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The principal","page_number":15,"box":{"x":116,"y":878,"width":735,"height":11}},{"id":"d317431d-c624-4f0d-a91e-9596c65230a5","block_type":"box","text":"components of compensation include a base salary, a performance-based discretionary bonus, participation in","page_number":15,"box":{"x":116,"y":893,"width":743,"height":12}},{"id":"68ff893f-341c-4b46-84d7-17b19b980544","block_type":"box","text":"various benefits programs and one or more of the incentive compensation programs established by BlackRock.","page_number":15,"box":{"x":116,"y":909,"width":746,"height":11}},{"id":"ac9344e1-e2fc-45e2-84e4-b8943a4d78e9","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":15,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"78000cb0-03c7-4ec7-a727-c966bc18928f","block_type":"box","text":"Base Compensation.","page_number":16,"box":{"x":150,"y":87,"width":145,"height":12}},{"id":"4041a504-b709-4f07-944f-34feeabd6f74","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with","page_number":16,"box":{"x":295,"y":88,"width":588,"height":11}},{"id":"4c4a0f9b-edbb-4250-b482-35c2fbea51f7","block_type":"box","text":"the firm.","page_number":16,"box":{"x":116,"y":103,"width":62,"height":9}},{"id":"e37995a8-b2fb-433b-95c4-11ec502cf690","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":16,"box":{"x":150,"y":134,"width":280,"height":12}},{"id":"aa6572b7-14b4-47e9-abee-4695609483bb","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":16,"box":{"x":431,"y":134,"width":422,"height":12}},{"id":"4525f215-1eb0-4b40-b303-71507d80455d","block_type":"box","text":"components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within","page_number":16,"box":{"x":116,"y":150,"width":726,"height":11}},{"id":"1fb84533-d3c7-4e97-9f63-9daad2e5cbeb","block_type":"box","text":"BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management","page_number":16,"box":{"x":116,"y":165,"width":759,"height":12}},{"id":"a9bba47c-9db4-4778-ab90-0e933f94157b","block_type":"box","text":"or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance","page_number":16,"box":{"x":116,"y":181,"width":767,"height":11}},{"id":"d74e16a1-457d-4872-8d70-b2259ca13f07","block_type":"box","text":"and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks","page_number":16,"box":{"x":116,"y":196,"width":760,"height":12}},{"id":"8fcf160a-d165-4f08-a650-751100e5b03a","block_type":"box","text":"are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts","page_number":16,"box":{"x":116,"y":212,"width":728,"height":11}},{"id":"671cc5c4-2150-46a5-8c88-ff9d77e3ab1d","block_type":"box","text":"managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers","page_number":16,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"f118477a-87bc-45ad-a77b-18fcfa88db04","block_type":"box","text":"make a subjective determination with respect to each portfolio manager’s compensation based on the","page_number":16,"box":{"x":116,"y":243,"width":685,"height":11}},{"id":"51d7df33-ec08-4e5e-bb89-4eb753da4f75","block_type":"box","text":"performance of the Fund and other accounts managed by each portfolio manager relative to the various","page_number":16,"box":{"x":116,"y":258,"width":699,"height":12}},{"id":"7a9efa98-08d9-44f5-879b-2f839a128c66","block_type":"box","text":"benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time","page_number":16,"box":{"x":116,"y":274,"width":771,"height":11}},{"id":"6cf3a4e6-9510-43e2-a6f1-a7e44df8ecbe","block_type":"box","text":"periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such","page_number":16,"box":{"x":116,"y":289,"width":714,"height":12}},{"id":"84488e55-2549-4a78-92d1-542ed842abb0","block_type":"box","text":"benchmarks for the Fund and other accounts are:","page_number":16,"box":{"x":116,"y":305,"width":333,"height":9}},{"id":"e946759c-6839-4f8f-a48e-c56b83f6adae","block_type":"box","text":"Portfolio Manager Applicable Benchmarks","page_number":16,"box":{"x":126,"y":333,"width":436,"height":12}},{"id":"532ebcf0-985d-4e2a-a159-40e6b89ab4e0","block_type":"box","text":"Rick Rieder A combination of market-based indices (e.g., Bloomberg U.S.","page_number":16,"box":{"x":126,"y":354,"width":682,"height":11}},{"id":"06be0494-0f82-4729-ad70-1bff3986affb","block_type":"box","text":"Aggregate Bond Index), certain customized indices and certain fund","page_number":16,"box":{"x":385,"y":369,"width":465,"height":12}},{"id":"e713d832-1c00-4875-8ced-9c7e50a2352d","block_type":"box","text":"industry peer groups.","page_number":16,"box":{"x":385,"y":385,"width":147,"height":11}},{"id":"639191a8-e246-4877-81a0-9cd08ce827b0","block_type":"box","text":"Jose Aguilar","page_number":16,"box":{"x":126,"y":405,"width":89,"height":12}},{"id":"67ce3fca-fc73-48d6-848f-a784f83ec7de","block_type":"box","text":"Olek Keenan","page_number":16,"box":{"x":126,"y":421,"width":92,"height":9}},{"id":"39606f79-c299-4452-97f7-e05037cef154","block_type":"box","text":"Carly Wilson","page_number":16,"box":{"x":126,"y":436,"width":94,"height":12}},{"id":"f1d73ab5-6648-427d-87b3-ed30f3afe93d","block_type":"box","text":"A combination of market-based indices (e.g. ICE BofA 3-Month U.S.","page_number":16,"box":{"x":385,"y":405,"width":475,"height":12}},{"id":"14a1d25b-6fd4-4645-a3c6-a7c982e2eaeb","block_type":"box","text":"Treasury Bill Index).","page_number":16,"box":{"x":385,"y":421,"width":146,"height":12}},{"id":"38379799-0eb3-4be6-b562-28892acbf686","block_type":"box","text":"Samir Lakhani A combination of market-based CMBS indices, certain customized","page_number":16,"box":{"x":126,"y":457,"width":716,"height":11}},{"id":"b514f25d-ef83-4645-a694-d88ef494d91a","block_type":"box","text":"indices and certain fund industry peer groups.","page_number":16,"box":{"x":385,"y":473,"width":313,"height":11}},{"id":"cc5ab9e8-0a0b-459c-a843-3951e33b51af","block_type":"box","text":"Steven Karpel, CFA Bloomberg US Credit Index.","page_number":16,"box":{"x":126,"y":493,"width":458,"height":12}},{"id":"1237e212-0be7-42f4-bdaf-5c011f3600a5","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":16,"box":{"x":150,"y":529,"width":390,"height":12}},{"id":"ac3f0488-f7ff-44b7-adf6-5816caf28726","block_type":"box","text":"Discretionary incentive compensation is","page_number":16,"box":{"x":541,"y":529,"width":280,"height":12}},{"id":"bdc4bd53-055b-4a78-92ed-e9a68570f4cd","block_type":"box","text":"distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or","page_number":16,"box":{"x":116,"y":545,"width":717,"height":12}},{"id":"0d64f82d-bb52-4c4c-90b5-95cec961eeca","block_type":"box","text":"deferred cash awards that notionally track the return of certain BlackRock investment products.","page_number":16,"box":{"x":116,"y":560,"width":648,"height":12}},{"id":"2d8bd829-e96e-429b-af8b-d66ae57c29d1","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":16,"box":{"x":150,"y":591,"width":726,"height":12}},{"id":"556fdae8-42ae-41bc-b6f7-f8ffec86603a","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":16,"box":{"x":116,"y":607,"width":749,"height":12}},{"id":"2a9279cd-6b5d-42c4-8bc3-d0cf5328922e","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":16,"box":{"x":116,"y":622,"width":769,"height":12}},{"id":"b7cd3869-d7aa-4e68-a350-34c7fe05dd61","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for","page_number":16,"box":{"x":116,"y":638,"width":770,"height":12}},{"id":"57a1e30e-a0b0-4688-8f62-f3ff093cd8ce","block_type":"box","text":"a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.","page_number":16,"box":{"x":116,"y":653,"width":753,"height":12}},{"id":"04615388-8857-4a8b-b8eb-522f0c5fef26","block_type":"box","text":"In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a","page_number":16,"box":{"x":116,"y":669,"width":742,"height":12}},{"id":"b3e8f8d1-0f63-44f0-af6b-5bdf67eaa8c6","block_type":"box","text":"long-term incentive award to aid in retention, align interests with long-term shareholders and motivate","page_number":16,"box":{"x":116,"y":684,"width":690,"height":12}},{"id":"55dea2ee-bd3b-44bc-9799-5f84b9b1cb9d","block_type":"box","text":"performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc.","page_number":16,"box":{"x":116,"y":700,"width":714,"height":12}},{"id":"de7e40bd-9a78-4ef8-a1c3-bd56a6d7499f","block_type":"box","text":"restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock,","page_number":16,"box":{"x":116,"y":715,"width":756,"height":12}},{"id":"66935e63-999e-4e60-a3fa-45306b988c59","block_type":"box","text":"Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":16,"box":{"x":116,"y":731,"width":685,"height":12}},{"id":"5a4f286c-8147-4168-8eba-d5d55d4fcb94","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in","page_number":16,"box":{"x":150,"y":762,"width":714,"height":12}},{"id":"864aa85b-e8b6-4951-b10c-ddccb578ce4d","block_type":"box","text":"the form of deferred cash awards that notionally track the returns of select BlackRock investment products they","page_number":16,"box":{"x":116,"y":777,"width":752,"height":12}},{"id":"683b0709-3ad6-4e52-9643-6d6992c7fa84","block_type":"box","text":"manage, which provides direct alignment of portfolio manager discretionary incentive compensation with","page_number":16,"box":{"x":116,"y":793,"width":712,"height":12}},{"id":"6912d7b0-9000-44f5-a312-6b5068b9faa5","block_type":"box","text":"investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in","page_number":16,"box":{"x":116,"y":809,"width":752,"height":11}},{"id":"25d8b611-f8bf-4e45-98ff-6326d180212e","block_type":"box","text":"the form of cash. Only portfolio managers who manage specified products and whose total compensation is","page_number":16,"box":{"x":116,"y":824,"width":724,"height":12}},{"id":"6f25ec73-309b-426c-b606-db8d2e9dfdc8","block_type":"box","text":"above a specified threshold are eligible to participate in the deferred cash award program.","page_number":16,"box":{"x":116,"y":840,"width":608,"height":11}},{"id":"59be1abd-9f63-4342-80cb-95ad0f6afcc8","block_type":"box","text":"2","page_number":16,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"fd93f913-d45a-4da2-bfe9-d068d84aaa12","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":16,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"d7a8ba1b-e5c5-498c-968f-5e5405a7f707","block_type":"box","text":"Other Compensation Benefits.","page_number":17,"box":{"x":150,"y":87,"width":216,"height":12}},{"id":"490f73c9-635e-4419-9d03-5d90cca1722f","block_type":"box","text":"In addition to base salary and discretionary incentive compensation,","page_number":17,"box":{"x":367,"y":88,"width":467,"height":11}},{"id":"f2432e28-1c5a-4e47-a4f4-820d3f4326e3","block_type":"box","text":"portfolio managers may be eligible to receive or participate in one or more of the following:","page_number":17,"box":{"x":116,"y":103,"width":625,"height":12}},{"id":"e1a4895a-1b33-4c41-ab3b-b2e4ea20633c","block_type":"box","text":"Incentive Savings Plans","page_number":17,"box":{"x":149,"y":134,"width":161,"height":12}},{"id":"17078b30-2a35-4fab-ad6a-86080ea19ac7","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which","page_number":17,"box":{"x":310,"y":134,"width":523,"height":12}},{"id":"6c59771d-530d-4105-b249-a43e737d2648","block_type":"box","text":"BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings","page_number":17,"box":{"x":116,"y":150,"width":739,"height":11}},{"id":"25ed73de-b39d-4958-9abd-8d61bd65411d","block_type":"box","text":"Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components","page_number":17,"box":{"x":116,"y":165,"width":759,"height":12}},{"id":"707c886c-2b34-4790-a1d5-4a8eb9489192","block_type":"box","text":"of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped","page_number":17,"box":{"x":116,"y":181,"width":758,"height":11}},{"id":"f2338c37-1221-42d6-92fb-13a979ad98a0","block_type":"box","text":"at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the","page_number":17,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"683981a1-4980-42d3-b553-9655721d2974","block_type":"box","text":"Internal Revenue Service limit ($360,000 for 2026). The RSP offers a range of investment options, including","page_number":17,"box":{"x":116,"y":211,"width":739,"height":12}},{"id":"dcf738d9-4881-4e27-a7ad-a312f8939e77","block_type":"box","text":"registered investment companies and collective investment funds managed by the firm. BlackRock contributions","page_number":17,"box":{"x":116,"y":227,"width":764,"height":12}},{"id":"4426d2dc-409b-4407-9404-8339a1202232","block_type":"box","text":"follow the investment direction set by participants for their own contributions or, absent participant investment","page_number":17,"box":{"x":116,"y":243,"width":752,"height":11}},{"id":"ed5904fc-d8f4-4645-aef8-90bf10777a4d","block_type":"box","text":"direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant","page_number":17,"box":{"x":116,"y":258,"width":770,"height":12}},{"id":"97d1f7fc-21aa-4ee7-84e5-60ec16578e88","block_type":"box","text":"attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market","page_number":17,"box":{"x":116,"y":274,"width":764,"height":11}},{"id":"0059bc4a-b3ad-4cda-b998-083de1a3fb7a","block_type":"box","text":"value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000","page_number":17,"box":{"x":116,"y":289,"width":732,"height":12}},{"id":"1a484654-faf0-4836-90be-64d5d0a7bb56","block_type":"box","text":"shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date.","page_number":17,"box":{"x":117,"y":304,"width":708,"height":12}},{"id":"057a98ef-2a67-4dc2-8c7e-2ba44cc11099","block_type":"box","text":"Ms. Wilson and Messrs. Rieder, Karpel and Lakhani are eligible to participate in these plans.","page_number":17,"box":{"x":116,"y":320,"width":631,"height":12}},{"id":"e7d4d78b-0386-488d-8cb4-5ce4b2434951","block_type":"box","text":"United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered","page_number":17,"box":{"x":150,"y":351,"width":694,"height":12}},{"id":"2fa2bf02-8bff-4407-b2d5-27901373baeb","block_type":"box","text":"generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans.","page_number":17,"box":{"x":116,"y":367,"width":754,"height":11}},{"id":"cb5e0e5a-6707-4ac8-bcd1-d0a6012ec5dd","block_type":"box","text":"For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are","page_number":17,"box":{"x":116,"y":382,"width":736,"height":12}},{"id":"1cc10464-02c7-47a9-8ca0-e0422fc36fb9","block_type":"box","text":"eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee","page_number":17,"box":{"x":116,"y":398,"width":745,"height":11}},{"id":"193be493-97b7-44b5-a1de-e5695c6473c9","block_type":"box","text":"Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay","page_number":17,"box":{"x":116,"y":413,"width":737,"height":12}},{"id":"16003d7d-f5a7-4ef2-b5a8-1f838bcfe965","block_type":"box","text":"capped at £160,000 per annum. The RSP offers a range of investment options, including several collective","page_number":17,"box":{"x":116,"y":429,"width":721,"height":11}},{"id":"e1d1044b-f46a-49c6-bc93-37e7bde388bf","block_type":"box","text":"investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":17,"box":{"x":116,"y":444,"width":700,"height":12}},{"id":"be6ac4fe-d2c7-4d34-85b7-bea4fcbdbb73","block_type":"box","text":"participants for their own contributions or, in the absence of an investment election being made, are invested into","page_number":17,"box":{"x":116,"y":460,"width":767,"height":11}},{"id":"fbb7af87-a2d3-41e6-a4de-31ea6a5b0291","block_type":"box","text":"a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP","page_number":17,"box":{"x":116,"y":475,"width":760,"height":12}},{"id":"de8b021b-49ce-4d10-b6b9-3372058f9190","block_type":"box","text":"allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the","page_number":17,"box":{"x":116,"y":491,"width":760,"height":9}},{"id":"21893cdc-0c7a-405d-a149-efba18bc7e31","block_type":"box","text":"purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a","page_number":17,"box":{"x":116,"y":506,"width":760,"height":12}},{"id":"8959bd9d-24d3-41ec-a8cd-b286a56735d0","block_type":"box","text":"US dollar value of $25,000 based on its fair market value on the purchase date. Messrs. 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I-23","page_number":26,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"f9e4545b-a962-4ee4-ad81-a2c539189d62","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":26,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"c2581e7a-4053-43ca-8f4c-ef581f5b6d56","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":26,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"5b62624d-d843-4d48-a5b4-2bd7ea78da0c","block_type":"box","text":"Financial Statements","page_number":26,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"6e28a55c-e091-4f5b-b064-2826eb1628cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":26,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"c4580d4e-e3ac-48b0-bf34-c8b6dbe69b19","block_type":"box","text":"I-119","page_number":26,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"5166f4f4-6e16-4fe5-b3e0-d010e4d6dd32","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":26,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"73fb07c9-a6fe-4eca-9900-f00571994b02","block_type":"box","text":".............................................................. 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I","page_number":26,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"bce2bb00-08fe-4374-8fde-3de996e48bb2","block_type":"box","text":"I-126","page_number":26,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"fcd71767-e7c5-4b15-9c4d-a6bffa9b6cf8","block_type":"box","text":"Per formance Data","page_number":26,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"9929d00e-cc1e-4578-a5aa-e8558c850e6e","block_type":"box","text":"................................................................................. I","page_number":26,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"c71777cd-96a7-43c8-a007-4fe22ed2c4e1","block_type":"box","text":"I-133","page_number":26,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"c8a8a623-bfc2-40c5-ae2b-357deacf4e7c","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":26,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"b2ba33ce-b844-4862-864e-11f7e95d53e7","block_type":"box","text":"........................................... I","page_number":26,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"101a6a8e-71b5-4d36-8d37-cae62aaa08f0","block_type":"box","text":"I-135","page_number":26,"box":{"x":874,"y":451,"width":35,"height":9}},{"id":"dcd40ee0-f91c-46fe-aba0-bec02b296d8a","block_type":"box","text":"General Information","page_number":26,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"f292ce66-69df-48da-8d2b-191678eb4f29","block_type":"box","text":"............................................................................... 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A-1","page_number":26,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"caccf8d4-664d-4491-8c57-afc491c603c7","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":26,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"8982bccf-80e4-42ed-b1a4-7aa27e7c652b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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The policy also will be interpreted to permit investment without limit in the following:","page_number":32,"box":{"x":70,"y":370,"width":813,"height":11}},{"id":"ee2de3d8-d9a9-4f19-a9cf-fabd4a21fda9","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":32,"box":{"x":69,"y":385,"width":820,"height":11}},{"id":"51c930bf-ace9-4688-99b6-6a4052ce539a","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":32,"box":{"x":69,"y":400,"width":809,"height":11}},{"id":"e28b38b5-f9ee-4c09-b728-36e70ca5b469","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":32,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"1c3e4ffa-a4ef-456d-b342-7019ed0245f1","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":32,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"e834ad0a-342d-48b1-ae8c-8a119d1a0715","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":32,"box":{"x":67,"y":445,"width":829,"height":11}},{"id":"30026152-1486-48d5-9a88-fa3169a51598","block_type":"box","text":"are primarily related to financing the activities of the parents. 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Those circumstances currently are that the","page_number":32,"box":{"x":69,"y":838,"width":811,"height":11}},{"id":"65f9004c-e5f4-4be1-8edd-4a10caf0de08","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":32,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"5a4486c5-d6c1-46d8-8043-2a9ed4d147d1","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":32,"box":{"x":68,"y":869,"width":818,"height":11}},{"id":"9420f70d-dbed-40c3-a0cd-08a53f13a2c5","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":32,"box":{"x":69,"y":884,"width":833,"height":11}},{"id":"83a0d82b-f8ea-4f5e-9caa-fefee5ca79ab","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":32,"box":{"x":68,"y":899,"width":831,"height":11}},{"id":"1055dc67-e308-4ce3-8515-9ac96eaa45b9","block_type":"box","text":"I-6","page_number":32,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5f6c59c8-aed9-4b4d-a66e-d914ec5e78a6","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebd50014-5b85-4e6e-ae34-7bfda3aa92e8","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":33,"box":{"x":68,"y":45,"width":799,"height":11}},{"id":"43981bd6-9c37-4880-be10-984864bf2f2c","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":33,"box":{"x":69,"y":60,"width":769,"height":11}},{"id":"59f7ef12-0d85-4200-8f3b-8e594e2da65c","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":33,"box":{"x":68,"y":75,"width":811,"height":11}},{"id":"5bb64617-8d5a-414a-b6f1-9aaf03931669","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":33,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"1eaa9aea-acf7-461e-af85-d4a5b3a3b6fb","block_type":"box","text":"extent permitted by applicable law.","page_number":33,"box":{"x":69,"y":105,"width":245,"height":11}},{"id":"19fcb04f-f474-4000-b4f3-a8478658773a","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":33,"box":{"x":101,"y":128,"width":778,"height":11}},{"id":"9b56f421-7c7d-4179-a20d-8dac4f800fed","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":33,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"d8449294-dd4d-4a94-9ab3-66a9dbcc0f3a","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":33,"box":{"x":70,"y":158,"width":807,"height":11}},{"id":"65f03e61-0d93-4eb6-8a5f-fb1000a9fa41","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":33,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"70568b2a-938c-4a03-a845-cecd34098365","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":33,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"b9c8a4ff-01eb-417e-9c4e-ca6a0667b2e3","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":33,"box":{"x":70,"y":203,"width":803,"height":12}},{"id":"e31852be-33fc-4e4c-bcf2-44b66ceb7f8d","block_type":"box","text":"loans.","page_number":33,"box":{"x":70,"y":219,"width":40,"height":8}},{"id":"51df6893-0664-43a0-8c07-35ae1489789c","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":33,"box":{"x":101,"y":241,"width":777,"height":11}},{"id":"7c169386-6373-4740-bcd9-945326b15b27","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":33,"box":{"x":70,"y":256,"width":751,"height":12}},{"id":"97468648-a554-41b2-b070-b074f17f7ad6","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":33,"box":{"x":68,"y":271,"width":812,"height":12}},{"id":"677ac8cc-21b9-4b2a-91c5-5bcf2fd0fd98","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":33,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"08514b2c-23f5-45b1-ba61-4793b5b53a78","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":33,"box":{"x":69,"y":302,"width":781,"height":11}},{"id":"3dd21eb4-8dbf-4997-b621-4cb10491ad7d","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":33,"box":{"x":69,"y":317,"width":759,"height":11}},{"id":"067087f2-315a-46a7-b03b-83f734692165","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":33,"box":{"x":70,"y":332,"width":774,"height":11}},{"id":"4f7d50fa-c918-4751-bf14-19374bb00a3a","block_type":"box","text":"shareholder approval.","page_number":33,"box":{"x":69,"y":347,"width":153,"height":11}},{"id":"e5ffc17e-2c97-43ec-8244-b0f53e593de1","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":33,"box":{"x":102,"y":370,"width":768,"height":11}},{"id":"dc4da0b9-1c0c-470f-bfd4-7a6ae452e7d5","block_type":"box","text":"approval, the Fund may not:","page_number":33,"box":{"x":69,"y":385,"width":197,"height":11}},{"id":"678a5b9a-8d2f-48e0-9b3c-ad08b678e340","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":33,"box":{"x":102,"y":407,"width":742,"height":12}},{"id":"8c59d4d4-7eb7-4d8c-86c2-71d538deb5f1","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":33,"box":{"x":69,"y":423,"width":759,"height":11}},{"id":"e20f709c-7935-4fa2-81db-2fdd7a00b0b2","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":33,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"e71bf435-4ccc-4d56-b66b-fc2d4615a3d6","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":33,"box":{"x":70,"y":453,"width":808,"height":11}},{"id":"aee543bd-269a-4b15-aed5-ab0cdeac76ad","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":33,"box":{"x":69,"y":468,"width":763,"height":11}},{"id":"5d4a7a1d-65e3-47b7-be70-11714330f067","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":33,"box":{"x":102,"y":491,"width":765,"height":11}},{"id":"ed409b94-4c25-4321-b581-30f2e9d98f7d","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":33,"box":{"x":69,"y":506,"width":510,"height":11}},{"id":"0634cda0-2938-4e87-a0ea-810cf1af674b","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":33,"box":{"x":102,"y":528,"width":744,"height":11}},{"id":"72248c4a-401a-408e-93eb-8a1dffb49b22","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":33,"box":{"x":69,"y":543,"width":791,"height":12}},{"id":"a53c92ca-3714-4b49-9749-a2c464906e96","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":33,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"52195a86-ffb1-4117-9cf8-294d436de33b","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":33,"box":{"x":70,"y":574,"width":780,"height":11}},{"id":"bda53433-527d-47bc-a81e-d4a52ab82fe7","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":33,"box":{"x":70,"y":589,"width":642,"height":11}},{"id":"b5c61fd5-a471-4b3d-9953-8281cc25caab","block_type":"box","text":"III. Information on Trustees and Officers","page_number":33,"box":{"x":69,"y":619,"width":290,"height":9}},{"id":"9d736c2a-5e31-497b-9369-3c07b9df75e5","block_type":"box","text":"The Board consists of ten individuals (each a “Trustee”), eight of whom are not “interested persons” of the Trust","page_number":33,"box":{"x":101,"y":642,"width":807,"height":11}},{"id":"ceb6eab8-ef45-4bcf-ac36-08365bcdb0fb","block_type":"box","text":"as defined in the Investment Company Act (the “Independent Trustees”). The registered investment companies","page_number":33,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"2fb7c4bf-165b-4ea5-80e4-ac5c795264f3","block_type":"box","text":"advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset","page_number":33,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"17930067-8d92-4977-861f-d9db338b13e2","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The","page_number":33,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"a31d48eb-6698-4a85-b3f7-ea3244ce7efe","block_type":"box","text":"Trust is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex. The Trustees","page_number":33,"box":{"x":68,"y":702,"width":820,"height":11}},{"id":"b68db01f-ca39-465a-af18-cda8ca77a9f6","block_type":"box","text":"also oversee as board members the operations of the other open-end and closed-end registered investment","page_number":33,"box":{"x":69,"y":717,"width":769,"height":12}},{"id":"fe46c322-ba5d-4dda-8d04-cb08b88bfb15","block_type":"box","text":"companies included in the BlackRock Fixed-Income Complex.","page_number":33,"box":{"x":69,"y":733,"width":431,"height":10}},{"id":"21168fff-f97a-41c8-8931-84720a67333d","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board and the","page_number":33,"box":{"x":101,"y":755,"width":789,"height":11}},{"id":"07deafa2-99e0-4f56-9c75-7395be67311e","block_type":"box","text":"Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the","page_number":33,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"6b140d4f-1d53-416f-9122-e3b1e2e36555","block_type":"box","text":"Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing","page_number":33,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"0356ba92-412f-4396-9ab5-edd737d1e376","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":33,"box":{"x":69,"y":801,"width":750,"height":11}},{"id":"1932d2fc-e1b7-4539-a7ac-8e4cc7cf8100","block_type":"box","text":"Per formance Oversight Committee, a Securities Lending Committee and an Executive Committee. The role of the","page_number":33,"box":{"x":69,"y":816,"width":803,"height":11}},{"id":"cb61ae22-a0b1-42d0-bc63-17ae834f8c77","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":33,"box":{"x":69,"y":831,"width":836,"height":11}},{"id":"d485bbf4-6d3a-454d-bd58-3aa25d47500f","block_type":"box","text":"attorneys, and other Trustees between meetings. The Chair of each Committee per forms a similar role with respect","page_number":33,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"37f0c541-350c-4445-9234-71f2ccc36040","block_type":"box","text":"to the Committee. The Chair of the Board or a Committee may also per form such other functions as may be","page_number":33,"box":{"x":68,"y":861,"width":770,"height":11}},{"id":"5967277d-deec-4c74-9af9-11dbadf1459b","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":33,"box":{"x":69,"y":876,"width":809,"height":11}},{"id":"745fcd57-f0ba-4c22-8de7-596c903a5167","block_type":"box","text":"presence of the Fund’s management, in executive sessions or with other service providers to the Fund. The Board","page_number":33,"box":{"x":70,"y":891,"width":812,"height":12}},{"id":"1e65f923-08cd-4880-b98f-29770d8e88a3","block_type":"box","text":"has regular meetings five times a year, including a meeting to consider the approval of the Fund’s investment","page_number":33,"box":{"x":69,"y":906,"width":780,"height":12}},{"id":"87a57aeb-6ef1-4bb1-a0eb-7d4d4384fe5c","block_type":"box","text":"I-7","page_number":33,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"d77746e4-5ff1-435e-8d7f-024a9d973034","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0b60ecb-dfa9-42f4-94dc-ef32dadd2cbd","block_type":"box","text":"management agreement, and, if necessary, may hold special meetings before its next regular meeting. The Audit","page_number":34,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"60cb2c80-3448-428e-b770-2de32c950ec9","block_type":"box","text":"Committee, the Governance and Nominating Committee, the Compliance Committee, the Per formance Oversight","page_number":34,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"44ae4f68-b0cb-467a-b8b2-2d85edea86bd","block_type":"box","text":"Committee and the Securities Lending Committee each meets regularly and the Executive Committee meets on an ad","page_number":34,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"8faa341b-bfab-4183-a468-c6607c24ffe1","block_type":"box","text":"hoc basis to conduct the oversight functions delegated to that Committee by the Board and repor ts its findings to the","page_number":34,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"645d74ae-6721-4137-9eb7-9cad0ee1f350","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":34,"box":{"x":70,"y":105,"width":773,"height":11}},{"id":"7bb0d2f8-90b1-4b1f-826e-e94924c7bc76","block_type":"box","text":"structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board","page_number":34,"box":{"x":69,"y":120,"width":838,"height":11}},{"id":"c173081d-9072-4967-8fa9-52d82f9d7edf","block_type":"box","text":"to exercise independent judgment over management and to allocate areas of responsibility among Committees and","page_number":34,"box":{"x":68,"y":135,"width":823,"height":12}},{"id":"42aac487-0750-493a-916b-459522175dfc","block_type":"box","text":"the Board to enhance oversight.","page_number":34,"box":{"x":68,"y":151,"width":227,"height":11}},{"id":"28a4790e-204b-4d9e-80b4-cbc1fd522248","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":34,"box":{"x":101,"y":173,"width":805,"height":11}},{"id":"18fbb959-3f09-46bb-a613-08802ab3c681","block_type":"box","text":"an independent Chair:","page_number":34,"box":{"x":69,"y":188,"width":155,"height":11}},{"id":"777cd1b8-3ce2-41d6-9c81-ed464fa51cad","block_type":"box","text":"•","page_number":34,"box":{"x":102,"y":211,"width":6,"height":5}},{"id":"9b2537a1-de49-4e9f-871b-093054bb748b","block_type":"box","text":"increases the independent oversight of the Fund and enhances the Board’s objective evaluation of the Chief","page_number":34,"box":{"x":135,"y":208,"width":771,"height":12}},{"id":"0731ead5-92a1-418e-aa08-bcebb86b819c","block_type":"box","text":"Executive Officer;","page_number":34,"box":{"x":135,"y":223,"width":121,"height":11}},{"id":"969c815e-7b4c-4ad5-a882-f5ccd3cfa005","block_type":"box","text":"•","page_number":34,"box":{"x":102,"y":247,"width":6,"height":4}},{"id":"441d2ea4-b6e2-49cd-82c2-c8ab3a26544c","block_type":"box","text":"allows the Chief Executive Officer to focus on the Fund’s operations instead of Board administration;","page_number":34,"box":{"x":134,"y":244,"width":717,"height":11}},{"id":"7bc1ffcb-66ac-4be4-9c48-0cd732cab489","block_type":"box","text":"•","page_number":34,"box":{"x":102,"y":267,"width":6,"height":4}},{"id":"a04e17dd-5e84-4107-aeaf-02d53ed2bc94","block_type":"box","text":"provides greater oppor tunities for direct and independent communication between shareholders and the","page_number":34,"box":{"x":135,"y":264,"width":742,"height":11}},{"id":"8f7b3d22-197b-4b30-8940-12673c7c30c2","block_type":"box","text":"Board; and","page_number":34,"box":{"x":135,"y":279,"width":76,"height":10}},{"id":"77b8626c-0bd1-4ffb-bd11-c1cb45b85839","block_type":"box","text":"•","page_number":34,"box":{"x":102,"y":302,"width":6,"height":5}},{"id":"9e21b354-f058-4d78-a038-9d7bb34e9aec","block_type":"box","text":"provides an independent spokesman for the Fund.","page_number":34,"box":{"x":135,"y":299,"width":356,"height":11}},{"id":"25891373-0f47-4752-b9fe-eebd32475d0d","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":34,"box":{"x":101,"y":322,"width":777,"height":11}},{"id":"f404cb7e-ea59-450e-bc73-79359ba830be","block_type":"box","text":"overseeing the Manager, sub-advisers, other service providers, the operations of the Fund and associated risks in","page_number":34,"box":{"x":69,"y":337,"width":811,"height":11}},{"id":"014696f4-71ff-4140-9045-cbcf97b64718","block_type":"box","text":"accordance with the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s char ter,","page_number":34,"box":{"x":69,"y":352,"width":826,"height":11}},{"id":"606194fe-9711-412b-961a-8898be5287d7","block_type":"box","text":"and the Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s","page_number":34,"box":{"x":69,"y":367,"width":743,"height":11}},{"id":"37080c52-4104-4ce5-b8b6-3b43272cfc5f","block_type":"box","text":"per formance, operations, and investment strategies and techniques. The Board also conducts reviews of the","page_number":34,"box":{"x":70,"y":382,"width":776,"height":12}},{"id":"65a89976-613e-4ce2-9564-3a6b1cc7a090","block_type":"box","text":"Manager and its role in running the operations of the Fund.","page_number":34,"box":{"x":70,"y":397,"width":419,"height":12}},{"id":"4ab5a2cb-3bc9-4754-a8a4-7d3dd72392f5","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager, sub-advisers or other","page_number":34,"box":{"x":102,"y":420,"width":793,"height":11}},{"id":"a759d92a-5adc-4f47-9d58-7833f4e4c6c3","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":34,"box":{"x":69,"y":435,"width":787,"height":11}},{"id":"2df8b00b-0560-4edb-aea7-3c71267b30b8","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":34,"box":{"x":69,"y":450,"width":832,"height":12}},{"id":"77bded34-19e0-4148-8020-220b7f1b1ba3","block_type":"box","text":"there are a number of risk management functions per formed by the Manager, sub-advisers or other service providers,","page_number":34,"box":{"x":68,"y":465,"width":839,"height":12}},{"id":"06ab4acd-bc6c-4e00-b496-1bf5f88c640c","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight is par t of the","page_number":34,"box":{"x":69,"y":481,"width":789,"height":11}},{"id":"d5283e4a-0f6d-498c-93a8-32c6a469541d","block_type":"box","text":"Board’s general oversight of the Fund and is addressed as par t of various Board and Committee activities. The","page_number":34,"box":{"x":70,"y":496,"width":790,"height":11}},{"id":"7d1a2952-af34-4acc-8f98-69022475252f","block_type":"box","text":"Board, directly or through Committees, also reviews repor ts from, among others, management, the independent","page_number":34,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"99398b12-e78f-4017-9c25-7b9a3435cdf8","block_type":"box","text":"registered public accounting firm for the Fund, the Manager, sub-advisers and internal auditors for the Manager or its","page_number":34,"box":{"x":69,"y":526,"width":833,"height":11}},{"id":"8dae3a81-cb79-4f25-bead-43eff20b2122","block_type":"box","text":"affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s risk","page_number":34,"box":{"x":69,"y":541,"width":774,"height":11}},{"id":"d7762696-f5a2-4f29-881e-db0968165bb2","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":34,"box":{"x":68,"y":556,"width":809,"height":11}},{"id":"19d5a3fc-0617-40ac-9318-3ecdffa3aead","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities and","page_number":34,"box":{"x":68,"y":571,"width":818,"height":12}},{"id":"186ed809-af25-49b8-8eb0-66e8b660e300","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":34,"box":{"x":69,"y":586,"width":831,"height":11}},{"id":"c46aac3e-4a1e-4526-9a93-0fd63df91138","block_type":"box","text":"implementation and testing of the Fund’s compliance program and repor ts regularly to the Board regarding","page_number":34,"box":{"x":70,"y":601,"width":760,"height":12}},{"id":"ba74fe9a-d7e2-4e90-9a14-ccae5265394f","block_type":"box","text":"compliance matters for the Fund and its service providers. The Independent Trustees have engaged independent","page_number":34,"box":{"x":69,"y":617,"width":804,"height":11}},{"id":"9ebee1dd-58ad-4ed9-b606-d568aeccf5ee","block_type":"box","text":"legal counsel to assist them in per forming their oversight responsibilities.","page_number":34,"box":{"x":70,"y":632,"width":524,"height":11}},{"id":"d0be2f60-a57c-4f7c-bac7-2256733f269e","block_type":"box","text":"Audit Committee.","page_number":34,"box":{"x":101,"y":655,"width":122,"height":8}},{"id":"ebffa64e-bcad-47ec-9c19-1caa4430ad52","block_type":"box","text":"The Board has a standing Audit Committee composed of Catherine A. Lynch (Chair), Lorenzo A.","page_number":34,"box":{"x":229,"y":654,"width":676,"height":12}},{"id":"c61e311c-1714-4946-9d14-33767a165055","block_type":"box","text":"Flores, J. Phillip Holloman and Ar thur P. Steinmetz, all of whom are Independent Trustees. The principal","page_number":34,"box":{"x":70,"y":669,"width":734,"height":11}},{"id":"5c204475-7ce3-4e78-99ff-7745ad226921","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the","page_number":34,"box":{"x":69,"y":685,"width":834,"height":11}},{"id":"955534c1-91e1-4869-aa2c-70d381592bf2","block_type":"box","text":"accounting and financial repor ting policies and practices of the Fund. The Audit Committee’s responsibilities include,","page_number":34,"box":{"x":69,"y":700,"width":832,"height":11}},{"id":"df5b99ec-4390-4ac0-8cb4-8352e3ef7b95","block_type":"box","text":"without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention, termination","page_number":34,"box":{"x":68,"y":715,"width":840,"height":11}},{"id":"1d5095f6-b0b2-4837-9d82-a22f40b105c6","block_type":"box","text":"and compensation of the Fund’s independent registered public accounting firm (the “Independent Registered Public","page_number":34,"box":{"x":69,"y":730,"width":823,"height":11}},{"id":"5784bfa1-5f13-4fcf-8253-69cd1ed07192","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":34,"box":{"x":68,"y":745,"width":824,"height":11}},{"id":"2f9d3edf-70b3-4958-987f-8f6ac7abd09d","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each","page_number":34,"box":{"x":70,"y":760,"width":822,"height":12}},{"id":"631f2ec6-0f1c-4773-9547-c02392043835","block_type":"box","text":"audit; (iv) reviewing any issues raised by the Fund’s Independent Registered Public Accounting Firm or management","page_number":34,"box":{"x":69,"y":776,"width":824,"height":11}},{"id":"7b6b33f5-5c7d-4e03-b887-a0bbdae37985","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund, its internal controls, and, as","page_number":34,"box":{"x":69,"y":790,"width":785,"height":12}},{"id":"4af25bb1-3b79-4d0f-b514-331aecc29b83","block_type":"box","text":"appropriate, the internal controls of cer tain service providers and management’s response to any such issues;","page_number":34,"box":{"x":69,"y":806,"width":791,"height":11}},{"id":"47c93a0d-59c7-4c27-8c77-69a3a8c8926a","block_type":"box","text":"(v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s","page_number":34,"box":{"x":69,"y":821,"width":801,"height":11}},{"id":"2c90ae79-c566-4237-afa8-f246a8878454","block_type":"box","text":"shareholder repor ts relating to the Fund’s per formance; (vi) assisting the Board’s responsibilities with respect to the","page_number":34,"box":{"x":69,"y":836,"width":833,"height":11}},{"id":"4e9ecca3-5a4f-4910-9052-5cad9cff6c1b","block_type":"box","text":"internal controls of the Fund and its service providers with respect to accounting and financial matters; and","page_number":34,"box":{"x":70,"y":851,"width":764,"height":11}},{"id":"631316ce-4115-4b22-b704-332279cfc695","block_type":"box","text":"(vii) resolving any disagreements between the Fund’s management and the Fund’s Independent Registered Public","page_number":34,"box":{"x":69,"y":866,"width":809,"height":11}},{"id":"f03d504f-a7f5-4198-81c7-12ec46924122","block_type":"box","text":"Accounting Firm regarding financial repor ting. The Board has adopted a written char ter for the Board’s Audit","page_number":34,"box":{"x":68,"y":881,"width":770,"height":11}},{"id":"1d98d107-7650-489d-ab72-512820202a8b","block_type":"box","text":"Committee. During the fiscal year ended July 31, 2025, the Audit Committee met nine times.","page_number":34,"box":{"x":69,"y":896,"width":662,"height":12}},{"id":"cf8d5771-ddd9-4463-8004-ea84b97f5035","block_type":"box","text":"I-8","page_number":34,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"71567540-0960-47d9-9589-15bf64fcdf58","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a7cc385-5c40-4c38-b6e7-518503b431e5","block_type":"box","text":"Governance and Nominating Committee.","page_number":35,"box":{"x":102,"y":45,"width":286,"height":11}},{"id":"2b768750-c030-41e6-8842-7ebc8ee27f86","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":35,"box":{"x":394,"y":45,"width":471,"height":11}},{"id":"d029d2d6-1142-44f9-b1b8-2bb43a715982","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":35,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"2d621f8b-a17d-4a66-94b7-1b754771f65f","block_type":"box","text":"all of whom are Independent Trustees. The principal responsibilities of the Governance and Nominating Committee","page_number":35,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"2fd8215e-a006-4886-9e6a-dcd2c0f671a9","block_type":"box","text":"are: (i) identifying individuals qualified to serve as Independent Trustees and recommending Board nominees that are","page_number":35,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"36dd0542-8eb7-4ca1-bee3-05dd2b4d9a0a","block_type":"box","text":"not “interested persons” of the Fund (as defined in the Investment Company Act) for election by shareholders or","page_number":35,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"ee5247f0-207a-4f20-99ea-f3dcb33b0a9d","block_type":"box","text":"appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of","page_number":35,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"9a253c47-707e-465b-b00c-251d04ac5682","block_type":"box","text":"the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees","page_number":35,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"0e622113-d939-4c3a-aab9-e96f51e3b0dd","block_type":"box","text":"of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent","page_number":35,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"9e8cf6d9-e156-485a-9437-94a7f9a9ff12","block_type":"box","text":"Trustee compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof","page_number":35,"box":{"x":68,"y":166,"width":837,"height":11}},{"id":"df9d7eaf-2007-491a-ad70-d4ce7ab5515b","block_type":"box","text":"to the Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee","page_number":35,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"c665c2ff-1079-410f-b246-7af056b85f76","block_type":"box","text":"policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent","page_number":35,"box":{"x":70,"y":196,"width":796,"height":11}},{"id":"0328f61e-23ff-4fe1-b92d-32c074651f53","block_type":"box","text":"Trustees; and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the","page_number":35,"box":{"x":68,"y":211,"width":816,"height":11}},{"id":"19411f8a-c006-49ca-a61c-f64dc89aa54c","block_type":"box","text":"Independent Trustees. The Board has adopted a written char ter for the Board’s Governance and Nominating","page_number":35,"box":{"x":70,"y":226,"width":770,"height":11}},{"id":"1c5d698d-75b0-404e-ad6b-fc4d0d28ad03","block_type":"box","text":"Committee. During the fiscal year ended July 31, 2025, the Governance and Nominating Committee met four times.","page_number":35,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"d46ff85f-8f42-4a20-bc18-1e8929bdc20f","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":35,"box":{"x":101,"y":264,"width":803,"height":11}},{"id":"11a17574-b1c9-4ad2-b6fc-6e7a2bad4387","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":35,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"4357c824-94b6-409f-ace5-bf452bd5b0bc","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance and","page_number":35,"box":{"x":69,"y":294,"width":759,"height":11}},{"id":"dc135d9b-ebc4-48db-954c-32e92fe0ecd2","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":35,"box":{"x":70,"y":309,"width":833,"height":11}},{"id":"c0ad9e62-ea6e-4000-8500-feb324b42055","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Fund in determining","page_number":35,"box":{"x":69,"y":324,"width":794,"height":12}},{"id":"a25eea62-a6d6-40fe-8a85-b283f563dc11","block_type":"box","text":"whether one or more new trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":35,"box":{"x":68,"y":340,"width":836,"height":11}},{"id":"40266f49-56aa-416b-86da-d90fe1a464da","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":35,"box":{"x":68,"y":355,"width":775,"height":11}},{"id":"583d88c6-6185-4d87-b9c6-c8c6477c082e","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The","page_number":35,"box":{"x":68,"y":370,"width":801,"height":11}},{"id":"99d757f5-115c-4897-b93d-5c3352857dec","block_type":"box","text":"Trustees’ biographies included herein highlight the diversity and breadth of skills, qualifications and exper tise that","page_number":35,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"69604570-de25-4435-bc76-9b35c56d97e6","block_type":"box","text":"the Trustees bring to the Fund.","page_number":35,"box":{"x":68,"y":400,"width":219,"height":11}},{"id":"980d7561-02a3-4a65-96f1-1094842421a7","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Fund’s","page_number":35,"box":{"x":101,"y":423,"width":741,"height":11}},{"id":"465b6a1d-fb07-4f6c-8b0e-5b009fe04842","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow cer tain procedures to","page_number":35,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"70db7a11-1b31-41c6-8439-78584090e59b","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":35,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"36326931-d0a9-4d23-baf6-820460567bf3","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":35,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"83d1463c-9b52-4aa1-bd49-6f6545959f98","block_type":"box","text":"Secretary of the Fund at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":35,"box":{"x":69,"y":483,"width":790,"height":11}},{"id":"2ca6747c-58af-4ef9-b149-a8ae49e3dcc1","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":35,"box":{"x":68,"y":498,"width":784,"height":11}},{"id":"5e276b0b-2fa5-4238-9398-4bc99c5eb7ae","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":35,"box":{"x":69,"y":513,"width":302,"height":12}},{"id":"b6f416a4-3764-416e-8e5d-313c86973d22","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about the","page_number":35,"box":{"x":101,"y":536,"width":769,"height":11}},{"id":"26c008cb-27f7-427d-af57-a193c503f397","block_type":"box","text":"shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":35,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"af6ae3db-6c22-4b53-a13b-3b5cdb52224a","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":35,"box":{"x":69,"y":566,"width":615,"height":11}},{"id":"981c665d-fb72-4af9-8186-bc3570650258","block_type":"box","text":"Compliance Committee.","page_number":35,"box":{"x":102,"y":589,"width":168,"height":11}},{"id":"34fba5d9-8f49-4a2c-aeb1-340cd7858165","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":35,"box":{"x":276,"y":589,"width":628,"height":11}},{"id":"41b62bff-6ee8-4c84-abbf-4fe835d67a75","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":35,"box":{"x":70,"y":604,"width":813,"height":11}},{"id":"5e79ac42-a150-4f77-b8ef-1c82fef9d877","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":35,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"76f5e81b-db18-4cb9-b8e2-9d3b6acb3f11","block_type":"box","text":"compliance matters involving the Fund, the fund-related activities of BlackRock, and any sub-advisers and the Fund’s","page_number":35,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"3f1768f4-ed6c-4005-8a10-d2ac1242ca7f","block_type":"box","text":"other third par ty service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":35,"box":{"x":69,"y":649,"width":765,"height":12}},{"id":"4bfd8e1a-a67f-4398-b090-009691eb416a","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Fund and its service providers and recommending","page_number":35,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"9b4b2ddf-4ef8-4fb7-8a5f-46b15c08a648","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":35,"box":{"x":69,"y":680,"width":762,"height":11}},{"id":"dc216eb3-ed0a-4d7b-836d-4cc41c67fe73","block_type":"box","text":"recommending policies concerning the Fund’s compliance with applicable law; (iii) reviewing information on any","page_number":35,"box":{"x":69,"y":695,"width":791,"height":11}},{"id":"6e871b03-ac4e-4b6a-a7f4-cc2192e21d6f","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and","page_number":35,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"d640255d-cc0d-4638-9523-6e7dfecf01b1","block_type":"box","text":"any employee complaints or published repor ts that raise concerns regarding compliance matters; and (iv) reviewing","page_number":35,"box":{"x":69,"y":725,"width":822,"height":11}},{"id":"a11e79c2-0b5a-4ae1-a677-1f2f853b9189","block_type":"box","text":"repor ts from, overseeing the annual per formance review of, and making cer tain recommendations in respect of, the","page_number":35,"box":{"x":69,"y":740,"width":827,"height":11}},{"id":"d7698ba7-abf2-4079-b839-2d9c74663713","block_type":"box","text":"Trust’s CCO, including, without limitation, determining the amount and structure of the CCO’s compensation. The","page_number":35,"box":{"x":68,"y":755,"width":807,"height":11}},{"id":"183fd11a-2124-4798-85fb-7caa1f0a45cf","block_type":"box","text":"Board has adopted a written char ter for the Board’s Compliance Committee. During the fiscal year ended","page_number":35,"box":{"x":70,"y":770,"width":747,"height":12}},{"id":"dd12b756-ed38-459c-82ae-07d262b3c2ff","block_type":"box","text":"July 31, 2025, the Compliance Committee met four times.","page_number":35,"box":{"x":69,"y":785,"width":415,"height":12}},{"id":"770c3171-677b-4f2f-bdb5-45a65b222e82","block_type":"box","text":"Per formance Oversight Committee.","page_number":35,"box":{"x":102,"y":808,"width":248,"height":11}},{"id":"a815e696-c3e5-4405-b847-a028c19ba5d6","block_type":"box","text":"The Board has a Per formance Oversight Committee composed of Ar thur P.","page_number":35,"box":{"x":356,"y":808,"width":530,"height":11}},{"id":"73f09e4f-ee17-4d28-a6bd-202dbbf66021","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":35,"box":{"x":69,"y":823,"width":835,"height":12}},{"id":"439dcf5d-e67e-421e-8258-e8763f97a185","block_type":"box","text":"Kester and Catherine A. Lynch, all of whom are Independent Trustees. The Per formance Oversight Committee’s","page_number":35,"box":{"x":70,"y":838,"width":793,"height":12}},{"id":"64f43051-26fe-4cdd-a59b-ffd329077b9d","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to","page_number":35,"box":{"x":70,"y":853,"width":829,"height":12}},{"id":"cceb2470-a8af-4cc7-b470-ef9c2f8e2416","block_type":"box","text":"the Fund’s investment objective, policies and practices. The Per formance Oversight Committee’s responsibilities","page_number":35,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"ba8408d4-9d57-41ad-a615-fd4e48e0c600","block_type":"box","text":"include, without limitation: (i) reviewing the Fund’s investment objective, policies and practices; (ii) recommending to","page_number":35,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"2f335457-a659-4f3b-992b-6915d6062e13","block_type":"box","text":"the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":35,"box":{"x":68,"y":899,"width":809,"height":11}},{"id":"56a49495-255c-4cb0-b10e-007032f6b34d","block_type":"box","text":"I-9","page_number":35,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"479df1d7-4099-4698-841d-7a6a5a122382","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49d70d3b-8492-4b05-9809-bd0de88c9e3f","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment","page_number":36,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"48cbd9c0-b18a-43dc-990c-692966122b17","block_type":"box","text":"per formance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters;","page_number":36,"box":{"x":70,"y":60,"width":815,"height":11}},{"id":"4b8ef9ea-9296-4f26-91a1-e6b9807dd3e7","block_type":"box","text":"(vi) reviewing whether the Fund has complied with its investment policies and restrictions; and (vii) overseeing","page_number":36,"box":{"x":69,"y":75,"width":782,"height":11}},{"id":"cbf978dc-ef43-4b70-9831-133fd24dd822","block_type":"box","text":"policies, procedures and controls regarding valuation of the Fund’s investments. The Board has adopted a written","page_number":36,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"d33550fe-5897-4d42-a6a3-d71867577491","block_type":"box","text":"char ter for the Board’s Per formance Oversight Committee. During the fiscal year ended July 31, 2025, the","page_number":36,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"eda3d41c-803f-4260-9354-62ff8e7171a5","block_type":"box","text":"Per formance Oversight Committee met four times.","page_number":36,"box":{"x":69,"y":120,"width":358,"height":12}},{"id":"5b738ae6-dac7-46e7-9b0f-304e053e9e22","block_type":"box","text":"Securities Lending Committee.","page_number":36,"box":{"x":102,"y":143,"width":217,"height":11}},{"id":"d08ce1e9-853c-48ff-8f72-5d4e7fca3f03","block_type":"box","text":"The Board has a Securities Lending Committee composed of Catherine A. Lynch","page_number":36,"box":{"x":325,"y":143,"width":570,"height":11}},{"id":"5a5a7bb5-db9b-441a-ac5a-ca4c1b622534","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, all of whom are Independent Trustees. The principal responsibilities of","page_number":36,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"2d5f27c6-a7b4-4dd6-946a-16a19bfa3a40","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) suppor ting, overseeing and organizing on behalf of","page_number":36,"box":{"x":68,"y":173,"width":820,"height":11}},{"id":"75e742d6-4223-4b9e-b957-e9cc9e9c640e","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":36,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"cfcceefc-98ad-49b4-b354-35b63be288f6","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":36,"box":{"x":68,"y":203,"width":827,"height":12}},{"id":"8f348946-187b-46d0-a93f-50556e9a5131","block_type":"box","text":"the lending agent. The Board has adopted a written char ter for the Board’s Securities Lending Committee. During","page_number":36,"box":{"x":68,"y":218,"width":809,"height":12}},{"id":"283c07ce-397d-45fc-a2d5-d91bc09970c5","block_type":"box","text":"fiscal year ended July 31, 2025, the Securities Lending Committee met two times.","page_number":36,"box":{"x":68,"y":234,"width":587,"height":11}},{"id":"674e3811-9c37-41ac-8f1e-802d6948c253","block_type":"box","text":"Executive Committee.","page_number":36,"box":{"x":102,"y":256,"width":152,"height":9}},{"id":"0d076396-dcc5-4d30-9c36-a4dc0a52da14","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":36,"box":{"x":260,"y":256,"width":645,"height":11}},{"id":"4173e7a0-f25b-4b98-9529-d4fdade2fb05","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":36,"box":{"x":70,"y":271,"width":815,"height":11}},{"id":"c5f7a2dc-cbca-40d5-a202-c792bf4b3bfd","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":36,"box":{"x":70,"y":286,"width":832,"height":12}},{"id":"10addb79-dc21-41d9-86fe-18704c67285e","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":36,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"cbf8fdde-58e8-4b9a-bf3b-f3dce94bdb80","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":36,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"7540c403-7ced-4c37-8ac1-d7974ba87838","block_type":"box","text":"The Board has adopted a written char ter for the Board’s Executive Committee. During the fiscal year ended","page_number":36,"box":{"x":68,"y":332,"width":764,"height":11}},{"id":"24d9a7b1-69fd-4681-9e2e-9af7eba325da","block_type":"box","text":"July 31, 2025, the Executive Committee did not meet.","page_number":36,"box":{"x":69,"y":347,"width":384,"height":11}},{"id":"435b6ec0-6d85-4803-8b74-28181f7165b0","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":36,"box":{"x":101,"y":370,"width":775,"height":11}},{"id":"3cca2f8e-1b9f-48d7-8265-5952be3780a8","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":36,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"113ae5e3-e844-4987-84d6-18e3a0594e21","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":36,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"c1fc71a5-458c-4e41-be84-df30c64c5012","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":36,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"e5fbc313-384e-4d44-9240-7e05a2ec912f","block_type":"box","text":"standards set for th in the Trust’s Bylaws. Fur thermore, in determining that a par ticular Trustee was and continues to","page_number":36,"box":{"x":69,"y":430,"width":835,"height":11}},{"id":"9057ea59-cb1d-47cb-8b9c-9fcadc86948b","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":36,"box":{"x":69,"y":445,"width":805,"height":11}},{"id":"f4ef05e0-dce0-40ea-805e-2b90649ad5f8","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":36,"box":{"x":69,"y":461,"width":773,"height":11}},{"id":"587e3430-80b2-474e-bd4b-699fbd4653e5","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Fund and protecting the","page_number":36,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"c960b245-64d0-485c-aca1-573de5eda675","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":36,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"d8be7cea-5a18-4677-a327-fb3f80735470","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":36,"box":{"x":69,"y":506,"width":796,"height":11}},{"id":"26163272-a32d-4256-b7bb-5de137be5fed","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":36,"box":{"x":69,"y":521,"width":744,"height":11}},{"id":"92445b84-2f5d-4300-9ca9-1d957e2b53c2","block_type":"box","text":"per formance of their duties as Trustees. Each Trustee’s ability to per form his or her duties effectively is evidenced by","page_number":36,"box":{"x":70,"y":536,"width":840,"height":11}},{"id":"2d881fba-aeb4-4ec4-9c85-0e7da27410cd","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":36,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"e4326a36-ef6e-43d6-acb6-d32e9e1e92d1","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":36,"box":{"x":70,"y":566,"width":771,"height":11}},{"id":"48c5b05e-493f-4169-96c3-074730b458f8","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":36,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"0d4f32bd-7527-439b-be27-297377dd3a60","block_type":"box","text":"organizations; ongoing commitment and par ticipation in Board and Committee meetings, as well as his or her","page_number":36,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"7aa823ae-0578-45d8-9bdb-1a2610df9f4f","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":36,"box":{"x":70,"y":612,"width":719,"height":11}},{"id":"74dfe2bc-c62b-4a29-a8be-d5d0ef85c705","block_type":"box","text":"I-10","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4f6ba6c3-f742-498b-b1b9-1e9a41fbd6c2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b1c19ee-9ce5-4ae5-89f1-25b118bcf136","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that