd4-c3d4b2008ea3","block_type":"box","text":"9","page_number":257,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"b7bbd56b-4ee3-492d-bdc1-9f0944739e64","block_type":"box","text":"These guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":257,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"23ce9333-491d-43d6-a10c-65720d053931","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":257,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"692163e3-47e0-4525-a2d1-7180197987f1","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":257,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"2b35bb76-c4e8-4410-a7b4-8952362131e5","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":257,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"3635c68f-65b2-4677-93da-6f3d9a5b93f6","block_type":"box","text":"10","page_number":257,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"559c41f9-8a5b-4ef6-848e-a895bb6db0e5","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":257,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"fe2543d7-5ca5-41ab-a538-f8a04cd0dc36","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":257,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"fd48c1bb-0f06-42ce-b703-4e52d70342ad","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":257,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"56d1198c-860d-4c9d-9a49-a9032926b610","block_type":"box","text":"11","page_number":257,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"22557ddb-ed91-411c-9d89-869ccadb24dd","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Reporting","page_number":257,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"af66163f-1374-487f-816c-8c0869f52531","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability reporting for corporates","page_number":257,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"05735ff6-c0ce-4731-b074-b02e233daf4d","block_type":"box","text":"and investors to support more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":257,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"e5b12afe-57d5-48f5-857b-89a65d92eec4","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":257,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"591a7c62-92e8-4c12-a377-ac2b91bfece1","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":257,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"aa984fb8-10f3-4536-bf3d-6235e4e2b0bf","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":257,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"5df9d1b0-ab1c-4f0c-8eec-f07ea1330c0c","block_type":"box","text":"their reporting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":257,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"93e1c65f-83ea-43da-9654-1c277e8dad35","block_type":"box","text":"already committed to doing so.","page_number":257,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"52a93baa-68a4-41f6-b4a1-aa5f8edba9fd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":257,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c261ac0a-877a-4fa9-a405-3eeb05125331","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":257,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"94355010-58fb-4f1a-93ad-b30ccdfdd60c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":257,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9b81cbc-d721-4565-951c-2214b182c1a9","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":258,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"1115c2ac-eef3-4b9b-bb67-707dd0dab0bc","block_type":"box","text":"12 13","page_number":258,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"a61d2f00-42c7-49fd-94a6-5ad91bbca858","block_type":"box","text":"In addition, we look to companies to disclose","page_number":258,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"d26fe244-48da-4673-8a76-dd461b75123d","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":258,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"47ab68a8-fda6-418b-b6a3-b20aa6e6bce7","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":258,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"85127e1e-b596-4c78-8a67-02c0d5ea1f0f","block_type":"box","text":"these would be provided on a ‘best efforts’ basis given the methodological challenges these currently present","page_number":258,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"da28ce8d-2132-48ef-b06b-a7e01048145f","block_type":"box","text":"for reporters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":258,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"478c0ab2-4ed7-4f80-919d-938222e81c62","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":258,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"61144290-0927-480b-909d-20b639ee4495","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":258,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"cfe83c39-41d1-4283-9130-f99d06566293","block_type":"box","text":"14","page_number":258,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"66cc5ac1-0249-418b-b0a3-eec21a4d0ecb","block_type":"box","text":"However, we recognize that","page_number":258,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"f4c5e776-8c16-42e9-8802-78d56ed0fdca","block_type":"box","text":"companies have varying ability to influence the emissions across the different parts of their value chain and it is","page_number":258,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"786c9beb-a5ab-4c46-a5c5-2c9d56991d97","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":258,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"6223102a-95d5-43da-91e4-0d37f060b7d5","block_type":"box","text":"Transition plans","page_number":258,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"cc69abd9-170b-430a-bf4a-17fa5fe9ca50","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":258,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"0f69120a-6d22-435d-b31c-1b84f62061f3","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":258,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"ea6d9174-190c-4883-8a39-b3eb73d0132d","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":258,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"424d1fdb-9024-4b11-ba95-27207e0f8d32","block_type":"box","text":"appendix 1).","page_number":258,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"d4ca9935-c15e-4b46-acf9-01ed633d75d3","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market","page_number":258,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"bd778364-70f7-403a-a58b-125a42b67876","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":258,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"1f2e1f92-2d08-4011-bef8-d8e083b23333","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":258,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"ece36659-a744-4b42-b08e-909eb2706c93","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":258,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"c5ceaa3a-d7d0-448d-b365-ae6c10e86f70","block_type":"box","text":"Boards and