suppor t the","page_number":37,"box":{"x":101,"y":45,"width":784,"height":11}},{"id":"217de5fc-4f24-42d3-b8a8-59aee58a4c49","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":37,"box":{"x":69,"y":60,"width":378,"height":9}},{"id":"fabd39cd-ed5b-4dd6-a42b-2fdc9582dcf4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":37,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"18db24e0-9eef-489c-afcb-236c62618bdc","block_type":"box","text":"Independent Trustees","page_number":37,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"982c8027-6909-49a7-ae5b-e8a5c4f7171f","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":37,"box":{"x":70,"y":120,"width":814,"height":11}},{"id":"0627cfa9-7175-4f6d-b66f-cacd1af132ce","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":37,"box":{"x":264,"y":135,"width":606,"height":9}},{"id":"04330423-a0e3-4d9e-ad18-9ded6100a5d2","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":37,"box":{"x":265,"y":150,"width":635,"height":10}},{"id":"59b67284-9947-4f65-b684-f6c256d6317b","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":37,"box":{"x":265,"y":165,"width":602,"height":11}},{"id":"52a85caf-bb2d-43ef-ad1a-49ccaf643f1b","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":37,"box":{"x":265,"y":180,"width":608,"height":11}},{"id":"37a2ac29-e7d4-4028-8cc7-1d1fe032df4d","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":37,"box":{"x":265,"y":195,"width":613,"height":11}},{"id":"05d169d7-d7ac-4221-968b-0d5ccc2faf72","block_type":"box","text":"adds a dimension of balance to the Fund’s governance and provides perspective on","page_number":37,"box":{"x":265,"y":210,"width":595,"height":12}},{"id":"3503f514-4f30-4d93-ab93-c62b8580d6fc","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":37,"box":{"x":265,"y":225,"width":597,"height":11}},{"id":"7633486f-7c12-45fe-a458-aae990f57a45","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":37,"box":{"x":265,"y":241,"width":581,"height":11}},{"id":"e658f9b5-2917-40a9-a2fa-23508e67be62","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":37,"box":{"x":265,"y":256,"width":632,"height":11}},{"id":"5d638350-5a91-48d2-914a-dddec471d05f","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":37,"box":{"x":265,"y":271,"width":594,"height":11}},{"id":"dc4ad770-37aa-4cd6-9ccf-54322558d04d","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Fund, its","page_number":37,"box":{"x":265,"y":286,"width":573,"height":11}},{"id":"73052827-7a30-4665-93bf-71d02777056c","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Hubbard’s","page_number":37,"box":{"x":265,"y":301,"width":589,"height":11}},{"id":"23eeb94a-8ccf-42f9-96b7-7306fdf38b38","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Chair of the","page_number":37,"box":{"x":265,"y":316,"width":595,"height":11}},{"id":"3bb3f819-ff1e-45e6-9e4b-0314ee582c6d","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":37,"box":{"x":265,"y":331,"width":562,"height":11}},{"id":"829e6845-e8ad-4580-9c5d-a18d185eb663","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Per formance Oversight","page_number":37,"box":{"x":265,"y":346,"width":592,"height":12}},{"id":"1cf246aa-dc58-4a55-86d6-6277c799500b","block_type":"box","text":"Committee.","page_number":37,"box":{"x":265,"y":362,"width":80,"height":8}},{"id":"87edae60-4883-463f-8309-045a319c51e1","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":37,"box":{"x":68,"y":384,"width":786,"height":11}},{"id":"67614de0-0aee-4b0c-9ebd-47b7b22540a1","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":37,"box":{"x":264,"y":399,"width":578,"height":12}},{"id":"f1bed5a7-3830-4b59-8055-aa0805c3aee7","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":37,"box":{"x":264,"y":414,"width":618,"height":12}},{"id":"984d3e07-eeee-4286-bb43-f48a38daad18","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":37,"box":{"x":265,"y":429,"width":581,"height":12}},{"id":"5a1c4bdd-3fd4-46c8-8fd6-e13f574857af","block_type":"box","text":"exper tise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":37,"box":{"x":265,"y":445,"width":613,"height":11}},{"id":"cbb936e0-a404-4292-a99f-d5ead470953a","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":37,"box":{"x":265,"y":460,"width":641,"height":11}},{"id":"350ef86c-7b56-4c2d-affa-004e1d14fa95","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":37,"box":{"x":265,"y":475,"width":599,"height":11}},{"id":"ccd54e35-53b4-4ec1-bfe6-5de4ccf3d190","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":37,"box":{"x":265,"y":490,"width":605,"height":11}},{"id":"11ee57d4-34ac-41be-8ab3-462368493527","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Fund, its","page_number":37,"box":{"x":265,"y":505,"width":613,"height":11}},{"id":"8d20c595-845d-4d73-838c-fb7c2f2c489a","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Kester’s","page_number":37,"box":{"x":265,"y":520,"width":576,"height":12}},{"id":"118986c7-e2af-4c19-b4fb-72845d8372e1","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Vice Chair of the","page_number":37,"box":{"x":265,"y":535,"width":630,"height":12}},{"id":"06ec3319-1fe1-4275-b39b-b953c77df75a","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":37,"box":{"x":265,"y":550,"width":576,"height":12}},{"id":"8cfe3dc6-a62a-4f7e-8a45-6aafb53d06e9","block_type":"box","text":"Executive Committee, the Compliance Committee, the Per formance Oversight Committee","page_number":37,"box":{"x":265,"y":566,"width":634,"height":11}},{"id":"9f196edb-6218-4435-ac63-f14c28803cc3","block_type":"box","text":"and the Securities Lending Committee.","page_number":37,"box":{"x":265,"y":581,"width":275,"height":11}},{"id":"0df58b9a-1225-4b2f-8524-4236e87a2c3d","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":37,"box":{"x":69,"y":603,"width":775,"height":12}},{"id":"e44af262-81e5-4f74-a692-430f061b24aa","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":37,"box":{"x":264,"y":618,"width":613,"height":12}},{"id":"2b98b80e-5413-4318-89de-4a19858f0850","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":37,"box":{"x":265,"y":634,"width":633,"height":11}},{"id":"b8dbf9c7-e572-424c-a75e-57eff3f9e78e","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":37,"box":{"x":265,"y":649,"width":636,"height":11}},{"id":"f6d0b115-b399-4cd6-8750-c731f849ccf2","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":37,"box":{"x":265,"y":664,"width":629,"height":11}},{"id":"e3d20eb3-c00c-4e4d-bb94-88206615d213","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":37,"box":{"x":265,"y":679,"width":617,"height":11}},{"id":"1e153eb8-67b5-4e4b-9fdc-7cfc264c374e","block_type":"box","text":"Depar tment of Treasury as an exper t in domestic retirement security. Ms. Egan began her","page_number":37,"box":{"x":265,"y":694,"width":642,"height":11}},{"id":"edcc768e-1374-4e05-bf60-deae50ef746e","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":37,"box":{"x":265,"y":709,"width":608,"height":11}},{"id":"3cdd7391-bd5c-43e1-8dd5-2fed3c6a81de","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":37,"box":{"x":265,"y":724,"width":620,"height":12}},{"id":"036fbdca-b479-46fe-b7ff-de4ad657dc9a","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":37,"box":{"x":264,"y":739,"width":643,"height":12}},{"id":"c265ae18-0452-443f-b191-c1ccf6991857","block_type":"box","text":"the Board of The Hanover Group, a public proper ty casualty insurance company. Ms. Egan","page_number":37,"box":{"x":264,"y":755,"width":640,"height":11}},{"id":"30df04cd-dc30-4651-a63b-f3c0ef429179","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":37,"box":{"x":265,"y":770,"width":583,"height":11}},{"id":"02db35bc-03bd-4ef3-84d2-06ed8a3d13d3","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":37,"box":{"x":265,"y":785,"width":643,"height":11}},{"id":"5fe767d5-1e24-4da3-8473-f4eafc768ec4","block_type":"box","text":"Ms. Egan’s independence from the Fund and the Manager enhances her service as Chair","page_number":37,"box":{"x":265,"y":800,"width":636,"height":11}},{"id":"1bf9a126-733c-4b2c-9b79-9e8318610ccf","block_type":"box","text":"of the Compliance Committee and a member of the Governance and Nominating","page_number":37,"box":{"x":265,"y":815,"width":571,"height":11}},{"id":"ba698d90-2c1f-4183-a169-1956a99be9ee","block_type":"box","text":"Committee, the Per formance Oversight Committee and the Securities Lending Committee.","page_number":37,"box":{"x":265,"y":830,"width":641,"height":11}},{"id":"4331b805-9520-4fc7-9157-778921dde922","block_type":"box","text":"I-11","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9049a86c-5e3e-4437-80c7-332233819882","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3248c424-2c81-4875-a40f-a23a3e2d2457","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":38,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"630e982f-2af4-435f-b9f4-4a9cbf768c67","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and","page_number":38,"box":{"x":70,"y":65,"width":796,"height":12}},{"id":"d67492e0-bac2-4380-a202-12393c58e504","block_type":"box","text":"financial experience in his roles at various public and private companies. In par ticular,","page_number":38,"box":{"x":264,"y":81,"width":612,"height":11}},{"id":"f7c8051b-f320-4305-aecc-aef746ba91bf","block_type":"box","text":"Mr. Flores’s service as Chief Financial Officer of Lattice Semiconductor Corporation, a","page_number":38,"box":{"x":265,"y":96,"width":611,"height":11}},{"id":"a2ffcf10-edde-46b5-91f6-c6589b2c7c5f","block_type":"box","text":"semiconductor company that designs, develops, and markets programmable logic","page_number":38,"box":{"x":265,"y":111,"width":582,"height":11}},{"id":"99d4cf2d-7aa2-41df-ad4e-40a1113f5cbf","block_type":"box","text":"products and related software, Chief Financial Officer of Intel Foundry, a semiconductor","page_number":38,"box":{"x":265,"y":126,"width":622,"height":11}},{"id":"dcfcc5f2-df28-49f3-99c9-46b1ba17afec","block_type":"box","text":"manufacturing unit of Intel Corporation, Chief Financial Officer and Corporate Controller of","page_number":38,"box":{"x":265,"y":141,"width":639,"height":11}},{"id":"68d7607f-5404-4fcb-8dd9-69b60389aab0","block_type":"box","text":"Xilinx, Inc., a technology and semiconductor company that supplies programmable logic","page_number":38,"box":{"x":264,"y":156,"width":622,"height":11}},{"id":"5b0e1577-83dd-492b-a4cc-b53a8be8fcf1","block_type":"box","text":"devices, and Vice Chairman of Kioxia, Inc., a manufacturer and supplier of flash memory","page_number":38,"box":{"x":265,"y":171,"width":631,"height":11}},{"id":"2b86e63c-6fd1-456f-bbdc-4450f80085cb","block_type":"box","text":"and solid state drives, and his long experience in the technology industry allow him to","page_number":38,"box":{"x":265,"y":187,"width":610,"height":11}},{"id":"9318b59d-bab0-4a8b-9112-4d12cea2b826","block_type":"box","text":"provide insight to into financial, business and technology trends. Mr. Flores’s knowledge","page_number":38,"box":{"x":265,"y":201,"width":628,"height":12}},{"id":"dea59745-0885-418f-a234-4fed5260ca46","block_type":"box","text":"of financial and accounting matters qualifies him to serve as a member of the Audit","page_number":38,"box":{"x":265,"y":217,"width":596,"height":11}},{"id":"47c6ba27-c639-42ad-aee4-781b9b1e2120","block_type":"box","text":"Committee. Mr. Flores’s independence from the Fund and the Manager enhances his","page_number":38,"box":{"x":265,"y":232,"width":605,"height":11}},{"id":"6ed6c5ef-1dbf-40a3-ad84-94fc1927adc2","block_type":"box","text":"service as a member of the Per formance Oversight Committee.","page_number":38,"box":{"x":265,"y":247,"width":450,"height":11}},{"id":"ec2b4b17-a535-495b-baf3-e58f38d11706","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained","page_number":38,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"069e7af3-8912-4092-9d19-0afa9ed996ec","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":38,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"e5d58040-1c17-4cc4-af28-534c0dac8c41","block_type":"box","text":"United States Air Force. 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In","page_number":42,"box":{"x":69,"y":899,"width":775,"height":11}},{"id":"7ea036e2-25df-4731-84c2-9172f0f0dedd","block_type":"box","text":"I-16","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6e563d2c-4783-4c01-8b87-c50b7c7ecf45","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86c212d6-8567-4191-b893-1f823fa86823","block_type":"box","text":"addition, the Chair of the Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000","page_number":43,"box":{"x":69,"y":44,"width":822,"height":12}},{"id":"664631bb-37bf-4963-9456-e6409eb7e9b2","block_type":"box","text":"and $84,000, respectively. The Chairs of the Audit Committee, Per formance Oversight Committee, Compliance","page_number":43,"box":{"x":69,"y":59,"width":790,"height":12}},{"id":"f033e7d9-d7f7-4dac-9b02-2ca0eb9844c2","block_type":"box","text":"Committee, Governance and Nominating Committee, and Securities Lending Committee are paid an additional annual","page_number":43,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"5243c3ae-a8cd-4ac3-82f2-f6e0f79aab28","block_type":"box","text":"retainer of $55,000, $42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the","page_number":43,"box":{"x":69,"y":89,"width":804,"height":12}},{"id":"741d58de-9433-44b5-b829-955d98f782b3","block_type":"box","text":"Audit Committee, Compliance Committee, Governance and Nominating Committee, and Securities Lending","page_number":43,"box":{"x":68,"y":105,"width":760,"height":11}},{"id":"19950d8b-db73-487d-9927-ae9082a621dc","block_type":"box","text":"Committee are paid an additional annual retainer of $30,000, $25,000, $25,000, and $15,000, respectively, for his","page_number":43,"box":{"x":69,"y":120,"width":835,"height":11}},{"id":"9701fd05-8a5b-4f38-80a3-8332b298709f","block_type":"box","text":"or her service on such committee. An Independent Trustee may receive additional compensation for his or her","page_number":43,"box":{"x":69,"y":135,"width":785,"height":11}},{"id":"f06cd488-51cb-4294-b130-a8afb599d7a8","block_type":"box","text":"service as a member or Chair, as applicable, of one or more ad hoc committees of the Board. The Fund will pay a pro","page_number":43,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"36c43c26-3488-4fc9-afbf-779307eb9a32","block_type":"box","text":"rata por tion quar terly (based on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock","page_number":43,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"999ba1e7-06f0-4c74-a72d-9e6bd3add86d","block_type":"box","text":"Fixed-Income Complex.","page_number":43,"box":{"x":70,"y":181,"width":159,"height":11}},{"id":"f1d5199d-897b-4d04-834d-635ca4fc6036","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":43,"box":{"x":101,"y":203,"width":711,"height":12}},{"id":"157c9d42-87a6-4087-b23b-de26b0fa3b8a","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":43,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"e20646c3-b7e8-48bd-9ace-9828a17f1775","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":43,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"85a5b732-e65e-4505-bead-7a642dad6213","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of cer tain","page_number":43,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"b511fa57-522c-49e0-960c-e0badb11e379","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":43,"box":{"x":68,"y":264,"width":802,"height":11}},{"id":"32ab0e4f-e2f5-4b2a-afa4-7fb33cd4e87d","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":43,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"db888bde-bb07-43b9-8548-9f7eb02c49a1","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":43,"box":{"x":68,"y":294,"width":800,"height":11}},{"id":"b4b2c180-812a-4515-9ffe-cb35ef9b03d0","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":43,"box":{"x":69,"y":309,"width":760,"height":11}},{"id":"1c5f32bf-8069-42fe-894a-feedfda45f18","block_type":"box","text":"accounting purposes.","page_number":43,"box":{"x":69,"y":325,"width":151,"height":11}},{"id":"21b3b9f6-3813-4771-bce4-b97be8a2fa20","block_type":"box","text":"The following table sets for th the compensation paid to the Trustees by the Trust, on behalf of the Fund, for the","page_number":43,"box":{"x":101,"y":347,"width":796,"height":11}},{"id":"30c374fa-3728-4821-ba36-ea06140d5a4b","block_type":"box","text":"fiscal year ended July 31, 2025 and the aggregate compensation, including deferred compensation amounts, paid to","page_number":43,"box":{"x":68,"y":362,"width":834,"height":11}},{"id":"3582e0ae-7226-4acb-946f-3e0ea62e3c6b","block_type":"box","text":"them by all BlackRock-advised Funds for the calendar year ended December 31, 2024.","page_number":43,"box":{"x":68,"y":377,"width":618,"height":11}},{"id":"eeb6585b-378c-463d-bf7f-48360d2c686d","block_type":"box","text":"Name","page_number":43,"box":{"x":69,"y":446,"width":32,"height":7}},{"id":"3c615093-15df-4811-b592-193910a0238d","block_type":"box","text":"1","page_number":43,"box":{"x":102,"y":446,"width":4,"height":3}},{"id":"41a59ba5-043b-49f1-8129-46af2cebc2d6","block_type":"box","text":"Compensation","page_number":43,"box":{"x":551,"y":426,"width":83,"height":8}},{"id":"29faacb9-69cd-4799-a4fb-fd410a07e450","block_type":"box","text":"from the","page_number":43,"box":{"x":568,"y":436,"width":49,"height":7}},{"id":"052d6790-a5bb-4824-bb02-278dc636989a","block_type":"box","text":"Fund","page_number":43,"box":{"x":579,"y":446,"width":27,"height":7}},{"id":"8418c73e-9bb7-4ead-a002-7e449b518ba6","block_type":"box","text":"Estimated Annual","page_number":43,"box":{"x":664,"y":426,"width":102,"height":7}},{"id":"a18fe32d-d6f9-40ef-ae3b-67d3c03e5c8d","block_type":"box","text":"Benefits upon","page_number":43,"box":{"x":676,"y":436,"width":79,"height":9}},{"id":"d55c6ff2-bf8d-4deb-9ff7-807d06d3aaa2","block_type":"box","text":"Retirement","page_number":43,"box":{"x":683,"y":446,"width":64,"height":7}},{"id":"65e40a9d-ae63-4e13-8126-f098dcc241f2","block_type":"box","text":"Aggregate","page_number":43,"box":{"x":822,"y":406,"width":61,"height":8}},{"id":"d6bbbb78-4523-4d09-9e29-c309736095d5","block_type":"box","text":"Compensation from","page_number":43,"box":{"x":796,"y":416,"width":113,"height":8}},{"id":"dd94fffd-a476-43f1-bd9a-81f56a6b7cc5","block_type":"box","text":"the Fund and","page_number":43,"box":{"x":815,"y":426,"width":75,"height":7}},{"id":"43c48684-4a47-40af-9ef9-49cce3246d58","block_type":"box","text":"Other BlackRock","page_number":43,"box":{"x":802,"y":436,"width":102,"height":7}},{"id":"830edc12-4d5f-43b2-bcad-777227048a44","block_type":"box","text":"Advised Funds","page_number":43,"box":{"x":806,"y":446,"width":84,"height":7}},{"id":"1bbce504-bc51-4040-aecb-761265915cac","block_type":"box","text":"2,3","page_number":43,"box":{"x":890,"y":446,"width":9,"height":4}},{"id":"2be5f1a9-46a6-47b8-a3ed-66efb6547c66","block_type":"box","text":"Independent Trustees","page_number":43,"box":{"x":70,"y":464,"width":154,"height":10}},{"id":"61f7a73a-3a36-467f-a740-cb45641916df","block_type":"box","text":"Cynthia L. Egan","page_number":43,"box":{"x":79,"y":479,"width":108,"height":11}},{"id":"999b8af1-9098-4c64-8fc2-dd08a9ff9b55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,593 None","page_number":43,"box":{"x":192,"y":478,"width":541,"height":11}},{"id":"fee6e7db-20c0-4e47-a624-75662bc93040","block_type":"box","text":"$655,000","page_number":43,"box":{"x":817,"y":478,"width":72,"height":11}},{"id":"2c4df014-7304-4a2c-b183-6b6b7a2f579a","block_type":"box","text":"Lorenzo A. Flores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,301 None","page_number":43,"box":{"x":79,"y":493,"width":654,"height":11}},{"id":"ccac1ba5-4e3f-49c5-bb53-5e98f5444ca5","block_type":"box","text":"$420,000","page_number":43,"box":{"x":817,"y":493,"width":72,"height":11}},{"id":"a89e83a2-7baa-41a2-a5c3-798ac1d4afcf","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,232 None","page_number":43,"box":{"x":79,"y":508,"width":654,"height":12}},{"id":"5f1f02ba-d45d-4187-9ba9-fcdf010aab1a","block_type":"box","text":"$395,000","page_number":43,"box":{"x":817,"y":508,"width":72,"height":11}},{"id":"587c6c97-2944-4cc4-b7fc-2f35c9ee93bb","block_type":"box","text":"J. Phillip Holloman","page_number":43,"box":{"x":78,"y":524,"width":130,"height":11}},{"id":"09ef5b81-d175-4947-ab60-966e16ad439d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,315 None","page_number":43,"box":{"x":217,"y":523,"width":516,"height":11}},{"id":"3c4853ed-182c-41f8-94d5-44bafb94f8d8","block_type":"box","text":"$425,000","page_number":43,"box":{"x":817,"y":523,"width":72,"height":11}},{"id":"636e5c99-bb04-4dd1-98c0-4d871f15ece6","block_type":"box","text":"R. Glenn Hubbard . . .","page_number":43,"box":{"x":79,"y":539,"width":148,"height":9}},{"id":"7c096ede-8c37-4a14-809b-5732dc730303","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,746 None","page_number":43,"box":{"x":233,"y":538,"width":500,"height":12}},{"id":"a64fc9c5-c45f-4574-846e-9d0f8d49488c","block_type":"box","text":"$600,000","page_number":43,"box":{"x":817,"y":538,"width":72,"height":12}},{"id":"36f9d121-0fd2-4656-9c87-3f19239bbbea","block_type":"box","text":"W. Carl Kester","page_number":43,"box":{"x":78,"y":554,"width":102,"height":9}},{"id":"cc17a639-bb6c-43c1-95ee-cd21d266e4ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,805 None","page_number":43,"box":{"x":184,"y":554,"width":549,"height":11}},{"id":"cbe367a6-a749-4184-9629-e6397d1cef79","block_type":"box","text":"$746,500","page_number":43,"box":{"x":817,"y":554,"width":72,"height":11}},{"id":"0e4310e7-bad5-4436-a6f2-ce9dfae296fb","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,648 None","page_number":43,"box":{"x":79,"y":569,"width":654,"height":12}},{"id":"ec59bb5a-e6e0-4827-be9a-51008fa5bf94","block_type":"box","text":"$695,000","page_number":43,"box":{"x":817,"y":569,"width":72,"height":11}},{"id":"8a36b42b-d8f4-4425-a4e2-5ff8ac2e6485","block_type":"box","text":"Ar thur P. Steinmetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,419 None","page_number":43,"box":{"x":78,"y":584,"width":655,"height":11}},{"id":"415a6e41-8a83-423c-9075-a7d71a188442","block_type":"box","text":"$534,206","page_number":43,"box":{"x":817,"y":584,"width":72,"height":11}},{"id":"f3eba4b1-f2bf-4a12-a02a-e500a9658e9c","block_type":"box","text":"Interested Trustees","page_number":43,"box":{"x":70,"y":600,"width":138,"height":9}},{"id":"bf4f117b-ab57-40bf-b878-863ab3876692","block_type":"box","text":"Rober t Fairbairn . .","page_number":43,"box":{"x":79,"y":615,"width":131,"height":9}},{"id":"f13ca171-c653-49f3-80d9-9452c25c201c","block_type":"box","text":"......................................","page_number":43,"box":{"x":217,"y":622,"width":303,"height":2}},{"id":"5d3cfea5-a21d-4f9a-a50b-ff0b6d1abb07","block_type":"box","text":"None None None","page_number":43,"box":{"x":575,"y":615,"width":296,"height":9}},{"id":"ee658592-6c66-4870-9464-7a281c91b549","block_type":"box","text":"John M. Perlowski","page_number":43,"box":{"x":78,"y":630,"width":127,"height":9}},{"id":"e1c9cfe1-2a38-4cd1-8339-d43b511db494","block_type":"box","text":".......................................","page_number":43,"box":{"x":208,"y":637,"width":312,"height":2}},{"id":"767bae8c-da2a-42a8-89c6-8ab0f5928d7d","block_type":"box","text":"None None None","page_number":43,"box":{"x":575,"y":630,"width":296,"height":9}},{"id":"06b8fa63-abb2-4c50-ac0e-ad7486885103","block_type":"box","text":"1","page_number":43,"box":{"x":69,"y":654,"width":3,"height":4}},{"id":"2875ec09-64fb-4cba-ae7f-536698dc4812","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information Char t beginning","page_number":43,"box":{"x":94,"y":654,"width":811,"height":9}},{"id":"04b5edd3-2bde-4b4f-bb96-b8a0ed938eef","block_type":"box","text":"on page I-13.","page_number":43,"box":{"x":93,"y":664,"width":74,"height":9}},{"id":"8ab6a30c-d1a2-45b7-a982-4f0670884a01","block_type":"box","text":"2","page_number":43,"box":{"x":69,"y":677,"width":3,"height":4}},{"id":"83912c9a-0d57-40e4-b4bc-017fa89cab71","block_type":"box","text":"For the Independent Trustees this amount represents the aggregate compensation earned from the funds in the BlackRock Fixed-Income","page_number":43,"box":{"x":94,"y":677,"width":778,"height":9}},{"id":"f1f9300a-4940-471d-90e7-3065f152ce06","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":43,"box":{"x":93,"y":687,"width":801,"height":9}},{"id":"4577779a-94c7-499d-8dc8-ee4e0154de2b","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":43,"box":{"x":94,"y":697,"width":761,"height":9}},{"id":"379afb40-f23d-4d01-8f59-5cf97d7e6d8a","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":43,"box":{"x":94,"y":707,"width":457,"height":9}},{"id":"8da8f32f-966a-41aa-bb37-f6ca1f1899bb","block_type":"box","text":"3","page_number":43,"box":{"x":69,"y":720,"width":3,"height":3}},{"id":"9a2464e5-cf48-41d3-8080-4afa59d1af25","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":43,"box":{"x":93,"y":720,"width":810,"height":9}},{"id":"5298eb46-e9f6-4efc-8a4b-944107e01d9b","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":43,"box":{"x":94,"y":729,"width":748,"height":10}},{"id":"e2c87741-d919-4c43-a3d9-89f9c424cd67","block_type":"box","text":"respectively, as of December 31, 2024. Ms. Egan did not par ticipate in the deferred compensation plan as of December 31, 2024.","page_number":43,"box":{"x":94,"y":740,"width":748,"height":9}},{"id":"ff693fd3-0af0-4c62-b6dd-2fb3a77f585f","block_type":"box","text":"I-17","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"e935f838-adca-4b8b-b5dd-9343f0d9386b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc1d3705-cad9-4658-9c5b-518879fe64c0","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":44,"box":{"x":69,"y":45,"width":432,"height":11}},{"id":"3cbb999f-a9eb-488b-b50e-908bfc5f3d99","block_type":"box","text":"Management Agreement","page_number":44,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"b2078d36-c07b-49f7-958a-c356ea1e84b2","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with the Manager (the","page_number":44,"box":{"x":101,"y":98,"width":708,"height":11}},{"id":"7cf2b5fc-4749-443c-b2aa-6a6efb53eb36","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides.","page_number":44,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"bd3482db-7011-45d7-bead-62a496564160","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":44,"box":{"x":102,"y":135,"width":762,"height":12}},{"id":"faa2c3bd-ac64-4dd6-9d9f-695f5660642a","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":44,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"ca0e7a0d-bc6b-4c09-aacb-e749d113a8f2","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":44,"box":{"x":68,"y":166,"width":726,"height":11}},{"id":"b4d057cf-c8e6-471b-bac2-f9644d1aa645","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":44,"box":{"x":69,"y":181,"width":799,"height":11}},{"id":"e8d5d402-b11a-43d0-b5e9-8ef4b4de3cb1","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":44,"box":{"x":70,"y":196,"width":780,"height":11}},{"id":"b37f7933-92fd-45e4-b058-cd3e8b7cb7a1","block_type":"box","text":"advised by BlackRock or its affiliates through June 30, 2027. The contractual agreements may be terminated upon","page_number":44,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"b5d5e7ef-3c6b-42ae-8c01-86d22087e25a","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":44,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"fbeca052-47e9-40dd-abb6-05876381cf2f","block_type":"box","text":"securities of the Fund.","page_number":44,"box":{"x":69,"y":241,"width":158,"height":9}},{"id":"6a2ba63d-e93b-49ba-af6c-d95982ad4c6e","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":44,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"023f9c47-582f-478d-9c41-1c869a213813","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":44,"box":{"x":68,"y":279,"width":787,"height":11}},{"id":"7a22a497-238c-4378-9f28-f8310876c27f","block_type":"box","text":"Expense/Stock Loan Fees, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as","page_number":44,"box":{"x":70,"y":294,"width":835,"height":11}},{"id":"fe582f27-fca5-4ecb-8bac-e043e891d1ab","block_type":"box","text":"defined in the Fund’s Prospectuses)) as a percentage of average daily net assets to 1.40% for Investor A Shares,","page_number":44,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"7eb2fb60-5cf2-4a2f-9851-6dc0fee60eec","block_type":"box","text":"2.15% for Investor C Shares, 1.20% for Institutional Shares and 1.15% for Class K Shares through June 30, 2027.","page_number":44,"box":{"x":69,"y":324,"width":818,"height":12}},{"id":"640d8ec6-931f-4105-916f-5df6ccbe48ad","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by","page_number":44,"box":{"x":68,"y":339,"width":835,"height":12}},{"id":"8cc3913c-8f0c-4da0-ac19-b2f1c536b215","block_type":"box","text":"a vote of a majority of the outstanding voting securities of the Fund.","page_number":44,"box":{"x":69,"y":355,"width":481,"height":11}},{"id":"f423eab3-79d1-4723-9e82-7652f5f5d83a","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":44,"box":{"x":102,"y":377,"width":784,"height":12}},{"id":"5f968367-703c-49cc-a062-2194dc872830","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":44,"box":{"x":70,"y":392,"width":838,"height":12}},{"id":"c13b1e66-d1fb-4ed1-b2ed-0826b5ff20fa","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":44,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"2e6df42f-0559-432e-89f2-f53ac5b7d8c4","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":44,"box":{"x":70,"y":423,"width":779,"height":11}},{"id":"4971c419-2545-4bb1-a2fc-f15c77e369c0","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":44,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"3429ce12-3741-4940-9035-c6bc7959b913","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":44,"box":{"x":69,"y":453,"width":486,"height":11}},{"id":"42fbcebe-413f-4582-a247-802f13471fc2","block_type":"box","text":"BlackRock has entered into sub-advisory agreements (the “Sub-Advisory Agreements”) with BlackRock","page_number":44,"box":{"x":102,"y":476,"width":729,"height":11}},{"id":"30572e17-de5f-4c40-8b12-84c34666bdf3","block_type":"box","text":"International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL,” and together with BIL, the “Sub-Advisers”),","page_number":44,"box":{"x":70,"y":491,"width":817,"height":11}},{"id":"24cafd93-5b2f-4232-b0c7-07e9e1f99b8a","block_type":"box","text":"pursuant to which BlackRock pays each of BIL and BSL for providing services to BlackRock with respect to that","page_number":44,"box":{"x":70,"y":506,"width":790,"height":11}},{"id":"c6b00f56-71dd-45e7-9ca1-8742e97e631a","block_type":"box","text":"por tion of the Fund for which each of BSL and BIL acts as sub-adviser a monthly fee at an annual rate equal to a","page_number":44,"box":{"x":70,"y":521,"width":801,"height":11}},{"id":"494d5941-bf57-464c-bd2f-f92bd3827431","block_type":"box","text":"percentage of the management fee paid to BlackRock under the Management Agreement.","page_number":44,"box":{"x":70,"y":536,"width":638,"height":11}},{"id":"38d60941-0f97-4f08-82d1-d80a29b8fd04","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":44,"box":{"x":101,"y":559,"width":806,"height":11}},{"id":"f53a212e-699d-4636-a5c7-d23a512583c6","block_type":"box","text":"to BlackRock (which includes amounts paid by BlackRock to the Sub-Advisers) and the amounts waived and/or","page_number":44,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"a26d71e8-9065-4e69-8369-d4aab8e095ab","block_type":"box","text":"reimbursed by BlackRock, for the periods shown.","page_number":44,"box":{"x":69,"y":589,"width":347,"height":11}},{"id":"2f82a5ac-ec6e-4e16-80d7-0b3c2bfcbdec","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":593,"y":617,"width":56,"height":7}},{"id":"577780ed-3c02-46c8-98b5-14c68ada7b25","block_type":"box","text":"to BlackRock","page_number":44,"box":{"x":581,"y":627,"width":80,"height":7}},{"id":"6c10cc71-7560-466f-91bb-c65a6a304dbb","block_type":"box","text":"Fees Waived","page_number":44,"box":{"x":704,"y":617,"width":72,"height":7}},{"id":"750632c3-1a35-420f-99db-5afeb1622423","block_type":"box","text":"by BlackRock","page_number":44,"box":{"x":700,"y":627,"width":80,"height":9}},{"id":"0c1de0f7-de69-4afa-90a1-823ff41601d8","block_type":"box","text":"Fees Reimbursed","page_number":44,"box":{"x":810,"y":617,"width":99,"height":7}},{"id":"886513c0-1e70-4a7c-8cff-2e604112a703","block_type":"box","text":"by BlackRock","page_number":44,"box":{"x":820,"y":627,"width":80,"height":9}},{"id":"90c27657-5c41-4da8-b75e-ffc65fae9f65","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":645,"width":325,"height":11}},{"id":"96bf3909-6b2c-4425-8265-be2fbf5a52f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 7,","page_number":44,"box":{"x":401,"y":644,"width":204,"height":11}},{"id":"1ca6777d-61c6-4dc8-9d4a-9cb9addfe44b","block_type":"box","text":"768,052 $ 72,811 $155,509","page_number":44,"box":{"x":607,"y":644,"width":288,"height":11}},{"id":"953eb3e0-e63c-461d-a28d-285795cd90d2","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":660,"width":325,"height":11}},{"id":"f074eb4f-101a-4d54-9567-651e4b2046cb","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 9,","page_number":44,"box":{"x":401,"y":659,"width":204,"height":12}},{"id":"9299b53e-4cb2-4ee1-b847-7d4896fe80df","block_type":"box","text":"273,149 $ 50,072 $ 8,872","page_number":44,"box":{"x":607,"y":659,"width":288,"height":12}},{"id":"97947954-dd4a-4a88-bd8e-07f07b8ec5fa","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":675,"width":325,"height":11}},{"id":"c3727a53-065d-4bde-93c8-ba499f747f11","block_type":"box","text":"..................","page_number":44,"box":{"x":401,"y":683,"width":140,"height":1}},{"id":"7f04fd5f-45a7-4b90-a044-73eba7fe6572","block_type":"box","text":"$11,467,977 $189,630 $ 53,811","page_number":44,"box":{"x":573,"y":675,"width":322,"height":11}},{"id":"4167b4cc-82c7-4077-9a52-4bfb703789bc","block_type":"box","text":"Administration Agreement","page_number":44,"box":{"x":68,"y":707,"width":191,"height":11}},{"id":"aaae38a7-1bab-4b7c-a91c-40ed652ecefe","block_type":"box","text":"BlackRock serves as the Fund’s administrator pursuant to an administration agreement (the “Administration","page_number":44,"box":{"x":102,"y":730,"width":771,"height":11}},{"id":"867bfbbe-0e27-4bf7-9b6f-02d55cb5fb89","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Fund; furnish the Fund with clerical,","page_number":44,"box":{"x":68,"y":744,"width":761,"height":12}},{"id":"bb1f122b-7acf-43d9-841c-657afb384e5f","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Fund’s net asset value;","page_number":44,"box":{"x":69,"y":760,"width":819,"height":11}},{"id":"6a04cac8-de08-41d8-a7e5-5ff59b41c084","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare cer tain repor ts required by","page_number":44,"box":{"x":69,"y":775,"width":830,"height":11}},{"id":"f1d93729-064d-4c2c-b466-89758c76939f","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":44,"box":{"x":69,"y":790,"width":822,"height":11}},{"id":"29dd4261-3aa6-426d-858d-717502933a47","block_type":"box","text":"available for payment by the Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":44,"box":{"x":69,"y":805,"width":800,"height":11}},{"id":"fabd1bdf-ffcf-4367-b673-64e8c210b8c7","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":44,"box":{"x":69,"y":820,"width":830,"height":11}},{"id":"df598ed1-885b-48c0-9986-34ec024c678d","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":44,"box":{"x":69,"y":835,"width":825,"height":11}},{"id":"cf7e9d31-ef3e-45dc-bfd0-78234c2d1d78","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of the Fund and","page_number":44,"box":{"x":69,"y":850,"width":824,"height":12}},{"id":"85a90e5f-f613-4339-acb2-66a975aca508","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":44,"box":{"x":69,"y":865,"width":773,"height":12}},{"id":"2e60d5f0-748c-42b4-af53-5b2cdad5e550","block_type":"box","text":"administration fees with respect to the Fund and may voluntarily reimburse the Fund for expenses.","page_number":44,"box":{"x":69,"y":881,"width":700,"height":11}},{"id":"ebdabdc8-6b59-4f2c-b0de-8d8a18c508eb","block_type":"box","text":"I-18","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"81d516a1-4a1e-49b1-8039-39f3f192ee93","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b872f2a-f93f-48d5-9760-fdf719e55c2f","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to BlackRock a fee, computed daily","page_number":45,"box":{"x":102,"y":45,"width":791,"height":11}},{"id":"f861eed5-8855-4b23-9672-b301b26c32c8","block_type":"box","text":"and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average daily","page_number":45,"box":{"x":69,"y":59,"width":831,"height":12}},{"id":"358b257c-f882-4cfc-980e-e987f0bc0c2f","block_type":"box","text":"net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next $1 billion","page_number":45,"box":{"x":69,"y":74,"width":821,"height":12}},{"id":"281c2e92-2687-4f46-88b4-6529773e693b","block_type":"box","text":"of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net assets,","page_number":45,"box":{"x":69,"y":89,"width":771,"height":12}},{"id":"e76d63fc-2ca7-4d2b-be49-3c184976c3b5","block_type":"box","text":"0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net assets of","page_number":45,"box":{"x":69,"y":104,"width":830,"height":12}},{"id":"a2b5697f-2487-41f4-81e4-930e2cbec09d","block_type":"box","text":"the Fund in excess of $13 billion and (ii) 0.015% of average daily net assets allocated to each class of shares of the","page_number":45,"box":{"x":68,"y":120,"width":834,"height":12}},{"id":"ec60d9d8-bb69-4531-b669-751cea782da9","block_type":"box","text":"Fund.","page_number":45,"box":{"x":70,"y":136,"width":36,"height":8}},{"id":"c9ff1715-97b7-44e5-996b-5ec5727f0647","block_type":"box","text":"The table below sets for th information about the combined administration fees paid by the Trust, on behalf of","page_number":45,"box":{"x":101,"y":158,"width":782,"height":11}},{"id":"883bda96-253f-492c-aee8-f8e1e240fc63","block_type":"box","text":"the Fund, to BlackRock, and the amounts waived and/or reimbursed, for the past three fiscal years.","page_number":45,"box":{"x":68,"y":173,"width":712,"height":11}},{"id":"f3890be7-2398-4da3-a925-043d5ce6ffdd","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":703,"y":201,"width":56,"height":8}},{"id":"69fbfaf6-d813-4eab-b95f-0c1f82f48d91","block_type":"box","text":"to BlackRock","page_number":45,"box":{"x":691,"y":212,"width":79,"height":7}},{"id":"98374440-4159-4f1e-801b-523fcc519f78","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":804,"y":201,"width":72,"height":8}},{"id":"28de9f02-ec95-47ae-85e7-e5e4811b1d93","block_type":"box","text":"by BlackRock","page_number":45,"box":{"x":800,"y":212,"width":80,"height":8}},{"id":"32d147de-683f-4490-8ea1-188aa7241186","block_type":"box","text":"Fiscal Year Ended July 31, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":45,"box":{"x":70,"y":229,"width":468,"height":11}},{"id":"5ffbcd50-7c88-4857-97af-fe33ff74c8d3","block_type":"box","text":"...............","page_number":45,"box":{"x":544,"y":237,"width":116,"height":1}},{"id":"1600a5ec-50d1-4d4f-8953-ec347c1a3464","block_type":"box","text":"$462,230 $80,810","page_number":45,"box":{"x":695,"y":229,"width":176,"height":11}},{"id":"78ffda52-efcc-4fe8-8e7f-888ac9aafdb9","block_type":"box","text":"Fiscal Year Ended July 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":45,"box":{"x":70,"y":244,"width":468,"height":11}},{"id":"25c68bba-a75b-4fd3-b5dc-8461b630dd1b","block_type":"box","text":"...............","page_number":45,"box":{"x":544,"y":252,"width":116,"height":1}},{"id":"5ef84fa8-6904-4b2e-9ac4-a117082b452e","block_type":"box","text":"$549,593 $27,649","page_number":45,"box":{"x":695,"y":244,"width":176,"height":11}},{"id":"58ecb252-c34f-4fd9-934d-6999c06775dd","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":45,"box":{"x":70,"y":260,"width":468,"height":11}},{"id":"d0318ed6-5352-473b-b549-5373e673895f","block_type":"box","text":"...............","page_number":45,"box":{"x":544,"y":267,"width":116,"height":1}},{"id":"048fe63f-d63d-4eb7-be74-512083dbe669","block_type":"box","text":"$678,589 $24,922","page_number":45,"box":{"x":695,"y":259,"width":176,"height":11}},{"id":"00ed0ed3-814f-4e4b-a876-bac385531166","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":45,"box":{"x":101,"y":284,"width":708,"height":11}},{"id":"3642eec5-2964-4111-b92c-77ad9d0f2e92","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":45,"box":{"x":69,"y":298,"width":838,"height":12}},{"id":"641bb621-81b4-40d1-9416-dd340c8b302e","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":45,"box":{"x":68,"y":314,"width":800,"height":11}},{"id":"3743ef23-0ab3-41df-952a-1d499c577bc3","block_type":"box","text":"shares of the Fund.","page_number":45,"box":{"x":69,"y":329,"width":137,"height":9}},{"id":"bc4555d3-871d-445b-8460-de75c7add38b","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":45,"box":{"x":102,"y":352,"width":740,"height":11}},{"id":"948f6f44-ed35-4e36-8f7f-2a9bea5f2079","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":45,"box":{"x":69,"y":366,"width":824,"height":11}},{"id":"61a4144d-cd92-47b1-9cbb-0bae4ba3485b","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":45,"box":{"x":69,"y":382,"width":787,"height":11}},{"id":"3c4f32a4-f918-4451-b3c7-8ff8d1e699c1","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":45,"box":{"x":69,"y":397,"width":531,"height":11}},{"id":"58d18067-2c47-4d21-9310-9dfe0746cfc4","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, reimbursed to BlackRock fees for shareholder liaison","page_number":45,"box":{"x":102,"y":419,"width":779,"height":11}},{"id":"787121f3-ba71-4d21-a27b-58575fe056cb","block_type":"box","text":"services pursuant to such agreement as follows:","page_number":45,"box":{"x":69,"y":435,"width":346,"height":11}},{"id":"fc6f6a42-ae49-4b4b-9d47-59b88d9c9596","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":732,"y":463,"width":56,"height":7}},{"id":"bd245dab-c13d-4f5e-b430-6f0a19077869","block_type":"box","text":"to BlackRock","page_number":45,"box":{"x":720,"y":473,"width":80,"height":7}},{"id":"adbdc99d-534f-4fbd-a828-0fe749f4b476","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":833,"y":463,"width":72,"height":7}},{"id":"be663a46-d8fc-401a-816e-ce6b2fd8a210","block_type":"box","text":"by BlackRock","page_number":45,"box":{"x":830,"y":473,"width":80,"height":9}},{"id":"4cbfa473-845e-4098-8fd5-01877007ee11","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":45,"box":{"x":70,"y":491,"width":269,"height":11}},{"id":"ebf985f8-dd64-4e8d-bc8a-60c00e2fb6d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,575 $1,892","page_number":45,"box":{"x":345,"y":490,"width":550,"height":11}},{"id":"15f8d913-9be8-44ce-861e-f66fd438060d","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":45,"box":{"x":70,"y":506,"width":269,"height":11}},{"id":"a9188be9-eb66-48f9-9ca6-ad20ce5a178d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,524 $ 637","page_number":45,"box":{"x":345,"y":505,"width":550,"height":11}},{"id":"82c7ce70-15dc-42a9-9a3c-30307bcdccbf","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":45,"box":{"x":70,"y":521,"width":269,"height":11}},{"id":"e4c6875a-cfbd-4dde-a725-ffc48cf6b5d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,875 $1,860","page_number":45,"box":{"x":345,"y":520,"width":551,"height":11}},{"id":"06fdcb5c-7a0b-4a5f-bc10-892333a45743","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":45,"box":{"x":69,"y":552,"width":335,"height":11}},{"id":"86f413de-af72-4980-9f21-5d68d8fb327f","block_type":"box","text":"Jose Aguilar, Carly Wilson and David Taerstein are the por tfolio managers and are jointly and primarily","page_number":45,"box":{"x":101,"y":575,"width":724,"height":11}},{"id":"9fed0ff7-6fe4-449d-a66e-8bc1f742fd74","block_type":"box","text":"responsible for the day-to-day management of the Fund.","page_number":45,"box":{"x":69,"y":590,"width":395,"height":11}},{"id":"1980c1f8-a753-463e-9ff9-fe587a65d667","block_type":"box","text":"Other Funds and Accounts Managed","page_number":45,"box":{"x":70,"y":620,"width":257,"height":12}},{"id":"796143af-1a0a-492f-be18-7b667284ace6","block_type":"box","text":"The following table sets for th information about funds and accounts other than the Fund for which the Fund’s","page_number":45,"box":{"x":101,"y":643,"width":778,"height":11}},{"id":"8bf7afb4-9bee-4f48-b252-faa3f57b24c9","block_type":"box","text":"por tfolio managers are primarily responsible for the day-to-day por tfolio management as of July 31, 2025.","page_number":45,"box":{"x":70,"y":658,"width":752,"height":11}},{"id":"7df6e22f-de47-4c18-bb50-3f74ecc4b00c","block_type":"box","text":"Number of Other Accounts Managed","page_number":45,"box":{"x":375,"y":686,"width":211,"height":9}},{"id":"d16e6816-a5fe-4f07-bd9c-9ef280278270","block_type":"box","text":"and Assets by Account Type","page_number":45,"box":{"x":398,"y":697,"width":165,"height":8}},{"id":"aae17f19-14d0-4597-b076-de9be6b256e1","block_type":"box","text":"Number of Other Accounts and Assets","page_number":45,"box":{"x":656,"y":686,"width":222,"height":8}},{"id":"79fb59f5-008f-4616-bd5e-0c99bb6d6321","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":45,"box":{"x":634,"y":697,"width":265,"height":8}},{"id":"d22636c2-adff-4f33-b2b5-396e9c2021be","block_type":"box","text":"Name of Portfolio Manager","page_number":45,"box":{"x":74,"y":739,"width":157,"height":9}},{"id":"024b97bc-634a-4c55-9f19-91889dd3429f","block_type":"box","text":"Other","page_number":45,"box":{"x":367,"y":709,"width":32,"height":7}},{"id":"59acf472-2fe9-41c3-8f69-ff52608ee8f7","block_type":"box","text":"Registered","page_number":45,"box":{"x":352,"y":719,"width":62,"height":9}},{"id":"8fa24a43-91e1-4cc1-9259-97b3e17b5fe1","block_type":"box","text":"Investment","page_number":45,"box":{"x":351,"y":729,"width":64,"height":7}},{"id":"bf7c14bc-7b95-4a74-9166-74f2771110c3","block_type":"box","text":"Companies","page_number":45,"box":{"x":351,"y":739,"width":64,"height":9}},{"id":"1754fa16-c952-4ed9-8459-c9235ea9c9b5","block_type":"box","text":"Other Pooled","page_number":45,"box":{"x":443,"y":719,"width":74,"height":7}},{"id":"596313ee-3f05-4b30-910f-e852f3bd3462","block_type":"box","text":"Investment","page_number":45,"box":{"x":448,"y":729,"width":65,"height":7}},{"id":"b86931fc-2f81-47b2-ba96-847587c64b54","block_type":"box","text":"Vehicles","page_number":45,"box":{"x":456,"y":739,"width":48,"height":8}},{"id":"48be6d71-41f8-4d07-a1c5-6a7726b29e55","block_type":"box","text":"Other","page_number":45,"box":{"x":562,"y":729,"width":31,"height":7}},{"id":"aaffee0d-549b-4bf5-b08e-784a8961ff6c","block_type":"box","text":"Accounts","page_number":45,"box":{"x":550,"y":740,"width":55,"height":7}},{"id":"9b6e0327-8b91-4402-8d75-2add46f8489d","block_type":"box","text":"Other","page_number":45,"box":{"x":656,"y":709,"width":32,"height":7}},{"id":"bdfa5214-7cf8-45d4-9eaa-52ac57707363","block_type":"box","text":"Registered","page_number":45,"box":{"x":641,"y":719,"width":62,"height":9}},{"id":"cdcb3885-fa70-4c50-ba6f-5efed3686a58","block_type":"box","text":"Investment","page_number":45,"box":{"x":640,"y":729,"width":64,"height":7}},{"id":"cad189eb-d8e7-4543-966e-cba6575054af","block_type":"box","text":"Companies","page_number":45,"box":{"x":640,"y":739,"width":64,"height":9}},{"id":"668b8ac0-59ac-41a8-80a3-abfc42e9b3f3","block_type":"box","text":"Other Pooled","page_number":45,"box":{"x":735,"y":719,"width":74,"height":7}},{"id":"59ccb2d4-12cf-4dc6-bc47-986b3b3bb92f","block_type":"box","text":"Investment","page_number":45,"box":{"x":740,"y":729,"width":64,"height":7}},{"id":"0db92966-9cc5-4a4d-a335-318eed17af1a","block_type":"box","text":"Vehicles","page_number":45,"box":{"x":748,"y":739,"width":48,"height":8}},{"id":"c789afd9-eccc-4cce-9045-29e731214b01","block_type":"box","text":"Other","page_number":45,"box":{"x":852,"y":729,"width":31,"height":7}},{"id":"1a068662-43a4-4d16-8302-4a9a2bd3886c","block_type":"box","text":"Accounts","page_number":45,"box":{"x":840,"y":740,"width":54,"height":7}},{"id":"48e5a3f8-9757-4fec-bd91-7b038e81f1df","block_type":"box","text":"Jose Aguilar 6 38 6 0 1 0","page_number":45,"box":{"x":73,"y":753,"width":798,"height":9}},{"id":"49d7e7e6-a023-48c8-a8ff-1f3652a72ce2","block_type":"box","text":"$1.98 Billion $10.04 Billion $1.61 Billion $0 $0 $0","page_number":45,"box":{"x":347,"y":765,"width":527,"height":9}},{"id":"763cc576-f627-468a-b579-2f91b271f6e4","block_type":"box","text":"David Taerstein 0 0 0 0 0 0","page_number":45,"box":{"x":74,"y":778,"width":797,"height":8}},{"id":"db6ec778-458b-4275-adc0-c75641df989a","block_type":"box","text":"$0 $0 $0 $0 $0 $0","page_number":45,"box":{"x":376,"y":790,"width":498,"height":9}},{"id":"38c87ad0-ad03-434a-a273-b0e788ede53c","block_type":"box","text":"Carly Wilson 13 8 14 0 0 0","page_number":45,"box":{"x":74,"y":804,"width":797,"height":8}},{"id":"b50e7a03-df18-4a93-875c-cbcbcc812743","block_type":"box","text":"$8.20 Billion $1.34 Billion $3.19 Billion $0 $0 $0","page_number":45,"box":{"x":347,"y":816,"width":527,"height":8}},{"id":"3d86a67a-cf0b-4e23-b302-d7cd9c691e1e","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":45,"box":{"x":69,"y":850,"width":304,"height":12}},{"id":"39e34b52-f869-4269-871c-2433ef35f4f7","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of July 31, 2025.","page_number":45,"box":{"x":101,"y":873,"width":653,"height":11}},{"id":"726fb484-e44e-4a01-a5bd-a78f1981149f","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":45,"box":{"x":102,"y":896,"width":774,"height":11}},{"id":"3445fefc-4109-4650-8cfa-263c38b8ab5d","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":45,"box":{"x":70,"y":911,"width":837,"height":11}},{"id":"ad11212a-3868-4c9a-89b0-558238b66d44","block_type":"box","text":"I-19","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"10ba8292-a348-4f44-a00d-a178c0add88e","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a8cb2af-216c-444b-88f0-13ae1ed1dfb8","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":46,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"11ea69d1-8d04-4ac2-97d5-7038d2d5d389","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":46,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"fb141bf8-810f-4822-aeee-1fbcbfad14da","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":46,"box":{"x":70,"y":75,"width":670,"height":11}},{"id":"9f33f1c5-6085-4bb5-b9ce-f8f563646831","block_type":"box","text":"Base Compensation.","page_number":46,"box":{"x":102,"y":98,"width":148,"height":11}},{"id":"be226d6e-5350-4a5d-9bdd-d826315ec8ef","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":46,"box":{"x":257,"y":98,"width":640,"height":11}},{"id":"56c6ba83-c92e-4cee-8be1-815b131cc83e","block_type":"box","text":"firm.","page_number":46,"box":{"x":68,"y":113,"width":32,"height":9}},{"id":"1eba5e8f-8677-4a93-8e1c-abb9348b17f3","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":46,"box":{"x":102,"y":135,"width":281,"height":11}},{"id":"98d2fae8-6dc7-4880-92a3-40632da4997f","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":46,"box":{"x":391,"y":135,"width":432,"height":11}},{"id":"1fb99bec-475c-4400-98b3-46f0f01542d7","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":46,"box":{"x":69,"y":150,"width":759,"height":12}},{"id":"bd2a12e9-5009-4578-989f-87747f36b0ec","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":46,"box":{"x":70,"y":166,"width":821,"height":11}},{"id":"033b6a4e-1e06-489f-9360-ded73df94146","block_type":"box","text":"supervision by that por tfolio manager relative to predetermined benchmarks, and the individual’s per formance and","page_number":46,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"49419745-50ad-46e9-a2d7-0f476c7f1594","block_type":"box","text":"contribution to the overall per formance of these por tfolios and BlackRock. In most cases, these benchmarks are the","page_number":46,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"06ce461d-340c-4cdd-b271-bb268d09c637","block_type":"box","text":"same as the benchmark or benchmarks against which the per formance of the Fund or other accounts managed by","page_number":46,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"260bfce6-1fae-4876-8d2e-d087fb95840f","block_type":"box","text":"the por tfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":46,"box":{"x":68,"y":226,"width":832,"height":11}},{"id":"a178f43e-e38c-44ab-bb37-ec786894460a","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":46,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"30dc6be8-51c3-4808-9232-f2912c71593a","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance of fixed income","page_number":46,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"9e8bcfb1-7ef3-4328-9c54-e8a4b8a0418b","block_type":"box","text":"funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods,","page_number":46,"box":{"x":68,"y":271,"width":822,"height":12}},{"id":"3875a120-4042-4126-a41f-c7d23e9fcdf4","block_type":"box","text":"as applicable. With respect to these por tfolio managers, the benchmark for the Fund and other accounts is a","page_number":46,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"7c11a17b-80e6-47ee-afe7-9678a41ec7f8","block_type":"box","text":"combination of market-based indices (e.g. ICE BofA 3-Month U.S. Treasury Bill Index).","page_number":46,"box":{"x":69,"y":302,"width":607,"height":11}},{"id":"767c5425-8887-4201-a64e-c7ea6e1802c3","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":46,"box":{"x":102,"y":324,"width":389,"height":11}},{"id":"79cd7e34-d27d-41fc-a187-052393aa1703","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":46,"box":{"x":499,"y":325,"width":383,"height":10}},{"id":"3592df1e-0fba-4bf1-b2d0-21ef2f74b273","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":46,"box":{"x":70,"y":339,"width":815,"height":12}},{"id":"dab78919-e537-472c-8553-2dde9ec0c748","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":46,"box":{"x":68,"y":355,"width":522,"height":11}},{"id":"e590a768-0ee2-453b-99b4-03741137ccfa","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":46,"box":{"x":102,"y":377,"width":760,"height":12}},{"id":"f3658d87-a275-49b1-9dde-1d268bc0d9d0","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":46,"box":{"x":69,"y":392,"width":795,"height":12}},{"id":"b3f1384e-c885-413a-8750-77d4812cf372","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":46,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"b80977c0-e86c-4e59-b9b0-94bb13b852dc","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":46,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"ed90a7c7-7848-4acf-948a-f7c5814bab4e","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":46,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"4395b2f1-cb62-4c67-a359-adfdf53ad741","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":46,"box":{"x":69,"y":453,"width":802,"height":11}},{"id":"fd1f84b6-fe85-4dd4-937f-9fbd16253c7a","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":46,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"926718f4-5b91-443c-8517-4f318e291cc4","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":46,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"b84d11b9-48a6-4fcc-801a-62e4927246b6","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":46,"box":{"x":70,"y":498,"width":831,"height":11}},{"id":"25fbe663-4693-4dae-8b11-9840d4d8b8f8","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":46,"box":{"x":69,"y":513,"width":479,"height":12}},{"id":"e716e380-9a77-453e-b2ef-1d9f5e3df757","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":46,"box":{"x":102,"y":536,"width":785,"height":11}},{"id":"4ef77927-8531-4155-ad1a-b33343742e81","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":46,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"0f1af05f-9ac9-4fff-a63a-d97dfb53001a","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":46,"box":{"x":68,"y":566,"width":821,"height":11}},{"id":"d65cc6b2-88e0-4dbd-a6c7-28b23c9a3ed2","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":46,"box":{"x":69,"y":581,"width":829,"height":11}},{"id":"d03c6a42-96b1-475f-a573-ef0a76f56524","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":46,"box":{"x":70,"y":596,"width":835,"height":12}},{"id":"fd9327fb-585d-4000-9353-b1db1fb0b431","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":46,"box":{"x":69,"y":612,"width":414,"height":11}},{"id":"1f696ed0-676c-432f-a162-9e923be795d8","block_type":"box","text":"Other Compensation Benefits.","page_number":46,"box":{"x":101,"y":634,"width":218,"height":11}},{"id":"c776b8e3-a8ad-4a3c-8084-00645cc29db2","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":46,"box":{"x":327,"y":634,"width":552,"height":11}},{"id":"fc4cb1f4-36b8-4706-a184-291810ba9d0b","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":46,"box":{"x":69,"y":649,"width":582,"height":12}},{"id":"de9bbe22-ccf9-4821-9a20-7be764f5b667","block_type":"box","text":"Incentive Savings Plans","page_number":46,"box":{"x":102,"y":672,"width":167,"height":11}},{"id":"483612c2-80e9-4e82-a81e-c35e5baabac7","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":46,"box":{"x":274,"y":672,"width":614,"height":11}},{"id":"e36c06bd-d7d0-4072-9a1b-7bb415b2d4f7","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":46,"box":{"x":69,"y":687,"width":831,"height":11}},{"id":"0bc09bf6-e522-4cb2-918b-89c16cab40d3","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":46,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"33a553c9-f9d9-485a-9ed6-79fdb452d36f","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":46,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"084ea646-2a20-4aba-9a9d-4699cf865b7b","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":46,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"51f78271-2273-46d0-af5b-d01f11d74cef","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":46,"box":{"x":69,"y":747,"width":831,"height":12}},{"id":"a2252946-7e5a-4366-b16d-2e59caabd885","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":46,"box":{"x":69,"y":763,"width":798,"height":11}},{"id":"d2fa03f7-181e-413a-8914-1074a0624b75","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":46,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"58ecd218-fef5-4213-9352-c6cea0429476","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":46,"box":{"x":68,"y":793,"width":793,"height":11}},{"id":"253258eb-18dd-420b-82de-f2b26440d9b5","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":46,"box":{"x":70,"y":808,"width":832,"height":11}},{"id":"70ac266b-b528-4858-ba21-d693f1a93d01","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":46,"box":{"x":68,"y":823,"width":805,"height":11}},{"id":"38df4546-b3a3-4ed4-b435-80a936c5c7c1","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. Mr. Taerstein and Ms. Wilson are eligible to par ticipate","page_number":46,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"d385db43-194f-40ca-8c84-5dddb939a8f6","block_type":"box","text":"in these plans.","page_number":46,"box":{"x":70,"y":854,"width":103,"height":10}},{"id":"0958bddd-7955-4617-bb8a-80c606febf99","block_type":"box","text":"United Kingdom-based por tfolio managers are also eligible to par ticipate in broad-based plans offered generally","page_number":46,"box":{"x":102,"y":876,"width":796,"height":11}},{"id":"7186b6e8-3560-4077-87a0-46dcfbd85bd2","block_type":"box","text":"to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example,","page_number":46,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"0100d5a6-8175-45da-af00-1c1488922a9e","block_type":"box","text":"BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to par ticipate,","page_number":46,"box":{"x":70,"y":906,"width":825,"height":12}},{"id":"8340782b-2284-4d33-bb75-b40245d66b33","block_type":"box","text":"I-20","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2ff57dae-fbd5-4c73-9111-a8d48c347cef","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ae0ae6e-c737-442a-9f95-40d35d1a8015","block_type":"box","text":"including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP).","page_number":47,"box":{"x":70,"y":45,"width":809,"height":11}},{"id":"538891b8-7f65-4dfd-b2de-f2414b681289","block_type":"box","text":"The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The","page_number":47,"box":{"x":68,"y":60,"width":824,"height":11}},{"id":"8098b099-81bd-4008-9640-55f75ee381f6","block_type":"box","text":"RSP offers a range of investment options, including several collective investment funds managed by the firm.","page_number":47,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"0f128a8a-1d6a-48ac-8d91-ce4b11845de8","block_type":"box","text":"BlackRock contributions follow the investment direction set by par ticipants for their own contributions or, in the","page_number":47,"box":{"x":70,"y":90,"width":790,"height":11}},{"id":"ee6c67b2-0299-4e9a-9a51-099e6be97f1b","block_type":"box","text":"absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest","page_number":47,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"d6c7cfc5-8ea0-4f1e-a28e-ebb82ac83699","block_type":"box","text":"to, the year in which the par ticipant attains age 65. The ESPP allows for investment in BlackRock common stock at a","page_number":47,"box":{"x":68,"y":120,"width":835,"height":12}},{"id":"bb859bbf-c2e0-49e4-8a47-7b20d75a9dae","block_type":"box","text":"5% discount on the fair market value of the stock on the purchase date. Annual par ticipation in the ESPP is limited to","page_number":47,"box":{"x":69,"y":135,"width":836,"height":11}},{"id":"c7327536-2946-4f93-b563-c5e2c8c23b53","block_type":"box","text":"the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on","page_number":47,"box":{"x":68,"y":150,"width":814,"height":11}},{"id":"a3744fb6-47d4-40f4-a2b6-66a771bfca7d","block_type":"box","text":"the purchase date. Mr. Aguilar is eligible to par ticipate in these plans.","page_number":47,"box":{"x":68,"y":166,"width":498,"height":11}},{"id":"0272ca87-fcbd-4ff5-a0db-ba4910dd0aea","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":47,"box":{"x":69,"y":196,"width":268,"height":11}},{"id":"9e21cce9-154f-46d5-9aae-bde729012612","block_type":"box","text":"As of July 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":47,"box":{"x":101,"y":218,"width":728,"height":12}},{"id":"1509f611-a9b0-40ef-aceb-ab7082df6caf","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":47,"box":{"x":69,"y":234,"width":519,"height":11}},{"id":"f1b2f165-47c4-4b67-81e1-1eb73f56b302","block_type":"box","text":"Portfolio Manager","page_number":47,"box":{"x":69,"y":272,"width":105,"height":9}},{"id":"c964c37d-4624-49a1-a447-6feebf2959f2","block_type":"box","text":"Dollar Range of Equity","page_number":47,"box":{"x":759,"y":262,"width":129,"height":9}},{"id":"61428afb-7570-4dba-af42-373a54580af0","block_type":"box","text":"Securities Beneficially Owned","page_number":47,"box":{"x":736,"y":272,"width":173,"height":9}},{"id":"dd1ed1b0-0183-4afb-8b7b-e1729bac1ab4","block_type":"box","text":"Jose Aguilar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":69,"y":290,"width":636,"height":11}},{"id":"67c899a3-6b1b-4e6d-96ab-feb24c94415f","block_type":"box","text":"$50,001 - $100,000","page_number":47,"box":{"x":749,"y":289,"width":148,"height":11}},{"id":"c41e7c02-4471-4367-8881-5a7e8a4f160f","block_type":"box","text":"Carly Wilson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":69,"y":305,"width":636,"height":11}},{"id":"b70cd609-edb5-41c1-b1e8-c5199379c3e0","block_type":"box","text":"$50,001 - $100,000","page_number":47,"box":{"x":749,"y":304,"width":148,"height":11}},{"id":"ffa35720-d76e-473e-b80a-47c676a528fd","block_type":"box","text":"David Taerstein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":70,"y":320,"width":635,"height":9}},{"id":"57a0358f-3960-4129-8c52-fcb1d3f1d7af","block_type":"box","text":"$100,001 - $500,000","page_number":47,"box":{"x":744,"y":319,"width":158,"height":11}},{"id":"e1099574-24e2-464b-b5d5-e722edd7d944","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":47,"box":{"x":69,"y":351,"width":403,"height":12}},{"id":"be850828-bfc1-4672-9487-074774840992","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":47,"box":{"x":102,"y":374,"width":727,"height":11}},{"id":"63f87419-0d53-470b-b0d1-f27703dc05fa","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":47,"box":{"x":70,"y":389,"width":814,"height":11}},{"id":"45721a59-e2c3-4471-b0ff-72b63e661386","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":47,"box":{"x":70,"y":404,"width":837,"height":11}},{"id":"f5b1f034-df8e-4d83-86c1-d49176271ad7","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":47,"box":{"x":70,"y":419,"width":810,"height":12}},{"id":"5344e0ad-3086-4a44-b6a0-66d24444b00d","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":47,"box":{"x":69,"y":435,"width":782,"height":11}},{"id":"f8677b1d-12d5-490b-89a0-15617ccc8199","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":47,"box":{"x":69,"y":450,"width":830,"height":11}},{"id":"5779ff97-f97c-4fc0-849f-aba4c9d159d0","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":47,"box":{"x":69,"y":465,"width":828,"height":11}},{"id":"eadce1ff-cceb-4f5a-90aa-a2ee60d0996d","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":47,"box":{"x":68,"y":480,"width":834,"height":11}},{"id":"e5cff038-c0cc-4801-8b43-9f6e4dac76b5","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":47,"box":{"x":70,"y":495,"width":777,"height":11}},{"id":"f056752b-a428-41c8-800d-0ccc3c159e18","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":47,"box":{"x":70,"y":510,"width":821,"height":11}},{"id":"efff6cf7-073d-4301-bc2f-3c18c292144e","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":47,"box":{"x":69,"y":526,"width":819,"height":10}},{"id":"4a743f29-755b-4488-899e-e1b0754c496e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":47,"box":{"x":69,"y":540,"width":832,"height":12}},{"id":"c9aed652-2055-49c3-a500-a8d516b6f052","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":47,"box":{"x":68,"y":555,"width":804,"height":12}},{"id":"ed342778-05bd-4c9e-99fc-13d1a3d542c4","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":47,"box":{"x":69,"y":571,"width":760,"height":11}},{"id":"4e3a4b0c-c45c-42d1-bf82-6af2e765a754","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":47,"box":{"x":69,"y":586,"width":834,"height":11}},{"id":"fab74042-8e84-40bc-a40e-431e0a49c18a","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":47,"box":{"x":69,"y":601,"width":836,"height":11}},{"id":"ca94d746-12a0-4302-b177-8f9dfb8fdba4","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":47,"box":{"x":69,"y":616,"width":822,"height":11}},{"id":"67d9671a-a224-483d-81f1-c412cfa1093f","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":47,"box":{"x":70,"y":631,"width":835,"height":11}},{"id":"86b858eb-ecd9-4a40-9e1e-2c1b08503b78","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Mr. Taerstein and Ms. Wilson may be","page_number":47,"box":{"x":69,"y":646,"width":812,"height":11}},{"id":"1a1677c1-1dc7-43b4-8fa7-5d09717debcb","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only","page_number":47,"box":{"x":69,"y":661,"width":811,"height":12}},{"id":"7a0e088c-208f-4fe0-a37a-e1361b626e5b","block_type":"box","text":"accounts, subject to incentive fees. Mr. Taerstein and Ms. Wilson may therefore be entitled to receive a por tion of","page_number":47,"box":{"x":69,"y":676,"width":813,"height":12}},{"id":"088304e8-19b7-4cef-97e6-ef7cfbd84e38","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":47,"box":{"x":69,"y":692,"width":316,"height":11}},{"id":"fa1e2b31-35d7-42a8-b056-acd5e01354c8","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":47,"box":{"x":101,"y":714,"width":788,"height":11}},{"id":"6d115a12-04fe-40c8-8deb-6701f137fa2c","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":47,"box":{"x":70,"y":729,"width":839,"height":11}},{"id":"9dc69a79-57c1-4b1a-89eb-eeea0c398fcc","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":47,"box":{"x":68,"y":744,"width":823,"height":12}},{"id":"a79da925-a4b9-43ec-b318-9aafacf4e308","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":47,"box":{"x":68,"y":760,"width":812,"height":11}},{"id":"073a8543-f2a3-44ec-8567-c0c6a1b1f0cd","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":47,"box":{"x":69,"y":775,"width":777,"height":11}},{"id":"496b0927-fa70-4564-bf04-558612ceea4f","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":47,"box":{"x":70,"y":790,"width":826,"height":11}},{"id":"c9c1d668-ff45-404a-96ae-dfca1588c4f4","block_type":"box","text":"Accounting Services","page_number":47,"box":{"x":68,"y":820,"width":150,"height":11}},{"id":"c53bdc7e-17fd-4b7b-8c8a-05695525adc4","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. Among other","page_number":47,"box":{"x":101,"y":843,"width":761,"height":11}},{"id":"5e12c046-34b4-46e9-ab4e-a73ff937e699","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":47,"box":{"x":69,"y":858,"width":837,"height":11}},{"id":"548a68ea-1dee-466e-8909-e26fd7eba93f","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":47,"box":{"x":69,"y":873,"width":813,"height":11}},{"id":"74bec268-0814-4e76-99d9-49edd2b593de","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Fund’s net income and capital gains and dividends payable;","page_number":47,"box":{"x":69,"y":888,"width":816,"height":11}},{"id":"8b0d677e-e729-41ce-ae0f-aa5bdbd261af","block_type":"box","text":"calculates and repor ts net asset value; works with independent pricing sources; reconciles securities and cash","page_number":47,"box":{"x":69,"y":903,"width":792,"height":12}},{"id":"dfe90ced-2fa0-43c8-8495-2e7f9d84a204","block_type":"box","text":"I-21","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6e033358-1b0a-4b7e-9ba7-aeea16d684b8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f8d7524-d056-4ab0-8619-fb003a55cf6c","block_type":"box","text":"positions with the Fund’s custodian; prepares cer tain financial statements, notices and repor ts; and prepares cer tain","page_number":48,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"19011338-e3db-41a4-b890-7d7b5bd75187","block_type":"box","text":"tax repor ts. In connection with its accounting services, JPM also provides cer tain administrative services.","page_number":48,"box":{"x":68,"y":60,"width":754,"height":11}},{"id":"cdaf442d-a1ed-46b6-ad55-98d97d62fbd5","block_type":"box","text":"The table below shows the amounts paid by the Trust, on behalf of the Fund, to JPM for accounting services for","page_number":48,"box":{"x":101,"y":82,"width":795,"height":12}},{"id":"20a2a17f-8de1-47b8-a5b3-875b79087271","block_type":"box","text":"the past three fiscal years:","page_number":48,"box":{"x":68,"y":98,"width":190,"height":11}},{"id":"54a75772-5fab-441e-887e-2ee156e82a90","block_type":"box","text":"Fees Paid","page_number":48,"box":{"x":845,"y":126,"width":56,"height":7}},{"id":"c1a12455-6819-420b-a458-643935e92a2f","block_type":"box","text":"to JPM","page_number":48,"box":{"x":853,"y":136,"width":39,"height":7}},{"id":"c269335d-eb7b-4788-8255-122f69c12284","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":154,"width":442,"height":11}},{"id":"40d499ef-bba4-4635-8d34-b7b45f7c7ac2","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":161,"width":287,"height":1}},{"id":"063d3cd5-eaec-42f4-adf9-85f8635ea0b7","block_type":"box","text":"$210,104","page_number":48,"box":{"x":837,"y":153,"width":72,"height":11}},{"id":"a5310c80-71ff-4582-ac94-4727dcb264c1","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":169,"width":442,"height":11}},{"id":"4d17dc7d-85d7-4519-ba98-f9f2d3c5a580","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":176,"width":287,"height":2}},{"id":"eb09c1f8-f897-4821-98b7-afaefe4d37f0","block_type":"box","text":"$215,636","page_number":48,"box":{"x":837,"y":168,"width":72,"height":11}},{"id":"c50a74ec-0552-4dda-bbf8-99084e4cdc84","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":184,"width":442,"height":11}},{"id":"b9e0e7f5-cada-4687-809f-5515a5bed4fb","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":191,"width":287,"height":2}},{"id":"049c1288-a853-4918-8ced-61546da9a91a","block_type":"box","text":"$340,807","page_number":48,"box":{"x":837,"y":183,"width":71,"height":11}},{"id":"fa7b856a-4e4e-4f1c-9da9-15893b54ec1f","block_type":"box","text":"Custodian","page_number":48,"box":{"x":69,"y":215,"width":72,"height":9}},{"id":"8800b049-22fc-4d12-ab48-7a15c861873d","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New York, New York 10179, serves as the","page_number":48,"box":{"x":101,"y":238,"width":736,"height":11}},{"id":"9484d934-abe2-41cd-9962-8e71c82df000","block_type":"box","text":"custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities, maintains a custody account","page_number":48,"box":{"x":69,"y":253,"width":828,"height":11}},{"id":"15044395-bcbd-4ef6-a0bd-b3f3a67e3467","block_type":"box","text":"or accounts in the name of the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or","page_number":48,"box":{"x":69,"y":268,"width":820,"height":11}},{"id":"417746c3-a6af-43ab-96db-6293ddf61fce","block_type":"box","text":"maturity, and collects and receives all income and other payments and distributions on account of the assets of the","page_number":48,"box":{"x":69,"y":283,"width":825,"height":12}},{"id":"a507816f-25b4-48af-b09d-8ad52579170f","block_type":"box","text":"Fund.","page_number":48,"box":{"x":70,"y":299,"width":36,"height":8}},{"id":"4e68eac7-d90c-4130-bb28-ffb2e7f2fc9b","block_type":"box","text":"Transfer Agent","page_number":48,"box":{"x":68,"y":329,"width":107,"height":11}},{"id":"4f534958-8f42-4e11-bb13-37fc97889a39","block_type":"box","text":"BNY, which has its principal place of business at 301 Bellevue Parkway, Wilmington, Delaware 19809, serves as","page_number":48,"box":{"x":102,"y":351,"width":804,"height":12}},{"id":"a35fec66-a0b3-4b80-a392-95a30172ba38","block_type":"box","text":"the transfer agent and dividend disbursing agent for the Fund.","page_number":48,"box":{"x":68,"y":366,"width":440,"height":12}},{"id":"0ed54c08-3133-4742-8c07-97245fce107b","block_type":"box","text":"Credit Agreement","page_number":48,"box":{"x":69,"y":397,"width":129,"height":11}},{"id":"26dfbcb0-32dd-481e-a009-8f74e1471bae","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":48,"box":{"x":101,"y":419,"width":757,"height":12}},{"id":"26df29e4-11e3-4e87-89ce-f51b949e891d","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":48,"box":{"x":69,"y":434,"width":817,"height":12}},{"id":"4e0b2433-3524-4339-846e-f9d34565aaef","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":48,"box":{"x":68,"y":450,"width":743,"height":11}},{"id":"6ff7870c-c0b9-4ab9-9bb4-9ae445c518b3","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":48,"box":{"x":69,"y":465,"width":825,"height":11}},{"id":"97085d49-a3c3-4e90-a60b-9555720573a4","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":48,"box":{"x":68,"y":479,"width":818,"height":12}},{"id":"578c95e9-2de3-4f29-944c-5fc6f2cf99c0","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":48,"box":{"x":70,"y":495,"width":761,"height":11}},{"id":"00db4cf1-f95c-432f-bad9-e07cebe75d86","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":48,"box":{"x":69,"y":510,"width":768,"height":11}},{"id":"df88e013-7bf0-4652-a772-dadc0077ebcd","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under the Fund’s current","page_number":48,"box":{"x":68,"y":525,"width":781,"height":12}},{"id":"eaeae5e0-620d-44a4-85ef-d8b66318c60d","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":48,"box":{"x":69,"y":540,"width":812,"height":12}},{"id":"c318849d-3142-400b-b254-de9763ecf2f7","block_type":"box","text":"expense and other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of","page_number":48,"box":{"x":69,"y":555,"width":774,"height":12}},{"id":"2f3691e7-878a-4b0f-9152-7b6c35b046d2","block_type":"box","text":"borrowing may reduce the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees","page_number":48,"box":{"x":69,"y":571,"width":836,"height":11}},{"id":"7752025b-9a29-42f7-ad0c-fff81e531671","block_type":"box","text":"on the aggregate commitment amount based on its net assets. If the Fund borrows pursuant to the Credit","page_number":48,"box":{"x":69,"y":586,"width":756,"height":11}},{"id":"4cb19add-583b-4c17-9720-e5e6ab7bf710","block_type":"box","text":"Agreement, the Fund will be charged interest at a variable rate.","page_number":48,"box":{"x":68,"y":601,"width":449,"height":11}},{"id":"3e282332-e847-4c89-9793-1bb21a62d01f","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":48,"box":{"x":68,"y":631,"width":491,"height":11}},{"id":"8bb75e77-9e67-481f-a316-375c7c5dccc9","block_type":"box","text":"BlackRock Investments, LLC (previously defined as “BRIL” or the “Distributor”) is the distributor for the Fund’s","page_number":48,"box":{"x":102,"y":654,"width":785,"height":11}},{"id":"76d6da6b-631a-4133-a5b3-02a6b68521ba","block_type":"box","text":"shares. BRIL is a registered broker-dealer located as 50 Hudson Yards, New York, New York 10001.","page_number":48,"box":{"x":69,"y":669,"width":710,"height":11}},{"id":"0e7ca7e5-84e0-49d8-a38d-104742b9cbbe","block_type":"box","text":"The Fund has entered into a distribution agreement with BRIL in connection with the continuous offering of","page_number":48,"box":{"x":101,"y":692,"width":761,"height":11}},{"id":"688a999f-bf41-4f42-835e-965cea9363bf","block_type":"box","text":"shares of the Fund (the “Distribution Agreement”).","page_number":48,"box":{"x":69,"y":707,"width":358,"height":11}},{"id":"6a9b6330-a2ca-4a95-8014-87a507af9875","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":48,"box":{"x":102,"y":729,"width":773,"height":12}},{"id":"96d7c7b5-a533-4373-9653-301baa480bd2","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“affiliates”) for the periods shown.","page_number":48,"box":{"x":69,"y":744,"width":804,"height":12}},{"id":"42c0abb0-1823-40a5-9c52-08129120642b","block_type":"box","text":"BRIL acts as the Fund’s sole distributor.","page_number":48,"box":{"x":70,"y":760,"width":283,"height":9}},{"id":"3a9e5b3f-f253-442e-838e-1a70f0645960","block_type":"box","text":"Investor A Shares","page_number":48,"box":{"x":654,"y":788,"width":102,"height":7}},{"id":"bc2da063-a480-471e-a43e-0d13861250bc","block_type":"box","text":"Gross Sales","page_number":48,"box":{"x":500,"y":824,"width":68,"height":7}},{"id":"a29b108b-4b1b-4217-9383-2933fd4516fc","block_type":"box","text":"Charges","page_number":48,"box":{"x":510,"y":834,"width":48,"height":9}},{"id":"f6eb9829-a70e-420f-ae7d-1dcf1f6a9f37","block_type":"box","text":"Collected","page_number":48,"box":{"x":507,"y":844,"width":54,"height":7}},{"id":"4f62ba6c-30f8-4927-b67e-6cd6bd2f5550","block_type":"box","text":"Sales Charges","page_number":48,"box":{"x":598,"y":824,"width":84,"height":9}},{"id":"f0457619-78ff-4b1c-afa8-a57b213ac5ad","block_type":"box","text":"Retained","page_number":48,"box":{"x":615,"y":834,"width":51,"height":7}},{"id":"b60643c2-c64b-49d1-98a0-320cb6649dd5","block_type":"box","text":"by BRIL","page_number":48,"box":{"x":618,"y":844,"width":44,"height":9}},{"id":"eef9bbf2-3768-45fb-8edf-2fd34dec6355","block_type":"box","text":"Sales Charges","page_number":48,"box":{"x":711,"y":824,"width":84,"height":9}},{"id":"27319e17-d167-4efd-8832-696f1201d3ed","block_type":"box","text":"Paid To","page_number":48,"box":{"x":733,"y":834,"width":41,"height":7}},{"id":"5dc17d0b-24a6-4d30-bdee-d0ca88c20974","block_type":"box","text":"Affiliates","page_number":48,"box":{"x":727,"y":844,"width":52,"height":7}},{"id":"a8f3fe4e-6a9f-4bca-9c2b-ea064a59d6e5","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":847,"y":804,"width":40,"height":7}},{"id":"b8b57892-4821-4693-a2e6-f96bcd97ae00","block_type":"box","text":"Received on","page_number":48,"box":{"x":832,"y":814,"width":70,"height":7}},{"id":"5a061ee3-4c64-4818-963c-f0d4b89a9128","block_type":"box","text":"Redemption of","page_number":48,"box":{"x":826,"y":824,"width":84,"height":9}},{"id":"b4b917f3-2de8-46ad-bc91-f5ceb05b115b","block_type":"box","text":"Load-Waived","page_number":48,"box":{"x":832,"y":834,"width":71,"height":7}},{"id":"5704c62d-c1a3-48fa-9ca2-eeb380aa9c22","block_type":"box","text":"Shares","page_number":48,"box":{"x":847,"y":844,"width":40,"height":7}},{"id":"309627b2-6f95-4801-89e7-b87585712a82","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . .","page_number":48,"box":{"x":70,"y":862,"width":244,"height":11}},{"id":"25a90cc4-15d1-4e55-9d56-029365e8e46f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $ 37 $ 2 $ 2 $ 285","page_number":48,"box":{"x":320,"y":861,"width":578,"height":10}},{"id":"c4890448-0cae-45db-8796-07ab40a07471","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . .","page_number":48,"box":{"x":70,"y":877,"width":244,"height":11}},{"id":"6fbe4467-078c-4514-9d57-570d9141e8f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $1,507 $ 94 $ 94 $ 2,816","page_number":48,"box":{"x":320,"y":876,"width":578,"height":11}},{"id":"f2ae4b68-154e-49f9-a986-e5a9972af25c","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . .","page_number":48,"box":{"x":70,"y":892,"width":244,"height":11}},{"id":"d2a520ff-4b1d-4a6d-9708-4f44e6c0ef4b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $1,624","page_number":48,"box":{"x":320,"y":891,"width":241,"height":11}},{"id":"e9446dae-285c-45b4-be35-9e13096be985","block_type":"box","text":"$101 $101 $26,390","page_number":48,"box":{"x":621,"y":891,"width":277,"height":11}},{"id":"a504f92b-84d9-47c9-be86-b6b6108502f5","block_type":"box","text":"I-22","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"40c14ac1-49f3-4261-bb40-29e02473cb0a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d88746b-7e8f-434d-8619-f2d9d27b540c","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":760,"y":49,"width":103,"height":7}},{"id":"b8f84bad-b66d-43a5-aec4-94caf04df964","block_type":"box","text":"CDSCs Received","page_number":49,"box":{"x":713,"y":65,"width":97,"height":7}},{"id":"1acbb2d3-fd02-4508-8f06-53fb8628487e","block_type":"box","text":"by BRIL","page_number":49,"box":{"x":740,"y":75,"width":44,"height":9}},{"id":"5fef24b9-878c-4608-ad9a-9037bc0089eb","block_type":"box","text":"CDSCs Paid","page_number":49,"box":{"x":840,"y":65,"width":69,"height":7}},{"id":"cd01d8af-b231-4873-93c2-16ab1c1f613b","block_type":"box","text":"to Affiliates","page_number":49,"box":{"x":841,"y":75,"width":68,"height":7}},{"id":"2f58fb39-dd6d-481d-b92e-df997f3721a6","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":49,"box":{"x":70,"y":93,"width":270,"height":11}},{"id":"469984b1-c700-460c-af59-ff9998d6a50f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95 $ 95","page_number":49,"box":{"x":346,"y":92,"width":555,"height":10}},{"id":"c1519304-ef80-4b33-ac70-647790e04960","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":49,"box":{"x":70,"y":108,"width":270,"height":11}},{"id":"505b824b-b8e7-4326-8b8a-e788bbcabeed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 10","page_number":49,"box":{"x":346,"y":107,"width":555,"height":10}},{"id":"1874b5f6-fd05-46a4-92d6-c0596455003d","block_type":"box","text":"Fiscal Year Ended July 31,2023 . .","page_number":49,"box":{"x":70,"y":123,"width":237,"height":11}},{"id":"cbd523b8-a62c-4a62-aad5-14ae26a2e968","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,977 $2,977","page_number":49,"box":{"x":314,"y":122,"width":587,"height":11}},{"id":"4f89bd87-5cb4-40d0-afb3-7c30b334331f","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Fund paid","page_number":49,"box":{"x":101,"y":147,"width":802,"height":11}},{"id":"c85d3575-224a-4279-b3a1-612a5a332e87","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL was paid to affiliates for providing","page_number":49,"box":{"x":68,"y":162,"width":790,"height":11}},{"id":"7227762c-e667-4939-9e6d-65d660b7d4fb","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution related","page_number":49,"box":{"x":69,"y":177,"width":827,"height":11}},{"id":"2fe2f357-89d8-4831-b9d9-9f904dcd6af1","block_type":"box","text":"activities and services for Investor C Shares.","page_number":49,"box":{"x":69,"y":192,"width":318,"height":9}},{"id":"07b029f4-e7f6-477a-a9bd-17378e8ff967","block_type":"box","text":"Class Name","page_number":49,"box":{"x":69,"y":230,"width":68,"height":8}},{"id":"25637091-ee02-49ec-af6f-26c8d861ac83","block_type":"box","text":"Fees Paid","page_number":49,"box":{"x":845,"y":220,"width":56,"height":7}},{"id":"b49c161f-bd70-4dc8-8247-3bebed0711bb","block_type":"box","text":"to BRIL","page_number":49,"box":{"x":851,"y":231,"width":44,"height":7}},{"id":"c68d1e3c-caef-4011-94de-d8dc96277c81","block_type":"box","text":"Investor A Shares . .","page_number":49,"box":{"x":70,"y":248,"width":140,"height":9}},{"id":"2c2f0342-7eac-4c6b-87e7-f25fff29870d","block_type":"box","text":".........................................................................","page_number":49,"box":{"x":217,"y":256,"width":588,"height":1}},{"id":"ababa537-4fcf-4207-a433-80a6b19a5e2a","block_type":"box","text":"$118,313","page_number":49,"box":{"x":837,"y":247,"width":72,"height":12}},{"id":"b5c8d24e-142e-437d-b030-8a181bc38174","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":70,"y":263,"width":125,"height":9}},{"id":"7ec35575-6fe1-4ec4-b7b1-6e8ec8281bc9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,963","page_number":49,"box":{"x":200,"y":263,"width":709,"height":11}},{"id":"70d8cbcf-3cbe-4722-a913-2fbbd3c6c70e","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":49,"box":{"x":68,"y":295,"width":318,"height":11}},{"id":"b89edf4f-df30-466a-86c0-6a650a118421","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares of the Fund based on the value of","page_number":49,"box":{"x":101,"y":317,"width":805,"height":12}},{"id":"44f65beb-6a86-4997-90c0-cf259b45cb9b","block_type":"box","text":"the Fund’s Investor A Shares’ net assets and the number of Investor A Shares of the Fund outstanding as of","page_number":49,"box":{"x":68,"y":332,"width":775,"height":12}},{"id":"7621d2fe-554b-4b0b-90c7-e382850ba84d","block_type":"box","text":"July 31, 2025, is set for th below.","page_number":49,"box":{"x":69,"y":348,"width":236,"height":11}},{"id":"12b32a60-bab5-4ecb-8f77-a577c3e7d1af","block_type":"box","text":"Investor A Shares","page_number":49,"box":{"x":807,"y":376,"width":102,"height":7}},{"id":"e2453fd5-4808-4c47-8da2-b82de6a98995","block_type":"box","text":"Net Assets","page_number":49,"box":{"x":70,"y":394,"width":76,"height":9}},{"id":"625d3f5c-65a9-4ba3-a9b4-b61e668d2e80","block_type":"box","text":".............................................................................","page_number":49,"box":{"x":154,"y":401,"width":621,"height":1}},{"id":"2bb50b2e-7e8c-4a1a-b2ce-d6838eb7ac37","block_type":"box","text":"$41,961,898","page_number":49,"box":{"x":810,"y":393,"width":96,"height":11}},{"id":"30e19303-bf13-437a-9068-ae6b196ec5ab","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":49,"box":{"x":70,"y":409,"width":444,"height":11}},{"id":"58a54809-efe3-4277-be8f-1c2c895e0b31","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,","page_number":49,"box":{"x":521,"y":409,"width":321,"height":10}},{"id":"1c60992a-4458-440e-a8e3-62446a92f90e","block_type":"box","text":"447,019","page_number":49,"box":{"x":844,"y":409,"width":62,"height":10}},{"id":"2e00531b-b918-48cb-814c-b04de86d3414","block_type":"box","text":"Net Asset Value Per Share (net assets divided by","page_number":49,"box":{"x":70,"y":424,"width":347,"height":11}},{"id":"602874b4-0985-4095-9ec9-3dca2906ad03","block_type":"box","text":"number of shares outstanding) . .","page_number":49,"box":{"x":79,"y":438,"width":232,"height":12}},{"id":"e91127ad-5c9a-4cd8-91cb-9a805ab11a7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.44","page_number":49,"box":{"x":317,"y":438,"width":589,"height":10}},{"id":"f4137ffa-e2a6-458f-b450-c8a0b41d2d84","block_type":"box","text":"Sales Charge (4.00% of offering price;","page_number":49,"box":{"x":69,"y":453,"width":271,"height":12}},{"id":"d75bbfa2-ea59-4099-a676-ef264a1b44d1","block_type":"box","text":"4.17% of net asset value per share)","page_number":49,"box":{"x":79,"y":468,"width":255,"height":11}},{"id":"31ca233c-1625-476c-96ba-96ffd0b92254","block_type":"box","text":"1","page_number":49,"box":{"x":336,"y":468,"width":3,"height":5}},{"id":"7494d175-1d20-4ec7-8c77-ea47e4867b6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39","page_number":49,"box":{"x":341,"y":468,"width":565,"height":9}},{"id":"a4018f30-ed47-43db-a37c-2401199f258f","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.83","page_number":49,"box":{"x":69,"y":487,"width":837,"height":12}},{"id":"91086184-8fdd-46a8-9a02-313d8c04dcde","block_type":"box","text":"1","page_number":49,"box":{"x":69,"y":520,"width":3,"height":3}},{"id":"3d762b4a-2aae-48a4-a9f8-5b73f131a2d4","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":49,"box":{"x":94,"y":520,"width":541,"height":9}},{"id":"9d9c3383-7d66-42f5-9877-0ae86d4414b6","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":49,"box":{"x":101,"y":540,"width":787,"height":12}},{"id":"09301721-a47f-4ce1-b0f3-7b5670debcb4","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":49,"box":{"x":69,"y":555,"width":833,"height":12}},{"id":"366132c4-50cc-413e-a7c6-4bc2cda00c8f","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":49,"box":{"x":69,"y":571,"width":813,"height":11}},{"id":"0833617d-16fe-4ca6-9038-5c6488594c85","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":49,"box":{"x":69,"y":586,"width":377,"height":11}},{"id":"1d972a07-e463-49f7-ac4f-2cafeb097a98","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":49,"box":{"x":68,"y":616,"width":302,"height":11}},{"id":"e3bb7177-b3de-497d-9221-a7bee9595609","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":49,"box":{"x":102,"y":639,"width":609,"height":11}},{"id":"86df1e7c-96c0-4f6a-ac3f-8203c00f70f3","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":49,"box":{"x":102,"y":661,"width":794,"height":12}},{"id":"310da97d-38d9-4c35-8e20-a26d8d8c6e78","block_type":"box","text":"for th below.","page_number":49,"box":{"x":68,"y":676,"width":83,"height":9}},{"id":"4119dedd-2f50-43ed-9f47-39ce29caa639","block_type":"box","text":"Aggregate Brokerage","page_number":49,"box":{"x":613,"y":705,"width":125,"height":9}},{"id":"c2f924f2-428b-4ca9-b12d-0a3fe22f4339","block_type":"box","text":"Commissions Paid","page_number":49,"box":{"x":623,"y":715,"width":106,"height":7}},{"id":"628a5952-cf17-4111-a572-d945f0033700","block_type":"box","text":"Brokerage Commissions","page_number":49,"box":{"x":769,"y":705,"width":140,"height":9}},{"id":"ff35ecf5-9484-4758-82d1-60b740739711","block_type":"box","text":"Paid to Affiliates","page_number":49,"box":{"x":791,"y":715,"width":96,"height":7}},{"id":"f951e1bb-dbb4-47ba-9d55-0ac084ddbbe9","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":49,"box":{"x":70,"y":733,"width":268,"height":11}},{"id":"aab75fcb-073f-4c4d-881a-42f7ea0a3d86","block_type":"box","text":"..............................","page_number":49,"box":{"x":344,"y":740,"width":238,"height":1}},{"id":"4f6fae6c-763d-4520-8e08-db5d86a14ddc","block_type":"box","text":"$457,908 $0","page_number":49,"box":{"x":640,"y":732,"width":208,"height":11}},{"id":"851a3557-0ec1-42be-85b3-a80647e746cf","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":49,"box":{"x":70,"y":748,"width":268,"height":11}},{"id":"c808a792-287b-496a-868d-d615efa7bc0d","block_type":"box","text":"..............................","page_number":49,"box":{"x":344,"y":755,"width":238,"height":2}},{"id":"ee0fb017-8567-4b9e-ab71-78508725818d","block_type":"box","text":"$481,166 $0","page_number":49,"box":{"x":640,"y":747,"width":208,"height":11}},{"id":"dad6285f-aa14-4f2f-850f-8df28f3b0853","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":49,"box":{"x":70,"y":763,"width":268,"height":11}},{"id":"533cc03a-6b55-4002-9ade-31bd8bf6d027","block_type":"box","text":"..............................","page_number":49,"box":{"x":344,"y":770,"width":238,"height":2}},{"id":"d6ed5b42-eb86-4e65-b842-92a2aa0ac816","block_type":"box","text":"$627,056 $0","page_number":49,"box":{"x":640,"y":762,"width":208,"height":11}},{"id":"a9c8e46e-2009-4701-97bf-78e30bb44372","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing third-par ty","page_number":49,"box":{"x":101,"y":787,"width":790,"height":11}},{"id":"fed9cfe1-cb89-452e-b3ac-f5bdd42db010","block_type":"box","text":"research services and the approximate dollar amount of the transactions involved for the fiscal year ended","page_number":49,"box":{"x":69,"y":802,"width":760,"height":11}},{"id":"cfef0beb-4d50-407b-b289-63e29cf82ae2","block_type":"box","text":"July 31, 2025. The provision of research services was not necessarily a factor in the placement of all brokerage","page_number":49,"box":{"x":69,"y":817,"width":799,"height":11}},{"id":"064948ff-2f99-46be-b92b-61b6f3f650fb","block_type":"box","text":"business with such brokers.","page_number":49,"box":{"x":69,"y":832,"width":198,"height":9}},{"id":"116fa8b4-1247-4b71-b330-4354af33fd67","block_type":"box","text":"I-23","page_number":49,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"f5a9f55b-9ae1-413b-8d45-ee7ee45178de","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a10bb91-5d9e-4ff0-813f-54a1dcf7b4fb","block_type":"box","text":"Amount of","page_number":50,"box":{"x":279,"y":49,"width":60,"height":7}},{"id":"647c7285-8de6-483d-ae91-ce0919b27a2b","block_type":"box","text":"Commissions","page_number":50,"box":{"x":271,"y":59,"width":77,"height":7}},{"id":"2cba22d9-1af2-4e8f-b822-a55087da9d53","block_type":"box","text":"Paid to","page_number":50,"box":{"x":289,"y":69,"width":41,"height":7}},{"id":"545e3f5a-ae24-4038-a1f9-9ea4c2594505","block_type":"box","text":"Brokers for","page_number":50,"box":{"x":278,"y":79,"width":64,"height":7}},{"id":"a8aa7f66-ed94-476f-b8b7-2d2ae094fa18","block_type":"box","text":"Providing 28(e)","page_number":50,"box":{"x":265,"y":89,"width":89,"height":9}},{"id":"0b1a8c64-d5e2-4fcd-a968-4606dc2196be","block_type":"box","text":"Eligible","page_number":50,"box":{"x":289,"y":99,"width":41,"height":9}},{"id":"1e496dff-e86c-4964-b4b2-f9d5aba84c83","block_type":"box","text":"Research","page_number":50,"box":{"x":283,"y":110,"width":53,"height":7}},{"id":"135a929f-d63d-430f-a002-a6351c22c2b3","block_type":"box","text":"Services","page_number":50,"box":{"x":284,"y":120,"width":50,"height":7}},{"id":"cc3020a7-08ba-494a-8c2a-4d7a3a6d4a61","block_type":"box","text":"Amount of","page_number":50,"box":{"x":647,"y":89,"width":60,"height":7}},{"id":"b6a75cc3-0f12-4741-aa1b-44803a0181f0","block_type":"box","text":"Brokerage","page_number":50,"box":{"x":647,"y":100,"width":59,"height":8}},{"id":"d95337cd-c8fe-4c70-8b6c-5f7a7e434405","block_type":"box","text":"Transactions","page_number":50,"box":{"x":639,"y":109,"width":75,"height":8}},{"id":"9da20bab-7462-4770-8fb6-5e5834915362","block_type":"box","text":"Involved","page_number":50,"box":{"x":653,"y":120,"width":47,"height":7}},{"id":"992e94bf-95a7-4924-b27d-7f4217319ae2","block_type":"box","text":"$0 $0","page_number":50,"box":{"x":300,"y":137,"width":386,"height":10}},{"id":"9530ea55-9596-4247-881d-0cc3a71e6843","block_type":"box","text":"As of July 31, 2025, the value of the Fund’s holdings of the securities of its regular brokers or dealers (as","page_number":50,"box":{"x":101,"y":161,"width":756,"height":11}},{"id":"678c5237-6969-470a-973b-f0ee175a2d3f","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings were","page_number":50,"box":{"x":69,"y":176,"width":791,"height":12}},{"id":"1a2a4dd6-9476-477b-afc5-683a32e95ef6","block_type":"box","text":"purchased during the fiscal year ended July 31, 2025, is as follows:","page_number":50,"box":{"x":70,"y":191,"width":482,"height":12}},{"id":"3e9d3e23-d381-4b28-aba8-71177104abf3","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":50,"box":{"x":69,"y":220,"width":840,"height":9}},{"id":"b09cf141-c0c2-424f-8374-7555e4e293fd","block_type":"box","text":"Deutsche Bank Securities Inc. . . . . . . .","page_number":50,"box":{"x":70,"y":238,"width":269,"height":8}},{"id":"4bbaf421-b131-4fe5-8cba-abfbddb4d947","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . D $2,428","page_number":50,"box":{"x":345,"y":237,"width":509,"height":11}},{"id":"813f5d1a-17a3-4523-bcca-20e214a718e4","block_type":"box","text":"UBS Securities LLC","page_number":50,"box":{"x":70,"y":253,"width":135,"height":9}},{"id":"6caa3ff0-8bb4-4746-a4eb-9687d352b5b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $1,704","page_number":50,"box":{"x":215,"y":252,"width":639,"height":11}},{"id":"aac19044-8d29-4329-ac4d-cb762d5a6e6e","block_type":"box","text":"BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":50,"box":{"x":70,"y":268,"width":440,"height":11}},{"id":"f401be01-cbf3-4214-abdb-27fa78c25d5f","block_type":"box","text":". . . . . . . D $1,260","page_number":50,"box":{"x":516,"y":267,"width":338,"height":11}},{"id":"cb439d1c-efcd-4daf-83d7-09241cd2de98","block_type":"box","text":"Citigroup Global Markets Inc. .","page_number":50,"box":{"x":69,"y":283,"width":213,"height":11}},{"id":"26808de4-6281-43ed-9dd4-fc6649158112","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 72","page_number":50,"box":{"x":288,"y":282,"width":566,"height":11}},{"id":"83a0675f-6f9e-4f1a-bc77-f0bd82d4fee7","block_type":"box","text":"Securities Lending","page_number":50,"box":{"x":68,"y":314,"width":135,"height":11}},{"id":"7d5f533d-b67c-4d94-9bdf-649dedebed47","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":50,"box":{"x":101,"y":337,"width":807,"height":11}},{"id":"fd005b7d-ad86-41fe-8fb0-2337a6c428d3","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":50,"box":{"x":69,"y":352,"width":817,"height":11}},{"id":"21c4b145-e1df-4087-83c3-508878eb9fb0","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":50,"box":{"x":69,"y":367,"width":813,"height":11}},{"id":"fb77a83e-1762-4141-be60-015f179b416d","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":50,"box":{"x":70,"y":382,"width":838,"height":12}},{"id":"6b025f41-4f10-4f08-95be-9a1e9e58003b","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":50,"box":{"x":69,"y":397,"width":813,"height":12}},{"id":"c67bfa19-abf0-4428-9e86-98213b39e3ee","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":50,"box":{"x":70,"y":413,"width":646,"height":11}},{"id":"1ee612f4-9c78-4e91-966e-bbff3a3c1f2a","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":50,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"5317255a-158a-40e7-9a84-8bbd12cbfdb2","block_type":"box","text":"and remits the remaining por tion to BIM as compensation for its services as securities lending agent. Securities","page_number":50,"box":{"x":69,"y":450,"width":802,"height":12}},{"id":"166c0d71-1ad9-4633-9de6-fd473f4594fe","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":50,"box":{"x":70,"y":465,"width":774,"height":12}},{"id":"570ec7b8-5087-4cc7-979f-6b3ee240dbb7","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":50,"box":{"x":69,"y":481,"width":801,"height":11}},{"id":"81acbcb9-2127-4140-a182-2c60574d3112","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":50,"box":{"x":69,"y":496,"width":837,"height":11}},{"id":"fac1589f-f333-466a-a5a9-1a009b2a5936","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":50,"box":{"x":70,"y":511,"width":834,"height":11}},{"id":"0f9eaf7b-cd21-4b3e-87a7-8a14eb152755","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":50,"box":{"x":69,"y":526,"width":802,"height":11}},{"id":"e535aad1-6bdd-4acb-8392-2a5684001daf","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":50,"box":{"x":69,"y":541,"width":778,"height":11}},{"id":"d9124614-4215-435f-b413-3911f323b058","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":50,"box":{"x":70,"y":556,"width":814,"height":11}},{"id":"d56a3f8c-19b7-4829-89a3-6e3ee0c801af","block_type":"box","text":"sales load, redemption fee, distribution fee or service fee.","page_number":50,"box":{"x":69,"y":571,"width":414,"height":11}},{"id":"c385e22b-6908-46a4-99fe-9f10948c0540","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":50,"box":{"x":101,"y":594,"width":776,"height":11}},{"id":"28a78f5d-6cd2-4400-b36e-81c2176fc07a","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":50,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"c366254b-57ae-47e5-ba5d-106fc157e5ee","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":50,"box":{"x":68,"y":624,"width":812,"height":11}},{"id":"d8bfbe7d-26aa-4af5-953d-f4ac1aa5f1ff","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":50,"box":{"x":69,"y":639,"width":799,"height":11}},{"id":"ab44fd39-12ee-4a8c-9c95-fc43585bfc85","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":50,"box":{"x":68,"y":654,"width":835,"height":12}},{"id":"80ca7533-2478-42f4-a6bb-67720c1e5c51","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":50,"box":{"x":69,"y":669,"width":818,"height":12}},{"id":"7a631488-6382-422d-9ad6-276d232a15d3","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":50,"box":{"x":68,"y":685,"width":789,"height":11}},{"id":"99587915-76de-46dd-8403-c6a7c661728e","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":50,"box":{"x":69,"y":700,"width":829,"height":11}},{"id":"b4f6e1f3-5cc1-4a27-bf6c-f5891e280253","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":50,"box":{"x":69,"y":715,"width":839,"height":11}},{"id":"7d845edf-39d6-4917-b274-8ff7d43e1226","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":50,"box":{"x":69,"y":730,"width":802,"height":11}},{"id":"46d1929e-2507-4c21-8ddf-6172c0cfe94c","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":50,"box":{"x":70,"y":745,"width":830,"height":11}},{"id":"014f3a07-d3b0-4aa6-9f48-96395d52f700","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":50,"box":{"x":69,"y":760,"width":838,"height":11}},{"id":"d4918374-40ba-4800-926c-eed32a145545","block_type":"box","text":"Fund’s returns on securities lending.","page_number":50,"box":{"x":70,"y":776,"width":258,"height":11}},{"id":"f4c513ce-c4ef-4c4e-a852-c4ceba0d8ea7","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":50,"box":{"x":102,"y":798,"width":774,"height":11}},{"id":"b7f2dddc-27d4-4dd3-bd92-a31283896c73","block_type":"box","text":"determination of the Fund’s asset class category (fixed income, domestic equity, international equity or fund of","page_number":50,"box":{"x":69,"y":813,"width":792,"height":11}},{"id":"2c6a1aad-9b41-4f37-ab08-e3960e34aeb1","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":50,"box":{"x":68,"y":828,"width":809,"height":12}},{"id":"cbf89219-5edc-415a-b0e4-50c3ffa40418","block_type":"box","text":"Trust and BIM.","page_number":50,"box":{"x":68,"y":844,"width":103,"height":8}},{"id":"0925b58d-9a31-4503-a4bf-e4b4ca8cb74d","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Fund were to engage in securities lending, the","page_number":50,"box":{"x":102,"y":866,"width":774,"height":11}},{"id":"de8769a7-8e47-46fa-b7ed-cf0886f36a8c","block_type":"box","text":"Fund retains 81% of securities lending income (which excludes collateral investment expenses); and (ii) this amount","page_number":50,"box":{"x":70,"y":881,"width":826,"height":11}},{"id":"d99d71e7-741e-416d-8521-9d857fd763b3","block_type":"box","text":"can never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":50,"box":{"x":69,"y":896,"width":750,"height":12}},{"id":"084ac187-af66-470e-93a2-10a07849a54b","block_type":"box","text":"I-24","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9fe1294a-a8cc-46bd-a596-519ca482ba97","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a7f7a3a-8dcd-4318-9c33-6d4098dff578","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":51,"box":{"x":102,"y":45,"width":753,"height":11}},{"id":"ee76ee47-d1ee-47c1-a3fa-0a196a6608c7","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":51,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"23a498a3-0cfe-4653-8568-3f4ac3c4e87c","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":51,"box":{"x":70,"y":75,"width":817,"height":11}},{"id":"7504df88-0a52-4ef2-a825-d5c5749a6980","block_type":"box","text":"lending income as follows: if the Fund were to engage in securities lending, (i) 84% of securities lending income","page_number":51,"box":{"x":70,"y":90,"width":794,"height":11}},{"id":"f37ad565-ce78-45a6-bdda-5bd4fb3da131","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":51,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"ac0215b5-8c8a-402f-b465-3138618947de","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":51,"box":{"x":69,"y":120,"width":446,"height":12}},{"id":"5b1522a7-98e9-4394-86b0-f184da30743e","block_type":"box","text":"Prior to January 1, 2025, the Fund was subject to a different securities lending fee arrangement.","page_number":51,"box":{"x":102,"y":143,"width":690,"height":11}},{"id":"8f53420a-0194-4339-823b-f181d80298fb","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most recent","page_number":51,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"891a53bc-ac39-4438-8d62-8b95e0b174c4","block_type":"box","text":"fiscal year ended July 31, 2025.","page_number":51,"box":{"x":68,"y":181,"width":229,"height":11}},{"id":"9539db66-916e-4091-b292-8317a5d364ed","block_type":"box","text":"VIII. Additional Information","page_number":51,"box":{"x":68,"y":211,"width":195,"height":9}},{"id":"e2a1f889-e926-4c95-a7dc-b88d0874d70c","block_type":"box","text":"Counsel.","page_number":51,"box":{"x":101,"y":234,"width":62,"height":9}},{"id":"dd33fbdf-caab-4b9a-9d91-27f18024bfa9","block_type":"box","text":"Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019 serves as the Fund’s","page_number":51,"box":{"x":169,"y":234,"width":711,"height":11}},{"id":"78b2c856-6a15-4310-8435-aeee260dbfa7","block_type":"box","text":"counsel.","page_number":51,"box":{"x":69,"y":249,"width":58,"height":9}},{"id":"f62695d8-02f0-4e8d-bbe7-fff49e596a6c","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":51,"box":{"x":102,"y":272,"width":352,"height":11}},{"id":"54b4bce8-a094-4af9-a489-d270a30cfcba","block_type":"box","text":"PricewaterhouseCoopers LLP, with offices located at Two","page_number":51,"box":{"x":461,"y":271,"width":405,"height":11}},{"id":"64c2291c-97e9-43f3-afde-f3b94f356741","block_type":"box","text":"Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the Fund’s","page_number":51,"box":{"x":69,"y":287,"width":786,"height":11}},{"id":"6b921169-d0c0-4ba0-8a4a-bd3691c04c07","block_type":"box","text":"independent registered public accounting firm.","page_number":51,"box":{"x":70,"y":302,"width":328,"height":11}},{"id":"c861b9b6-ba09-4c43-b515-3884f48ffaaf","block_type":"box","text":"The Trust","page_number":51,"box":{"x":68,"y":332,"width":69,"height":9}},{"id":"3cf82993-5f3b-4b10-907f-d705e834cfa6","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 19, 2018, and is registered under the","page_number":51,"box":{"x":101,"y":355,"width":765,"height":11}},{"id":"90352dc6-4b71-49d1-bce5-357cb3549711","block_type":"box","text":"Investment Company Act as an open end management investment company. The Trust and its series were organized","page_number":51,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"2404bffd-9b45-4d4e-a453-8572ba388dd7","block_type":"box","text":"for the purpose of acquiring the assets of corresponding series of BlackRock Funds","page_number":51,"box":{"x":68,"y":385,"width":595,"height":11}},{"id":"b45a80c0-f0ea-4c1e-ac67-c81668057952","block_type":"box","text":"SM","page_number":51,"box":{"x":664,"y":385,"width":11,"height":5}},{"id":"189c015c-5335-45ce-a65b-cea2b7275b20","block_type":"box","text":"in reorganizations that occurred","page_number":51,"box":{"x":682,"y":385,"width":225,"height":11}},{"id":"9056cd75-a275-4127-9d3d-2fdc90175ddc","block_type":"box","text":"on September 17, 2018. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of","page_number":51,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"70c1dc4b-df52-457c-b2fc-9b4ece1ff973","block_type":"box","text":"BlackRock Global Long/Shor t Credit Fund (the “Predecessor Fund”), a series of BlackRock Funds","page_number":51,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"34bfd008-c8a3-450b-b292-80b0479b845e","block_type":"box","text":"SM","page_number":51,"box":{"x":762,"y":415,"width":11,"height":5}},{"id":"2a891550-cf51-4d48-adce-fd0a60c218b5","block_type":"box","text":"(the “Predecessor","page_number":51,"box":{"x":780,"y":415,"width":127,"height":11}},{"id":"5718bc97-2334-4ed8-bc3f-5aafa1e4a110","block_type":"box","text":"Trust”) through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the accounting survivor of","page_number":51,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"dc294425-6904-4d62-b4e9-7327860bfadf","block_type":"box","text":"the Reorganization, which means the Fund adopted the per formance and financial history of the Predecessor Fund as","page_number":51,"box":{"x":68,"y":445,"width":840,"height":12}},{"id":"f150f380-b15a-40f9-9f3c-2dc0127645b4","block_type":"box","text":"of the date of the Reorganization. The Reorganization resulted in the Predecessor Fund effectively becoming a series","page_number":51,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"ca00405b-9789-4ada-b694-d00e9c1b6d94","block_type":"box","text":"of the Trust. The Fund had the same investment objectives, strategies and policies, por tfolio management team,","page_number":51,"box":{"x":69,"y":475,"width":803,"height":12}},{"id":"6640b554-2b63-42f4-9d1a-f371c345ad3d","block_type":"box","text":"service providers and contractual arrangements, including the same contractual fees and expenses, as those of the","page_number":51,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"20864c5f-5994-426b-8ea3-efa5d2dd79ce","block_type":"box","text":"Predecessor Fund as of the date of the Reorganization. Effective May 5, 2025, the Fund changed its name from","page_number":51,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"61b80e44-232d-4ce7-bf26-adf78a70c6d5","block_type":"box","text":"“BlackRock Global Long/Shor t Credit Fund” to “BlackRock Credit Relative Value Fund.”","page_number":51,"box":{"x":70,"y":521,"width":617,"height":11}},{"id":"28b283ed-4edb-4a65-b389-828b2ec3c514","block_type":"box","text":"The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001","page_number":51,"box":{"x":101,"y":543,"width":794,"height":11}},{"id":"c9ea6958-556d-4184-ab49-85ea516225e0","block_type":"box","text":"per share, which may be divided into different series and classes.","page_number":51,"box":{"x":70,"y":559,"width":468,"height":11}},{"id":"347b8bd6-c87d-44b9-9806-9e12d1ac05ed","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":51,"box":{"x":102,"y":581,"width":734,"height":11}},{"id":"a705e01a-ec06-4b7e-bf09-32532a78c7ba","block_type":"box","text":"personally liable as par tners for the obligations of the trust. However, the Trust’s Declaration of Trust provides that","page_number":51,"box":{"x":70,"y":596,"width":819,"height":12}},{"id":"aa8ed76d-522a-49fc-ae97-1dd00a38819e","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":51,"box":{"x":69,"y":612,"width":814,"height":11}},{"id":"ebf4e6d7-97ed-4703-bc3b-e39183534f0c","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":51,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"80ea0b43-9a23-437b-a109-63128ce68ba2","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":51,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"d5751203-0107-4f47-b57f-2f6738f78c58","block_type":"box","text":"provides for indemnification out of the Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":51,"box":{"x":70,"y":657,"width":832,"height":11}},{"id":"b090d4e2-23b6-43fd-8c4f-c9895db35a1a","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":51,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"b003c37a-0a48-4921-8996-e785ca88ad8d","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":51,"box":{"x":68,"y":687,"width":807,"height":11}},{"id":"63568152-914d-43d2-a64b-5eaf90705a3c","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":51,"box":{"x":69,"y":702,"width":719,"height":12}},{"id":"c3e9e957-79f8-40b8-9879-c4e7c5b80b58","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":51,"box":{"x":101,"y":725,"width":777,"height":11}},{"id":"9613abc2-f4a2-4151-9cc5-165e61df58ce","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":51,"box":{"x":70,"y":740,"width":828,"height":11}},{"id":"f498caa4-3660-43ce-abae-36f9d55f817f","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":51,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"e18f7e59-c67b-43f7-8d3b-452c2138c935","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":51,"box":{"x":70,"y":770,"width":762,"height":11}},{"id":"dff972d1-26d3-487d-a69d-454cea0f1305","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":51,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"8495ec14-bd4a-4616-baa6-66382ee621b8","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":51,"box":{"x":69,"y":801,"width":567,"height":11}},{"id":"7fd603d4-bb35-4070-b517-5b36653a3d2e","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":51,"box":{"x":101,"y":823,"width":792,"height":12}},{"id":"3b3024da-3643-4162-b27f-047cf9b07e07","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":51,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"f58d6238-4e78-4b3d-9039-f0e9df751b8f","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":51,"box":{"x":70,"y":853,"width":824,"height":12}},{"id":"6a9e798b-6cc4-4d1a-974a-8e6b2de344a1","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":51,"box":{"x":68,"y":869,"width":811,"height":11}},{"id":"2a200d36-dc93-4e68-8ac5-fd374639f59a","block_type":"box","text":"that Trustees are entitled to indemnification.","page_number":51,"box":{"x":68,"y":884,"width":317,"height":9}},{"id":"a8fafb00-6b4e-4942-b39a-30cd476f4ae2","block_type":"box","text":"I-25","page_number":51,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f477b5ad-9503-43f1-8b01-c184d98cf71b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81baa2db-66d8-458a-8fc7-dff13d0e3a4a","block_type":"box","text":"Principal Shareholders","page_number":52,"box":{"x":69,"y":45,"width":162,"height":11}},{"id":"8c15ca74-8ab9-4829-b516-dbfb944ef03a","block_type":"box","text":"To the knowledge of the Trust, the following entities owned of record or beneficially 5% or more of a class of the","page_number":52,"box":{"x":101,"y":67,"width":797,"height":12}},{"id":"1605332d-58b4-4d60-b46d-dfdc3dbdefd8","block_type":"box","text":"Fund’s shares as of November 3, 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Additional copies of the Fund’s annual and semi-annual repor ts","page_number":53,"box":{"x":68,"y":302,"width":833,"height":12}},{"id":"1162cf91-cbd3-484e-89cd-6802b6158525","block_type":"box","text":"to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":53,"box":{"x":68,"y":317,"width":805,"height":12}},{"id":"348b8e7d-eaf1-462d-8ebc-a1336d66262e","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":53,"box":{"x":69,"y":332,"width":836,"height":12}},{"id":"4a004b14-58b3-4d70-8a3b-1d3126e5210f","block_type":"box","text":"I-27","page_number":53,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"55dc2cc9-5404-4d26-bdce-de8b1be49430","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66db3452-7d78-4a19-ad14-3675dda845b1","block_type":"box","text":"PART II","page_number":54,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"c6545562-c871-4e44-930e-e2769fafa2fd","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":54,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"1be906ce-4a2e-4843-828a-55fe892d08d8","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":54,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"f41d7de9-b429-4939-a510-b0435a9fc927","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":54,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"7bbfab9d-faa7-4e5e-80d1-9366c943e8dc","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":54,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"1a7e2e23-6611-4db4-b34a-e4f9311bf41f","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":54,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"468290cd-f4c6-4fe6-9616-50edf456e464","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":54,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"ed7ce58c-dbeb-43f7-8a19-7b5e705a0a56","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":54,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"7bd22a21-9d31-4bb5-a8a9-e68d5387a07c","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":54,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"f437ba2e-83af-4fa4-a167-f9b954f1c9da","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":54,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"afc30bf1-bb45-48bf-a0c9-588808881b8e","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":54,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"c725a352-8601-4eb3-a617-a8a6331d4083","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":54,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"e0c8a368-e1b5-4e63-b0bc-0accff63da52","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":54,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"29238edb-539c-4de9-9795-d3dca21c148f","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":54,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"b24978c7-aade-4af9-9027-1da1ec6c8507","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":54,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"6f635023-e80e-44bc-accd-c4110216519a","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":54,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"c2ee2992-184b-4149-a69c-7de0ce83b4b5","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":54,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"22d52efe-8742-467d-9da8-139de04a471f","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":54,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"ddf09dc3-33d9-43af-8f88-520b5a5092bd","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":54,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"d3fff24e-b439-4e05-b510-57446858529b","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":54,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"bd8a8321-c1e5-478d-b9dd-cfaa1c45765e","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":54,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"83d7227f-1942-4545-9537-8b1c876ec005","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":54,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"a16feee1-84c2-4860-beeb-d296871a1321","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":54,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"c9a0a3fe-27eb-4cef-a034-df7c9d5a6caa","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":54,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"e6cc287e-41c4-434e-a8df-ae92618fc733","block_type":"box","text":"par ticular Fund.","page_number":54,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"2673e923-eb0a-4ec9-928f-5834e2ad1604","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":54,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"4a52e27c-9b80-4cdc-9728-5e1d5e4c2c3c","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":54,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"e0c284fb-75eb-4f81-ab12-307d55a30b05","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":54,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"10b9dc73-6e70-4eed-bc64-2592a7e6b154","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":54,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"9c06cb96-2d49-43ab-ac26-0d9e983cc9ac","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":54,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"922085ad-4df8-43d6-bc44-a6408d749c0d","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":54,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"17a5733c-98e5-411a-823a-a3543e5d7ca5","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":54,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"f3533dd7-5129-4d33-842f-9c589dc5967d","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":54,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"76318f86-7cdd-4557-ac22-e2bc5cf3b49b","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":54,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"7eaabb16-ba16-4d23-9558-5d7b7170066a","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":54,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"f5b8a3b0-9fb0-4dfc-972c-c095f7a790b8","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":54,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"979712a8-1a5f-4601-a1a9-3b66725742e7","block_type":"box","text":"Asset-Backed Securities.","page_number":54,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"767c7ad5-5d55-4f54-b96a-d913081db053","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":54,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"1d2fee2b-8243-477a-bcb1-5ae1bc095e8c","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":54,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"1dd92249-1db9-4c13-9e94-e6d3e2862a7a","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":54,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"b7537d5a-96c1-4bb5-b71a-4744a85aa323","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":54,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"3cdbdaaa-dac2-4138-8407-5974fec49c68","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":54,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"a724933c-41a9-4d20-97b9-0d58e885d115","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":54,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"c5203c91-714b-4733-adb1-0a389f47f092","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":54,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"42cb93c4-0ba3-4a3a-98e6-6a902f1ec693","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":54,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"11e567cf-f2d1-4ca5-99b9-a287caec2d5f","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":54,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"35fffb35-dfcc-4a05-9071-0018a3f42e32","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":54,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"946d4427-0909-404f-9199-27cbd4ee6308","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":54,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"2ff41452-7c93-40b9-8798-78a7c01649b0","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":54,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"88bf6b8c-671a-4e5f-930a-a85043bcbcfb","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":54,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f61d9dd6-9cc4-40b1-93ab-1a93d21e6053","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":54,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"438361ff-3419-4625-b38c-63b6e0529952","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":54,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"7a9aafc3-163d-42f7-bf4d-dfb86f0d8213","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":54,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"a2d9e691-2598-4c61-8e9a-ced9381f0c93","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":54,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"02ef9e10-3c3b-48e1-a4ee-cb27f78177d6","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":54,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"99aec84f-54bf-4678-ba74-fda3a8aedcc3","block_type":"box","text":"II-1","page_number":54,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"8e591c07-3525-459c-b22f-340612e87ec2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5661961c-03c2-458d-af45-85b22abc596b","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":55,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"b407e334-7c2f-4f6a-af29-cada4cd3b1ef","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":55,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"88d527d0-6e4a-4eb7-b1c4-8f5578a71a55","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":55,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"5d471e68-2a1b-452e-a537-22c0eadf964b","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":55,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"4a30c2e5-5a59-4832-825a-a8d8c6299062","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":55,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"99c19424-dab8-43c2-bf2b-c791d34c7673","block_type":"box","text":"Asset-Based