directors","page_number":258,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"8b82b324-c72c-4c43-843c-7f74f02fcef8","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":258,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"405e5ce6-2d04-419b-8b6e-5e64bf39fb47","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":258,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"533d3c73-429a-40a9-b2ee-03b5be0f9dfc","block_type":"box","text":"transition strategy.","page_number":258,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"f0c3bc96-b36b-4cb5-84cb-d4e41e283488","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":258,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"59447b6b-e203-4534-b32e-e558c756ab7b","block_type":"box","text":"•","page_number":258,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"85008f5b-4b20-4f03-84cd-8c8c1cc81ea7","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":258,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"f1b5b0e1-b939-4046-9006-9d64c8891766","block_type":"box","text":"opportunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":258,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"8379fad7-0cdd-4342-a3ce-1dff1a027bf2","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":258,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"9f96c0da-caf2-4863-b5e7-1abcbf801faf","block_type":"box","text":"•","page_number":258,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"1b054b1f-0e2b-4389-abf2-3e6fd75a337e","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":258,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"8da54dfd-647a-4704-987f-3e948595ec20","block_type":"box","text":"accountability for delivery by senior executives.","page_number":258,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"42b95184-06e8-496c-a8bd-5a67ddc2ed67","block_type":"box","text":"•","page_number":258,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"71dc7098-2dc1-4563-a252-fb94c6c5ac39","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":258,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"dbb11073-c165-45f6-aa11-ddd7ae28f0ee","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":258,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"2f3e1da9-5999-47e1-967a-6fddfa605a29","block_type":"box","text":"transition strategy.","page_number":258,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"71f076c4-31b3-44bf-8f95-e8dd05baba36","block_type":"box","text":"•","page_number":258,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"f26829cd-ac45-4301-9dbe-3370a4728661","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":258,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"67055526-ca2c-40ab-b701-829473b9f466","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":258,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"a3193f03-f995-4ca8-8b32-d5ca1a29378c","block_type":"box","text":"•","page_number":258,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"85b36abb-25f3-424e-84cb-8670d6c3353e","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":258,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"844f0546-d027-4818-943a-27a2b480c337","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":258,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"327f354c-8334-426d-9cc2-7f5c65ca75dd","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":258,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"41c418af-819c-4c3c-abf8-b3b0182f5701","block_type":"box","text":"•","page_number":258,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"f98d3b7b-c961-476b-a4ad-93d8a0d85790","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":258,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"5cea9ef2-a9a8-4e5e-a619-8d8190dbf1ac","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":258,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"c2e8d2ee-cb1b-4943-9536-e90c0a07d911","block_type":"box","text":"12","page_number":258,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"218d1ca4-292b-4f28-9053-c2dab0ac49e6","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":258,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"1088b1e2-1c7e-425d-8c3d-1d4026d3a2c1","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":258,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"c7acae8b-5edd-45e4-99a4-8aa666499bb3","block_type":"box","text":"13","page_number":258,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"68dab082-8248-4879-84cd-498b8e3e2c18","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":258,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"ecdfb205-3351-4fad-a567-5add6626a86f","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":258,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"32cb02be-ac00-4412-ba2d-7000fd5aa6fb","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":258,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"34c10d9c-4505-46ba-a22c-9c521f4c3003","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":258,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"e138808e-f2d1-4f0e-8aa0-af442c1f700f","block_type":"box","text":"14","page_number":258,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"a843be4b-763a-423a-b44d-a6b4f3384e87","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":258,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"a98107c5-41d5-43f2-b671-bf6177637b5d","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":258,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"7fdd0c0d-bfeb-4697-a0dd-d87b41c277c6","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":258,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"e63d5ee6-c9df-4141-93d9-f483bc22508c","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":258,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"ce4f055e-e2e2-4e92-bf40-35d6c2342dfb","block_type":"box","text":"business models.","page_number":258,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"9f687e5d-5ed4-49e1-9484-c2aa74ab458d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":258,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"557e7818-b7d4-404d-a142-fe095e4d75e1","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":258,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"917682e3-b9c2-45ea-93ee-11095ddd77db","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":258,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bafcb61-8abe-4b20-a1d5-8fd620054084","block_type":"box","text":"•","page_number":259,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4f2e684c-a3e1-408b-87b3-ab9ab5ed6fc1","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":259,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"d433b0bb-31b1-492b-82ad-78370b9b0032","block_type":"box","text":"15","page_number":259,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"4517265e-c4a4-474f-b0e0-3d6bbca9a4e0","block_type":"box","text":"and disclosing these where it is confident in