Securities.","page_number":55,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"04792738-1010-4238-a8c4-86a8aa5937aa","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":55,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"92dc0ea8-8266-4795-ae22-f1f87944a568","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":55,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"7f603a8a-4872-4046-aa80-9dd66c0b8c6a","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":55,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"f92b3745-07d8-4ebc-ad76-a6f6c42a9105","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":55,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"52cd2c04-a8ef-4c3f-b63e-f002c64595cd","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":55,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"36825daa-1d48-4a8f-bf3e-6374afd5ea2e","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":55,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"6bea1232-4dfa-4900-ab2a-c349561c2d4b","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":55,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"4011f9f5-f50e-4480-adb0-345b7eceefdd","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":55,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"83828b03-f72a-483a-8e1c-2db1a1bc6f9f","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":55,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"bed1c128-d6c7-407b-b796-26fb93394794","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":55,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"4ff42a92-78c9-4d24-b789-15608081cdfc","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":55,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"c80a0171-f4d2-4f6f-b721-f045340ac83d","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":55,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"c2c634cc-a462-4be4-9960-87d80eda2de5","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":55,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"b23d763c-e455-4256-bb88-4f5fe8aa7918","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":55,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"c3a3b7b9-137b-40e1-a74f-65881798ba7d","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":55,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"2cfd615b-e268-4c6e-baa0-8c2c57e546ee","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":55,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"a2d4b9bd-079b-45bb-8901-5a667c31d621","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":55,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"4c29f2b7-2149-4ed7-b3f9-5cbfd1841a74","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":55,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"4f596dd8-6200-44f0-94f1-dc86ade9ee3e","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":55,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"bb2a2c43-7f9a-44a6-870a-8208e3e57e4d","block_type":"box","text":"appreciation in the underlying asset.","page_number":55,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"f27cc1c2-704d-4607-8e01-c1f57205b7c4","block_type":"box","text":"Precious Metal-Related Securities.","page_number":55,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"9931984d-a9e3-4fd8-be6d-da15c3173dd1","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":55,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"7ade4002-d2de-4472-a123-4f173661f6ed","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":55,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"d2becf1d-6c73-47cd-99c9-cd0ae01ff7f0","block_type":"box","text":"e.g.","page_number":55,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"d6d458d6-de07-46c2-bb1f-e8d611fb1c0a","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":55,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"e9d4ea45-bc78-4597-9457-2261d2f7d23e","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":55,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"bf62465d-f0ca-4f0e-84e7-ed0a61b1685d","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":55,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"2e712781-048d-4cfd-917a-84ccc97637c5","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":55,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"727bd695-ea26-4bed-a80d-b23f47c9e820","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":55,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"f1b316a4-c675-4052-84fe-82bdc80b5ad6","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":55,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"8c4145b9-f4ba-480d-a629-2bb8591bff15","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":55,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"e4f0869f-a545-4c92-806d-6d04da4c7fdc","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":55,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"5f4cc548-7341-429a-adc8-3654a119a827","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":55,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"17e89265-c539-47e6-b5a8-b7db307ff11e","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":55,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"80cc5dd9-c444-4b9c-8694-886961f9667e","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":55,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"e18e2f83-ac84-4e4b-8e6e-9f8182c1229b","block_type":"box","text":"South African gold production.","page_number":55,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"f19f01e6-5ef5-4f49-a9bf-b0fb7237d519","block_type":"box","text":"Borrowing and Leverage.","page_number":55,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"504de686-435f-45bf-a6a2-d0368a2e0abf","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":55,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"1a5d3449-2264-40d3-a766-18bb7d994d14","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":55,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"fb149d8d-97c6-49d8-8f4a-9717d0082a21","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":55,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"a4baaaba-92d6-4845-b7c1-89e41a60964e","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":55,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"ba79b050-7791-4932-945d-d4e7c1e6ec72","block_type":"box","text":"other securities transactions.","page_number":55,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"468e191b-5869-4170-b560-23fbaabc2906","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":55,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"12bfd1b0-7661-4df3-bb58-09d84ba4bb69","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":55,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"0cada33b-7fd4-4e7f-b6ad-c3e69d67bf90","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":55,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"7919f0ab-bbd5-4757-8527-aeb0d2946702","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":55,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"82765f2e-3ffc-43e5-a76d-20f743805be7","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":55,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"cf8fb7a6-7f37-4912-87d1-ce2712824e83","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":55,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"4ad79edc-08bd-4a46-b604-35b7c931295e","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":55,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"28deee8f-71a9-4c60-90c0-00b895ace5bb","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":55,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"f6f3a20b-a204-4509-962e-228ddc8ac91f","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":55,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"a70ea1a1-b05b-403e-a865-35f72a363c8f","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":55,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"b28febea-7c2b-4fdd-b82c-8bf3b22c7f30","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":55,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"21997787-730b-4783-bc5c-a2ba3264ba94","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":55,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"12676d2d-4f95-45c4-8b8f-b183a58da378","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":55,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"743ac86c-cd27-49bc-8037-d012c9ca557e","block_type":"box","text":"II-2","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b2d00bd8-c4b1-4a9d-b1fb-3aafe20bf913","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a287fc7-8c8a-40bf-87db-74335d133d58","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":56,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"2d394e66-37f4-4999-a8d5-6b97666950a1","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":56,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"6531010b-1634-4d63-85f9-f41a9f968c64","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":56,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"97b3fe9a-ebf7-4552-b75c-08d9beb3100b","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":56,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"1f75cd4f-9421-4f00-b206-2e4b177bdbd1","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":56,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"c47d12fa-c831-4b6f-bf10-2b4fd850ba16","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":56,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"8e264298-2128-4982-bf77-147659906e52","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":56,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"cd8fdb9a-3ee2-489e-8176-ae2e078b0638","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":56,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"315a2dc5-9d3f-4ef8-8b34-0e0d1cba9400","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":56,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"a7b173dd-847f-4d92-afa0-b4e4b2ce20a0","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":56,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"df8287f1-cc0d-48b8-b34b-a173b8894bca","block_type":"box","text":"Cash Management.","page_number":56,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"49593c61-298b-4338-93d3-769dfdd62098","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":56,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"eb4ddf40-f9d2-4c44-91ab-3ee611ced0f0","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":56,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"ae4715d3-f8a4-4ced-88b9-64e68224d7e0","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":56,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"d2c871cb-4dc7-49ca-ba12-f4779f7e9993","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":56,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"7b247276-7d05-4d68-92b6-f7a6a0083898","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":56,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"0d013446-0161-4fcc-ac3d-a664e3af8103","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":56,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"3be99af7-bf87-426c-8dd2-7460165d7e5a","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":56,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"82847a1c-63c1-4411-af0e-e3a04b54dcb9","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":56,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"eb43e234-1199-4c78-9065-587207b4ae7c","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":56,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"d06c96a1-fa64-4279-bb89-928a3e49b24a","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":56,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"d7f29260-3ce8-4133-bd62-5a559dc1b0f9","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":56,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"aa9b3581-cd5f-428b-a909-c7fd28dec763","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":56,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"6aed60f7-107d-4c32-af12-3e8e467f3ee9","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":56,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"a8bd3310-a68a-432d-9a70-48dd4e90aa6c","block_type":"box","text":"Collateralized Debt Obligations.","page_number":56,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"416fd9d5-e1c7-4425-861a-40c474bb7ba0","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":56,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"a148461e-1ca7-463a-8d40-fbdde887283b","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":56,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"6d2a56a3-fcb0-4f89-a6c6-7e76521f9ee4","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":56,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"5e54064b-fc7f-4f9c-b7f1-605f37d2c13a","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":56,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"624ce3ef-cb36-4b46-ade9-0bc0eb0ef4ee","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":56,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"bb84a158-d4ff-418f-8299-af6da515f391","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":56,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"77576393-1534-456c-b661-0da6f91568e0","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":56,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"2855f851-5087-488e-9035-c8dfbbaf5edf","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":56,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"359a21c5-ba6c-4d1e-bf30-5c7759ebc0a7","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":56,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"65f2ed53-d786-4a65-9d4a-b1d646ea91f4","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":56,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"c8d8c850-2694-410e-8cfd-b1182c71b390","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":56,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"f25fb9ec-da3e-4a53-b67a-1f24dfaa9084","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":56,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"033f2360-7969-4e13-bc73-f0a4833dc461","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":56,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"28ceba33-2fc1-47f8-9e2c-6c0e105c3dfe","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":56,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"ce2a89dc-627f-435c-bdab-4f026fcaf2b8","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":56,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"fe2f1e49-1362-40c2-bc47-4fdad42e124c","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":56,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"8cffb803-13bd-458a-a4f0-2af412421b31","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":56,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"caec5454-8570-46c8-a171-5b2d3ed38866","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":56,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"d0cb8f1b-3936-45f2-b8ae-ddaa1ebbab45","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":56,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"67fc0cd0-9bb2-4126-826b-2aaf2808ef37","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":56,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"95522ef9-47c2-4eb1-97b8-6b176d72cba5","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":56,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"c9c9ef94-5140-4812-b986-c741f9edfbaa","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":56,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"f3980dc7-871c-46d2-a3ea-eb0eaf656acc","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":56,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"72d6692a-c300-48e4-8b43-86acc9059e2c","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":56,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"69ace30f-140a-42c3-a842-aad5e3e94e3f","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":56,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"5fa2df52-84f8-4c21-a243-231e84317076","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":56,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"392be7af-8128-4974-a6aa-9ca4ccb24945","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":56,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"e91b1f06-662d-46c1-9f02-9bdd5509bc95","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":56,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"ab839c84-d04b-4945-b97f-5a9317d14f58","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":56,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"45142014-1109-4c62-85b2-dba63c7d7cb7","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":56,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"2f5f8401-e6dd-4ede-af00-7897ce04b47f","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":56,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"c6ad9930-da85-427d-90e7-b1fcbbf92f7a","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":56,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"df164126-3454-40f0-82fe-1e53facd7317","block_type":"box","text":"II-3","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5ef38421-50d6-418a-97a0-dd1afebdbf65","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"454a8230-e0b8-48d6-b8ee-a40563b7bf99","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":57,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"573b4893-c295-4b8c-81f5-a13b11242a1c","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":57,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"cd435d3e-1d40-40b0-8264-d593c56f0b44","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":57,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"83fbb8a7-8f04-4b28-b19e-0ef25802b25a","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":57,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"9bd718ab-6c49-4beb-a19f-0693459b0925","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":57,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"b63ed9f9-e3ed-479d-a0ca-2016b0d9a543","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":57,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"c0adffa0-3b8b-4ee9-b0c1-8dface1f9f44","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":57,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"eb064250-4692-4650-89fd-58c107f2cc6d","block_type":"box","text":"Commercial Paper.","page_number":57,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"59739dc3-12e1-4d1a-bc8f-03d038ecf836","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":57,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"bde1a16a-db70-4b58-9dad-7f9c81b2f304","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":57,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"ff534283-b749-4e03-8666-58f2f5c7721c","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":57,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"510751de-964e-476e-b4a6-9a84de554607","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":57,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"4b75cb72-809f-411c-909f-1077807f7a6d","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":57,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"0c30b7df-d8bc-4a30-90ea-5e7911126035","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":57,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"1d75ceed-5ae2-47fc-8e26-2d8465172f1d","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":57,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"40f461e5-777e-47f8-85d6-170f89d717a4","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":57,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"45fac5ff-9c55-4754-9e61-d1a9930525e2","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":57,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"2807fed8-36f7-458f-b626-480ea222c4dc","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":57,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"90f1681c-4736-4c91-97be-fd2b285adfb1","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":57,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"b66ed5c9-ef6e-4d11-a13d-fb2ad0ac04fe","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":57,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"b2dbfddd-be7d-4148-991f-c0a752ba1a16","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":57,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"b019bf93-cf60-470d-a9ed-b813c373049d","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":57,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"94deebc1-a5de-4091-ad7c-ce35efb3139d","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":57,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"b4a36c9c-dbe9-45af-85cf-e4f51d072b72","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":57,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"18f94fcb-a787-46cf-a146-08d578ff7755","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":57,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"be5d18d2-782b-489d-b7ea-36ade453131b","block_type":"box","text":"variable.","page_number":57,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"c67035ba-0c1c-4a79-9717-e8562ed1a73f","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":57,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"2663fcf7-55eb-4dcd-af02-5a386074f1fe","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":57,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"a272a3db-798a-47fe-ab84-54a08dd5a7e3","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":57,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"086e1cf2-97eb-4cbe-86bd-1ee7753ce3fc","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":57,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"7fe5264a-7514-4815-85f7-467071db6642","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":57,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"73bb1f08-aa8b-405b-97c8-50d3620ad154","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":57,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"0fcef8f1-621a-4358-bf45-5084c626b42b","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":57,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"abb6589d-9032-496e-b5ed-221299e6dd54","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":57,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"d15372fb-f25e-4b19-9be3-dbe4bba5e314","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":57,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"1ac332d3-158f-4703-846a-5c294663edbd","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":57,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"770dde14-87f3-4686-a454-a25926c29d45","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":57,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"99762933-6bdb-4eac-9c46-1e562542591c","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":57,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"927ba675-5a97-4149-8e0a-9a65b7e23a04","block_type":"box","text":"correlation with stocks and bonds.","page_number":57,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"8bd33831-522b-4231-90d1-0f2f79f42c45","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":57,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"4dac63c9-f6e7-4425-9572-36f2bd265309","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":57,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"f50b4b4a-c9df-4156-b03c-c9615f4be0e3","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":57,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"f84b191c-3500-43c8-bcb2-f8e1b045bd43","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":57,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"1188e672-d1d2-427e-8e82-1bf0c9944ed6","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":57,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"f62d2239-76b0-4ecd-ac92-e304dd3a92aa","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":57,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"c19fee72-7d77-4e43-bdf0-b09640fac983","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":57,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"7a3560e9-5970-42f0-a20c-a984ef786ecf","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":57,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"26b6ed95-ae62-4d08-a5de-265525002983","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":57,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"f655f2b7-8ea4-4861-ada5-a6c33ad61930","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":57,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"ff87294b-df94-444f-b2dc-538e70172173","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":57,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"51adeedb-0966-45b3-a582-d85747bc21e5","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":57,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"19539779-7612-425d-a2ba-ca6477e65918","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":57,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"544cf5f2-f67b-4726-a88c-76079775a154","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":57,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"589d4210-76eb-4275-a8c5-9784a86e1b36","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":57,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"54b64ec3-366d-4291-ace0-323e5e953321","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":57,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"8ec4e43c-832f-4dce-829a-46f5a34f92f3","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":57,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"06b04eff-fbe5-4f8d-b5c7-ae14707e618d","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":57,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"b5c1efbd-1a56-4a7b-839d-a35629b99815","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":57,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"2d5b474a-0d70-466b-99fc-fdd2a50e1889","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":57,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"9cb6da00-6017-4619-9117-41b30dfcc28e","block_type":"box","text":"II-4","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"43102354-768e-46b4-9bad-e76f1f482ef3","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4cede488-0c5d-425d-b89e-be352ae7c204","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":58,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"2f08af2e-c78b-40d4-bff1-060af91eae38","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":58,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"8db91b10-a74f-4487-863d-4f0610d9f422","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":58,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"4eecc491-1890-4298-837e-6d617d3ba477","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":58,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"6e1c6002-d82c-4ac8-ae68-f6cb24f3064c","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":58,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"bebf650b-25b1-4589-825d-1bd42308c9f9","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":58,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"603a33df-3382-4c9d-8bea-6d328dd4411c","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":58,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"744f8c3c-1a1c-4914-8acc-94cc036a65ec","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":58,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"279a28e5-ac3e-4f85-b1c2-96e265bc869e","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":58,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"84c58524-f3db-4ff8-96e9-26a2920c25a1","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":58,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"1c5c15aa-a338-4e5f-8dfb-27a32c37ade0","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":58,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"b7cb8e07-286b-46d1-bc79-12f60e2fe81f","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":58,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"b45065f1-57ba-4f6d-bc09-e7409c143e9f","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":58,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"a50fd648-8ef0-4f48-b5f7-563cd5f84d3d","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":58,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"5ac04178-7178-420d-982e-baa4f07417da","block_type":"box","text":"the Manager believes are relevant.","page_number":58,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"b934e466-7a4f-4f1e-a6e8-d92c3be7a650","block_type":"box","text":"Limitations on Leverage.","page_number":58,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"733131c5-d43d-43ac-84f6-99130016bb90","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":58,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"0ec52489-c732-4271-8bfb-1b989b51effc","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":58,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"b1df5664-f69f-48aa-8024-1b000fe5361d","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":58,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"1f9f2581-62a1-428f-9969-8ac2287953d4","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":58,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"4144b8ea-93e6-4efd-a55d-e825dc7cdfb9","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":58,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"188e0a6c-1d11-4b40-a3e4-c7dae646b9ec","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":58,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"945b4652-58fa-4536-981f-dcbfb71c9a59","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":58,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"dfa61058-aaef-4750-86da-55f5f782e525","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":58,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"36b1f1b2-acbe-4c51-997c-6336f97f3ff7","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":58,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"9ee92c3c-3636-4237-94ec-8a726e3b6b2b","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":58,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"75967c1f-3da5-4844-ac86-36321e3547f6","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":58,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"1737a31c-8f35-4fce-b128-48c560b30085","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":58,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"1349a273-e780-4461-857d-11fd395fd0f2","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":58,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"7c45969f-e831-45db-b7df-17532bc4e555","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":58,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"38baaa32-5f66-473e-9781-3410356414b2","block_type":"box","text":"Counterpar ty Risk.","page_number":58,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"dd3955b8-431e-4c0b-84a0-048dc9fab9ce","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":58,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"ffceea11-5299-4487-ba84-6a0a72083456","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":58,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"91d3f81e-b9ea-4d27-9073-aae0dec94391","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":58,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"39b3a9fe-82ef-4b8b-a32e-1ffe9f6f34db","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":58,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"b95c6289-b449-4750-b72e-1c780ee295d7","block_type":"box","text":"e.g.","page_number":58,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"2226095e-3ad5-4acb-a31c-79a0a574f60d","block_type":"box","text":",","page_number":58,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"f60c496a-9b31-4daf-8c00-92cd1887327b","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":58,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"30a8f19c-436b-4013-b12d-25a6b41096de","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":58,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"587df248-b434-4e16-b830-955a5e52165d","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":58,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"5c470772-6729-4355-a5d5-1e5eacc0e7e1","block_type":"box","text":"obligations under the structured note.","page_number":58,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"e5124701-d393-47b8-82c1-6069ff078e29","block_type":"box","text":"Convertible Securities.","page_number":58,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"db985a59-e088-481b-b6b4-f8ae124fb319","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":58,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"b127c16e-208a-4535-90d0-fa9492a735bd","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":58,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"ed5ac46a-2bfb-4765-add9-4d13c8409f65","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":58,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"7897f469-3e65-4c15-b138-3bbb04352461","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":58,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"d29612e3-f3c0-4ec8-ab54-1ce5c2f9f215","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":58,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"cb840f1c-593e-462b-be57-f7a5daa3f361","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":58,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"676c02ca-1d98-4a9e-a14f-51fdecc1f563","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":58,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"ab33fd32-d728-4a0d-98a1-b7ed3926583f","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":58,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"05e4c4cd-923b-4630-ac8c-0bb7e213a474","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":58,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"86eda186-e491-414f-8cbd-b917f14a9331","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":58,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"3805ddf1-80ba-4146-9f59-ac6426f96021","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":58,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"9a5857b6-53b8-41fe-9eba-4e0cdec1cb51","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":58,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"28de49ac-6c17-4795-8224-15508b85cf6d","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":58,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"2a679883-2f9d-4d17-9bcb-14b051d133da","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":58,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"d7a4834e-c428-4542-bc53-0904605308a6","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":58,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"98ee8610-4681-4f00-afed-4fb637aabcbd","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":58,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"e17c6f8c-01ab-4540-8ebf-5d6859b3f901","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":58,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"6be2246f-b5f0-48bb-8a56-d2a9c5cb0301","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":58,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"3efb8ecd-6d81-461e-b451-8ee2ac84e37c","block_type":"box","text":"II-5","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"459a7cee-578e-470d-9c2b-f6a5dd3946f8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9294cb6-6ddc-474e-865b-2b887c2c2d63","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":59,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"d5fee1ef-2825-4bfa-bbbd-49089e18e59f","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":59,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"64f2911f-ba5b-4c60-8647-b0aa898e20c6","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":59,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"6d80e20b-a74a-4c69-bd02-94479352e2a0","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":59,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"d3752adc-0095-467b-9d15-81092ca389cf","block_type":"box","text":"things.","page_number":59,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"522d97f2-a8e3-4176-ba5b-d4eedca33c9d","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":59,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"10ff70e8-b7d5-401e-a168-bcdd40d29d83","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":59,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"29637f1f-9acb-44e5-acbc-879e9afad366","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":59,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"8a03d87a-1618-44a1-a4c7-cf3349eedd34","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":59,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"9dfc36ed-b199-4e29-9ffd-f2edd6ac0f93","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":59,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"f61d0063-6632-4de6-a0c1-83d7b8539071","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":59,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"84d20847-54ee-4ebd-af8a-1fa48c1e8559","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":59,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"a4e43ff4-bd89-4601-8898-e137e7ff24ce","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":59,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"f9d1526a-bc81-40d7-ac06-e952b1c8a417","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":59,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"2d049fc2-8197-42aa-9f69-4c59988ec122","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":59,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"95cec907-5392-4d13-9bad-161eabdd8351","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":59,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"c8014c19-b7e8-4e53-bb9a-23a5d25a57f0","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":59,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"51854ab8-64dd-473b-85aa-bdd3a4d08fdd","block_type":"box","text":"i.e.","page_number":59,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"d6b6ce3b-bae7-4b9e-a303-87914944a969","block_type":"box","text":", strictly on the basis of its yield) is","page_number":59,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"7f781a37-4274-4c12-8c26-bfc2f098be0f","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":59,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"71d4aa75-6cc6-487e-baa6-e71ea95edc3b","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":59,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"fcd40371-a38c-4e82-b927-4e5f57b33fd6","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":59,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"5774c111-b34d-4ef9-85e5-25db9aba4c28","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":59,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"1097e101-292c-49be-9fe0-def0a8674313","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":59,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"10768ee2-eda3-4cad-bf1b-67d66c6920c7","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":59,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"620f33fd-9ff3-4e76-a74c-5628723a8d01","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":59,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"2280fedf-f154-4fae-a5ed-26c5e8ea1040","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":59,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"34c7336c-9a9f-4318-8167-e45125fc93e2","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":59,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"19ae3953-cd6f-4b1b-8d02-758965257152","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":59,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"cd426ebd-0c9c-47d7-be18-e445a5fddec1","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":59,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"7f623fb9-ce12-460f-9be8-1c276f97f05a","block_type":"box","text":"than the securities’ investment value.","page_number":59,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"d340e793-1c94-4290-bf6d-7420f42677d5","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":59,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"03d1dfac-7663-45cd-9e2e-a9ea36587312","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":59,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"dfcdeac7-ef49-4802-9f14-8ec9fd08b3bf","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":59,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"1f1c1b4a-8c8b-41aa-88f5-54c779d468cc","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":59,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"21334157-3f48-4531-bbc4-4d6be9a53d4a","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":59,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"cdf39c3e-7076-4b1c-8e6f-8a47d30f7e36","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":59,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"1c71e181-ec8d-4a1b-8ec1-014944d35b4e","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":59,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"3220091c-316b-44c6-a270-5276776e1b5d","block_type":"box","text":"security under cer tain circumstances.","page_number":59,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"0195e985-9eaf-4aed-9ed0-8d672888e302","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":59,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"ac06f847-fd80-41e1-9215-5143017840e3","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":59,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"1c2dc777-9988-488d-9dd5-fb4d5ea88995","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":59,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"7dd269c4-d3b7-4492-b017-892a42ad488a","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":59,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"78a7ad57-46ab-4553-bb69-89d8271223d0","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":59,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"5f98ec02-67d6-4417-9761-c4212e49d5b4","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":59,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"165b401c-0962-46db-ad9a-8f0af75c49af","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":59,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"550945c6-6ab1-4436-9e23-a336769776bb","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":59,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"8f1d5f74-52f2-4355-869b-ea8b8164b8f6","block_type":"box","text":"i.e.","page_number":59,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"31b56c77-6954-47ea-bba8-e0b8a2a1333b","block_type":"box","text":", fixed-income (“fixed","page_number":59,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"e804406c-2c1e-43eb-8202-06fb01a57cbb","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":59,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"65f00404-0833-4749-8598-2844f4152bf7","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":59,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"1b98658a-4b14-4f5a-992d-55a646f041ba","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":59,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"60205c5a-82d2-470b-905e-387063dddd76","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":59,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"30da07d2-646c-4b9b-8862-361b92d5c525","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":59,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"16fc05b1-7c52-4c5d-8a5d-d1add4884908","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":59,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"de333060-5ba3-4df9-94f0-53298a41ddd0","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":59,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"432db1d7-c83c-4b92-a364-f4b52cd3dcc1","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":59,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"788af10d-8bef-4046-9d3b-228ddfe03142","block_type":"box","text":"II-6","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f6b8ee12-e974-4dc0-8d89-92915b61edfa","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae9c1d34-3d71-4d4c-8e66-fd70ba6d7a46","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":60,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"8d01e669-02a4-44a0-a821-abc273e2b337","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":60,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"8ef16531-ab77-4701-b706-a751e6702c43","block_type":"box","text":"component.","page_number":60,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"a88ece34-9e82-424c-9139-269c2419c5b5","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":60,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"98f27879-724c-4155-80bf-7aef70ff9e20","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":60,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"9842c154-02ce-4266-ab4e-73f13a555d95","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":60,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"4701ee7b-2f32-40ef-9b8c-695bbe0c17f3","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":60,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"be7ab2a9-2e6e-490e-84ec-b148f772b09f","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":60,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"70f3cb2c-4533-42b6-85ff-784a4a99b96e","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":60,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"b0c95930-fa2c-4aee-a5fd-9dd1105896d8","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":60,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"a025337f-1934-4baf-a70e-8e9c84995de1","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":60,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"38e1b3a6-b849-4c46-ae87-659b02711757","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":60,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"9561067c-7d4e-424d-9849-b432f46854af","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":60,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"ca0f0e45-2a56-48f9-8f8f-5eff13b71fec","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":60,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"c92755ff-97ae-40c2-bb05-d98ee49a4846","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":60,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"482c3e51-f9a1-41f2-ae70-724846cbd1b9","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":60,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"a9e41acc-26d8-41f3-904a-aa396ea76fb0","block_type":"box","text":"favorable market conditions.","page_number":60,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"f481b70c-ae4c-48a9-b955-026afa0f0b80","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":60,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"7b5836c2-b08c-4a39-800c-7b7e0d9a52e3","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":60,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"6c08a197-1fbe-4872-90da-8966640c2571","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":60,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"0c1d24f1-081b-4e0b-b58b-87d651df569e","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":60,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"da698285-e16d-4f48-aa5b-cba0bd375e27","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":60,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"834f12c8-0caa-400c-bb9c-8cd444174a2b","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":60,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"591ee7c7-d296-4d2c-9f19-c9f5af1a3c92","block_type":"box","text":"Corporate Loans.","page_number":60,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"a5b3140d-8477-4d80-a4fe-f6889ea24b4c","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":60,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"93accecc-7625-4c08-a124-4dba14252a9b","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":60,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"d3709ad9-52f2-428a-a788-550a27628cb3","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":60,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"7ef9c43f-c361-46b5-8c49-eed445026e35","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":60,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"a6d3d7bd-8c24-443d-a858-4415716e6d20","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":60,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"8f8a6b52-c063-4f7d-8383-3d3ccb359400","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":60,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"4b4b7642-9ade-4693-900f-41cceb2539c3","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":60,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"ecdc7d6d-a9eb-4376-8091-40fbd7df1f65","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":60,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"aad3f219-9629-485b-9787-ef0b615d531f","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":60,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"06d2e347-cf6f-4632-b5c4-12de5006dd09","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":60,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"3f2f6a8c-f4f6-4367-bdd6-3c6a2abe5127","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":60,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"1275f4c4-771c-45e2-be2d-11dddd50f59d","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":60,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"8c44cc71-0d29-4d6c-815e-c08887f4fcc8","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":60,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"46d8df8e-e7a0-4b7a-9960-818d158ec243","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":60,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"2e57a661-2597-4f27-bd28-27f89b88db7c","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":60,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"1650c961-b5c8-4c48-b8ff-2301c2adcb6a","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":60,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"9ecc8eda-0ba7-45d1-9f54-aae4681ebde6","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":60,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"0c8967d7-3942-45cf-8852-4c1561b38bd5","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":60,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"0ebda4ff-8af4-4526-814e-f4b464d72550","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":60,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"eb41f5bf-70cd-4a88-9da4-feb29bc0c50a","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":60,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"b3a7ac2b-f2ff-426a-bbd2-a8c171a49f06","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":60,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"9bd648c3-1d88-4f6a-9d4b-2891d9b97f7e","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":60,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"22488be6-4a0d-4886-ba58-2f2198fe0148","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":60,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"488fd5a9-31d6-4b5e-a76e-d06d0ba85c59","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":60,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"2de81ef1-4f1a-4ff4-b3a3-129b1591d784","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":60,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"cfc8a3ae-181a-4b3d-99b0-cc10264131eb","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":60,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"e8ff9328-0423-40a4-804b-deee4c7526a3","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":60,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"b1fa2c83-f8b1-42d0-a256-794dd3b9e43b","block_type":"box","text":"of the borrower.","page_number":60,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"e9726442-b7fa-49c6-8c90-274731ea82ca","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":60,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"af25036b-c527-4b0e-8daf-101c259b444f","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":60,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"c2c39d49-8164-4a64-ae1e-5487e23703ba","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":60,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"ee8725cc-f415-44c1-a7f2-fdf552d145fe","block_type":"box","text":"II-7","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"847384bb-f1cf-4152-96d1-3e1a9bb02cda","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2feaa103-19d8-4a24-ad01-6fb8d43718cf","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":61,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"29e6c42c-99da-4522-8045-ac8edce94682","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":61,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"e411f179-83e9-4388-9ab9-3758c6efc7e7","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":61,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"3abcccb1-6cc8-4d74-be3d-3157e45197b6","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":61,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"e6ec6063-e7a8-41bd-b2c8-3089195de071","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":61,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"a7c54d23-6354-4fa6-873b-1cc82deac4d0","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":61,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"6547b34a-512e-45ad-8909-919e3f1a8c2e","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":61,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"4ca46cf2-f688-45d8-aa0e-ff4b50bdbbcf","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":61,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"5750b559-1554-4e68-9503-043b588b1a0b","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":61,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"d81c1908-3717-41f5-b5e3-0db970c2032c","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":61,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"668aad18-41ea-4336-86c4-be5c77a75dcf","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":61,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"385ac637-005d-499a-bdd5-af04c18c10a2","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":61,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"965e144d-c099-4950-9eed-d027f9142068","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":61,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"9fe7964b-3495-4f2d-afc9-87c099605803","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":61,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"4db217a2-3063-44a4-a7b4-3e0315b33f6e","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":61,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"ddad2a09-2b76-4f76-9c8a-009f18d74ef0","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":61,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"7d613e06-2227-40cc-be44-50ae42040ec6","block_type":"box","text":"state law.","page_number":61,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"c20c6d7c-af17-4e61-a048-53a4804126d9","block_type":"box","text":"Direct Lending.","page_number":61,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"194ed915-fedf-4b3e-8546-8648ecd81d1f","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":61,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"a3f98f40-25ea-4655-8cb7-e2ee33bc3b49","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":61,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"e23e196b-abf8-4d1d-a05f-49956aa723bc","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":61,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"5defbeb0-cef8-4432-a371-5ddbcf111bf0","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":61,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"8519bbd0-7f26-4a08-b68d-cc3552a7b69b","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":61,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"4c97bd3a-9c4e-4b6e-a328-584ea24dcf2c","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":61,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"007e1635-f993-4797-9748-b68d249072f0","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":61,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"93e9f040-2563-4b8d-a56e-ec2b0b1fb59f","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":61,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"7fa7eb97-cb26-4f0b-a8bb-6fff0a594af1","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":61,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"2e862583-546e-4c81-8e3d-fd33a85f667f","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":61,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"b0ea4a5f-25e3-423e-8fe8-774c3733204f","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":61,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"72c3ac7b-e6ab-43e9-9930-c63488aaec91","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":61,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"fd7e07a9-9c57-4922-9d36-64f588675d85","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":61,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"217f27f0-b3e0-47a7-9be5-a5dd23615e39","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":61,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"f3750309-55cd-496d-a295-4df313374b77","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":61,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"29a5b1f3-9473-44f5-b2d3-a9841012e99a","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":61,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"c902f5b6-1a5d-4039-9c8e-5a9bcec45300","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":61,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"1638a789-f945-489c-b5c7-cd4cf6724a64","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":61,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"bb325adc-a5bc-4ca8-9070-27729b489fea","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":61,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"137c5fa7-13e2-4c3d-bc54-931470d91429","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":61,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"53a6ce5b-fcff-4d1d-a76f-32b8fa67dd93","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":61,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"045b1904-8065-45c2-8b14-625c23c81cb5","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":61,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"85f85c55-ed51-4dfc-9021-8f254ee7ad0e","block_type":"box","text":"Credit Linked Securities.","page_number":61,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"a8fa5dfd-5254-4dac-89c6-bdb25830b339","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":61,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"521fb170-4811-406a-bc19-8c9f24509ad3","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":61,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"e5350466-839a-4af3-bb4c-1d227f4cbc1a","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":61,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"a329325f-d305-4a4a-968b-2db0e7e463f0","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":61,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"e740ed20-da04-4525-81d1-d601b32e5e78","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":61,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"84ccc504-ec42-4dff-b26a-02f6583d782f","block_type":"box","text":"traditional income producing securities are not available.","page_number":61,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"ea18d5d0-00d1-4725-b1c4-78afa42a80dd","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":61,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"b98c14af-31cf-4e65-8b40-5efe4d6ac61c","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":61,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"3021843e-c267-4483-bd98-72095e6b185b","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":61,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"19e7ab9d-3a99-4109-91eb-1669bbf69516","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":61,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"dc673d2f-a8a0-4ee5-8966-cd339c262713","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":61,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"b027d0ab-ea16-4019-8002-5f35b01476fa","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":61,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"90955fe5-fc42-4f40-a270-9eee1ccda76e","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":61,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"a8bcfa2c-af57-45cc-b0d2-3df198db2529","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":61,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"58182903-f576-4b26-b804-3f1d0b18c4ae","block_type":"box","text":"II-8","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"6151241f-4e6f-459a-9902-694e04d177cf","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7400b95-81ae-4018-9bc1-00b0faa538c6","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":62,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"ccf09f22-3ba4-47f8-810a-f1859e42e98a","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":62,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"5133774b-00db-4a35-943e-61ad007bf418","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":62,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"25a3b7fb-0ba2-4f91-a866-c51cbff98d76","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":62,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"0ede009a-c9b7-4fcd-ba34-80064a2ee835","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":62,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"09a375e9-101a-496a-a22d-6b68919d82bd","block_type":"box","text":"investments.","page_number":62,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"b0de26d0-c0fa-49a0-8528-e36930bc4c41","block_type":"box","text":"Cyber Security Issues.","page_number":62,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"bcd2e502-9562-4d59-9f9d-825936655de8","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":62,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"bf734f4a-506d-486f-8144-2b36012d8d6d","block_type":"box","text":"Fund, Authorized Par ticipants, service providers and the relevant listing exchange are susceptible to operational,","page_number":62,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"eab4c07c-07de-474b-82a8-d10fb4291fa3","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":62,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"f3cbecd4-9512-4a76-97bb-189c6b9787a2","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":62,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"daa94a93-4cf6-4102-a91b-b449aa549655","block_type":"box","text":"e.g.","page_number":62,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"9be57ff2-ec08-4efa-806a-9c18e0e2d10d","block_type":"box","text":", through","page_number":62,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"d6f29dd1-7616-4ca8-8f7e-67c243b320ab","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":62,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"c3d32664-9cd5-4fb6-90d5-4e1335e1d54f","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":62,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"d6efc1b6-3776-4d3e-a5a3-4912d425d82d","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":62,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"0936f15e-9b60-482f-b976-3d1cd50907bf","block_type":"box","text":"i.e.","page_number":62,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"5a550d42-2b62-414a-981b-7b6b192ef1f2","block_type":"box","text":", effor ts to make network","page_number":62,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"2fa27955-b7a7-49ba-8c14-864b54b6f92f","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":62,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"e2bcff10-f1d6-4998-882c-a3b3b4e972c8","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":62,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"9a11bf9c-143d-484e-a9d1-cc6ded00861a","block_type":"box","text":"and administrators), market makers, Authorized Par ticipants or the issuers of securities in which the Funds invest,","page_number":62,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"0e50dd23-9eba-4b41-93a2-bf43d88b6c1d","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":62,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"12ac48a9-8f3a-43a0-ba60-145d52c2f50a","block_type":"box","text":"inter ference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":62,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"dfb04957-7a62-44bb-a87b-930633e3a01f","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":62,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"113c5180-63f4-4d47-89af-c002517bc3cf","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":62,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"a32ccba5-57e5-4551-9b03-bcc8a950b9bf","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":62,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"b165e5fd-e381-41a8-ac35-5a72033f5dc5","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":62,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"14b93196-c43d-4bbe-84b9-724542964d79","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":62,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"dac06372-5178-45de-a030-b8a572d6c79c","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that cer tain risks have not been","page_number":62,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"1c962fa7-de53-48b2-b7f9-4099dd51e0e0","block_type":"box","text":"identified. Fur thermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":62,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"cae2a59f-e419-4f69-9ac6-80ed782a1d08","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Par ticipants. The Funds","page_number":62,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"04facb6d-8390-4d65-a0b4-070d34026299","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":62,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"bce3c640-26ce-4ec0-8b42-a0787c06c437","block_type":"box","text":"Debt Securities.","page_number":62,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"54ec75ce-376f-4788-9b80-249ac65fccc6","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":62,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"dfbb6f93-9cc8-4418-bf80-b7fb5e3cd4fa","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":62,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"45a6d79e-136f-4102-98a4-e5fe2ce8163d","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":62,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"dfd40940-66cd-47fa-8840-19f56efff939","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":62,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"b90f4e8c-1609-4bf3-8953-8ca5ce39b26b","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":62,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"0280ca14-610f-4c5f-bee5-0c0be20559c2","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":62,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"360f603a-c38c-426f-bf2c-40dac3181dfc","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":62,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"ef6021a9-bf5f-4f0c-9a9e-fedd64faa597","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":62,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"159beb48-b1b7-4844-ba92-4543424ae3ef","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":62,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"44c4d461-3518-4c08-b794-d4f5a2678d8e","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":62,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"e5b38ef3-543c-4117-a415-498e995f1a4b","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":62,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"66e489c1-f121-427e-b80c-d90450cc3934","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":62,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"11182615-a55d-4d1d-a0c5-9888c8df28c2","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":62,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"4d2af46d-c7f2-4ba6-a3a0-40996b901dc3","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":62,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"725e7a8a-dbd3-4d41-b0e4-1fbd12d45e23","block_type":"box","text":"lose value. This is known as extension risk.","page_number":62,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"47ec2f80-926e-45ee-bc28-a3da9d0d9d53","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":62,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"717d9b58-449d-4ae3-a5b7-a3c23c20389d","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":62,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"b4c810dd-975f-4830-b1a9-acf93e68cc7c","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":62,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"6656da91-6ddb-477a-9da5-13cc3f9ece83","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":62,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"adf62e83-0b15-48e9-aaf5-3ebe434745ac","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":62,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"58eafa44-0494-474f-9cdf-a8bcb130e854","block_type":"box","text":"Floating and Variable Rate Securities","page_number":62,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"addf8f6e-5671-4823-9d37-54e79938d28e","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":62,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"f48efeac-8323-4eda-a245-6217031a9bec","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":62,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"e660132f-f45e-4e2d-bd2f-505b99784af7","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":62,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"82ca1940-ef5c-4918-b4e6-c78951897da1","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":62,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"b9b6be2d-1b98-4cb4-bb50-b3d6549ebf7e","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":62,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"134c899a-cc53-4f0c-9528-68a32fcd1b30","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":62,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"1aea9d37-3dd3-4241-a5b0-e0eff741e17b","block_type":"box","text":"market interest rates.","page_number":62,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"156defa0-d09e-438e-ae80-1c9bac72b790","block_type":"box","text":"II-9","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f560706f-9d4f-4efb-864b-cc7ecbc493a4","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec9bffbb-1d80-467b-abac-8d8d671081f1","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":63,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"de05f10f-bf5c-4d2d-b17f-5961ec85a9eb","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":63,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"e581d9ac-5e03-4ff8-b756-9880138dedb3","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":63,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"f1cb287e-3722-45b0-be29-5adcb1632761","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":63,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"9af05c9f-56ce-40df-b866-2346270c6d67","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":63,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"94aca802-5e49-4c62-8e38-c6e9f0b846e7","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":63,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"92e7c108-5fbc-44cb-8ca1-1a13e69d75ac","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":63,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"d1271c03-a6e2-435b-8e5b-7122aca2feab","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":63,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"64be4e54-6153-4633-970f-fe5f5b4a4375","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":63,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"9cd7834e-2cc0-4bca-81c9-431cf99a61c3","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":63,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"c3878d7e-c328-406e-9b80-bf386a829e7a","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":63,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"604e1b2a-b9b7-4cd1-b9c2-598ab8a6353c","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":63,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"7cfab5c0-f27c-49dd-b3c7-789df140eef5","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":63,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"b01fd7ce-ad68-4265-9628-b88f521fd240","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":63,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"8e3e9d97-e499-41e6-b317-b753ab175337","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":63,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"036d7aa4-bbe9-41f5-b6be-a53e2c8e2d68","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":63,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"b3faf175-3172-490c-826a-98548ccf74dc","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":63,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"32b5de36-81c6-4ef5-bd6a-8b8e7eec54da","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":63,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"1a92e029-ca7a-47e5-855c-62e7e956c834","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":63,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"aee2b30e-6016-4aa2-bf0e-ec69d74ecf8a","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":63,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"224da639-9b02-4477-b69f-a1cc45591cdd","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":63,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"0c5a2479-ca41-445a-be59-9a5b44c37734","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":63,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"0b1fb9a3-6e68-4fd7-938c-374254743cd6","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":63,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"41da2fcc-0f86-43f8-a722-9cbd8e796d74","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":63,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"a0929dc7-a009-44c4-ab8b-6ac3106e1644","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":63,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"292fcf9d-5884-499a-850c-19603cba97b4","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":63,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"05a8cd31-7566-470c-b73a-a1a8809af240","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":63,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"e23455de-5116-415f-b69a-66508a8c1b5b","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":63,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"0c8ee58a-5a23-444b-8e27-da380e9809e5","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":63,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"0e9e045c-05e3-4164-80be-477b0fd71067","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":63,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"a7818da0-2a27-4391-9bed-7f974ab3af14","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":63,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"68a50df8-3201-413b-a57e-197e56834571","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":63,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"c18a21b6-f533-4473-a203-034ad54876d8","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":63,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"33cc68e1-5d2e-46ff-be93-ea31d96a47c6","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":63,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"d480fe28-2520-4511-9b2a-3754b0eabc67","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":63,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"ec149d62-609c-49b3-a673-9e3735b1a54c","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":63,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"0c1af868-724e-4eea-8fd5-a3facc697c1f","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":63,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"d8ae187b-05dc-4ec0-bc0c-99e340084465","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":63,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"fa26f8df-1475-4532-a6f4-4aedfaccf9ad","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":63,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"d7ed371a-4f47-4b41-9d29-14f4d8d82e8a","block_type":"box","text":"United States.","page_number":63,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"ada075cc-4418-4411-a936-cc92b7a82f87","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":63,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"9fd5ebd4-0ba4-4cf8-b0ed-71ff5b2bacfc","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":63,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"81090f57-2b35-4176-a417-004fe2ac034e","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":63,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"1a53ed17-8775-492d-b4f1-bd5446ec9766","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":63,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"e95882ee-802f-4a25-98aa-3fc15f4c8284","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":63,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"186b72fb-9c45-4db0-99c0-d80b942db6fc","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":63,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"181cde10-1184-4aa2-987c-7680e85cbea6","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":63,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"ac949126-3cd8-47ca-8ec6-d17552dbe91e","block_type":"box","text":"i.e.","page_number":63,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"1be9f65a-6702-4022-8f39-7006bb14763d","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":63,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"7dc77159-0db7-4d57-89a5-20bbf2877d99","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":63,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"fddcf3cd-6b18-4a1e-a07e-0e5c0084bc66","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":63,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"97406849-d015-48f2-b85a-4c3f915c575c","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":63,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"7864d01b-5bd5-4197-8a46-c80684699a91","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":63,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"5e51f500-079d-4aad-8989-f26392ca48e5","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":63,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"8de08517-a5a7-4509-99c2-badf1ff5ba13","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":63,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"846068f6-a853-4674-9c8f-3768405a1851","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":63,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"ec52293c-9176-464a-b505-4c0c08a8ad8a","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":63,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"908e334d-9ff9-4126-94cf-ae1d5cea3de5","block_type":"box","text":"II-10","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc1fe2db-1445-4118-bfd3-03bb83415d95","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b60a1d1-deba-4bb5-976a-a336049a876b","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":64,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"2c0e1476-bd75-4425-a00d-bc4cdb14af0d","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":64,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"caa7c7a3-9d30-478c-b670-2d59e5b35df8","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":64,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"9029ac2a-e326-44fa-8dc8-43407802fdb0","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":64,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"f30bd654-5698-4be7-8203-5067d4052f28","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":64,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"35aa385f-b28d-4145-b133-8edbe2c6b659","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":64,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"9ba10034-4d77-443f-bce6-619353ead939","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":64,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"da77c27b-c88b-4caa-891b-09d2baee0062","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":64,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"979bc462-a87b-49e9-b489-574903780934","block_type":"box","text":"risk than higher rated securities.","page_number":64,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"dc748172-5fd3-423d-b742-4460e0c2ccf1","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":64,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"1b10ae8a-50ae-4938-b6a2-db1a2befb5ab","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"fa02de6f-2169-4070-b164-2e6696b172f2","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":64,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"f9249d12-4243-4719-8211-99180f67b011","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":64,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"59b8cc08-bb2c-4486-8fc2-91192a2e0030","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":64,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"e76f4cf0-4993-4bef-b6c2-7d29f6f79a04","block_type":"box","text":"unavailability of additional financing.","page_number":64,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"6eaa2548-b8ae-4adb-b1b0-84539f519e6e","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"e40f0105-b30f-4cf3-99ef-aa6f079a2caa","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":64,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"3ebbe440-40cb-49d2-a6cf-1c2765862abc","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":64,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"67d618e9-3af4-43df-bd60-c583f7bee53e","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":64,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"a3c9537b-bfd1-4c35-ad47-11116c4b8272","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":64,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"6065f131-8b0b-410d-8934-b02e5ff6d56c","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":64,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"0c963d36-2ed9-4ff7-ba3d-88ad2b239dfc","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"83dcccd6-45ec-42f9-8748-c38f70b3d1e2","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":64,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"3879168e-5cb6-4f1b-82d7-d0dc0b5615dc","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":64,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"ddd74adc-ef09-4737-8fdf-c14b6bd9e573","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":64,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"41f53bad-9377-4632-bf09-76184fd591d7","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":64,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"83ceab0a-8778-47b5-93d9-da0da62b5e6b","block_type":"box","text":"investors in higher rated securities.","page_number":64,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"3abda9a6-5586-4544-b984-eb34fcbf5d7f","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"646e3477-2654-4949-96a8-285944dfb9e6","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":64,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"e45286cb-ddc1-4e2f-8726-b6c02379f08e","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":64,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"e87be5ae-f709-49a0-b026-51286a704f2e","block_type":"box","text":"lower yields and may lose income.","page_number":64,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"16a0e2b3-3ae1-4224-a23b-a1957a72376f","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"6fe53794-04a3-42dd-b4eb-5239c56dbcbf","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":64,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"a1ed4012-4b8c-47a6-b2ea-1c29e08bc0c6","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":64,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"4e7dff51-1301-4d88-9138-0ebb50b726a2","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"5c4db03b-54ef-443d-935f-d95b2471cb73","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":64,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"ee233bf4-e4bc-4a12-9da6-3752b93bcda2","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":64,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"4001f1ef-7363-4220-bbd2-9048c816156d","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":64,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"e1207c20-9d84-4263-af5e-d7e4058a5bbf","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":64,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"2683fb74-347e-498a-9999-0b532a2a2de9","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":64,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"d72d5bb4-fc36-40e2-9b5b-43c1236c05e1","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":64,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"efe3b6af-cb0e-49f8-b243-b5a40f64e502","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":64,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"3bc09002-c707-4758-8678-627b48c1d870","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"acecee75-0b9c-437f-be52-0a0cd3e93fe5","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":64,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"26b13c78-421c-49bb-af41-3f69b9bfb2fd","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":64,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"8bb70213-759b-4166-8c23-9da2722b1a0e","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":64,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"1ace3c6c-0f8d-4be4-aad5-59953b45da4a","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":64,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"0c50b0d1-7177-4f54-87ea-4b2c07d2c58d","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":64,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"243b921e-a369-4fa5-bda4-d1896f34f05b","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":64,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"7c76fb5d-958a-4604-ad0d-d32d616c8142","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":64,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"26ddb51b-d345-4f44-a7e9-9c0104b0ce73","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":64,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"449e36a3-7c93-487c-9901-e831b2aea207","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":64,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"839a530d-936a-47fc-9ef7-3e8850c9c9cc","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":64,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"c6225526-5bb9-4be9-b0c3-4420fa1f3757","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":64,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"7bc69cb8-4ebf-4bb8-8a55-1b010d86f452","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":64,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"1e0d5cd8-a3bd-40ef-b14c-e3a9cd2fbfbd","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":64,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"53de7c52-4150-4124-a3f3-dfd8b93ced32","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":64,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"5fe364dc-b00c-4a4f-884c-fe1143b71fc7","block_type":"box","text":"role in determining such valuations.","page_number":64,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"44cbd885-5eab-4f52-8684-0ea82470762a","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"565dc702-2e61-4904-95aa-470b1c1eff76","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":64,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"201d32d2-c0e7-42f9-88a4-1ed02f4bbf0f","block_type":"box","text":"a defaulting issuer.","page_number":64,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"a5cf6649-feb1-40d6-a580-4e92e37150bd","block_type":"box","text":"II-11","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"87379ad6-97f2-4096-8ce7-c5031b01865b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"812001e2-c9d5-427e-bb3a-535ae6d1c48b","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"34a6e46e-0fa0-402f-81e3-feae971a7302","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":65,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"8e0e92a2-4d5f-46ad-b0c8-57dea9743b2a","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":65,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"52e56480-5ce1-4c13-84e8-72e78776c324","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":65,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"4bbc491a-b3b2-4c9b-9a7d-4f148485636c","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":65,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"7b9efcc7-e48c-4d1c-90f8-e42fab9f0fce","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":65,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"dbce8c60-d08f-45fb-9d52-72039e23ecaf","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":65,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"cb2b6365-b90a-4ba2-a9ec-68c75a359809","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":65,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"719c04d0-ed33-41a9-b9fa-60052cf9e4dc","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":65,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"70225d73-b84d-4e8d-b02c-dbc524bfe945","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"5407c3df-d7df-4f1c-95b8-991f690dbfbf","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":65,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"5f112bff-d36f-4712-866f-5a094c1b6934","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":65,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"930a777b-966c-479c-a228-3039ecc6b5f2","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":65,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"c3e32b64-ee08-43ec-97ce-8bd85b1b43fa","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":65,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"d8dff785-c384-425c-9ec5-e54e62d1fea5","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":65,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"a22d5c8f-5f1b-447b-8b12-77687ac5748f","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":65,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"d0c02783-69fc-4a45-84cd-aa664879bf0d","block_type":"box","text":"higher-rated securities.","page_number":65,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"9da5f980-00e3-47fa-b0ca-4ccff564a4ff","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":65,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"a3842c3f-1a54-4ce5-818d-1207ecd60a60","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":65,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"bc2d499f-5c30-4939-b6d3-0bfaf0ed355c","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":65,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"ecef8ed5-c089-4744-ae79-ccc351a286cb","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":65,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"0301d962-b564-4e04-a11d-dcf0e0db5bda","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":65,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"7639a849-736e-434a-8b77-7d041083605a","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":65,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"72c5dbd8-caca-4bca-8dc3-5c242fed6e36","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":65,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"61e021f7-0b79-412a-b2aa-e67d66be127b","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":65,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"dcbea436-1593-4d79-bb39-5930db1357ab","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":65,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"3d208bb0-b781-4b31-920b-1593d23948ad","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":65,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"ccc706f4-9515-42f4-bdf2-72f87462df83","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":65,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"e08e22cc-9fa8-4a95-90b1-c33c1da34729","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":65,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"1aacf9df-f7e1-47de-9066-c90141d2eb4d","block_type":"box","text":"Mezzanine Investments.","page_number":65,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"44d6b7a6-d1c1-4ff0-b8a5-c4530e305de0","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":65,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"d6afde80-4066-4d0d-94c2-4eeedfbf2f0e","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":65,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"c9e8c822-ea5b-43cc-8579-d3f79271498c","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":65,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"0a5b864e-2400-4120-96d0-69b5fade5bc4","block_type":"box","text":"e.g.","page_number":65,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"ff0adfcd-e954-4222-94a8-4d87633b47d1","block_type":"box","text":", with","page_number":65,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"5d9cd56d-30c4-43cb-a6bd-f917d59fbc2f","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":65,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"c69dc320-2e93-4f01-9c37-e6c20975ff5e","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":65,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"045d5ad6-07df-4b0f-b401-40da370e2950","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":65,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"4a852afd-1642-46a4-b782-3c0c05dd8ac4","block_type":"box","text":"other obligations of the issuer.","page_number":65,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"3a167fba-a235-4046-ae91-e32cdf10ce3c","block_type":"box","text":"Pay-in-kind Bonds.","page_number":65,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"e9e9e030-f672-4c47-8e37-920d3ef70061","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":65,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"b53bbab6-2536-4586-8f23-277ad27a7540","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":65,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"09a14e80-bdf4-4bba-b8cc-342764e353d6","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":65,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"397a6dca-693d-45a0-8b07-7c6a46e7f8d4","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":65,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"14fb2555-6290-41a4-96d1-27fd959b43df","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":65,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"3bce91b3-0a2d-4078-a576-9ca24c5ae6b7","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":65,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"be9e7725-57ba-48b7-9a5a-bc0df35d2e42","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":65,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"914ceaf1-1879-46f3-bf0a-40b534ae1bfe","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":65,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"0587e18d-d3af-49b7-8b88-c62905e2100f","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":65,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"e99abc99-3b73-407f-ab60-09496b486949","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":65,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"41bf7401-fe40-4219-9cb7-c47441f21437","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":65,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"a566bd4e-5ff6-4875-a21a-e2a2f241d03b","block_type":"box","text":"Supranational Entities.","page_number":65,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"6a8ca5a9-6346-4ff0-8dfc-401e2fe036fb","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":65,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"c7c835a4-79c4-4f55-92c0-4e03c4d24d35","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":65,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"48ff1a1a-29d7-4b4c-9909-a5fde334c600","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":65,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"d14ae833-0a11-44cf-98ef-580acd134e93","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":65,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"8afde959-84ea-4898-a0e6-ecb961f2bb8c","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":65,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"a9e22586-979f-43a5-8c29-ce194c03db55","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":65,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"474d40ff-c39c-4c53-8d98-207000d9744b","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":65,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"baed0faa-2fdd-46f7-93a0-d357e487adb7","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":65,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"f311e76f-228a-41db-bd0e-4c59f3ad0943","block_type":"box","text":"II-12","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83f18c98-3f21-44bd-86a8-272818c3f001","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c9622ca-781d-4f49-bbe4-1cc203c4e32b","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":66,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"0687761d-1280-4dee-9235-84b0c9da2a5a","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":66,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"5fa3553f-9e31-490c-98da-600de599b32a","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":66,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"3bbdec76-5812-4bec-8120-e9a2722a5f97","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":66,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"1e92135d-8d5d-4aed-a8a3-19125c9ed7de","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":66,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"ef982dce-cbf7-4c0c-a1f8-488252fc3301","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":66,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"9063454e-e2c7-4932-b69b-15306477b5f2","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":66,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"fbedbc0e-5708-4b81-898f-fe7b1a46c5fa","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":66,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"741e7a2d-398f-4315-ad9e-985cea46a311","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":66,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"85f9a67f-201c-48c4-a2a2-3040037f63b5","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":66,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"05221dcd-41a4-4a1b-a3b1-f636c4515613","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":66,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"ae2e70c8-f5c6-423d-81b5-255141213891","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":66,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"78e97676-7381-4254-968d-ce763942584d","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":66,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"f63f76e3-263d-4de8-9437-33115b979d5c","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":66,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"1e0a8eae-0c65-4463-a225-a42390c2a4e3","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":66,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"9a4bd5a3-fefd-4619-9c94-6cddfed8e873","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":66,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"deeae481-2de7-4794-a923-076b454c550d","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":66,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"122ebb1e-14b6-46a3-b1da-521289782f46","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":66,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"c7ce2897-30e2-416c-9b6b-507577d5a9fc","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":66,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"34b4fa70-0723-4a6e-b84b-ddce17d18841","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":66,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"700172ec-4af5-4995-bcc4-a5b26d0b5ecb","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":66,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"79c847d5-e659-4c0e-b0b5-17cba3f1fdbc","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":66,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"cb3a9fa9-2608-4390-924f-53205229cd5d","block_type":"box","text":"Derivatives.","page_number":66,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"6c5450de-3976-4063-bb92-eac772117e2f","block_type":"box","text":"General.","page_number":66,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"f06e4f92-eaab-4d09-9c39-ca9fb86ce7f7","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":66,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"a0863af6-bcdc-414a-af31-81dd970a8c31","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":66,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"ff13b893-43f0-4ca4-bc61-6b825f089674","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":66,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"9eb68bc4-8b11-41c1-bbdb-1503e7a4fce7","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":66,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"dd83888a-b62d-4085-87cc-67f66d9ef790","block_type":"box","text":"other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and shor t positions. Unless","page_number":66,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"2802771f-12a6-4522-aa43-16f0ce7f7ae9","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":66,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"0194abc6-79de-477c-bf7d-b0573c534191","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":66,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"34bea057-4f41-4f83-91eb-c5521e93e85c","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":66,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"f68d767c-4042-4c4a-a203-21c106458372","block_type":"box","text":"i.e.","page_number":66,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"383e1b39-ff53-45e5-9a15-e5dd5f27b40d","block_type":"box","text":", the payment obligations of","page_number":66,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"ff4cfc66-82e2-4b75-9b32-56b95852eed7","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":66,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"b658139f-5350-471a-a366-bb2821f85975","block_type":"box","text":"net amount of the two payment streams.","page_number":66,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"8ecfa6d4-1ed9-4908-89cf-85e62df7b817","block_type":"box","text":"Hedging.","page_number":66,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"f4b14ea6-a7dc-4a8f-8b36-89070f68d322","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":66,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"513f77d2-2b0a-419b-9807-c461828dde75","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":66,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"e0e90f43-ff0a-46a1-bbb1-995a00ad9dd4","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":66,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"a468edef-7186-45d0-bb1f-d0bb58e8f566","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":66,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"3896b4e3-276d-47ac-ac36-ad03444374ce","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":66,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"ad69e3e3-11e4-45d1-87ea-6c44a7490795","block_type":"box","text":"correlation risk,","page_number":66,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"a529adf0-d734-4ad1-9862-054b99bda6aa","block_type":"box","text":"i.e.","page_number":66,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"41d54307-8a4a-4a20-945b-2050f73dfe75","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":66,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"97c00a1b-b53f-4466-baea-5bf64d2d0c26","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":66,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"3d07cc95-e9b7-4659-ae15-f78943e1e0ae","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":66,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"e964bcb6-ffc6-42c9-83dc-ef8ad23dd059","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":66,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"928614b4-be46-4add-9ab3-e488f529b9b7","block_type":"box","text":"Speculation.","page_number":66,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"809dc7ce-30cc-48d5-889c-b3e2a5e9afd8","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":66,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"9b4cfd94-970a-4fc6-9bca-a0979d2d4194","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":66,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"1c25304a-684a-4c5c-937d-8329fc7cd5ed","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":66,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"20684022-169d-4d17-9205-69d574e04647","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":66,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"468a9dde-9f7a-4744-8094-1e86d38c0216","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":66,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"63f0ea34-829a-43de-95cf-f6dae179a2f0","block_type":"box","text":"Regulation of Derivatives.","page_number":66,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"8edc7c65-f67c-410d-81df-7143ed7f8812","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":66,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"ed7a5e9d-cb1c-40a5-b010-aa7a954e85b8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":66,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"5c79d226-372f-416a-bcb5-8b177360ad57","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":66,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"d074e7b3-8f75-4dc4-8261-86858671081b","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":66,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"17e61415-1bc8-4289-84b5-d5dc7756e05e","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":66,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"d5fd7d0d-e420-4f06-8994-aa28d0ce1a6e","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":66,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"d57c91eb-0ea0-4a82-9de0-6249d1aadda9","block_type":"box","text":"coverage”).","page_number":66,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"853ffb55-c4fb-45ff-a8ab-14370fa19389","block_type":"box","text":"II-13","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30ea7f0a-a934-4759-a3aa-fe1980f04536","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce6250b6-8c1e-49b3-be4a-793b2beb98bc","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":67,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"9404bfa4-f1cd-4370-9f98-63b0becd5aa2","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":67,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"785569f4-2c09-4e6b-97cc-ce44f0871a3e","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":67,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"cadb1f68-8608-4b06-aed4-b7228c11a975","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":67,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"0ccb8476-2f4b-48b6-8218-064985fea396","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":67,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"406df1c6-335a-49b7-bd42-6290f0f33316","block_type":"box","text":"financing transactions (","page_number":67,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"10ed7615-0744-413f-ac00-25befa9534f8","block_type":"box","text":"e.g.","page_number":67,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"efa1d895-1287-49bb-aa5d-369894affca5","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":67,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"cd06ab8b-a1f0-4b1b-8b49-a1b3a08dab02","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":67,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"2acef0f1-5ccd-45e2-96ee-1e58fdb5d3a5","block_type":"box","text":"securities (","page_number":67,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"f3722c59-7b45-4ab1-87d0-7c62cdc3bf74","block_type":"box","text":"e.g.","page_number":67,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"988b3591-613b-4c08-bfd3-922db0ea102f","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":67,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"83f4dfb1-d6b2-43d2-a3aa-e97d0506f02b","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":67,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"2cded830-a210-4b2d-bc9f-86474cb11d9a","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":67,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"c52bf99a-2183-4c41-8718-6120f6df9659","block_type":"box","text":"Commitments”).","page_number":67,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"eb9d459d-9c09-4d65-9ff9-8b19f15dc76c","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":67,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"17619534-3ad5-4888-8945-55d392c217c7","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":67,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"5a1eea4e-9cbd-46b7-937d-f12589a77ae2","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":67,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"f5e66319-02dd-497f-8b11-bbb57c2d925a","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":67,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"b392047f-2a6c-4f75-9795-9243324ce314","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":67,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"07dd0b21-052c-4308-b79f-9532ddf58c33","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":67,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"9c3c0abd-d8ea-4ee7-9282-36195dfdd29c","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":67,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"7ad98634-c30d-48a8-928c-03be3b11f2f6","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":67,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"1c8bcf85-f3e8-4696-9591-51babc6ce29b","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":67,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"a75d064f-4c20-4212-9995-85aad96d7f35","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":67,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"f041a80b-d738-4d2b-a015-c269b990d5d1","block_type":"box","text":"Dodd-Frank Regulations.","page_number":67,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"342a5fe1-f9eb-4096-8927-3b9bcaeadcf4","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":67,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"b4137254-231d-4a05-b43c-18e8f9c19821","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":67,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"826f7237-3a97-4932-b294-e645bbb6bf73","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":67,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"40be8bb6-1199-4839-9d91-5f33eae3b276","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":67,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"99bf7340-47e6-4386-8497-ccd283b25922","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":67,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"b13417e2-4a12-4c60-bf70-c6d4ddbcc841","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":67,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"f2ab8be1-69bf-4436-a0c6-29153642b52e","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":67,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"ba85d480-59c4-4dd1-84f5-e61239894050","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":67,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"cd3d9388-3fc3-4c41-aa3e-0123a63018d5","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":67,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"e8fa4882-eebc-4b38-a3df-c995d9fc82e4","block_type":"box","text":"requirements.","page_number":67,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"24101d44-e3f6-464d-87fb-66b21c676e08","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":67,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"0e44a2fc-1c58-4eb5-bb3b-3fe51590a45a","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":67,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"57e45914-5f96-4803-85f2-fe182831e2d9","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":67,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"d2153699-3350-4fa5-a5f7-c9cf592189bd","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":67,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"233ef992-cc95-43c9-b549-6f3f0289c715","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":67,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"5fe2736a-c1c7-4877-9aeb-6320a0f0f647","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":67,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"f18f9a6f-b349-4d98-82eb-0933eeefc3d8","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":67,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"eab5fc84-5238-4fc6-8185-3aacf663b216","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":67,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"40e5bf1f-32de-4ea0-a931-cc4ed79cba4f","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":67,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"d0b92418-b811-4256-a215-58f615b48a46","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":67,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"58eeae2f-7093-490b-8040-45ae0775fdcd","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":67,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"9c9b42a9-2fc4-44f9-ac4e-8cda21a7d3f8","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":67,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"87c09b24-51cc-4291-9e07-c2100c7007a3","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":67,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"766b31ea-48fa-44c2-b990-ee558ee88a1c","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":67,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"39078ce4-a563-4920-bc7d-c19043a25cee","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":67,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"3e7c4340-f879-4bbf-b142-3816a1fde531","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":67,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"06e48cca-7b0b-4f68-9bf6-70219b170436","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":67,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"1627ba8b-4653-4614-adc0-9fd1f85c11b7","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":67,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"4bc7d3f2-58ef-493f-8d92-fe87c05577b4","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":67,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"91a750bf-5951-446f-bf2a-066056c53733","block_type":"box","text":"member.","page_number":67,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"6a890fa1-fbc3-434e-84e4-3ad253169668","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":67,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"59c0a76f-8565-4f4c-add1-2ff1016b8f5c","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":67,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"3cd420a5-7b94-410b-badf-b4f6bc25e0f2","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":67,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"3ccce1b6-4653-4a22-af00-913e9094f296","block_type":"box","text":"II-14","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8cb948d2-978a-4c36-8889-2b3527f11248","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d2fc612-0d82-458a-92d5-86a8af6df655","block_type":"box","text":"clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on initial margin with","page_number":68,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"de108163-1aab-4b4b-834a-5b20f603966d","block_type":"box","text":"their clearing members, some por tion of the initial margin that is passed through to the clearinghouse does not","page_number":68,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"77265a3c-1405-4559-ad29-d7b7cfe27766","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":68,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"5d2a5b59-d3be-4a5b-9df7-7d6d5e885a0f","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":68,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"18b9388a-ff4e-40d3-ae4f-6dae31d5b802","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":68,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"a2217c86-a496-4f63-9c58-c50def789466","block_type":"box","text":"derivatives. Fur thermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":68,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"d82765ac-cb8d-4964-8fd6-41765b6557ea","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":68,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"81356ab2-a65f-439c-ae9e-4754a1e4aab2","block_type":"box","text":"derivatives bilaterally.","page_number":68,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"c02ae9c2-3604-458b-be31-5066c61b3afd","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":68,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"07c35797-9b53-4b24-a055-19c7d024592d","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":68,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"6ad37032-a87c-413b-8d5a-7d95c5f903af","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":68,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"37b64561-ccd8-466b-8e7a-b4648ccac67e","block_type":"box","text":"(other than cer tain money market funds) may not be posted as collateral under applicable regulations.","page_number":68,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"83942ddd-e49d-4a01-8168-1122f9f4fa68","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net shor t speculative","page_number":68,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"73e8a888-35e5-4f0f-90d2-dc29bb71bb8b","block_type":"box","text":"positions that any person may hold or control in any par ticular futures or options contracts traded on U.S.","page_number":68,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"81319ee4-b90a-4216-9ee7-446425ac0c66","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":68,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"027ad602-f51c-4240-9122-191c17d73ca9","block_type":"box","text":"agricultural commodities (","page_number":68,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"1e583fec-0f96-4d39-8a62-0540bae68bea","block_type":"box","text":"e.g.","page_number":68,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"bc5da730-8701-41b9-bdee-cba1d3349e59","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":68,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"0dd02d03-2a5a-4e86-83bc-20aad1bba39a","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":68,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"682b8a3d-b299-4c06-af15-dc8b4e61311c","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":68,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"165de5a2-0950-4d0c-9a28-6b770c58a191","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":68,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"503dbdb8-d7c4-441d-ae7a-6ed4423a527f","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":68,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"caa0dc96-fbdd-4a67-8064-2e64b0fc3141","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":68,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"cf127976-77a9-4144-b54c-2055ca987a10","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":68,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"8e922c8b-e0bb-4765-988e-12e044e3887f","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":68,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"60db8410-92e9-4f52-b104-cd611ecee382","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":68,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"67ed2da7-0ea7-4ac1-bf3a-f2448f95fe10","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":68,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"a23be215-e642-4b2e-9365-5133a8d0a9ab","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":68,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"b3e24895-95ee-4258-a1d6-42d0691ccaee","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":68,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"9546bb55-6adb-4912-9d64-b44c79cc629a","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":68,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"646fa790-6c71-43dd-a389-0da84a27a4d7","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":68,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"5e097cc0-0db0-470d-9728-d19fd7eb861e","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":68,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"7d4c638f-f7b3-4672-aa3c-b034826d0bc0","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":68,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"de92eb29-2c35-46b9-95fc-e0db3ba9dd85","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":68,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"f152aae9-5d09-447e-9d3e-00d4bf682fb6","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":68,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"22bf9aed-4b0f-46a4-8ba2-12afad8a7058","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":68,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"1df79a9d-8a42-4080-a1c4-d21de15ef654","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":68,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"f4a2cf1c-bb3a-4d6e-9226-71b582c632b0","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":68,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"7f3a7026-c005-45d2-bc4c-e643644f7dfb","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":68,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"f8422efc-e9cb-43df-8923-1d41314dd842","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":68,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"df84ad21-45d8-430c-bac6-8238576c851d","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":68,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"899168ff-fca3-4f7e-9ec3-4f7674cc3c48","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":68,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"f5362284-4b73-49ee-8a79-9894a215bf44","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":68,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"9d1a21ab-0a09-4003-9b9c-0313a5f5f698","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set for th a list of enumerated bona","page_number":68,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"9aab8772-4457-4ba8-ac5d-382c501eb899","block_type":"box","text":"fide hedges for which a market par ticipant is not required to request prior approval from the CFTC in order to hold a","page_number":68,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"cca28dd8-f837-4917-a8e8-dcce6126fbef","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market par ticipant holding an enumerated bona","page_number":68,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"e7adce87-5239-4d05-b699-2ef20a1d6815","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":68,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"cb0bcd58-3624-4a04-b27c-ab1b8690c761","block_type":"box","text":"non-enumerated bona fide hedge positions, a market par ticipant may request CFTC approval which must be granted","page_number":68,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"47bd7d13-5605-4872-9beb-1b2a36561403","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":68,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"db7b3dee-127e-4472-82dc-11b937c1cc8f","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":68,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"3fb8fb8d-01f2-4126-942f-4a41dbe2067f","block_type":"box","text":"the market par ticipant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":68,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"cca15ed7-6c50-4fba-ade7-887790e6ad4f","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":68,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"8b132ef4-4a3e-4b94-8411-c2e0512a265c","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":68,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"e9638218-fe52-4cbb-90c4-33c4c0d2cf43","block_type":"box","text":"restrict the ability of many market par ticipants to trade in the commodities markets to the same extent as they have","page_number":68,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"38af2e26-0cc3-4c04-856e-b084a51a7cbe","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":68,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"5c76e14b-6fb9-4e05-a47e-9537cc679edc","block_type":"box","text":"duration of positions available to market par ticipants, and increase costs in these markets, which could adversely","page_number":68,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"0c4ecf59-afbd-4f9d-935a-9c75388ace82","block_type":"box","text":"affect a Fund.","page_number":68,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"421d44c9-3d95-4a60-9c28-e916a4042624","block_type":"box","text":"II-15","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e77aba72-99de-4ebf-8a1e-f343d5f945f2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45e32a6f-9cdc-4894-82fb-d2524c184164","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":69,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"a7bb1034-d032-45de-8b39-a86a19764c37","block_type":"box","text":"market par ticipants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":69,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"50553ba1-f2da-4b1c-ba05-693e16e4f695","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market par ticipants are likely to be","page_number":69,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"b244bcb7-ba14-4d98-a2ad-0fcc675122c3","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":69,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"b2e5c3d1-fe09-4f5c-baec-44834f7da20b","block_type":"box","text":"affect a Fund’s returns.","page_number":69,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"28a26adc-c4cd-48a2-b380-5be1fe4c0f68","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":69,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"2f9e807d-7eea-4ad0-82e1-50b26c31cbbc","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":69,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"a23c2bb8-7cb6-4c0b-aa39-7b77ad06322d","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":69,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"4805df11-b3d2-42b4-8d1f-dbe5fcfaa644","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":69,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"e2191b4b-9f7f-4d3c-93bf-3f04922990a6","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":69,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"0e4c5025-e328-4a56-877c-0b19adc668fc","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":69,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"95d4c59e-4d9f-4c19-9920-0b499a0b94b5","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":69,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"a970d47b-324f-4660-adfc-c528e4444077","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":69,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"355d876b-0d36-49d8-8830-1a317bc2e7ac","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":69,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"51a77f4f-fcc6-4cee-834d-78fbc00b7d93","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":69,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"4c48a1d7-8993-4c81-b78c-e55afe589e54","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":69,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"e4825b78-3815-4bbd-a1f6-9ecdf13bf2d5","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":69,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"c85e394f-4791-494c-a28c-f0af552e453e","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":69,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"e11e0d52-5273-467a-b786-3dfd9041305e","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":69,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"d36a24d7-2100-467b-90f7-79b23df3fb00","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":69,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"b28a6122-07c0-47ca-ad93-51ef66340031","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":69,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"bdfcd397-2258-4d0d-9771-306dbd58c4a0","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":69,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"0d03bb3f-0c1b-4233-b982-c757757ca081","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":69,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"c19dde4e-e8de-4edb-b4ac-b715705f7f6b","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":69,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"f7de5b35-db5b-4156-bcf0-81b7e659daac","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":69,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"55079ade-b403-4c80-8180-10e9f890a111","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":69,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"84a171e3-b2df-4a3a-bac4-e36f2eda6018","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":69,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"f4de93be-5a95-4e40-85e1-500764ff72f0","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. It is possible that these new","page_number":69,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"b0c3adf7-8387-4494-af4f-efbb60e67c9a","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":69,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"4d766fdb-74b9-4fb5-b2e3-4bf53575d5c8","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":69,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"15da8ed1-1ca9-474d-98a8-2f8b67333ac4","block_type":"box","text":"received under such contracts.","page_number":69,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"98f0a55c-1086-4346-9e3a-19b57ba31f26","block_type":"box","text":"Risk Factors in Derivatives.","page_number":69,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"3c05711d-78f6-4b6a-bb43-2c3c8c802ce7","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":69,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"3a914a4a-4eb2-47be-8dbb-8d197310dcdd","block_type":"box","text":"Correlation Risk","page_number":69,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"30bdc0f0-f666-4158-9a1e-4fc6262a71f7","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":69,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"70c53b07-0e62-49e2-a5fb-bce23bb28d45","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":69,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"3a1d542f-750f-4c4b-a846-b72b4e56e0a1","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":69,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"3bbc9490-2e5f-4c82-93b3-285c8f72c09a","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":69,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"1c978b2d-35aa-4e0c-b303-2fc3d2aa4482","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":69,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"49f8eb1c-4226-4792-97de-e49c480ff7ac","block_type":"box","text":"Counterpar ty Risk","page_number":69,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"a6034350-5426-4007-a71e-3965d6c8168d","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":69,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"4993a5d0-3e15-4f85-9766-1dc66b258a73","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":69,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"e7b38d0c-fbb2-4b70-9c31-350ff76a331c","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":69,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"37668639-361c-4ba6-b59a-0cbc314e7c52","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":69,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"36df6477-509b-4387-838b-8ac7b62d1b94","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":69,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"c1971bfb-ac33-407e-b520-16046e12db8f","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":69,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"b126efd5-c9d3-44ff-8d7f-e6e1d78b3b6f","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":69,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"4b1dc526-9875-4b91-a684-5ec5ed82ae0d","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t.","page_number":69,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"0a123aec-24f3-4767-a9ed-3a5caabaac39","block_type":"box","text":"Credit Risk","page_number":69,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"1267d3f5-53f0-4ed9-bfa2-da340d826843","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":69,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"55a92ca8-b41f-4833-9212-e1c4b7a6e37f","block_type":"box","text":"honor its financial obligations.","page_number":69,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"68407cc5-b2c9-4e03-89be-ed41f1da2b74","block_type":"box","text":"Currency Risk","page_number":69,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"4e10eea3-2179-4be8-82bd-83d11104a35c","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":69,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"ffd1827c-a30b-4d7c-af3a-fa98135cca56","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":69,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"bb733aee-a72e-4015-b230-53dc76087004","block_type":"box","text":"Illiquidity Risk","page_number":69,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"9e9325a1-9372-4d3b-800a-d7bd8ba2d3f4","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":69,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"833a2483-7015-449a-89e8-779fff2e1b34","block_type":"box","text":"or at the price desired by the counterpar ty in connection with payments of margin, collateral, or settlement payments.","page_number":69,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"180592de-df9f-4220-9a53-a0896854b0c0","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":69,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"6d5f4850-39c3-4804-adaa-1868e8637ae6","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":69,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"be6586ea-5900-456a-948f-24c5a667ce20","block_type":"box","text":"II-16","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8c47211-c8c9-46c7-b4d2-dd227c76bcbd","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"919c8f44-d1bd-4edf-acdf-ec7841a32c3a","block_type":"box","text":"without incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve","page_number":70,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"0f347fea-eb23-491a-a167-87b7ab6c9883","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such","page_number":70,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"7e6e257d-0356-45d9-a22e-668ebf06e883","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":70,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"83055a21-2cd8-4561-9adc-6340f049e1c6","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":70,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"63298280-b7e8-4086-bcb7-c4976017ba28","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":70,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"4a81764a-2a7c-4f47-9314-156f124bd836","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":70,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"724f7c43-b28c-4561-9deb-768d408c6554","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":70,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"40263bed-d054-4842-8293-e2a1f4f60de7","block_type":"box","text":"supplies, the par ticipation of speculators, government regulation and intervention, and technical and operational or","page_number":70,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"510174f7-2b8c-4c76-a9a8-2a545d238538","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":70,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"5991c708-cc0a-4d7d-82a1-1f12d998e830","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":70,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"a8d18e79-f0ec-4427-9842-14e01ce6eb55","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":70,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"d5aa27bc-913b-4c4b-967a-d778cb806e9b","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":70,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"83ad7daf-a922-47e4-a57b-753b56344da5","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":70,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"acc15be4-003e-4d1f-ba80-587a861fc735","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":70,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"3322ba82-7a9b-4902-8a41-62d88fced048","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":70,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"751ac1eb-5aa7-49fd-bee7-1d226ebd955a","block_type":"box","text":"Fund has insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a","page_number":70,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"ba7c43e5-007c-4416-a786-14a7b3d928c9","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":70,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"478c4693-f5f9-4aee-954f-fe4089c53bd3","block_type":"box","text":"Index Risk","page_number":70,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"54826974-8ae6-4694-8c2c-23fab67ed419","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":70,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"159498ab-6008-45a1-a94d-67ee3c83d5fd","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":70,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"b8ca837a-487f-4470-97b3-9e96a305d744","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":70,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"01739ff0-3e8f-4ea0-8af2-a5c01c6e46bd","block_type":"box","text":"Legal Risk","page_number":70,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"054ea725-ffaf-40c2-90eb-30d58a6cdfe5","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":70,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"0d709e95-0f4b-4cff-9bff-b5390e51a5e6","block_type":"box","text":"or enforceability of a contract.","page_number":70,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"abf56cf9-5220-4160-bb75-ec28681afd69","block_type":"box","text":"Leverage Risk","page_number":70,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"a5cd73bf-331a-4c45-b371-f4bdf5557252","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":70,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"a20bcdc5-0b9b-4883-9c76-0e1c3a1aab89","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":70,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"e7e8583d-a6a6-4b02-a062-30a57793cc6f","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":70,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"8710a5be-3500-4e43-8522-b46345b7929c","block_type":"box","text":"Market Risk","page_number":70,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"8193664e-c9b5-4b49-94a9-16ab49f9f7a2","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":70,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"15b6c164-9acc-4c16-87e4-380f6635c8df","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":70,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"83e8a5df-f823-4b53-9574-da7d4a34337c","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":70,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"c928bf63-4f3e-49e5-9dc1-d7de5829e38c","block_type":"box","text":"affected.","page_number":70,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"88964be8-ae2a-4e72-8ca5-912db697d828","block_type":"box","text":"Operational Risk","page_number":70,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"d492ee25-203e-4ee2-ac7e-7d8f191e4a2c","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":70,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"f1b81bcf-6663-42fb-9a39-6b127e991682","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":70,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"7caa4613-1376-40f6-b538-1a26ba4d38f5","block_type":"box","text":"Valuation Risk","page_number":70,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"1a8865ff-1c66-43d1-b227-3039265f99b9","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":70,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"af78377c-c57d-460a-8122-9a37298a6901","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":70,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"977ebfd7-0ada-4086-a0b6-872f1564c067","block_type":"box","text":"complex instruments or quote prices for them.","page_number":70,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"2cd8fce6-27ab-4523-8bfe-ae2f601f6a2e","block_type":"box","text":"Volatility Risk","page_number":70,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"e9ef021e-187d-4526-8e9f-d47dc05a8131","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":70,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"a796b246-58e9-41a9-9086-dece82ce1288","block_type":"box","text":"Types of Derivatives Transactions.","page_number":70,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"63f661b8-7938-4636-a566-b2765f37a70d","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":70,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"82a1463e-c15c-4864-9876-3167312e4461","block_type":"box","text":"including the following:","page_number":70,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"1714bc5a-60b4-4d66-b912-700a1fcb7d41","block_type":"box","text":"Futures.","page_number":70,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"1084a52a-c698-437a-ae68-381471a66a0b","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":70,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"734606d6-2659-4253-9e61-39ce4cdc4ac1","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":70,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"ffcf7578-4aa5-4ddc-b8b1-23a334fe6028","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":70,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"760e4940-9675-4ace-a748-27e6951c80ba","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":70,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"3fe962ed-ac82-4d53-b1c9-9cbb7fac5e1e","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":70,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"d5b01aef-c5f1-4f7f-bad7-a5581eb19e37","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":70,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"39869496-b808-4194-8f0a-d304fd1c413d","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":70,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"ab35d07e-a93d-4e14-9648-3779c97762e5","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":70,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"ee36cb7b-044b-4a7b-a4e9-39b46dae23b8","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":70,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"65ff1e63-ff92-4e14-9738-bd462511fa80","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":70,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"29ba3bc8-a33d-4468-9cb9-6c35bfd38925","block_type":"box","text":"of the futures contract.","page_number":70,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"e41d2010-ca2c-459f-9e2f-cfdf64f2ef91","block_type":"box","text":"II-17","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d3acd11-48b8-45fb-81ff-d49227dc0829","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"766b663f-5ed1-420a-91b2-b0726ab34d51","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":71,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"97112ddd-89ee-48a8-8eb6-59dd23b35870","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":71,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"d1eb3890-ca7a-4b4c-a30d-4cb6d1846138","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":71,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"89e40255-14ce-4244-96a1-1b53cb830f3f","block_type":"box","text":"relating to the futures position.","page_number":71,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"fd2e3be8-af63-42c7-ae48-2bcc90c0ada3","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":71,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"812776e2-34c3-4e7a-b3b0-a1cdaeccf3b8","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":71,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"6bda5b37-0789-4723-98ae-8a585dcbff76","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":71,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"37bc54ad-569a-4942-8781-8905ca92072b","block_type":"box","text":"Regulations” above.","page_number":71,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"293dc918-ef66-441a-868c-31676a8a7cba","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":71,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"daf3f67f-19f4-492e-9006-00d2b47f85bb","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":71,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"7306a4e4-269d-40be-8f88-bc867a727bce","block_type":"box","text":"(","page_number":71,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"75d7fb3b-7b31-4850-8fd6-ca9ed5c07332","block_type":"box","text":"i.e.","page_number":71,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"e3856e1d-41cb-4c0a-a7ee-0d90c867a723","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":71,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"fc5b41ab-83e4-46c3-a12a-a95da6d407e2","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":71,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"815bb6b5-6363-4396-bc76-1c4568ed795a","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":71,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"d995b4be-6917-4b26-b028-4990ffa1036d","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":71,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"346b1b75-4dae-46c9-8d52-77505d074f3b","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":71,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"51d7cba9-8c2e-4de4-9b12-a39832bd44d5","block_type":"box","text":"Fund intends to purchase.","page_number":71,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"6086cbd2-c85e-4559-a65e-4cdaa9d13231","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":71,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"b129da09-5a6d-48fd-a381-af52ae7ba1da","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":71,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"79b1085e-4aae-4800-80da-b323fc8c70d8","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":71,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"72cc3873-3178-4f7d-ad78-40b355b2de1a","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":71,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"5a086c23-7723-49e8-aa47-6a0017688bb2","block_type":"box","text":"illiquidity.","page_number":71,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"b2b3d882-259d-48b7-b99a-76e270f1557a","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":71,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"97c58dd9-079e-4d8a-9400-5349ddd94bcb","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":71,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"bc9d837b-9267-423c-89df-daa84353d2a8","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":71,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"584d427d-3b79-46c3-9e79-c20f8d2a51b1","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":71,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"a3cf02ed-40ad-4eff-9496-144db427538c","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":71,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"a2aa399f-c666-4453-baea-24999a1e4971","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":71,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"1b91b735-1be9-4438-a62d-ee32088534e0","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":71,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"9c6d1b94-ee68-442a-bd06-4477d1edb7d7","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":71,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"d08c5980-e950-4411-b7d1-705e43f86cad","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":71,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"8cbe85c6-c20d-4708-85d1-0d04dbe4faa7","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":71,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"6d64704b-40e5-484f-a597-5a7e36b1ca9b","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":71,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"06a03605-263b-422e-b084-cc5c94f194a4","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":71,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"b1bf039b-4d69-4eae-b348-c5ccc8b135ff","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":71,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"5bfe2194-1c39-4f70-8a31-de0b08ff287b","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":71,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"5a878239-eadd-4818-9a3c-75942f660b71","block_type":"box","text":"Swap Agreements.","page_number":71,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"0f88d2f0-cc9d-425b-a1c7-b42c6b69b5ad","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":71,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"630394ec-d227-4660-b5ee-22290c9ffcd4","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":71,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"e9c18cae-1236-41bb-aaa0-d78f3ea79759","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":71,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"aee2eaa3-95d6-4f5d-baf3-f344c951eb83","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":71,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"d8e1094a-0605-4c21-b5ed-bb3a3a7f7f21","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":71,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"135cb1c4-c98c-479e-9d0c-f86bae3f5d13","block_type":"box","text":"a “notional amount,”","page_number":71,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"35755592-bf2c-491f-985c-c74dfed5cc84","block_type":"box","text":"e.g.","page_number":71,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"f7c6d94f-6ebf-4bc1-bc65-02e9c126246d","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":71,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"d27e1cea-bc14-4e21-81ff-e9029ad127e8","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":71,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"c24679a4-7f47-47fd-ae6f-ab25fc36e949","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":71,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"aebfd65b-1906-4f4c-ba1f-856c9b8118e7","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":71,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"8710c2e6-579b-4a0f-964c-a409780d0876","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":71,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"19c6034b-1c7f-478e-a1fe-a4e81b0476f3","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":71,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"eab7a5d1-aa32-48df-b787-0094775d0c96","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":71,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"9d8a38b1-4076-427c-8089-8a7ee789c79b","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":71,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"1a39f811-05f6-48d2-b265-1be187c39a8c","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":71,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"5e977645-7671-4a0a-bf10-135088b50da0","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":71,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"9f4dc67e-02f7-4064-a2b5-d9da44fd664d","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":71,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"172c42ab-7432-4f9e-af7c-dce1862e74a3","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":71,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"e5b90be1-a507-48de-af0e-8ed6977d87fa","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":71,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"7d70b7e9-5915-4995-b7c2-63852a9406ba","block_type":"box","text":"II-18","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7f4af58-da41-4887-b325-90fc643ddc56","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8019f453-1ac8-4c0d-b088-0688d23f9d40","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":72,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"ed9bb1bc-6325-4967-b0b7-76910d9009f2","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":72,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"1036a586-e7c5-49bb-8297-a2277065ad36","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":72,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"746dc6c3-8859-4b7a-a2c8-6481848af056","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":72,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"c0506e4b-f303-4739-b4fe-998b3c94c3e8","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":72,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"61bca012-b6a4-4a5a-bdc9-6da899b57eac","block_type":"box","text":"index CDS.","page_number":72,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"b2a2805c-f81b-47c3-bdc0-32c2b08484dc","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":72,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"666cd7d9-df1b-493d-81d4-1150f156867d","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":72,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"2557c119-9a5c-4080-ba82-6b6eb6ae4816","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":72,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"f7cebfea-3327-4a1e-b3cd-982656f56187","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":72,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"dea85fb0-f6ac-4da9-a6be-ef9fe49f952c","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":72,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"6f6517eb-0a78-4127-ad05-7454e3c8a58a","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":72,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"8086116e-0b91-46cd-a2e0-4966bad39d0d","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":72,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"02df003b-c758-49c6-8fbf-30e2c06658a8","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":72,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"2eb8e415-d459-42e9-86c1-2338852739a4","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":72,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"89c21330-75d3-41bb-8acd-e48b12fe8de2","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":72,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"2e8e6e74-6402-4819-a072-b8c746ddbd45","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":72,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"7df9773e-223f-489a-aeb4-b3736950dd65","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":72,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"38e0b9fe-d9dc-43b2-a427-2af84f4b93da","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":72,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"533ed0bc-885d-48cb-996f-34fcdef6f56b","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":72,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"4259d8f5-d46f-45f9-ae7b-5638a09e60bb","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":72,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"435b6b28-f21a-4fb3-847b-ddb481fc025b","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":72,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"a10246de-bd3e-4e41-9fa4-b4aafe7c799b","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":72,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"41b435e7-ac0d-4663-a74a-a9d22d0fa124","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":72,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"c9eb8a0e-7970-488b-bde2-52f6d1688a74","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":72,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"6ba5ab67-7b85-4354-a05c-12e7e193f970","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":72,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"5fcb2f5a-ce66-47e2-8459-08c9debbbffc","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":72,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"d65823e6-96b3-445f-abdc-e326706537e5","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":72,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"186f5317-c85c-46e2-8f34-7931538a24d9","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":72,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"327ac827-e642-46eb-be5b-730b86af15ef","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":72,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"45db4bd1-9d12-4373-9a93-8e1ea248501a","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":72,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"83d090d5-27e8-41b8-8dd3-4d3acb9dd88d","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":72,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"d78eee61-c114-4634-8ed7-618976403b97","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":72,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"0251d210-e338-43c7-af2f-9452db0428d3","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":72,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"efafeb51-c17b-45d6-bed0-daee96cc93a1","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":72,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"d89b5819-956d-4081-826e-c86e276e7d2d","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":72,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"84c19a28-6d9a-4ae7-a40b-2b106d0867b1","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":72,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"1d9c0fa8-809d-4667-9889-ab9b3515b9e2","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":72,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"11533697-b999-425f-82cb-bca14af781c2","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":72,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"25a535f7-e4e3-444d-b6bc-682308630839","block_type":"box","text":"conditions.","page_number":72,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"2fc3a44e-c903-4339-ae22-b5867ab284fa","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":72,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"cc5e30cc-2892-4738-b48a-f7b72860b667","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":72,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"2c5023e4-edc0-4fd6-b49f-e4f9d03f1d76","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":72,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"459bd4b1-64a2-44b4-a4bb-11b6722fc772","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":72,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"41401ffb-9de2-4753-a929-198d3f8576ec","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":72,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"95f613d6-82f3-4790-a679-0a8b81315bf0","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":72,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"424f6bcc-28c2-47b2-884c-ec5c4baeccb9","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":72,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"c57be588-c753-4322-b29f-14f858d213b6","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":72,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"b2fece95-2abf-4d3c-bed3-398c774a2eb1","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":72,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"092210c9-e8ec-411e-ad86-0bf72b66d9cc","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":72,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"383ccf0e-e7da-48f5-8f0c-3cf7f9a76c32","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":72,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"e3358031-88fc-4df7-9a61-6905f03135d9","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":72,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"85136975-fe30-4379-a452-dcb30b3e1af3","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":72,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"d82b3382-a385-4670-a4d7-f2f9124a9cf5","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":72,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"42363ecd-fd4a-4492-b8e5-a43b7fa67c13","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":72,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"66ed61bc-8c04-4468-8733-aa7ede9f1c18","block_type":"box","text":"II-19","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4cc23688-d87b-4dc9-b2f3-314e78c1f72b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c281c8b0-789c-4af5-8ba5-cee59ec86d08","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":73,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"7ec9e623-894c-48ea-bb0d-f3510dbc62a6","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":73,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"758d9987-c48a-4248-ba91-9b427f9b8f2a","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":73,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"449b0802-f772-4ce5-8fe7-a40a3209feb6","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":73,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"b8a23629-7327-4399-99f4-846a38d1c6f7","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"727c0833-d8a4-4884-99b5-4287cd83821b","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":73,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"89ad241e-40b4-4b3d-9ea1-b66a901b7cc8","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":73,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"67551e89-2756-45e2-b748-bc8e2ac09927","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":73,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"a49097a8-fd56-430f-b889-a46093294622","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":73,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"0ca874aa-1ff2-4684-b50a-6f56cf36ccb0","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":73,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"28e9d298-dded-4fd6-b5c4-d1132ab3e990","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":73,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"9bc52c6c-4756-4fa8-917c-af3c8feb6e6b","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":73,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"e018ace6-2545-40ab-88db-f9625e2e6580","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":73,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"3af63645-5849-4112-a30d-035aa3ca8039","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":73,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"a5f06d52-a00e-4e53-9fd6-0424c01ca134","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":73,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"3d237928-cff1-4582-a9ce-0ab52d36cbe8","block_type":"box","text":"cleared interest rate swaps.","page_number":73,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"b29fca7e-a0ac-4cc1-afd1-80fde5f713df","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":73,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"bea1021e-d05b-43d4-8c32-4a7f28770233","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":73,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"a6fcd6f0-ff81-4440-9f18-7344a35bf012","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":73,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"cf664129-4b69-419a-afef-ef02d853f911","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":73,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"bb54a449-fc32-4cf4-9093-f356e389a721","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":73,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"0a03bc17-ced1-4a99-b4ce-373008a1d8ab","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":73,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"64c45ff1-cbf8-42f3-9d8e-f7319ca4c83f","block_type":"box","text":"to enter into cer tain interest rate derivatives due to applicable income tax requirements.","page_number":73,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"c2f50ec8-c9d1-45de-91ad-c5723edc6496","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":73,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"4a49ed4d-499c-40a8-9b84-72063fc60ad2","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":73,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"c6e7793b-6431-4d85-ae1f-a63a042aca1b","block_type":"box","text":"or variable interest rate, index or asset.","page_number":73,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"92f11650-7bc9-4d99-b07d-b1431b20d3db","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":73,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"eabe152c-a2eb-4b6b-9755-728f18cec0bf","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":73,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"5d03b6ce-d7cc-4326-a46a-c5dfe2b6ab7a","block_type":"box","text":"such interest rate floor.","page_number":73,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"506e370d-a8b3-4b88-8876-bd365c7407f6","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":73,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"500f888c-29cc-49c0-827b-554e84fe7e38","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":73,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"d75da0de-07c9-4ee7-bab9-7cd5e3bd4603","block_type":"box","text":"such interest rate cap.","page_number":73,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"adcc9470-b15b-4c96-a252-25e756f070d2","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":73,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"66ca81a1-a2f8-4e1c-bc7b-9bb84c41c7d2","block_type":"box","text":"commitments to pay or receive interest,","page_number":73,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"c187721d-5ab0-44be-93a8-4ccf1b324c80","block_type":"box","text":"e.g.","page_number":73,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"d9473856-90b2-4f10-bfea-32b1d8b8db3d","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":73,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"6daba50d-966d-4f7a-923d-d0c354b755b9","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":73,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"9ce6c4ff-7aea-42fc-ba84-420d2746331a","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":73,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"9abff8e4-47fc-43e1-a3a4-dc243e902fd0","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":73,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"50c3d546-3f3c-4108-90d7-7e072242edfc","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":73,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"672e061a-6993-43a1-b730-22d3aa1651c1","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":73,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"0ef9a172-159b-4f34-93b8-7ca3d4e0b619","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":73,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"163f35ce-f4b0-469b-9ee2-264d28f95153","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":73,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"1c8426a5-14fc-4a6a-a312-6478292da01a","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":73,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"217cd867-3978-4e15-8274-339da6d338ad","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":73,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"c599f03c-c1b1-4361-8e3b-6ef6301ec466","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":73,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"c1adce14-e8d5-415c-af7d-6277a76264ee","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":73,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"54294fa9-80b6-4fc2-a8a9-09a2712211d6","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":73,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"ae4135d4-1214-4ce4-8579-471be54e185c","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"8e3779fa-f698-4a5b-a887-b91aac60de28","block_type":"box","text":"Total Return Swaps.","page_number":73,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"0d7f93c4-ec6c-4fd6-ae2b-f1660a2aa03b","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":73,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"a00242f2-e06b-4a49-9604-74ec46db2dd6","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":73,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"9b4002f3-0b7f-4897-9e69-dcebf7a6d8e8","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":73,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"baadefa6-16a9-40a1-bfe0-a9c2ec3efabb","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":73,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"39f992a2-5969-41f8-8d21-0183ce3c745f","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":73,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"361e9924-3067-46bf-a917-a0f0b2e60539","block_type":"box","text":"II-20","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b07d2e10-410a-4646-bb08-e1c5820f6486","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ac3c9c4-587f-4019-8387-801cec7fba62","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":74,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"50c3622a-92cf-4443-aac6-7361d51b4315","block_type":"box","text":"“contracts for difference.”","page_number":74,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"c7647069-6b4b-4901-a2ff-6855cb9b1034","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":74,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"510958fd-cb6b-4477-ad3a-d5e40368129e","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":74,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"5c7cca39-fd11-449a-b20f-2223917a8653","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":74,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"0f265dd1-7b81-4b13-8744-1f95bc510008","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":74,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"b230db7a-5f2e-4c26-9c35-a48d43037f07","block_type":"box","text":"the notional amount of the swap.","page_number":74,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"f3c9be95-e060-4756-b698-f6a990050ff9","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":74,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"d2361cfe-b305-40ca-a79d-760cf00c5acf","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":74,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"11a87a2b-32a2-4954-95ed-4a17a5b23565","block_type":"box","text":"Options.","page_number":74,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"90996f6a-62da-4e6f-abbc-288de9c69bb4","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":74,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"6f14fded-006a-4884-b746-d3946346cabc","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":74,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"4e1bd401-6865-4e4e-9be1-d8466b93c5fe","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":74,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"22bbff5a-e267-4945-b0f0-432bebdabe6a","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":74,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"3e9a59de-9b45-4354-b406-fcac92ed2f74","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":74,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"9f897c2e-fe65-4d55-905f-a94d2953d868","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":74,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"94f49e98-2299-460a-a65b-4b9bc2249748","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":74,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"839db042-5761-43f8-adf9-51c30062b3be","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":74,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"af1a60ad-1a59-4df4-8c5f-0449753acae7","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":74,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"42094658-afea-440f-b0f4-b23f1a21621e","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":74,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"90d9cfd3-080a-4068-a8cc-be8cd9d76b07","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":74,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"1fb61133-b14d-4e78-a25d-c462ce2477e8","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":74,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"9aa3aa74-3887-4d64-b7ac-272d44b49202","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":74,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"f7a433eb-b76b-492b-8535-5bc186f6249f","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":74,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"0c16c1e6-ec67-4fa8-a249-cd7892411b88","block_type":"box","text":"OTC markets.","page_number":74,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"bd7fefc1-2fb1-427f-a2e6-fd52c71ee84e","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":74,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"caf7a0db-9514-40f6-a9a5-41febad98f10","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":74,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"2960c7ce-e37c-400b-a3fa-dce07893ede2","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":74,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"97f8292e-2ff1-494b-bb16-6325c49e15bd","block_type":"box","text":"market for par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":74,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"a7ac8c10-c038-47ca-8c9a-74f240283c7d","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in cer tain options; restrictions may","page_number":74,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"a07d3029-5a59-479a-94ef-ae2219f5e20f","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":74,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"1e961925-56e2-4933-a6aa-483741499718","block_type":"box","text":"other restrictions may be imposed with respect to par ticular classes or series of options or underlying securities;","page_number":74,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"d0e217e0-61e2-4742-96e5-8147ae091bf4","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":74,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"e8a5a04d-d6da-49c6-8501-e5ff6a7627f8","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":74,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"967101cf-df29-4f5d-b80d-9602020320f5","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":74,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"cfced243-7c32-4b35-963e-78322bcbcddb","block_type":"box","text":"the trading of options (or a par ticular class or series of options), in which event the secondary market on that","page_number":74,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"10867900-e82e-494c-b824-21a13ef9aba2","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":74,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"93c5aa33-2199-4d2b-9686-a4d6c8986394","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":74,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"9f64d208-5e7d-4362-a2e0-9f435f512b6d","block_type":"box","text":"accordance with their terms.","page_number":74,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"9c8672da-4487-4e8d-8323-944a0748153d","block_type":"box","text":"Call Options.","page_number":74,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"84bbfa2a-6e57-4b20-a212-16f332f0309e","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":74,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"c15058fe-9e45-40c6-b039-10a9acbb02b1","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":74,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"c78142e9-1dae-4f3f-8d4e-c01374cb6db4","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":74,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"d9a0ad1a-f787-4297-b230-04c453db654a","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":74,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"eb1e49f6-a8b2-463e-b824-eb8168bdf222","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":74,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"9dd04ff2-5266-4e3d-bd44-0b0b6c6c7d70","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":74,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"0c577169-23ea-40c4-aac4-398a94028b21","block_type":"box","text":"of the option.","page_number":74,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"866ebb18-1204-493a-b271-012bcaa79520","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":74,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"1d0e295f-d242-4817-b651-18d01423a8eb","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":74,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"a8ca62c6-f720-4c1b-8e05-bc4fc2ebf01f","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":74,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"33f64996-d1dc-4146-9a57-d251aa18a146","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":74,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"92b8ed1a-0010-4613-a449-2a3d491eb963","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":74,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"e2ad13ee-9b1f-457d-b26b-539b52a40426","block_type":"box","text":"A Fund may write (","page_number":74,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"3143dd3e-e769-4a20-8837-4f08465fce0f","block_type":"box","text":"i.e.","page_number":74,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"06b71537-52ed-425e-bfb5-0dda923bb74a","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":74,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"e3d48d3c-6ed2-44f8-906e-34e4b410dc83","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":74,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"f7ff016e-16b5-45c0-a0ea-d8813478a3e1","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":74,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"6b26ba6d-86a9-4f7f-ba11-6fd97ccd5173","block_type":"box","text":"II-21","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16e5499e-511b-4ca3-a278-2c99499e9303","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"997e7f65-0af1-450f-8375-c68f81d49ee2","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":75,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"a208d19e-9866-4a8f-ab48-d47617a9608e","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":75,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"38b1530c-de76-4420-b313-3ca569d60ddb","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":75,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"ca85e827-aec6-4ac1-b264-c9075ad16fe2","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":75,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"e52b60a0-68da-46d1-932d-2aeaad4b29b8","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":75,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"bfa27cc3-613b-4947-b4c8-c7ab63519cee","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":75,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"d05bcabf-baed-498c-bfb7-5b7ca0ca21c5","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":75,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"44f2620d-431f-4124-bc1a-219839ee6d3c","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":75,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"af64160d-0ec6-45d4-88f6-7e0dbd884b77","block_type":"box","text":"A Fund may write","page_number":75,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"45881c54-f780-40ac-aba6-9e7f8aac6606","block_type":"box","text":"(i.e.","page_number":75,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"51d42468-9b9b-4590-9988-2ed3a90c4760","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":75,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"154ba4a7-e3f5-4cf0-a34a-528c354774b9","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":75,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"176b80d1-c133-4321-9c55-2075fa5a0f94","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":75,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"41dd71e3-e7b4-483a-95a5-f99b026c2bdc","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":75,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"4124f992-24b0-4198-8141-88bc063646f4","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":75,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"8fdbe49f-a050-4b59-947a-6f41911f5e47","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":75,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"d394e0a8-652b-4fbf-af24-da4fb917505f","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":75,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"ca7177a8-1cc4-425d-8c14-33a649a9d116","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":75,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"eb359cd8-06e2-4a88-9ead-290400898d58","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":75,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"0b315af5-bf16-49c3-8fdd-7b0f8b111968","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":75,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"e30fd4c3-817a-4ed3-bc5f-affdc1a709e3","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":75,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"ffdadd0e-9121-4dbf-afd7-0145b2a68dec","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":75,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"09494fc7-baa1-461a-8045-7c6ae7205bf7","block_type":"box","text":"Put