the","page_number":259,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"b8c0c84f-ec39-413a-9692-6c885a86c0ca","block_type":"box","text":"data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":259,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"2afedf48-5d28-4e9b-badc-1db61300683f","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":259,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"9d78058b-7b24-429b-9568-89ab52254844","block_type":"box","text":"with the different constituents in their value chain.","page_number":259,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"ebb98b7d-966c-4361-96f1-53eb207d1d36","block_type":"box","text":"•","page_number":259,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"bbee1514-7fcc-44a1-8590-5ee9ae0e7429","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":259,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"529b0cff-d2d9-4114-8c04-495d8575a18c","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":259,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"76bfe384-3faa-479e-bb0d-f0d9fe9e0e63","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":259,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"e598faed-13c0-4c3f-8db4-c51ad64a8245","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":259,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"2e3be649-6c8d-40bf-9fb4-a6a15130ce7f","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where,","page_number":259,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"147eaa5e-c4d6-42b5-a8d3-653bcaeba4e0","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":259,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"4650a000-72be-443e-9125-e1f6fec83844","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":259,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"40da4311-cbdd-4cd6-85fa-c043f8b19281","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":259,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"0ea91bba-6bf8-46f2-ac8a-b64cdc087b9d","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":259,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"80f98d17-f39d-4a16-b6ae-05ca571fefe6","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":259,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"30d482a7-3603-432c-bcb9-d15c893141a9","block_type":"box","text":"executive chair of the board. In certain markets, we may withhold support for the discharge of the supervisory board","page_number":259,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"7a84c52a-cf43-438b-a872-497c98689c38","block_type":"box","text":"or equivalent.","page_number":259,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"ec608a3d-7ae3-431f-9550-287041d8106d","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not","page_number":259,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"d12adf75-300d-46b4-baae-7bc8a4214748","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":259,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"009d9020-7ddc-407e-bcec-b7d3584d5992","block_type":"box","text":"16","page_number":259,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"096ee4c8-78c2-4b8d-8e00-28388c537a42","block_type":"box","text":"by","page_number":259,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"29e59f51-6403-45e3-bab5-7ea0c9127704","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":259,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"a3184334-fdc9-4d3f-a54d-98d536d94cb6","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":259,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"cbf6b479-588b-4a6a-bc51-2be5575c72fd","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate","page_number":259,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"b30a30b0-f152-44c4-a003-46dfdf02f312","block_type":"box","text":"action plans or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s","page_number":259,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"b5b59d70-d4e7-4823-945e-ee53af186010","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":259,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"b6301827-8b17-48e3-8b5e-f60426838366","block_type":"box","text":"transition. Similarly, we will generally support management’s proposal on a progress report if the company has","page_number":259,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"0bd2611c-263f-4910-a31b-3f4e03ad7acc","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":259,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"f1275798-c6dd-4320-8945-292654b795a2","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":259,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"19e0ff73-59be-4df2-a3f8-de12a6d38ac5","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":259,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"b38dfe46-6990-4c49-ae2a-43ce6c1104e6","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":259,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"f631ffbd-9834-42c9-a50b-629ff8d57376","block_type":"box","text":"stated low-carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a","page_number":259,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"cd58b357-7319-41fb-9b63-1bf21d346176","block_type":"box","text":"company to:","page_number":259,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"15933a47-b675-4970-9d69-51a9c80b8054","block_type":"box","text":"•","page_number":259,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"8fdcf40e-fb7a-4570-8f6a-d9639e4b88a8","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":259,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"e85b5423-96d3-4f72-a865-91807e860a2a","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":259,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"1b33416b-5f39-4a4f-ae38-27c0a9f9e298","block_type":"box","text":"•","page_number":259,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"fdcbb0d3-d826-418f-a167-ded1bc87abd7","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":259,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"ddfb250b-cd5d-4074-b562-bf375355b7c6","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":259,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"522a85ac-5897-4fca-88c9-db22d8a76cf3","block_type":"box","text":"•","page_number":259,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"4225c901-54d7-440a-b7ab-a10733147ba1","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":259,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"4e58ac43-ae2b-4cca-b3d1-94561921d8d7","block_type":"box","text":"•","page_number":259,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"6ef7a6fd-82ac-4931-98d4-e50117625ec8","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":259,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"7d8e8589-49ef-4c15-8298-314c3141f6d1","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":259,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"0c3f98c9-d34d-4926-967e-f969209b4cc3","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or","page_number":259,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"42f41ca7-3a0d-4e59-bbc9-145f4d78f002","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s articles of","page_number":259,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"98da4de5-d020-4175-b4c2-8a854eda5501","block_type":"box","text":"association