Options.","page_number":75,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"b17d1761-2c0a-42ad-993a-0220598e90a9","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":75,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"557b7093-d512-46e3-bca7-ec0bb75a4836","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":75,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"fd864836-ebe8-446c-866d-3df2663b5ade","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":75,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"38f2e4c9-3a79-4a73-b816-a1f68f7ef669","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":75,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"d9286239-e40c-46e6-8d82-e9fb9e207882","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":75,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"5b481f04-d4a9-4880-a71e-edeead6c0d85","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":75,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"92f830f9-8428-4938-883e-bf9e9bf350b1","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":75,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"3f53580b-e55b-4700-8cb9-f5c94792df4a","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":75,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"fdfe5cb1-950d-4816-a89d-eeac850ac621","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":75,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"ac40c7ae-6226-4d56-94e3-3a93047ce5be","block_type":"box","text":"purchase uncovered put options.","page_number":75,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"e8d51a18-05fe-447e-bbb0-ee84a566d763","block_type":"box","text":"A Fund also may write (","page_number":75,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"7ec8ff78-4854-4542-81b5-6a940dff60ab","block_type":"box","text":"i.e.","page_number":75,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"e3ede254-0a1a-48e5-84e1-49cee38b1f65","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":75,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"4488e785-e4c0-45c4-b8e9-f51bb3075974","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":75,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"28bbbd22-550f-480a-83c9-2a2fffbb9ad7","block_type":"box","text":"A Fund also may write (","page_number":75,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"e6e00efe-6b14-4706-a4d0-6d94918ad88e","block_type":"box","text":"i.e.","page_number":75,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"5b8e0123-d2da-4a26-80c4-3fd3a6563ad1","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":75,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"9df12203-3062-48b3-a9c4-741f8ae94e85","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":75,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"e6ae07a2-bdec-4b1f-a869-a124d63759a9","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":75,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"e4313a61-b041-46c3-a41b-20656ae7f206","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":75,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"813122f5-3361-4597-812a-3516e0dae2f2","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":75,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"306eadc7-8e44-4f40-a71b-ccf5f0d8cb51","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":75,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"b6cd536d-7033-4e9c-a95b-8dab5e6bc9fd","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":75,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"dd8c6cad-6d87-49f6-81df-d12932a83f8a","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":75,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"b867330e-266c-4d3a-a7d3-76be9ae5d224","block_type":"box","text":"the exercise price.","page_number":75,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"ab85f64a-2706-4bef-b903-6e0ff8c37666","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":75,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"5499ebd2-4414-4d1e-bb7d-ed3ce3875069","block_type":"box","text":"The following information relates","page_number":75,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"6fabad5f-867a-4bc4-9453-888d7e366305","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":75,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"8c751802-5035-46c7-86f4-643e32772de7","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":75,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"119aaa81-4c6c-41de-942b-1dc24a2b9c30","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":75,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"00b29d9f-d968-4985-975c-0d8a0bb65241","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":75,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"aebc93cf-5bd8-4c23-812a-a479cea3b2c8","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":75,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"2c15e367-75d9-49b9-a547-e22e90afad34","block_type":"box","text":"market in order to maintain its “cover.”","page_number":75,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"d2d3114d-2fc3-4907-9736-380341bed330","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":75,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"8d8c6b71-df47-4e44-bedf-c94f5ab1dfce","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":75,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"99842153-b9f8-4d44-9ca6-c8ef700d860e","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":75,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"03c4a468-9a05-4091-bb61-ae60168b00f6","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":75,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"e7f6a413-8d94-429b-94c0-bd72a8972aa5","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":75,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"d6d59061-e5f0-4cb6-8b43-e1433226b2f2","block_type":"box","text":"and incur transaction costs.","page_number":75,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"93e0e76d-5f4a-464f-83d1-92f0a1e16dd8","block_type":"box","text":"II-22","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae72657c-d4c7-4357-9bb8-cc7a253098f5","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91713839-4157-4c1c-b143-6782b49dc02d","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":76,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"10512c5d-17bd-49c0-9db1-a7bbebb02d45","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":76,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"eab7034f-158b-4497-b0be-58f1da26f6fe","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":76,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"dce7e70c-0178-4d03-8d1c-777e2a81ca6a","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":76,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"54ac5bc3-7d32-4302-84bf-84f1a69174d2","block_type":"box","text":"i.e.","page_number":76,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"55514ebc-7204-46a4-bb60-f7476f897ad6","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":76,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"382b9a94-bde5-42a2-b81a-326f7fd8ac70","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":76,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"dc96332b-ed42-47ee-bed5-d193cd17779a","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":76,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"1b050138-ecff-4e45-9cac-bc218fc9ba54","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":76,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"96af4d0f-bac5-40af-b885-ac3ff61b01e7","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":76,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"fd8eeb73-328f-4b06-b476-797a212d666e","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":76,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"cde349ce-9987-4a72-a42b-b90a1d67fd5d","block_type":"box","text":"required, to be cleared.","page_number":76,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"96348575-be20-48ba-b040-e0d70631fc60","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":76,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"6af0f511-d031-4249-81b9-bd88504090e8","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":76,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"eb20f221-45bb-4551-ac07-e06b3eb3f156","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":76,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"c45942cc-3692-4745-9ef8-29a188ca4687","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":76,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"561c788e-6fd3-4ec1-ae80-e896ae50f3d2","block_type":"box","text":"Derivatives” above.","page_number":76,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"47703f9c-37f9-4839-a7f3-d79dea1c963c","block_type":"box","text":"FLEX Options.","page_number":76,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"0890adae-d2a5-40cb-b304-aa27a97f4a8d","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":76,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"e8eb6d6c-e298-4b33-8fe8-a1487611d30c","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":76,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"5d965e24-6aaa-4325-ba15-7c5cb864ddd4","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":76,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"c1cbf1e4-471d-4fda-b084-34e8e31feca3","block_type":"box","text":"exercise prices, exercise styles (","page_number":76,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"6d9ccf8a-0179-4b30-9d98-1d9a4546013a","block_type":"box","text":"i.e.","page_number":76,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"5ed456e4-4e7e-4700-abf7-b0d4541a2bb7","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":76,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"5fc630f0-b8b8-44b3-9339-c558a3b2b587","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":76,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"84fc9a8f-7da9-4d43-aa99-0a20b5288d99","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":76,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"e19f1901-1da1-4286-8e2d-656bcceeaf1d","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":76,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"90c75f7b-11f4-4bb0-b145-0eb13038f656","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":76,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"6e71e11d-dc0f-4a70-b6dc-81e54a0d63b3","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":76,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"4f44cdb9-01e2-45f2-a306-92a42f90cf6d","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":76,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"09516f15-0fdd-4f45-94bc-46a4393f2b7b","block_type":"box","text":"FLEX Option’s expiration date.","page_number":76,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"aee0f43c-4491-43e4-b8ab-dc52db3f51b6","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":76,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"d47b267e-31c1-4ee5-bf0f-62f2bc2d9f67","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":76,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"4d24af75-b339-412f-a4e0-dae3c29caae1","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":76,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"16459264-0732-4e73-b1c5-66384193b1e6","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":76,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"729cf049-b30e-45eb-b71a-9fc29c7981d7","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":76,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"1bfc7b9e-b80c-4d66-9df3-7d01cedad138","block_type":"box","text":"FLEX Options contracts.","page_number":76,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"6b6e91f4-220c-4941-a79b-dbafa6d294a9","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":76,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"60a409a7-ea0b-413e-9d0e-b608e051d05c","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":76,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"814a22a5-8af3-4ada-9ef9-e8d9dc68aea0","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":76,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"0fccc799-1c40-40da-8aca-6ff6adbeade1","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":76,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"da821f40-4572-4915-9ddd-c82f770e4515","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":76,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"f7383726-97eb-4661-98fa-bd11fd9e3d7d","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":76,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"c5deb0ff-85da-49ee-9714-d73fe73a836e","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":76,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"3aeeef15-f20c-4a84-9869-802929cd768a","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":76,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"0625fcb4-0d88-4211-80b9-cd22d5ab8d8c","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":76,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"e55e50bb-4f26-4ffb-a54b-41daf2fa4784","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":76,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"1bd663de-79eb-4f2d-ac38-4170f712ff15","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":76,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"a8ef5fe5-78da-442b-abb4-f9480686e5a3","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":76,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"eb12586d-3095-49e0-8c7e-084bd0041124","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":76,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"e6935bf8-8fca-481c-9776-426ac1f8738c","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":76,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"b8cffb6c-5a94-4c2a-88c9-df1a96653c22","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":76,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"79ec450b-c8fc-4934-8e2a-f4849f85a973","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":76,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"ef3948e9-ec91-43f6-94c2-ee4da641fec9","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":76,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"561dfd71-c101-4f06-8fe5-e9c72e067a90","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":76,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"675b91b3-a402-492c-9968-75b1c11702fe","block_type":"box","text":"expire unexercised have no value.","page_number":76,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"be9c1473-5519-4e19-a254-ca113476592c","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":76,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"99d4385e-62bd-438a-87c6-8869ae413b7c","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concer t","page_number":76,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"ef377cba-a44f-4c44-b674-7f985b64bd3b","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":76,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"8ff9244a-5f9d-4c85-966b-d34c288cd13d","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":76,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"52c70d0c-c283-470b-ba93-8b5890af1be4","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":76,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"c36bc7ee-f69a-4c83-a403-e05ec4b9d039","block_type":"box","text":"II-23","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b60e641-be1d-4ad4-8e38-d40e5f848862","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"577256c2-5270-4edf-babb-9b391f133ab0","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":77,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"599ff9e4-933c-43a0-bb59-babb7d695465","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":77,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"d162d728-f5f4-4504-894c-fe64542ccf61","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":77,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"4f6b0cd6-55ec-4123-856d-eaefd94296f0","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":77,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"55f3163a-e6bc-4f84-9588-947313a8c94b","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":77,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"b738511b-1ca4-47c0-979e-a65a3620758a","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":77,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"c2466127-4dd5-4fec-8e6f-e0414a0f0b96","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":77,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"310b2ad8-a809-451f-8967-205239c0beed","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":77,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"a71ca435-a802-4824-8593-521cfbcf1af3","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":77,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"d89e6240-1604-4310-a0f9-ff09174bd5d6","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":77,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"14c430b4-9b3d-433d-adfe-c1f89093e29c","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":77,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"c2162a30-f996-4edf-b770-8a1cc25b527f","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":77,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"8c3f1d0a-d060-42ff-b6fe-fe9b722ca607","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":77,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"e6c7adff-6804-4736-be28-2c82b58eb436","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":77,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"58ef368b-55cc-42c5-8ead-130917297be1","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":77,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"dfc27f3b-31b3-4493-afad-e704853b5fcf","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":77,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"62cd608b-3b3a-4d04-a752-1449946c1b0e","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":77,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"50e67142-9af4-49f5-8732-03fa0996df33","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":77,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"b2da3be0-251f-4619-9ed1-bbd980c50b95","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":77,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"762e6856-1604-4689-84a7-6721750932d9","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":77,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"e6bcaa38-94b7-4dc1-8238-b20830df4f37","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":77,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"43cd2393-be87-4bf0-9508-3fc7d8263f6c","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":77,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"4ff59372-0bcc-45bf-8876-a326cdc7b81f","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":77,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"0a66cbe8-41f6-4f3c-9ffe-6eb8178cb27e","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":77,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"19ecdbae-929b-4f5f-8db1-d1005894e676","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":77,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"813a8b11-e4f7-4ee4-8407-296e41820866","block_type":"box","text":"Foreign Exchange Transactions.","page_number":77,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"df6f18fd-bf2d-4418-981a-0ea87e670463","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":77,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"4a85bf23-0429-42d2-b13b-3607be7390d4","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":77,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"30ba8408-4ba0-41ca-a1de-68682d6bd8df","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":77,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"c1f97e4b-fe8e-4d06-b65d-778b1ed75720","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":77,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"43f3802b-f566-4056-8f81-cb93aa897e77","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":77,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"3e3c6bc1-641c-49e2-b1d0-507bc68cf761","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":77,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"c3744f47-ae0b-42db-821c-147d4dba00cf","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":77,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"684b0cf9-64a0-485a-a79d-696bc17987f4","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":77,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"d80c0b05-20d0-4443-a4d6-5436111485a2","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":77,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"779a8300-5541-40f9-b0a2-85bf5a61b4e9","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":77,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"15354ed2-f1c8-49f5-aad1-00cdd8df5102","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":77,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"12ab5ddf-cd96-4d36-b4cc-fc6949fd502b","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":77,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"1461aa66-b73c-49a2-9f34-73c0136c4b90","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":77,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"cbb32251-3221-4611-bca7-8ac3abed22c9","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":77,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"efeec02c-30c6-40f2-9028-70dc22378739","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":77,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"7ee312cc-f3a6-4030-a65d-196a9388a564","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":77,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"d66ba5f3-1db6-43f1-a02c-2d9553c6d52c","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":77,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"d28797b3-0ca5-4bac-a75c-ac1cd3b0deee","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":77,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"2f3e597c-9ccc-47ce-b604-d2e1172506e1","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":77,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"97fc7db4-3d1b-4dc4-b0dd-745a885acb0a","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":77,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"fb97a5cf-56d8-4262-9804-87cdf7af8eb3","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":77,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"e0d41966-1c30-46d3-80b7-029db94f813d","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":77,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"e87e929a-41cb-44dd-83ba-da01ae536ccf","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":77,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"c140d509-09be-4b3d-9afb-60b087e8f0d6","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":77,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"31690737-d753-485d-bb3d-b4aa5e75516c","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":77,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"623300e0-454e-43f8-9e8c-8399e994f6c5","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":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"f15e2969-5ba0-4b5c-a652-423e7007c5e2","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":77,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"a19af930-d83e-4ce4-a5d0-f3179fba048a","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":77,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"3545da5e-c99f-47db-9574-f196ac545bb7","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":77,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"f33caff1-a89a-4e80-8c5c-1ae654f1479e","block_type":"box","text":"II-24","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53f9b33f-d070-44dd-91e0-5d88da288f24","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"631a66a1-a63f-46d0-a61b-0e6825beb3c1","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":78,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"194f3617-154f-4c7e-bdf6-7230caf57d5c","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":78,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"3a72c96b-1280-45db-8573-398c93953db4","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":78,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"5072019e-f44c-46ed-8c31-8a12cf77781c","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":78,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"f3e9d15a-7538-4da1-bba2-b58c786381a7","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":78,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"d7f8fa51-1211-46c4-827e-debe5b85b4e6","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":78,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"ca64f147-e503-4a93-8807-928068bc5dfe","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":78,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"3e5dd4bb-7035-462d-b40f-6e2e9ac4106b","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":78,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"8493e2ec-af09-4626-b530-028def5e2f3c","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":78,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"8208970b-4132-473d-ad28-373947b5782d","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":78,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"325d351c-9959-4153-bba6-79d21213750a","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":78,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"9dfcfe42-dd23-4613-8dbe-76e4fbfae8e4","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":78,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"220055d9-4577-4831-bf15-43896905ca71","block_type":"box","text":"involved.","page_number":78,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"a2e776a0-ed57-485c-8d39-7f09408e28a9","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":78,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"0be9dd08-c104-4204-9f80-59ee313af988","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":78,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"9da2bdb6-38be-4d19-894f-e370ce59addd","block_type":"box","text":"denominated in such currency.","page_number":78,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"fda74aaf-c517-4464-9243-6398e0e33256","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":78,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"31fe1ff3-6c20-4df0-bc41-1b4018b6e673","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":78,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"d6f865e5-144d-4613-83fc-714141dedf39","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":78,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"1331c401-0b69-40af-a86d-70ed2b809b47","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":78,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"7d770e89-4629-435d-a802-39e12b828f35","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":78,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"d1a4dc3a-8fc9-4be5-8826-122cceffbb59","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":78,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"0ea7cae3-3551-49ee-8893-75ef30ae7344","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":78,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"fb32721e-1f37-4086-9a84-04aa3993259d","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":78,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"97a8874f-783a-4ce5-b698-54d49097c14e","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":78,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"f4f236cf-5362-4312-aeb2-dda65215f46a","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":78,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"af360bb0-f6d0-42b5-940d-ad394b220de3","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":78,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"9ee301b3-259b-4b41-9107-8e6252ea0c90","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":78,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"77370a3d-58aa-4a57-a59f-f4c4944a5000","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":78,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"4d7cc9a8-1f7e-4bdb-81da-abf2f9fa231b","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":78,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"77b8d4cd-0474-40ab-ae06-767afeaae5f1","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":78,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"6dd41b28-16b8-4bac-b883-c340993cf6b2","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":78,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"46c5c640-0d01-4c21-afde-7f1252521a97","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":78,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"dece1e01-2562-4881-860e-931861d01094","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":78,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"ae16c192-0dfc-4969-ba8e-b6139f85670e","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":78,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"fa17ff1e-8011-4ae7-b83b-c99683f75775","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":78,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"4a7ca725-0858-4c4f-aab7-8e9eb8c51785","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":78,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"f57650e1-146a-4e8d-9db8-683e788d03b6","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":78,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"0955c24a-42c6-4313-a7af-0f2ea9c209d2","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":78,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"c2acd684-671f-4f92-818e-97b911635216","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":78,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"f8b90094-92b3-43ec-86dc-6fd3499b38de","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":78,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"44a1334f-6876-486c-8cb6-5a0dd451c1e4","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":78,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"539c22f5-65b3-4746-99cf-dc1bc18acfb6","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":78,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"c987f643-6721-449b-a876-e57c3980df24","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":78,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"c062bf4e-9410-4a03-a257-a9adfb7a6ac1","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":78,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"c75b60d5-340c-40b4-8a3a-55fa540cd0b4","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":78,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"aa71c3b4-83a5-4328-8d29-f1acf5c58781","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":78,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"0e26c668-af19-40d2-bac4-611bb27c8e81","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":78,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"cf9acca1-3a55-4f1c-8046-2eff9ea57358","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":78,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"26e20124-30a5-459b-ac95-6f3a082821c1","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":78,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"a2553577-3f4d-41c0-a0b0-91d633396e24","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":78,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"6d09a87d-d75d-4156-9ced-d6de619557ab","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":78,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"9777e021-93e8-487b-ab26-24695c5fa94d","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":78,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"cceb23f6-3b4b-487b-ac26-26ad61eba586","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":78,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"588e8952-e244-4a49-afdf-f7a77bd062cd","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":78,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"f487541a-cd86-4226-803a-e2ba9eba289c","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":78,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"de96700a-a04f-42b3-b06d-d20526325c01","block_type":"box","text":"II-25","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"952395da-24f4-4cce-ac0c-d43c545adbbb","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78659a78-d07e-42a3-8fe0-06e655319f2c","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":79,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"f7c048bd-dd7a-4b21-a6e2-8405b991fd3d","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":79,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"4a6e9bbc-d69e-484d-af54-713f242521b0","block_type":"box","text":"traded.","page_number":79,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"861caf6e-f938-48d0-a840-50e6c364945d","block_type":"box","text":"Currency Futures.","page_number":79,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"0ae8b2ad-d892-4ecb-86c8-4debb8da53ec","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":79,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"31c80890-307a-48df-85f2-c422c090d6bc","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":79,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"590843d0-8801-42f2-9ded-48ea44e2707e","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":79,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"2b91d4d1-06f2-4e3d-95d2-9d430d27c1d6","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":79,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"7f6bfaf5-b590-4b1c-a1d9-948623e51cc0","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":79,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"7770c752-c694-4e25-8737-2b91c7628908","block_type":"box","text":"Currency Options.","page_number":79,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"92279013-e427-402e-b8d3-4a5d72625a64","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":79,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"da56404b-35b3-4b32-bb2d-a48e5bc3a1d8","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":79,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"99de764b-619b-4f98-988a-6ba2671362e6","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":79,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"a732a5e7-1b65-492c-b63d-9962b5bb73fa","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":79,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"467c7ce5-d0fd-475a-8fe2-cccbc7dac897","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":79,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"a86da68b-d0b1-4751-9ca9-249106eb1495","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":79,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"3eafcc71-1026-4d7b-a9ed-c9aa27596c09","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":79,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"c193fb99-1bbb-4d46-8d6e-237e71dc3a89","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":79,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"fb1440db-9db3-4deb-ab8a-91112fe866df","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":79,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"059b84df-c15e-46aa-8849-1a5c227e1f50","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":79,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"b73d775d-50cc-466a-917f-aeb98b5a9192","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":79,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"6d4f9307-968a-4b25-a8b4-275520740bf1","block_type":"box","text":"Currency Swaps.","page_number":79,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"0bad5d36-df93-4418-b783-2b6e4b00a376","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":79,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"ccb97fdc-53b7-442b-8369-92bcc5c7bb6d","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":79,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"d620bb35-b511-4e32-ad7e-9bfc6a258923","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":79,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"b3e31029-4e78-4465-b554-1d884b7287d8","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":79,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"9df20764-9605-47f8-904b-6972bd668c1b","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":79,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"6ee11e97-b7c9-4c84-b235-813c79fa6fc5","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":79,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"5082d56f-db5d-4883-bb2e-d15b42c24eb8","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":79,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"786be525-7969-4f86-bcb1-10484c8aa795","block_type":"box","text":"Distressed Securities.","page_number":79,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"ae04e629-012f-41af-a3c6-35c295e54ef7","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":79,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"d5c22eff-32eb-4380-af4c-7b5f2e917fd3","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":79,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"749eb686-a92d-4884-8aee-0972afc5a41e","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":79,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"df6c94d2-c43c-424e-a915-c4ecbfd9c891","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":79,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"47f29dc6-f9b8-4ba3-9939-488d698bb74c","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":79,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"6b600cec-adf7-4a1a-b7b5-82c1ce10462e","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":79,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"e11298f4-98bd-42f7-817e-9877da013d0f","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":79,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"3bf3bc20-5ae2-445e-ac3c-459bc84e6bd3","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":79,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"7ecfb5fa-c5f7-4390-ace2-c0435a4389ed","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":79,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"44658cd6-8c98-4723-a46d-34f95804f50c","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":79,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"4535fe8d-ffdb-4232-a180-4dc745930faf","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":79,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"51c7e9c1-2826-40a6-b414-0d6c54f119b9","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":79,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"3f744699-5e10-4504-90ac-2d0a7ab9a474","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":79,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"70091fc6-c5eb-482e-a72e-93428f69918f","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":79,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"9e79b601-26f5-4244-af96-ffb98f595317","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":79,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"c3726857-6076-44d8-9408-d10993528890","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":79,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"53cef404-cf46-41b1-9780-55414b8acecf","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":79,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"377a8768-ef1d-4837-af4b-9ba19e43cd28","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":79,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"2310a6f7-decb-4592-9229-642630266662","block_type":"box","text":"satisfied (","page_number":79,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"ee4a8042-a07b-431b-a258-41ba740c426a","block_type":"box","text":"e.g.","page_number":79,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"5dce4f65-f60d-45dd-a69e-1e89e15e6e0d","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":79,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"e69578bf-ee01-417b-9ca1-c509036d3f11","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":79,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"3091f23e-db35-4fa3-a082-fd53320cee85","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":79,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"c4c33c3e-9a6b-4343-9b6a-e2a603697053","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":79,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"31928274-a2e2-4cc9-847c-d08e23b87040","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":79,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"b991e425-2210-4416-ba47-4fef95b6d6d5","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":79,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"50c7fd26-1843-4981-bdf4-b5c74f324cda","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":79,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"b719a30d-31f4-4931-8e18-be94e85b624f","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":79,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"c9e81895-056c-4d2a-9f89-1976e3aafd19","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":79,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"0ae1fc4a-4562-493c-bdcb-f82aba72be16","block_type":"box","text":"II-26","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5fdd9500-3697-4167-b1b1-ad24d2f42753","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48201a44-3349-46a5-bb42-1bb119095bda","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":80,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"c8905f93-10e1-4b07-90cb-eacc3340f302","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":80,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"ec5dd59c-4151-4c08-882b-d728b5a8fa92","block_type":"box","text":"affairs.","page_number":80,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"b5238be8-c779-4470-92fa-4fb354156b18","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":80,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"9f4848b5-07f8-4dc0-99ad-6efc7aa8b060","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":80,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"d67ef38a-defd-45f2-b98e-1e5e6149a0cc","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":80,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"930d9b3b-7605-486c-8935-31cfd6447d5e","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":80,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"ed438104-41b3-4a42-9b0f-e9d3c26897bc","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":80,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"6065b8a6-a3ed-451b-bb00-31af9aa2c842","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":80,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"adeb3e16-4e7a-4ab4-b50e-fd4d5abb349f","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":80,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"e379ca32-fe7d-40b4-b3f1-1006b3eb1ab8","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":80,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"7f059937-9cb7-494a-9f67-dc1b624d0f24","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":80,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"d52ef3ab-2311-469d-ab45-c390de2d91f1","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":80,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"aa2ef408-dfff-44ab-9642-7bcfd76a423b","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":80,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"ab9ca92c-1b2a-45d9-9167-fa26655fc94e","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":80,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"2a6bc88c-9938-4923-96ea-ccdafc53bddb","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":80,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"0e4d227a-c908-4110-a2af-7ac8e0815a1a","block_type":"box","text":"Equity Securities.","page_number":80,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"d522d769-2993-4811-ae05-94cc2a256267","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":80,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"cfff8c98-a6d3-41cd-97f3-70f67645f9c3","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":80,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"248802e1-504f-4d55-8329-13fc1bb2f7f9","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":80,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"e27d1e36-750f-4d3c-9798-fa292ca66974","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":80,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"c1da473e-bb27-4a96-b120-09f9b106b626","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":80,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"8087c94e-bdd3-4db7-907b-ea5f56c8b725","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":80,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"7e82fa83-4a97-4e9b-9822-9cc4facb7940","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":80,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"7e6f9e1b-7265-4756-bf65-d67203a2a0ef","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":80,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"d22bfdd8-0ebc-4a99-a4ee-3f44f20fbb64","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":80,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"c20dae7b-73b4-43e1-9957-c6fa9a70092e","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":80,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"09492336-cef7-4ef6-95f7-c41c212eefa8","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":80,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"0ffead5b-88d5-43e0-94df-50d22fbfdc15","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":80,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"7660566f-ee80-40c2-b6ae-41fc0d8a9263","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":80,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"2b647c7f-6c9e-490e-83ff-34a63c6991da","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":80,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"1c5a7477-4f98-4754-bd13-d60d57aa1dae","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":80,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"df69ca69-bed0-4759-b8bf-6d1dcdd23768","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":80,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"5a1268ad-85c8-406d-9a59-86291f235800","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":80,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"93b38ce4-866f-4088-ab6a-4519549ababa","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":80,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"d5481661-16be-4c78-8e11-44f35791729a","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":80,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"581197b4-8ea6-4b27-859a-3673c585bf71","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":80,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"fa8745e4-f445-4bf5-b6b0-f53b5c1a04e5","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":80,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"2a47eef1-b6fa-4bc1-990d-7934a8163fd2","block_type":"box","text":"initial public offering.","page_number":80,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"bffc780f-74d3-4003-87e1-38eed412cb47","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":80,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"c3653108-21d8-4b4f-9675-cde483a95630","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":80,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"2970c70f-e902-4208-8591-dc8c35a6a890","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":80,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"feba42aa-08c8-4976-9aab-3c2993c68c59","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":80,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"544077d0-8102-4107-b213-63267b55806e","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":80,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"86839904-547d-465d-ba13-9d9014eb0eef","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":80,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"35726f20-6488-459a-bfd5-a10802b1f887","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":80,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"cab783d5-6a12-48bb-a633-0b02690fa622","block_type":"box","text":"more established companies.","page_number":80,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"faed4074-8111-48b9-9c12-aeb76227e433","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":80,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"24fef845-70cb-4c4d-88ec-e202815d435d","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":80,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"950edbad-6f84-4b98-ba35-1387728b995a","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":80,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"24d95488-d932-4140-aacf-6cccb26f83be","block_type":"box","text":"below.","page_number":80,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"843f5bea-71f6-442b-9900-d056e205955d","block_type":"box","text":"Real Estate-Related Securities.","page_number":80,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"cd069549-5df3-47c6-83c8-c842f3d3c993","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":80,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"c20563f5-da8f-46d3-9fcd-b3fc78e5ed33","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":80,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"6b024fa1-ffc1-43e6-9924-d3aaef4aeadc","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":80,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"84d8cec5-0440-4af2-8118-8e779f130442","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":80,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"c0044ae6-f9b7-4a75-9626-be2a2b7db040","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":80,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"9df60731-906c-4248-a535-73a6d31805a6","block_type":"box","text":"II-27","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b48f3ca5-325b-4765-9e62-5c1c3aa06880","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a199152f-4e93-4aa2-8732-cb3885630cdf","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":81,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"c9c88af1-df5b-4950-baed-5b5622645c9d","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":81,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"6e32083d-b1b0-4f46-bcb1-44a3b57dda27","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":81,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"a80f4554-4811-4a70-90e5-f229abe1d0b4","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":81,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"ff84aff0-7ac3-4911-9a66-908d3c44854a","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":81,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"07133bb6-3f75-41f9-9b26-39607575f0c2","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":81,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"6aa029ae-9892-4d85-a368-4e07af8e6cc0","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":81,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"0fe00d1b-defe-4ffe-956b-20dc5f27c1b7","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":81,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"87ac7b1b-9009-40d4-b25f-2e73c799737c","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":81,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"b41d7e71-318f-4eb0-86bf-43f3ddf3fe86","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":81,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"1b70e0e1-16b7-4a6e-b778-a5b372385ca9","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":81,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"bc6c2c26-df5a-46fe-83d8-2aa4df26c703","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":81,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"6b9f70cc-2d95-44e3-89fb-e4079bb1c9db","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":81,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"02c68453-f5ce-4c12-8d90-f010ad43c5c8","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":81,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"355fe233-d089-4e2c-aa65-78724b72d79d","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":81,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"d49435bb-715f-4e3c-9be5-e9345a72ff24","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":81,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"d899d392-d165-4c16-b72e-a977dd733e61","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":81,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"25e18a6d-e8c4-496b-bae6-077743f339e4","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":81,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"4469d55c-c74c-47dc-949e-acd0055cd3fa","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":81,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"830b5b54-c4d5-4ba9-a70e-640e5154ac76","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":81,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"440a8530-e350-4ceb-b6a0-1db29a88fe3d","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater oppor tunities for capital appreciation than","page_number":81,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"38284922-c8e6-44d5-bcbe-95e5bed6bb68","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":81,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"043b4527-91eb-4170-a4fe-2881ea7e5bd7","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":81,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"7a0079b2-75b9-4367-80c8-c91a58bbc0f1","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":81,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"d2647819-249c-4767-b5b2-e3c5938909c2","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":81,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"8c0faf8c-e0a7-40aa-8acf-2abe022b62ec","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":81,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"5302f7b8-c088-4ab5-878f-0c0bcbbd37f0","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":81,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"ba66ac17-77e7-48e3-9de5-d3afa808c1d8","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":81,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"3d456c11-5895-4e7d-a799-f16b36a5735d","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":81,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"8e91cad8-fbfc-4c46-b770-1468ff28e693","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":81,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"4bc31ed4-9328-4a0d-ac9d-583f62f91785","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":81,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"35d2a800-20b8-4b03-bf7d-f83150334e7b","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":81,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"ac0d8af8-eca9-4571-a937-1859f65728bb","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is par ticularly impor tant in this area as many","page_number":81,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"91de2353-19f6-4b0c-b0da-6486693503b9","block_type":"box","text":"new enterprises have promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small","page_number":81,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"531fe7e5-cc54-4dd9-9633-dddb98fd319d","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":81,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"cd03fbb4-a9d2-488e-97f2-7e1902554503","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":81,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"6c01764f-3626-4a0f-9139-81d850f91d86","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":81,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"a84b4f8a-3fbc-4f0a-81f1-8206b801e0dc","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":81,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"5da19b35-9d44-4a03-8f86-ccb30be55a33","block_type":"box","text":"oppor tunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":81,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"627b0272-f738-4741-a4a5-697866d7732e","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":81,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"b19754e1-45b1-4fad-82ae-6e03f4b69877","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":81,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"80e54d7b-6161-4ccc-bddd-90b17c1c23f9","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":81,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"762d2ca4-4cd7-4794-92e3-4845483e65d3","block_type":"box","text":"investment community can provide above-average long-term growth to the por tfolio.","page_number":81,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"53c06ca4-eb5d-4134-b51f-e5305bc71865","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":81,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"0198ca95-1c47-4618-802a-c9abf15629af","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":81,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"ef4ba8d7-bb1c-449a-881f-b8ca4e352153","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":81,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"27a41bef-db5f-4f01-8ca9-26bd07d2ee9b","block_type":"box","text":"cycles, presenting attractive investment oppor tunities at various points during these cycles.","page_number":81,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"fb304ea0-47e2-46db-b502-4f05a837f0e5","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":81,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"a90c9847-d6e5-42ac-8439-dde244be72a4","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":81,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"ee1b81bb-f146-41d6-aaf0-5036d1d47eb8","block_type":"box","text":"Tracking Stocks","page_number":81,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"e4d01cff-71fd-4968-8dc6-08e2feb1713e","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":81,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"be95bebf-f81d-44e3-99d5-343d28ba2821","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":81,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"ebb50ee3-3851-4aa3-9ebe-7b1aa004d1dc","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":81,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"6240543a-3f87-4067-af21-8b0f6176027b","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":81,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"57496b36-9ac8-4e59-a649-5494e88aca7c","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":81,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"dc13f914-d3e9-4724-83b5-d222e6ebc7c8","block_type":"box","text":"II-28","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8704e0a8-5208-4515-abfb-170e92517f37","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b63ef995-7071-408a-9659-d50fb53a8ae9","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":82,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"83738c86-af9e-488e-b1a4-1bb3d6fcaed8","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":82,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"d3d64c74-be65-4f0b-ac42-3279462e256d","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":82,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"9f16314b-1095-4c96-9f91-f0823da58fc3","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":82,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"a8d75746-8761-42fa-a598-894e01805b37","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":82,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"c26244d5-f777-4355-ae47-07912292972b","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 per