or charter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":259,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"77503ddc-7c57-46d4-b8c5-61b5ed58a206","block_type":"box","text":"15","page_number":259,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"8d1e0934-7955-45cc-84a6-6ad8ab5f1461","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":259,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"3941921a-3a0c-4d85-809c-3de57759d68f","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":259,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"a7a18ff6-2e4d-4547-ad60-1e637e61b9fa","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":259,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"359084c4-3d83-4ff0-8eda-e2824cca592f","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":259,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"40f13e68-8a30-4f86-a88d-2bb20cb93954","block_type":"box","text":"16","page_number":259,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"4cffdff2-afbf-4e15-9432-bed11e59a4e6","block_type":"box","text":"While BIS may escalate voting by not supporting additional management proposals, principally director elections,","page_number":259,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"7512483f-ad3d-4fb9-8073-f47fcc8b9972","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":259,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"2287746d-7ac7-4f9c-ba67-00e4827ca142","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":259,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"6abc0c69-d83b-4092-8388-1c29959b151e","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":259,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"a0b02982-28c8-4e6d-aa9e-de91d1bcff7f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":259,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"58cb07b3-b2ff-4565-97f6-1583d0102783","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":259,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"1ca616ba-dc61-4472-8e92-cfdbc126937a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":259,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ae69ea5-6136-4db0-8ef6-8246159d2111","block_type":"box","text":"RELATED MATTERS","page_number":260,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"f3aa34e1-ed92-4213-8397-308a6a018bce","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":260,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"aa88ddbb-7d0d-4fbb-9296-a63fed853fbb","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":260,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"d53707f0-8fb9-45ba-a6a0-6ef1d835839d","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":260,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"074c8114-33c4-4eda-9d9f-3267fa68959c","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":260,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"d98fa71b-8a74-45f1-b7eb-c8494521f1c4","block_type":"box","text":"Executive compensation","page_number":260,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"1b58ed0b-6267-4a8a-bb2c-b1c133954c55","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":260,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"7d3a8933-fd22-4ae4-90d7-7952106d9f03","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":260,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"df3c774b-1952-47cf-af32-0aa8559ccbe2","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":260,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"708d29d3-1fa3-4bed-9b32-9f516e4c9578","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":260,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"d73657ff-891d-4dcf-9ea7-07ecc7776866","block_type":"box","text":"Auditors and audit-related issues","page_number":260,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"88032a4e-9769-4a69-80f5-f452b8a6f8ef","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is","page_number":260,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"ee11b56d-3d6b-4e1c-9bbf-cf4eceebb78b","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":260,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"9be900d8-5a25-4dc5-a5bc-318330fda708","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":260,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"aeb41c28-5680-463d-a4f9-a62c24c72a4c","block_type":"box","text":"audit report. We note that work is being undertaken to develop audit and assurance standards in relation to climate","page_number":260,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"917d0e2d-e121-4aa7-9b52-d422aac21d87","block_type":"box","text":"and transition reporting, which may impact the future reporting requirements of companies. We note that assurance","page_number":260,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"c27eda08-b1c4-4214-9ae7-dd1e52bb2ff5","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":260,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"17283fa8-4ca3-4d3d-8f9d-421badffbeff","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":260,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"4d36fc7c-3aa2-412c-bc23-9872e9c56552","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":260,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"53ed1ce6-f0b9-4cb6-bed1-20a4fbbf05bf","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":260,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"b8b2a199-3dfd-4733-8433-2b40afe07329","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":260,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"ac83cae6-1cd0-4cba-affd-517c89283524","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":260,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"0d3fdc3e-b5fc-4777-9b1f-d8806baf21ab","block_type":"box","text":"shareholder activism.","page_number":260,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"8882d496-8ba3-4b81-ae28-d0dea97b0cc6","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":260,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"b74952b8-fd1b-4652-ab2d-9defe1d5e651","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":260,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"cefb0af1-cef2-444a-9d54-17d862dbe2b4","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term performance.","page_number":260,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"96789544-27b8-483d-adf8-33b3349cb7d1","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":260,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"d2efd3ed-6f94-4ecd-80f0-01cfa24acdb6","block_type":"box","text":"17","page_number":260,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"9017eba3-4b63-4d45-837d-690b50b33647","block_type":"box","text":"In the context of","page_number":260,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"4b51c829-ef34-4c9b-a143-ee10325ed7f5","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":260,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"66f36fbd-58e3-489c-a494-7f5cffc8eca5","block_type":"box","text":"e.g.","page_number":260,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"6dced717-d02f-4aec-8a53-973a925b1407","block_type":"box","text":",","page_number":260,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"1a3c958d-abb3-4f71-ac52-a74832616b21","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":260,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"ea52c927-a420-4eec-adfd-a2a5b223f434","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":260,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"1350d362-d8c7-46cd-a0a4-d1d6dd6cf795","block_type":"box","text":"opportunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":260,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"dc922cac-b0e8-414e-9090-ba648bf2911a","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":260,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"a298af2c-776b-43d4-b99d-5547b87a17bf","block_type":"box","text":"17","page_number":260,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"8ab8d918-a7a8-4fae-948c-7360afa6fb27","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":260,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"3d5c563d-e497-4967-a8a0-470ca451939a","block_type":"box","text":"capital management and human rights.","page_number":260,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"cbd4b66c-19a7-48a1-b974-a0925532ab24","block_type":"box","text":"BlackRock Investment Stewardship","page_number":260,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8b32a24b-3554-49f5-af00-a177d9d0f444","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":260,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"e4ce5900-2d07-48da-8683-b752d4faeff0","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":260,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cfc66e68-d59a-4336-ba19-7178cf4e15af","block_type":"box","text":"Appendix 1","page_number":261,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"ee3aadf1-cde5-4afe-9776-f93660424a9b","block_type":"box","text":"Terminology","page_number":261,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"af2d7cdd-2e28-41c6-8d79-17003812b31a","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":261,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"dadde085-4231-401d-8c18-760394ed0cf9","block_type":"box","text":"Climate risk:","page_number":261,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"2f131468-8495-40dd-aa5c-14bf0e85de2c","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":261,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"e1728b19-1f6b-4ce7-8d5a-3cb6a029e56c","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":261,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"fdb14da0-99e1-4b24-ae3f-83d3151faac6","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":261,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"70a07f50-f979-490a-a33e-920fde572369","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":261,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"4b0d65ec-901c-417f-b520-0a561f7bf4ce","block_type":"box","text":"The global economic shift toward lower","page_number":261,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"1f8ecdd7-4d6a-4378-ae92-0f66f42d0712","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":261,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"aca1b005-197d-42b6-ba90-36fe60643eb8","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":261,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"8016e19f-7887-43b1-a921-ad5f2bdd6536","block_type":"box","text":"change (","page_number":261,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"082f705e-1fb2-47d8-abb2-eefd174ba63c","block_type":"box","text":"e.g.","page_number":261,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"6beae10c-ddeb-417c-ad19-4716315f0347","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":261,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"a628b829-0717-45ff-9767-da8cfbd1f8b1","block_type":"box","text":"Decarbonization:","page_number":261,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"be0f06c6-2df5-441b-9459-9f7e9d189bd8","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":261,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"35633be8-d61a-4f92-95ce-9f002077a931","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":261,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"94b275c4-2d6c-42ab-b027-f3b572a154f1","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":261,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"b98c4190-f0be-41a4-8eb5-9e37a0546fb3","block_type":"box","text":"e.g.","page_number":261,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"a461df03-2777-43b5-9501-a48233429da0","block_type":"box","text":", methane.","page_number":261,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"eab67bb2-68f9-4493-875f-bd29b2865a7b","block_type":"box","text":"Climate-related risks and opportunities:","page_number":261,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"08a2f4b7-a857-4339-a2c8-027b61fa1493","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":261,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"318cccd2-9f31-4d4b-aa56-c09087619eab","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":261,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"68d1a9c6-05e2-4d31-a6c4-56f053630d9b","block_type":"box","text":"to physical climate change.","page_number":261,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"65b3c5a7-b24e-47a3-a8a6-d57129db52b3","block_type":"box","text":"Climate-related transition plan:","page_number":261,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"d3d07005-7f9e-4edd-9ea0-d8b7dd3d8b8d","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":261,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"7892feea-1e01-47a0-a063-6abfc35770d2","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":261,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"8feba7e2-35e9-416b-aa0e-01bbe96778ad","block_type":"box","text":"greenhouse gas emissions.”","page_number":261,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"9509cfa6-a4ab-44e4-8f68-e0e419a42d58","block_type":"box","text":"18","page_number":261,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"4353f705-bdc2-40a8-8ed0-c89f22513b19","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":261,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"1b9e520b-40a5-48ff-86e7-99fb832aac86","block_type":"box","text":"Targets that “","page_number":261,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"00a2645d-1f7c-4b69-abf8-c250c6344e4c","block_type":"box","text":"are in line with what the latest climate science","page_number":261,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"dad45f4a-fb0b-40f0-82c7-810a5d059cf8","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial","page_number":261,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"3e11638b-6e6a-450b-af77-7830e5fd4bd8","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":261,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"eddeb6b4-9abb-4393-b186-1dd3c623a1f4","block_type":"box","text":"limiting global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be","page_number":261,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"ccabf699-070f-4a28-a63a-4fb034c08e22","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":261,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"5ee77088-9990-425f-9802-655ef3828999","block_type":"box","text":"19","page_number":261,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"eb8e909c-224c-4680-972d-1057f7a10130","block_type":"box","text":"18","page_number":261,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"f691f566-f7e7-47d5-a812-a156380f0b90","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":261,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"a0d02aa9-6f33-4553-9ba7-ca6ff1b7e34e","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":261,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"b91451a9-1d58-49ae-a69b-72b43556295f","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":261,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"cc53ab15-a9d3-4329-bf94-32e6aae30e94","block_type":"box","text":"19","page_number":261,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"2d5268d2-ed3d-4c92-ba59-70a278f9e698","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":261,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"51009156-b056-48a0-a056-7160520aa385","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop","page_number":261,"box":{"x":69,"y":583,"width":831,"height":11}},{"id":"d79dfe5b-2e44-4a64-8eff-e9145ec98e35","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":261,"box":{"x":69,"y":598,"width":826,"height":11}},{"id":"83af9b94-feb0-4550-92c0-b945e1d8db8e","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":261,"box":{"x":70,"y":613,"width":795,"height":11}},{"id":"a2fe20ad-896d-4572-9e93-0e58ea2896be","block_type":"box","text":"BlackRock Investment Stewardship","page_number":261,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4c2fc10e-5587-4c37-8c4a-b4c49faab263","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 9","page_number":261,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"9e28dc2a-2875-4529-a099-614ad65b53bf","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":261,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01ea2f35-359a-44c2-af81-d03918d38806","block_type":"box","text":"Appendix 2","page_number":262,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"4f040426-74c8-45b2-a92c-9a9c77ff1c14","block_type":"box","text":"Comparison of key differences between how the BIS benchmark considers climate-related risks, where","page_number":262,"box":{"x":101,"y":67,"width":752,"height":11}},{"id":"ae31ba9b-f62d-4562-a165-f0cba50e1cd8","block_type":"box","text":"appropriate, and the decarbonization guidelines","page_number":262,"box":{"x":69,"y":83,"width":346,"height":11}},{"id":"0b39205c-2b3d-4996-8425-b0d06c0a3f71","block_type":"box","text":"20","page_number":262,"box":{"x":416,"y":83,"width":9,"height":4}},{"id":"ee507259-0840-4b23-83aa-cc3938b8a8c0","block_type":"box","text":"BIS Benchmark Policy Decarbonization Policy","page_number":262,"box":{"x":314,"y":106,"width":509,"height":11}},{"id":"5b3c7ff3-2e14-4790-b9df-9f9a59c579e9","block_type":"box","text":"Key concepts","page_number":262,"box":{"x":75,"y":122,"width":98,"height":11}},{"id":"3c55e6d5-d118-4ad8-a141-71b76d2e2964","block_type":"box","text":"Focuses on financial performance","page_number":262,"box":{"x":232,"y":121,"width":240,"height":11}},{"id":"6707e758-5498-4b72-9644-654fa9181b1e","block_type":"box","text":"and engages companies on","page_number":262,"box":{"x":231,"y":137,"width":195,"height":11}},{"id":"08c3bb48-ca8b-4de2-8c43-c64a5a90dd7b","block_type":"box","text":"climate and transition topics when","page_number":262,"box":{"x":231,"y":152,"width":244,"height":11}},{"id":"02f9914a-355e-4f0c-b1f7-245e287699a9","block_type":"box","text":"material to their business","page_number":262,"box":{"x":232,"y":167,"width":181,"height":9}},{"id":"8b440dd2-20f4-4ea0-82da-0f49c8374ac4","block_type":"box","text":"Prioritizes the disclosure of how a","page_number":262,"box":{"x":232,"y":186,"width":239,"height":9}},{"id":"6dc98717-f756-4f6e-81c8-ab1c4308b8f2","block_type":"box","text":"company is managing material","page_number":262,"box":{"x":231,"y":201,"width":215,"height":11}},{"id":"86202e0e-ea28-4573-87dc-bb161529fb3f","block_type":"box","text":"climate and transition-related risks","page_number":262,"box":{"x":231,"y":216,"width":246,"height":9}},{"id":"498291dc-00f6-4cb8-9ccf-951a278d22f5","block_type":"box","text":"and opportunities","page_number":262,"box":{"x":231,"y":231,"width":125,"height":11}},{"id":"5f748da9-6f5d-419a-8ec1-34f010e10085","block_type":"box","text":"Considers both financial","page_number":262,"box":{"x":578,"y":121,"width":170,"height":9}},{"id":"8a94b6a5-40ae-495f-9a18-8b1931630f56","block_type":"box","text":"performance","page_number":262,"box":{"x":578,"y":137,"width":90,"height":11}},{"id":"7740a0bb-955d-4f92-89b4-5683787133bb","block_type":"box","text":"and decarbonization objectives","page_number":262,"box":{"x":578,"y":152,"width":218,"height":11}},{"id":"47e1cceb-392e-4c8d-b418-9883603f6f8b","block_type":"box","text":"consistent with funds’ and clients’","page_number":262,"box":{"x":577,"y":167,"width":244,"height":9}},{"id":"a07dfaa3-db8c-400c-a938-73ad1823bd6c","block_type":"box","text":"investment objectives","page_number":262,"box":{"x":578,"y":182,"width":153,"height":11}},{"id":"0fddf7c1-9301-4fa4-91d4-61aad49475cb","block_type":"box","text":"Assesses the alignment of a","page_number":262,"box":{"x":577,"y":201,"width":203,"height":11}},{"id":"ba57be2c-f940-43bd-9fe8-a4ce51234bbd","block_type":"box","text":"company’s business model","page_number":262,"box":{"x":577,"y":216,"width":193,"height":11}},{"id":"e32b4077-a770-4b17-95bf-6e3278241c8c","block_type":"box","text":"with the ambition to limit global","page_number":262,"box":{"x":577,"y":231,"width":223,"height":11}},{"id":"be12eee5-cac4-4692-b661-51b714ad286a","block_type":"box","text":"average temperature rise to","page_number":262,"box":{"x":578,"y":246,"width":196,"height":11}},{"id":"d0a4b828-8ccc-431f-823c-11c828ac1a12","block_type":"box","text":"1.5°C above pre-industrial levels","page_number":262,"box":{"x":578,"y":261,"width":230,"height":11}},{"id":"a0ee829f-31b6-412b-a6a9-4482d76b088c","block_type":"box","text":"Prioritized","page_number":262,"box":{"x":75,"y":284,"width":72,"height":9}},{"id":"5d7ebda7-bce9-46f5-9253-9e2cf1ed86d0","block_type":"box","text":"companies for","page_number":262,"box":{"x":74,"y":299,"width":103,"height":11}},{"id":"14b38e65-b6f6-48e0-ac2d-f0828b6aec59","block_type":"box","text":"climate-related","page_number":262,"box":{"x":74,"y":314,"width":109,"height":9}},{"id":"29faca96-b2f5-4b16-9b86-837c2bdcdf08","block_type":"box","text":"engagement","page_number":262,"box":{"x":74,"y":330,"width":90,"height":10}},{"id":"fbff405c-61aa-4c02-90b1-d0d1fe4e3cb4","block_type":"box","text":"Largest Scope 1 and 2 GHG emitters Largest total value chain GHG","page_number":262,"box":{"x":232,"y":284,"width":557,"height":11}},{"id":"5e5fbeee-7704-4cd5-8d99-4c7a8973ab99","block_type":"box","text":"emitters (Scope 1, 2, & 3)","page_number":262,"box":{"x":578,"y":299,"width":186,"height":11}},{"id":"7dce087a-bd18-4a40-b1e8-2c07c6cc83c4","block_type":"box","text":"Emissions","page_number":262,"box":{"x":75,"y":352,"width":72,"height":9}},{"id":"53edd560-ccf0-4a4c-8837-83eb701a4b31","block_type":"box","text":"reporting","page_number":262,"box":{"x":75,"y":367,"width":66,"height":11}},{"id":"451f7de8-c046-4510-ad41-1051accc2e1f","block_type":"box","text":"Seeks reporting of Scope 1 & 2 Seeks reporting of Scope 1, 2 and","page_number":262,"box":{"x":231,"y":352,"width":592,"height":11}},{"id":"aea4fed2-d644-4c1c-bf53-3108deb232b8","block_type":"box","text":"material 3","page_number":262,"box":{"x":578,"y":367,"width":71,"height":9}},{"id":"05d6e5c6-be65-4884-bb31-283cba2eadc8","block_type":"box","text":"Emissions targets","page_number":262,"box":{"x":75,"y":390,"width":130,"height":11}},{"id":"9c2946da-011d-4edf-b3ed-70735a7bd2bd","block_type":"box","text":"&","page_number":262,"box":{"x":74,"y":405,"width":11,"height":9}},{"id":"0876e383-0212-47bf-8913-fb2eb23b6e2f","block_type":"box","text":"decarbonization","page_number":262,"box":{"x":74,"y":420,"width":114,"height":9}},{"id":"5c4e11b1-b748-49a6-85ce-849a2f92bf53","block_type":"box","text":"efforts","page_number":262,"box":{"x":74,"y":435,"width":48,"height":9}},{"id":"8fcdaed0-6c3c-4404-9252-e226d0d0b665","block_type":"box","text":"Seeks the disclosure of Scope 1 &","page_number":262,"box":{"x":231,"y":390,"width":248,"height":11}},{"id":"d40e2571-a6ce-498b-9375-0401b077e4cf","block_type":"box","text":"2 targets","page_number":262,"box":{"x":231,"y":405,"width":64,"height":11}},{"id":"d8de5be8-437d-4940-8d13-a0a25830859e","block_type":"box","text":"Seeks Scope 1 & 2 targets and","page_number":262,"box":{"x":578,"y":390,"width":223,"height":11}},{"id":"feead970-64a1-4961-8db1-2b3619ca0704","block_type":"box","text":"assesses decarbonization efforts","page_number":262,"box":{"x":578,"y":405,"width":238,"height":9}},{"id":"9247b5a8-dc05-4b90-ae6d-f6a427f704b9","block_type":"box","text":"Temperature &","page_number":262,"box":{"x":74,"y":458,"width":108,"height":11}},{"id":"683e9a8d-5792-4005-8f78-aa0fd1e373b0","block_type":"box","text":"scenario","page_number":262,"box":{"x":74,"y":473,"width":61,"height":9}},{"id":"c190829a-8fa4-40e1-8e54-6b72a6569783","block_type":"box","text":"alignment /","page_number":262,"box":{"x":74,"y":488,"width":87,"height":11}},{"id":"4d94887b-13de-4afb-a68c-3807417f84e6","block_type":"box","text":"pathways","page_number":262,"box":{"x":75,"y":503,"width":68,"height":11}},{"id":"cb3b320c-c460-4708-9a40-31a046c45ae0","block_type":"box","text":"Seeks disclosure from companies","page_number":262,"box":{"x":231,"y":458,"width":241,"height":11}},{"id":"b1b88b70-8e5d-4036-b207-94a2561fb15e","block_type":"box","text":"that identifies and discusses the","page_number":262,"box":{"x":231,"y":473,"width":233,"height":9}},{"id":"e3d199ae-8a30-4ef8-9fde-3d40a6077c79","block_type":"box","text":"most plausible decarbonization","page_number":262,"box":{"x":232,"y":488,"width":219,"height":11}},{"id":"b656ab3b-b3ff-453f-b7fd-a4f67f2bab7a","block_type":"box","text":"pathway","page_number":262,"box":{"x":232,"y":503,"width":57,"height":11}},{"id":"e6d0c98a-af2c-4ad1-8aa2-ff9bddab4d7a","block_type":"box","text":"Assesses temperature and","page_number":262,"box":{"x":577,"y":458,"width":191,"height":11}},{"id":"f33a09e3-5ee1-4de0-883a-4d7d4e4b67c9","block_type":"box","text":"scenario alignment/ pathways","page_number":262,"box":{"x":578,"y":473,"width":213,"height":11}},{"id":"26ebc6f9-0e90-4024-8e04-5d10e739c15e","block_type":"box","text":"to 1.5°C degrees","page_number":262,"box":{"x":577,"y":488,"width":121,"height":11}},{"id":"5c31f6d8-9105-4413-afb9-4c01893d21bd","block_type":"box","text":"Science-based","page_number":262,"box":{"x":74,"y":526,"width":104,"height":9}},{"id":"8787430e-442d-4708-85a1-ccbbd8f1c49a","block_type":"box","text":"targets","page_number":262,"box":{"x":74,"y":541,"width":53,"height":11}},{"id":"d28ed1ab-7a81-4afa-ab18-5de35446db72","block_type":"box","text":"commitments &","page_number":262,"box":{"x":74,"y":556,"width":116,"height":9}},{"id":"3008f1b2-b164-45db-b8c7-c1eef726d29e","block_type":"box","text":"verifications","page_number":262,"box":{"x":74,"y":571,"width":89,"height":9}},{"id":"ca920182-7fa5-4f3d-9e76-6ce094e69ce6","block_type":"box","text":"Engagement topic but not vote","page_number":262,"box":{"x":232,"y":526,"width":216,"height":11}},{"id":"d432ab8e-40d1-4f78-9b87-8354a66dfeab","block_type":"box","text":"escalation criteria","page_number":262,"box":{"x":231,"y":541,"width":126,"height":9}},{"id":"bf0f60ab-b3f2-4990-b64f-afd4dc0842a6","block_type":"box","text":"Seeks science-based targets and","page_number":262,"box":{"x":578,"y":526,"width":235,"height":11}},{"id":"478ce333-4fd4-4108-bc64-45da0c479d9c","block_type":"box","text":"verifications where possible; may","page_number":262,"box":{"x":577,"y":541,"width":237,"height":11}},{"id":"d850a2c5-79cb-40b9-9e6a-2596bcc29506","block_type":"box","text":"take voting action where absent","page_number":262,"box":{"x":577,"y":556,"width":227,"height":11}},{"id":"c47c6ad1-5414-4c00-8cd4-ee991bc8d949","block_type":"box","text":"Company’s role in","page_number":262,"box":{"x":74,"y":594,"width":130,"height":11}},{"id":"2a7d8fc1-8964-4a23-b70e-0faccf6874f4","block_type":"box","text":"the","page_number":262,"box":{"x":74,"y":609,"width":23,"height":9}},{"id":"e26eafaa-1c97-4f67-9bcc-8795304e84c6","block_type":"box","text":"transition","page_number":262,"box":{"x":74,"y":624,"width":69,"height":9}},{"id":"b8e07225-b2f5-44aa-a8e5-f0d60c676274","block_type":"box","text":"Engagement topic but not vote","page_number":262,"box":{"x":232,"y":594,"width":216,"height":11}},{"id":"d5213dd1-ad5f-4bc6-89ae-447aaca588c2","block_type":"box","text":"escalation criteria","page_number":262,"box":{"x":231,"y":609,"width":126,"height":9}},{"id":"570b7af5-c0ac-437b-b90f-49f7362de973","block_type":"box","text":"Assesses activities benefitting from","page_number":262,"box":{"x":577,"y":594,"width":254,"height":11}},{"id":"3b9017c1-ff8b-43fb-8c47-82e6a17e8aa0","block_type":"box","text":"and/or contributing to the transition","page_number":262,"box":{"x":578,"y":609,"width":254,"height":11}},{"id":"48e81300-40ff-4f1e-8a2f-3b93e3f66a27","block_type":"box","text":"to a low-carbon economy","page_number":262,"box":{"x":577,"y":624,"width":176,"height":11}},{"id":"d80bec57-197b-43cf-b45c-0c63a52249bd","block_type":"box","text":"Shareholder","page_number":262,"box":{"x":74,"y":647,"width":87,"height":9}},{"id":"70d75318-5802-4d95-bbbb-64ed2a213904","block_type":"box","text":"proposals","page_number":262,"box":{"x":75,"y":662,"width":69,"height":11}},{"id":"aba7a445-9d3b-4707-bbf0-8f4eb371d2e0","block_type":"box","text":"Case-by-case approach with focus","page_number":262,"box":{"x":231,"y":647,"width":240,"height":11}},{"id":"c32aac95-03c2-4dc5-8d1e-fe1cf8c21b3b","block_type":"box","text":"on implications for long-term","page_number":262,"box":{"x":231,"y":662,"width":202,"height":11}},{"id":"b50bd886-c1b1-43f6-af8c-278df04b2f4e","block_type":"box","text":"financial value creation","page_number":262,"box":{"x":231,"y":677,"width":163,"height":9}},{"id":"459c7922-1283-46af-8c59-822d55bd5752","block_type":"box","text":"No support for shareholder","page_number":262,"box":{"x":232,"y":696,"width":192,"height":11}},{"id":"bac7fa36-196e-4649-b420-70c8da57c57b","block_type":"box","text":"proposals that seek to direct","page_number":262,"box":{"x":232,"y":711,"width":205,"height":11}},{"id":"ecffe702-a220-4e7d-b20d-d651d5f937ce","block_type":"box","text":"management strategy","page_number":262,"box":{"x":232,"y":727,"width":153,"height":10}},{"id":"31e3e788-61bf-4a19-bbd0-f9ee7e77ab80","block_type":"box","text":"Case-by-case approach with","page_number":262,"box":{"x":578,"y":647,"width":195,"height":11}},{"id":"2c8f51a4-e6b1-491a-8044-46e228c37658","block_type":"box","text":"further consideration given to","page_number":262,"box":{"x":577,"y":662,"width":209,"height":11}},{"id":"622911a6-76fe-4a3a-ad7d-50240491d254","block_type":"box","text":"decarbonization objectives in","page_number":262,"box":{"x":578,"y":677,"width":204,"height":11}},{"id":"ec58e3f4-449c-440a-bbaa-859eb456c455","block_type":"box","text":"addition to financial performance","page_number":262,"box":{"x":578,"y":692,"width":235,"height":11}},{"id":"766d0861-70a5-4cbe-b444-0fd8171b5ad0","block_type":"box","text":"No support for shareholder","page_number":262,"box":{"x":578,"y":711,"width":192,"height":11}},{"id":"12ff91ac-9580-4e16-aac3-b4fc65a94979","block_type":"box","text":"proposals that seek to direct","page_number":262,"box":{"x":578,"y":726,"width":205,"height":11}},{"id":"7f69e97f-1eff-43b3-86f5-dca99ec7bd25","block_type":"box","text":"management strategy","page_number":262,"box":{"x":578,"y":742,"width":154,"height":11}},{"id":"b0b5f4d6-74b7-4efb-a522-293d50a75bf2","block_type":"box","text":"20","page_number":262,"box":{"x":69,"y":780,"width":9,"height":5}},{"id":"fa38579f-b317-43ca-832a-25964254ed46","block_type":"box","text":"There may be some regional variations in voting under the decarbonization policy in light of company","page_number":262,"box":{"x":83,"y":780,"width":715,"height":11}},{"id":"85beabf7-0a7d-4847-a0a1-0d5f76550e59","block_type":"box","text":"circumstances, policy requirements in a particular market or a country’s Nationally Defined Contributions, amongst","page_number":262,"box":{"x":69,"y":795,"width":820,"height":11}},{"id":"12527e8e-8873-4af1-8bbe-bef7eda3ebd0","block_type":"box","text":"other things.","page_number":262,"box":{"x":69,"y":810,"width":88,"height":12}},{"id":"0f29c8d3-1960-4f4f-8d8e-fd65fab96998","block_type":"box","text":"BlackRock Investment Stewardship","page_number":262,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"558c57fd-61d4-49bf-b579-3f4e775acbc6","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 10","page_number":262,"box":{"x":422,"y":942,"width":487,"height":13}},{"id":"dbaeff77-0ad2-4418-bbfd-38e24caeae8e","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":262,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5297701-7fcf-4293-916b-def9cac9ce5b","block_type":"box","text":"Want to know more?","page_number":263,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"c9c07b18-5265-4a6a-b9c6-0c51a055a275","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":263,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"87a383d9-777a-4bab-9416-9fa955a9a045","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":263,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"c6ee1776-336c-44d8-ab29-78a50c1cdff6","block_type":"box","text":"principal.","page_number":263,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"0c7411b0-6993-46be-97fc-eb21ae451a70","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":263,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"f46c8fa8-b35b-45ba-af5a-7a1615eb29d9","block_type":"box","text":"©","page_number":263,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"facc449d-7311-45ba-af6b-beb295871c85","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":263,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"97a73c11-e7de-4259-a686-758729c8d497","block_type":"box","text":"BLACKROCK","page_number":263,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"df7116b6-1854-4563-b3f9-cfb2aeb3fb29","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":263,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"94ccdd25-f48d-4079-9453-bdbbd724c9b8","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":263,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"29cc565c-b0be-4df2-8e67-811c79593eac","block_type":"box","text":"BlackRock","page_number":263,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"39053265-8cda-4842-92a8-f1795df896dd","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":263,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d69c355-7f03-445f-8da3-7a355f8693f1","block_type":"box","text":"[This page intentionally left blank]","page_number":264,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"4427831b-64d5-4685-864b-af75ad512345","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":264,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04bde17b-c800-4cd4-87de-8adb01520072","block_type":"box","text":"[This page intentionally left blank]","page_number":265,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"f12a993b-a7d2-4aa6-8abd-aa251d95314a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":265,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"654cecb5-230a-4803-b573-8fc81cf86591","block_type":"box","text":"[This page intentionally left blank]","page_number":266,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"f5f5557d-6bd5-4c5f-ac9e-9cea6289697a","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":266,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dccd8535-12d8-441f-90ab-04df1c9ecc48","block_type":"box","text":"SAI-MUNIB-1025","page_number":267,"box":{"x":69,"y":943,"width":117,"height":9}},{"id":"9b542e29-70ee-45ae-80d1-c73dbc5a952c","block_type":"box","text":"BNM1026U-6032767-19203894","page_number":267,"box":{"x":647,"y":981,"width":171,"height":7}}],"unit":"per_mille","page_width":[{"value":594,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35]},{"value":612,"pages":[36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256,257,258,259,260,261,262,263,264,265,266,267]}],"page_height":[{"value":774,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35]},{"value":792,"pages":[36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256,257,258,259,260,261,262,263,264,265,266,267]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":267}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"d3b8e306-1d1d-4427-8ca8-9253daebbbc6"},"user_id":1000002,"date_created":"2026-10-19T22:26:08.554000Z","date_modified":"2026-10-19T22:26:08.554000Z","private":false}