formance","page_number":82,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"4e663f0a-9d61-4ac8-a70a-23a1f0f61a88","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":82,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"b0e7c8e2-30fd-497e-b19f-1227d141221a","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":82,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"667b0369-4bab-4a20-bed5-4fdb88ba7cce","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":82,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"f7a96b22-de07-4979-9397-6ab414012987","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":82,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"89e0b12c-4da7-49d2-958a-b794c5c0bf96","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":82,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"72a2fd36-845b-4324-aa78-bb71284e3031","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":82,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"b0201182-f001-45f5-b60b-123edadcdb5d","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":82,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"244f8e25-1b10-4b4e-97b5-d67e3a26506b","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":82,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"affbf7da-cc8f-4792-8fe4-e95fbc74f24e","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":82,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"1a3141b1-a6ea-4b1b-ad36-7238b6e389c5","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":82,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"3109ba1c-8109-4652-bf7e-e867cbd582ec","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":82,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"214fec4a-adf9-4d46-9f7f-4626409f1aa0","block_type":"box","text":"loan still needs to be repaid.","page_number":82,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"2988fc21-e6dc-469f-8661-8a3b2adc6b1e","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":82,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"e8d9c532-1976-454e-a476-98f5b217c330","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":82,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"c36ce83d-9b2c-49d7-a346-de230eb950a5","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":82,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"de25056b-1dbb-4642-8be2-9cff9074b887","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":82,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"275c47a0-5a14-42c8-a95f-e889e0d5bea1","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":82,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"530ba872-e716-49d3-a7cc-6c9ff3fef3f0","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":82,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"e03132bb-e949-4889-885b-83138d73f367","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":82,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"4691c28b-66b7-4e59-8c97-97aa4531327f","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":82,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"98f499f5-94a2-44f8-90b2-4055c46fcdf2","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":82,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"83be5504-14a0-413c-9878-8a98dbcf70d8","block_type":"box","text":"Foreign Investments.","page_number":82,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"c701867c-d065-4b74-a56f-2da6f8028c7a","block_type":"box","text":"Foreign Investment Risks.","page_number":82,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"d8ac4bf5-eae5-4340-b012-0adb00fd64a7","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":82,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"6bdfd8b0-5cf7-4803-98bd-ff8045ed73dc","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":82,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"63c97d46-65ed-41ac-b8d4-1fdd906ad3aa","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":82,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"2e8804d4-1dbe-4fd5-93ac-169c521b652c","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":82,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"0cce1334-f99a-4903-801a-dad85a105536","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":82,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"5baaf9f2-cf39-466e-8473-b662b3bcc39e","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":82,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"1daf9e13-cd42-4970-b1fd-79ed41823dbc","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":82,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"5d641c93-4951-4354-abe6-3d524b590a49","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":82,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"9a011b28-162e-49ad-8c0c-c7c614cf31f8","block_type":"box","text":"benchmark index.","page_number":82,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"6407bf44-e786-49db-a348-57c3db309d79","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":82,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"c8e00ecd-54e6-44fa-8b94-c0027fb0a55c","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":82,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"3210324d-0d12-4efa-b020-3d4fc20545d3","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":82,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"2e4acd03-4ba3-46cb-97a8-8c1c00670478","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":82,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"54aa91c7-3755-49ac-9996-ab7b2cb88f2b","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":82,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"5b485a3c-61da-4f72-a20b-f1a1470744a5","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":82,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"37a6b773-8818-4097-bacf-399da2610612","block_type":"box","text":"securities and zero-coupon securities.","page_number":82,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"0e01fef8-4d51-413f-9ddf-d4ff5f75a58d","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":82,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"0677417d-5668-46b0-9654-03b33e72f4c0","block_type":"box","text":"taxes.","page_number":82,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"0e801d60-d469-4b4d-a414-1dc4bab8f781","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":82,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"939eb845-81d9-4cc2-895d-4be2abe49435","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":82,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"bac39029-509c-4f8d-be72-15a42f8576cc","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":82,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"6ddd3ccc-be57-4ab9-84c5-4f141a64aa9e","block_type":"box","text":"underlying security (","page_number":82,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"e4610e08-5cbe-4e1d-a0dd-b5e79ccf6ab5","block_type":"box","text":"i.e.","page_number":82,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"957e3576-b8dd-407d-8905-a8d0793392dd","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":82,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"0ee31e1f-0df0-403e-b4cd-42810688e3db","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":82,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"be182053-cb46-4603-acd6-503fb0a19c0e","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":82,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"cacee8fc-2321-443f-99b9-143ae18cf11f","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":82,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"a5465a2a-080e-4a27-b0f4-4281698a0b40","block_type":"box","text":"II-29","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65266410-b27b-4d3f-bcb5-a51b99745fb5","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c8ad0b5-aaf7-4f73-b718-925746daea24","block_type":"box","text":"Foreign Market Risk.","page_number":83,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"4ba362e5-704b-4896-874a-e4393095b777","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":83,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"cfa8a42a-5ff9-4d9c-a71b-091446d7601f","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":83,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"f55c4983-29cc-4e1e-a420-8fde168eb858","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":83,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"fa9b80d2-2fbf-4ad0-a35c-9982b4c42878","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":83,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"4f010079-4320-4046-b0c9-274030f9305e","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":83,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"65e67536-460f-47c5-8ca1-3677422a7a5a","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":83,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"9e0b72e2-48e8-4307-9c01-4f989ccd4469","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":83,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"6991d07a-3a36-4a5f-9858-ec102043a1c3","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":83,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"e6ec9afb-e5b5-4a6b-a4f1-7d31224eba03","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":83,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"5d8ec5b1-ef7c-437b-9e1f-ae3a1feccbbf","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the U.S.","page_number":83,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"2724399a-be6f-40a7-a10a-18a8e3d2241f","block_type":"box","text":"Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":83,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"c94374a5-7cdf-4136-983d-a90e11f3a534","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital controls","page_number":83,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"042b1537-36d9-44e6-97f4-24e8153fd1ab","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":83,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"0f11d006-de6e-4e86-bb8d-646271f7427c","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":83,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"ae301caa-b6b1-49f8-8993-5e2faebe0fc0","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":83,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"ae8bc4ef-ac24-4fe4-b7a5-c123bf669a2e","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":83,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"90d7aae7-e859-42c8-a8e6-50f79fef2a8a","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":83,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"221eb966-1988-494f-8a45-89b534d0d0fe","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":83,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"0c8735f2-914e-4930-ba00-d916f0c0a80d","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":83,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"c476832a-488b-4b46-8a71-80cdaccbf54d","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social conditions,","page_number":83,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"eee7f19b-0912-49e3-82fd-5c07fecfeb02","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":83,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"c828166a-3e44-407c-9b68-514e8252f75a","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain foreign","page_number":83,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"ca493fc9-ddb5-4c71-94e6-52613f11b44d","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":83,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"75c0342c-5c3b-4ae7-8fd7-e9fd77107b1f","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":83,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"1c24748d-3c31-4f81-8e72-1875b16c0ef7","block_type":"box","text":"could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a Fund’s","page_number":83,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"ac249548-238e-4e66-913a-22c45d017f90","block_type":"box","text":"operations.","page_number":83,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"fe9f603b-dae5-4a81-80fc-8f086909297f","block_type":"box","text":"Foreign Economy Risk.","page_number":83,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"1fe39e11-5f31-4bbc-a836-1ef67305c778","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":83,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"887b5418-7d88-4cc8-a89a-91a9c27f9469","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":83,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"998e12a4-e43a-4a88-a5dd-5ed04c3287ed","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":83,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"c0bf07d6-886e-4821-b2d8-220d07838971","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":83,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"f0bb4fa2-ea01-4708-81bd-88e02910c0cd","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":83,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"8fe1e666-017c-4b29-a8d8-a202996581b9","block_type":"box","text":"measures.","page_number":83,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"c2cc1fb1-c07d-4394-a46b-c7f66928e196","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":83,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"f3be8e32-635e-4705-8568-ba79fd6cf7fa","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":83,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"2b542e54-1f56-4628-8390-06a0e9390e7b","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":83,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"0f4c2e08-19b2-494d-9166-fd4104a8ff21","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":83,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"9ec11239-d687-4b8e-88ec-276c196a7afc","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":83,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"bfe66ec3-4234-4c37-8d9d-71a0d73322c2","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":83,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"6ba0b71f-14c6-48a5-b646-37067f3d3b2d","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":83,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"19a24264-a41a-4f73-8dd9-7bf2d361fa03","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":83,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"750f8475-84a5-4d06-9545-4a2c014fdff8","block_type":"box","text":"those returns.","page_number":83,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"1ed5bc4c-4f7a-4da1-82b0-28639c3d0ca8","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":83,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"74011649-9978-4545-9217-22de8f211de9","block_type":"box","text":"Many foreign governments supervise and","page_number":83,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"164b500e-3170-4b5f-8711-e8941770e7d9","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":83,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"7892da5b-b61e-4514-a716-b3665f814995","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":83,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"90abf670-5fe2-4fcf-b37c-d34e5e345f9e","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":83,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"e8a75280-5f55-4e79-86ad-bc88c152927f","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":83,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"d1ab13f6-4a55-4a04-b535-e6cb436a218d","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":83,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"299ff836-2c87-423f-b8f6-8fcab3708b15","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":83,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"ee44684d-dd09-4772-8a6e-6061644834c1","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":83,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"36db224f-a397-4eff-856e-5fc186b6594f","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":83,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"7b7b439c-9baa-4f5e-86e9-f22430586e16","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":83,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"3cad25aa-1819-46ca-811d-ee3b6ef7edc7","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":83,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"248db318-e298-46fc-b095-e25dc4582922","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":83,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"d8ec3731-75d0-4da1-9f1d-1618d6254bf6","block_type":"box","text":"investments.","page_number":83,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"5bf94557-4429-44c6-99bc-14c3abe9b4da","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":83,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"cda818c0-135a-44ec-aa87-9120036db9b1","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":83,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"a09e88df-64a8-4acd-b200-0fc0c68d9f0e","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":83,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"d9adaf85-a858-4619-8bab-3cd29759327f","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":83,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"a77d5d19-8a82-42d2-b382-7149d02215d9","block_type":"box","text":"II-30","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"20bcf8ce-48a5-4f1d-b948-8f9ae87ac554","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"287aec73-7891-4a43-a0bd-4b6e03d1dc83","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":84,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"16a390bd-c37c-43a3-a287-dde437e5e150","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":84,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"cb75d26f-c6e7-4232-a0ff-6bd4cd5498e4","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":84,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"5cd33b3d-6509-4f47-acc9-6add07972e39","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":84,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"dd6932ed-764e-4a46-8db5-0fae514ad6c5","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":84,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"aaaf0078-3fe8-473f-a27c-3a0b72f33d8b","block_type":"box","text":"States.","page_number":84,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"5fbbf856-b06c-40ee-81ef-d714f40087ef","block_type":"box","text":"Publicly Available Information.","page_number":84,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"128eaed6-87c9-4b80-93f7-ad62cc1f0e39","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":84,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"ef5b5805-535b-4acc-ac09-8301dcd237b0","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":84,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"aca6dc83-4e9a-4a5d-b63a-1012c04c182e","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":84,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"17867a92-8cf9-429d-b175-c0c62b69e04d","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":84,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"9ac02f86-1da6-48eb-9c47-8c1fba6e32fc","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":84,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"95207525-7c62-405d-9161-130c50390b65","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":84,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"63a72ff0-8e82-4ae9-8267-f7f257d23626","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":84,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"737d94c5-7ef3-406c-b25e-418badc3ed7f","block_type":"box","text":"United States.","page_number":84,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"8b72fb81-3378-4c58-9a36-598e74be9a0a","block_type":"box","text":"Settlement Risk.","page_number":84,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"5386a9be-7044-430f-90ab-b060c5ac68e1","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":84,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"aba0b331-60bc-42e6-b4cc-f7eac5bc6dc2","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":84,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"f5ae4d82-f542-425d-affc-7ffa570a2a24","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":84,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"0002baaf-18da-4abc-a54a-50e66d81d5a7","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":84,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"db866ef6-f5ca-4115-85b3-5b744d0e81f4","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":84,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"1d52b742-5044-4cfa-9884-3f6a494ef843","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":84,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"f93fea5f-113e-43df-9a10-be949f39a387","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":84,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"042aa41d-c081-482e-86d7-419791760048","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":84,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"ccf3fb00-1041-499d-ab8e-bea818b7047b","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":84,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"22465dc2-f16d-4dd6-9b0d-83f09f254062","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":84,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"1855f609-96bf-421a-ac59-ab4648c4669c","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":84,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"086d5ad2-d075-44ee-9983-385f74e83041","block_type":"box","text":"Sovereign Debt.","page_number":84,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"83beff68-7d0d-4940-a278-5decd213a487","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":84,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"37a68804-b8d1-4765-90a5-dea47bb1c712","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":84,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"0efc93b0-a230-4f4f-ac96-eb9495f69c4c","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":84,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"e582bd9b-9ff6-4458-bd82-aa24ba5802ef","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":84,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"cb79aec1-0223-4b2b-947c-c7062eedd67f","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":84,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"8c540051-fe0c-447d-8a60-2b35d02d04fb","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":84,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"7d26ee44-3f38-4201-a199-a8a4b699d4de","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":84,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"6337421c-f66c-4259-b18b-a475f8a13666","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":84,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"88ca8884-5153-4730-96fd-76c34c933018","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":84,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"8b778afc-7f2b-4e16-8a53-aaf9a4d03a61","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":84,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"ac938e37-1e7d-47cb-b704-0bb40bf2ff2c","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":84,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"c3e525d0-d3ad-4d5d-aebe-58a4e175e58d","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":84,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"a4cacd0f-2efe-43b9-bcea-2beace48050f","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":84,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"46b91fe9-5a7c-480b-a79f-1c5877096a14","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":84,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"dc304090-08d4-4b8f-98ce-fbe05460d250","block_type":"box","text":"debt.","page_number":84,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"bf582b8a-ad52-4bd1-b7bc-58624e172a53","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":84,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"305dcdc2-60b3-40e2-85cb-ebf003020bde","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":84,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"106d91a8-07b5-4fc4-9447-06f6d0c47b35","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":84,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"e47a8bb9-f145-4e1c-b829-bbcc7d8cfdcd","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":84,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"5e5be7ee-de76-472f-8d49-7db45cb1571b","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":84,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"eb69bf0d-d8fc-4b85-9ce1-88707b535293","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":84,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"b700583d-42af-4d4d-b7a9-52bc76d6d5ac","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":84,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"466b56b0-1b2b-4ca4-9dac-8ef28ad88041","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":84,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"8401fee6-4f58-4791-bb31-be4f4d54ef05","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":84,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"b0dbb377-02ea-497a-81f2-75d43c0d567f","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":84,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"4c9dc3b2-20e4-4d0a-b35f-e2c606e344f8","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":84,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"66189388-36fa-4c2b-90cf-c3efece9da1c","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":84,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"48b8afd4-7b0f-49c0-81db-9e6d301561e9","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":84,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"fdf8ebc2-d8b8-48dd-8a3a-c4a6f161a544","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":84,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"48091a58-aaa9-4f2a-8f68-35f54c1c932a","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":84,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"208d43a5-5a30-422f-aa56-f8b1c237eebc","block_type":"box","text":"II-31","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3bd1bff-a564-4487-b6bf-d09d4e49f3d9","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d139c5fe-2955-4ac2-b8c1-37f6b64cd381","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":85,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"9faf501a-330b-44d1-a6d7-e454cfc7e472","block_type":"box","text":"in the Fund’s net asset value.","page_number":85,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"610fff44-18ce-4784-8130-3272c11ef5fe","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":85,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"feacaa6a-09a7-4627-a523-2d99311aa928","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":85,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"5335ecef-371d-4fa4-9e8f-dd1a31cf2699","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":85,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"24228b2c-c8f7-4cd9-b351-17efc42369e7","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":85,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"56839f4b-eec2-4168-8bc4-3980bd32311d","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":85,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"50f895dd-47a1-4505-8766-1ed21364dc6a","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":85,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"3ffa7292-deb3-43a3-b5ac-b78282c2a586","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":85,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"5117361a-cae9-477e-8790-7a6314e5d448","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":85,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"14d6e1d6-26f0-4924-8591-f7a6cbfc3e14","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":85,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"7b7c17ba-5175-4294-93fd-4c3a04ea1828","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":85,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"e216afcf-760b-4813-b4c6-833f586f3796","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":85,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"6baf90cd-232d-49a6-a905-8a494b2d61e4","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":85,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"661ffec6-4656-4057-a80a-579aa537ce6e","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":85,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"8b33d31e-dfd7-4898-ab07-da28074a9f6e","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":85,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"bbfed324-556d-4926-afaa-12c8ceec43e4","block_type":"box","text":"Fund may invest.","page_number":85,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"b428b6cd-5cde-42f9-89c9-f80b6bcba107","block_type":"box","text":"Funding Agreements.","page_number":85,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"880c0757-3273-4c27-b196-305f9dc7ebac","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":85,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"bd222363-ec38-4284-87f4-08b11ab21171","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":85,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"e3441c2c-b2a5-4ff4-8076-c8d37f6ad2f9","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":85,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"5e840034-a032-4a5d-aa55-5c6b101872f8","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":85,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"2d0100e5-a30b-4b4f-9249-3772924821b9","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a cer tain minimum rate. The purchase price","page_number":85,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"bd625893-b923-4130-9377-afeab5154b44","block_type":"box","text":"paid for a funding agreement becomes par t of the general assets of the insurance company, and the contract is paid","page_number":85,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"fcc8caaa-b332-4589-bb69-85c40a23202e","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":85,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"8f4606c5-d528-407e-ba00-a3c3018d28f3","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":85,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"919525cb-8df3-4c91-9ab7-09ed22918511","block_type":"box","text":"agreements does not currently exist.","page_number":85,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"6c30fcdd-5ffc-411c-8085-92d65e7e4b31","block_type":"box","text":"Guarantees.","page_number":85,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"dc4ec3e3-a647-4f03-81e5-43bed47cef55","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":85,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"18748947-6dc2-4dd0-b1d2-449f190a3dce","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":85,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"f0f28161-bd01-46df-9a0d-5df9f62afa2d","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":85,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"2274bcbd-c95b-494f-826f-78b20dda6de9","block_type":"box","text":"Illiquid Investments.","page_number":85,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"a8ebe75b-674e-4086-bbfa-ae01756cffed","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":85,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"c9d45fc3-dd09-49f1-8412-2e7d63363583","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":85,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"6cdc24d9-1eda-4db0-aec5-2bc063c75e24","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":85,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"88fba5ff-98f9-4b00-a0c0-7f05daec118e","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":85,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"9499858a-4950-4a65-8e39-f1f75e44cb3d","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":85,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"9c245d46-c699-4308-9859-8a6145e6f6bc","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":85,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"f6583dc1-bc73-49e6-ba7c-18a258f6daff","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":85,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"ef858331-cf9e-4c07-a7f0-24f46aa7aeba","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. 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If illiquid","page_number":85,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"02cfc7d4-f696-4ab7-a1e6-6c4837340403","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":85,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"cd43b8b1-7c46-43e0-800a-57ac14eca4b8","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":85,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"aefa94e9-af7d-4089-bf1a-3edf9d23efef","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":85,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"b0fba337-3dc4-4e5d-b5a9-9729aac39144","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":85,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"888e1ffb-be71-4bbe-8c30-79eff43de674","block_type":"box","text":"market oppor tunities. 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The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":85,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"0025c404-1591-47ee-aa2c-0beb8a6c8bc2","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":85,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"381b0643-24c9-4488-aec7-f648a07a2ddd","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":85,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"2ce74328-8092-45bb-87f0-209b122c702b","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":85,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"23917ef1-bc2b-41db-8399-bc77cabb2900","block_type":"box","text":"II-32","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e8b3889-8286-46b0-9e53-138ca1615e9a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14e501e0-e3f2-4cd1-af5e-09d8da03000f","block_type":"box","text":"(","page_number":86,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"30a2436b-0bd4-418f-9971-a832e456d39c","block_type":"box","text":"e.g.","page_number":86,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"f4bd8c59-c7fc-46b4-a4ca-fd99dbb3443a","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":86,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"904e592e-9ccf-4342-aae6-3ca56f4689ec","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":86,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"7da6f858-5a7f-4fae-b1e8-d28d0d0ea420","block_type":"box","text":"par ticular security as an investment.","page_number":86,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"8f46f730-80a9-47f6-9eaf-f72d9eb39684","block_type":"box","text":"Tracking Error Risk","page_number":86,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"18a7538b-e661-4512-9c91-e25eaaf44629","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":86,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"bbb62032-db36-4d06-87d8-b1b52a75cda0","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":86,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"d7592373-2020-4872-9303-26c7f7b6c037","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":86,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"690edec9-5be3-4a92-92ea-eb03b56560fb","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":86,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"d817beec-688c-4b1a-bf9b-330ad91a6085","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":86,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"68e4ee7d-3a4d-46ed-828e-da659acf9fbf","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":86,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"e7ac0a6d-ea3d-4504-ba9c-7cf5c97402b0","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":86,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"8c0a5b5a-ccc2-4ff6-a1f9-189e00b83500","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":86,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"93eae913-e7e2-40a1-9672-cd0455d55b5c","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":86,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"16747ceb-3aed-4a67-ba1a-f22abda2bb06","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":86,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"93c4906d-515c-4538-bd3d-43b15851d60d","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":86,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"4c81e163-4f2a-4293-9d35-2b6c6eb0c3e8","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":86,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"0649206f-88d3-407d-ac2c-7ad7f3c2f548","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":86,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"1dc89118-a669-499a-ae90-c62db83b561a","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":86,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"b4664371-bd75-414e-8d6f-3d69ec17d00c","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":86,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"b0b1d79c-133a-4176-a4f3-eb796bf1a1fe","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":86,"box":{"x":68,"y":332,"width":778,"height":11}},{"id":"69982c0b-3905-4fb8-ba73-b16cc65ab353","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":86,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"cbf42856-b1c8-469f-8c02-89dc3d790f10","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":86,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"a8881ef7-c78b-4d08-beb6-606ed33f39b3","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":86,"box":{"x":68,"y":377,"width":819,"height":12}},{"id":"0017d8fa-411e-4779-9d64-cf41cf78a847","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":86,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"32796abd-7f3c-4dfa-a90e-09431b0bf500","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":86,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"abe009fd-757d-4536-beab-ee6051b20022","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":86,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"ec31f205-8caa-4650-af2d-14b190343867","block_type":"box","text":"and its affiliates (without any guarantees). 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S&P is not responsible for and has not","page_number":86,"box":{"x":70,"y":627,"width":803,"height":11}},{"id":"27d9aada-e97b-47f3-b03b-a83f5aee5bb7","block_type":"box","text":"par ticipated in the determination of the prices and amount of any Fund or the timing of the issuance or sale of","page_number":86,"box":{"x":70,"y":642,"width":787,"height":11}},{"id":"a99caf60-15b8-4b66-ba9a-60435e780109","block_type":"box","text":"shares of a Fund or in the determination or calculation of the equation by which a Fund is to be conver ted into cash.","page_number":86,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"db8ddac6-1bc3-4abb-90c9-e052ce22c6a7","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":86,"box":{"x":69,"y":672,"width":742,"height":11}},{"id":"b4a51480-5eb2-440e-adfa-d423fd58a51e","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":86,"box":{"x":102,"y":695,"width":761,"height":11}},{"id":"99de7f72-8630-4ca7-b40a-3cf2615bf772","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. 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Such securities have the effect of providing a degree of investment leverage, since they may","page_number":88,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"3e35317a-356b-4750-8f5f-0000eb6efd66","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":88,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"29b25803-c7f6-4833-a1a6-2701fc7d95d4","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":88,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"188709c8-e07d-4e71-8543-0c1790ac3b97","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":88,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"6b195e91-f9ad-45e4-b890-08cf02d77459","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":88,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"8210218c-db0e-4cd9-93ad-a6f05266d6ff","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":88,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"ab77590c-5bfe-402a-b228-b8577057382a","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":88,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"ed0f65f0-2083-491e-ac37-8bcc371e4d9e","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":88,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"8abbcf18-4673-41ac-97df-efa6a9b4610c","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":88,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"af9c9816-1e8a-49b5-89e4-27c22d2d6e17","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":88,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"bfa5ff43-252b-4062-bc4e-accf21b7408c","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":88,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"3e5ad882-a108-4931-ae80-7887738dd5e0","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":88,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"3a232a3c-1910-4fc0-8dcb-129e1954621e","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":88,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"bb7b2be0-3831-4125-beb2-ca2f5055131c","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":88,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"e584ab00-0738-46c1-bdab-f7ea06c6af4f","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":88,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"76cb20d7-a97f-4e95-9590-f0da94429d45","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":88,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"99edee97-cc12-44a9-a845-5dfda2104c2c","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":88,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"40cafe06-146d-4216-8deb-8ee7068d2b62","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":88,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"a1294ad5-1295-4811-8aef-d87828db505c","block_type":"box","text":"Inflation Risk.","page_number":88,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"bc6fa65e-259b-4a24-b93d-46928931e5bc","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":88,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"b8b96ac8-0e4c-4f31-850d-1850a4d53470","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":88,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"bd0e6fd8-2468-48f3-8cc5-0950e7d707b6","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":88,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"e1489606-73d3-46df-a23f-c68d68cb0de8","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":88,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"4cdf2e23-fc1e-46b6-8e54-87a19f71ce0d","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":88,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"a71e62bb-69c6-4e55-a8a8-5dd5b02e891b","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":88,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"392f44f8-4c0c-4efc-8794-48fe658b2809","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":88,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"52a7665b-e9a3-4ff7-8369-360f925a904c","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":88,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"c5c7fd68-4ac2-48d2-815f-6ba02c93d149","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":88,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"fcdba2f6-4535-4cf8-8fb6-d44c33ac9929","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":88,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"8f6a8cab-e112-445c-8143-b6fb82dfa803","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":88,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"5c549591-4fe4-402b-be24-7f27aad34ac0","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":88,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"2afbee3c-0079-4daf-9abd-4189fbc5c674","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":88,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"291a26e4-6eab-4c6e-9b68-d7a19c839a44","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":88,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"c25e6e0e-bf54-46b8-a57e-fceea6460307","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":88,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"01c8e936-9bd8-4065-adb1-a4284dc036c2","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":88,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"fb14db98-54f3-4eb7-b102-f55ac985f1fc","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":88,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"57576dbc-c8de-47f4-9e63-94bd4dfbaa39","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":88,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"191dd4c1-25cb-46de-b514-6c1b57c6c041","block_type":"box","text":"be available for very limited periods.","page_number":88,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"3fa47b6e-8ea3-4bd9-9d38-e5088b4db7e8","block_type":"box","text":"Investment in Emerging Markets.","page_number":88,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"683e7379-6ae9-4beb-a83e-76e944a3a5a1","block_type":"box","text":"General.","page_number":88,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"798eb8a0-ba06-4ec0-88b7-2c85c6c7f479","block_type":"box","text":"II-35","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af3009a0-438f-4a9a-9626-e704e4f30967","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6572e307-1d1e-4b50-8baa-b3fe81719e9c","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":89,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"5f943067-17cb-414b-ada2-127dabdf411f","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":89,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"9e29bdce-b144-4f5c-8672-1210c77421ef","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":89,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"e4ce692e-b0d2-4d67-9003-ecd064371ec1","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":89,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"e6356b70-3fef-4b43-bd1d-07cc094290a1","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":89,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"222996f6-24f9-4455-b453-ddd8b20652c5","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":89,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"94037154-5a23-465e-8e97-fa0c58b139aa","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":89,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"02c825aa-4728-4637-97f1-61d03541153c","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":89,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"d5095051-3f62-4cf1-871c-d5604a3b7c8e","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":89,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"daacbc2a-993b-407b-91d8-c5b80573ccd8","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":89,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"073e17f7-1905-4bd1-aea2-f6995e46b52b","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":89,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"f4479ba0-22be-437e-b083-ff3750c5c9bf","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":89,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"a8d3fe37-9c22-430c-ad84-09e525fbdbfd","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":89,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"1eddb5b5-3776-45ca-b673-a1e2fa69388a","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":89,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"a835055b-bb4d-493d-8ec0-aa41e8aff121","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":89,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"53858839-4078-437e-b168-3b4c5dcc021d","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":89,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"805a201e-f58e-4db5-9a12-106740b82dce","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":89,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"d1ddf7bf-3776-438a-9706-feddef6a0058","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":89,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"538232e7-480b-4daf-8605-18763f4cf05d","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":89,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"0bab77bd-92ea-49fa-bc5e-c59ea298531a","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":89,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"bb129341-874d-46a9-9ce2-a77b56b03cca","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":89,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"5aa42143-4a36-42ed-adbb-60ce858e57ee","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":89,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"f6dfdf32-b451-41d8-95ae-912403404858","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":89,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"e51f90f6-110b-4c82-8b4a-a79c26aaf7ff","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":89,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"10aa8bb4-3cc9-47d1-841a-31921a75112a","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":89,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"1136fbfb-b434-44db-a58b-d393c8bb6424","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":89,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"0bbe406d-3adf-4f4b-83cd-fb5b330641e2","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":89,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"f740a329-bc25-4ee8-b19c-4b95b8123877","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":89,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"52cdb5c1-79a9-4a74-9276-3c0322f0592d","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":89,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"dd3aa6bc-90fc-44b8-ab27-96effe9981a1","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":89,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"f67091fe-b7a5-4796-acac-08e97f585182","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":89,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"f9f163b1-6691-4d1c-9813-09503dfcbd6e","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":89,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"48fd753b-0c21-4ca2-b4f6-3909ba521577","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":89,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"5fe803ec-9ed0-4c4e-b61d-8429456db681","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":89,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"05c43ea0-ce23-4d1b-a574-ed65711c61f3","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":89,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"680695d2-a68a-45f4-a3b7-d6de46133f58","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":89,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"7755bfe0-a70a-436b-b8d5-f5619905437d","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":89,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"fe753dbd-2cc9-4c86-84ae-fb9254e0c1d0","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":89,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"c6da5596-71a5-4f6d-9771-b1bdbe1e845d","block_type":"box","text":"acquisition or disposal of securities.","page_number":89,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"a84eeee1-8d4e-4d03-b594-523407c2eb1c","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":89,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"facb96a3-6c41-4ac5-bfeb-b0e645fa6537","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":89,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"6bf08eb7-fe6a-408f-90fd-1713ebb00b84","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":89,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"8299d2ae-8eeb-46c6-8bfb-1b098893245e","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":89,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"d1466a7d-83c6-424c-8739-796f93bcfced","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":89,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"fd1ea901-dc5d-489b-a276-84e4ccd57f06","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":89,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"58ae1fd3-be46-48ef-93da-584f9bba8b6f","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":89,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"e429142b-501b-41f2-814e-08705754761e","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":89,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"16688fd4-0446-4276-b115-51d23a746a65","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":89,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"d832b8d7-0a94-49bd-946a-5181a6d19192","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":89,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"0c2fd4f3-7422-441d-a1eb-77944430b0f6","block_type":"box","text":"generally less available or transparent in these markets.","page_number":89,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"0ae1c31e-903d-4beb-ad65-1cc2c8596a40","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":89,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"f626c61b-3a69-4694-9d00-bab4e128932b","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":89,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"2f148509-42e6-45f3-8d0b-3accbbd1edb5","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":89,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"dbd538e0-725e-4610-a999-79f9ae1efcd8","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":89,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"f3ebb0a1-2c39-4d35-95c6-21ee0f5e1d7a","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":89,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"21439353-88ce-444e-9e90-b27aa9bac116","block_type":"box","text":"II-36","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a98879a8-c684-48e3-859e-9cac31e6902f","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be701f17-2c81-433f-94b2-1116259c605e","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":90,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"d484b787-4657-44d0-b48c-6083ab90839e","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":90,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"7040df70-4260-4d5d-beae-12dfaf5ef370","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":90,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"2f094d27-6552-4cdb-b1b6-16c8ff61b6b9","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":90,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"9905b9b9-ff8d-4d77-a482-42e86f069a45","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":90,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"34436cc3-cd3e-4fc3-8f7a-f2ec2e862af4","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":90,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"8521ea64-fa75-46c9-a30b-d5fbf4ee6f91","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":90,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"c4603e8f-6e87-438e-a994-fd4fe8c65622","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":90,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"2f0a4fb7-bf7f-4969-b22e-3894451941ea","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":90,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"c3a1fe82-bc68-402a-b1c3-bd021b17a383","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":90,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"86057b44-e3df-407a-a42b-7a6bd6eb1a6e","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":90,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"c77aa9ec-dcba-4bc4-9e2a-81079c33e835","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":90,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"80f30e74-9734-4117-bdda-b73fb031eeed","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":90,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"5db9788f-c9cc-4015-bfeb-40dd2a8beb60","block_type":"box","text":"per formance of the Fund.","page_number":90,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"d6c1735e-877e-46da-826c-2a5cc2544bf8","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":90,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"237cec8d-28ba-454e-800a-578b83dbf289","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":90,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"4d772891-b6e5-4e84-b1b6-92ea8408ae36","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":90,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"573e4b08-0af9-4500-8cb2-8c877aedb3c6","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":90,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"47e9dcb6-1182-44fc-9e69-ed38a38b39d5","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":90,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"cd4ff6ef-f41b-411c-9e06-76648c695f6e","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":90,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"75899136-8c33-4204-822b-37ec179f2850","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":90,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"9b9f5126-97a9-4502-b6be-95488f36a45b","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":90,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"1416961d-fb88-4456-9cce-b2e4b6b4dd1e","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":90,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"2c34a298-54da-4257-bccb-e16f2d6c268a","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":90,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"fa4fc19e-db90-4ffc-a0cb-9381143eb12d","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":90,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"e9fdb21c-7e38-4976-aa0d-99a074d42646","block_type":"box","text":"affected by a variety of factors.","page_number":90,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"6719ac0e-66bd-4a13-a408-7eb1382c3c05","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":90,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"e9b6722f-1163-4d80-a662-784025859f91","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":90,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"70ed038e-9fe8-498c-804b-4a71f8dda9c3","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":90,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"f0a1ab7d-e3e5-4573-a168-0940add8e78f","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":90,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"8b9e18c0-0879-4676-b92a-e9f80bd30ca0","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":90,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"977a155b-cac9-4fdd-b478-c400dd7e7802","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":90,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"652f5f6f-eff7-48f6-b9be-e51aa17f6a5e","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":90,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"51b3106f-ac83-4b4d-98d9-62106bff4d9d","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":90,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"7a7f3956-5db5-46ae-991c-6f513fb978e9","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":90,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"8ded2056-19da-4a23-91b1-96e8f73793da","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":90,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"a98acccb-4cc6-4b96-8cbf-2f761aae5f14","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":90,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"c368dfcb-357e-41f9-823c-4c8ef5cd7c56","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":90,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"c5ab6d01-b035-4ede-87a5-c39441fc2a20","block_type":"box","text":"nations.","page_number":90,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"5d992cd6-c4a8-4297-b7a5-5ec7393d0be6","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":90,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"3331bc6d-47a5-4562-96fd-cc735a9936e5","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":90,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"1cec07e4-1914-4934-9954-18d8143e0b10","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":90,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"a0641a0e-cddc-48b1-ab49-5d4237e04b9d","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":90,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"980b84db-9b78-4763-b57a-eded69996769","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":90,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"e86a470d-dec2-4bdc-99ab-1f34388587ca","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":90,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"05c76bb9-0aac-4fd6-bc5e-11a98fe66580","block_type":"box","text":"market Asia-Pacific companies.","page_number":90,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"efc750bb-cc2b-4dff-83ac-481f56f3c411","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":90,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"ef260bf9-88b1-4158-b0ff-1ff88e7ec4b7","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":90,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"466c492b-fe0b-4fcf-892e-1d3a883e1786","block_type":"box","text":"services for such securities outside such countries.","page_number":90,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"8cd15555-e080-48aa-b004-a1d83f87c15e","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":90,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"85ccf839-2e67-4e0e-96b6-d356605e984e","block_type":"box","text":"to commercial banks and foreign governments.","page_number":90,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"eb24c634-fb84-4823-a544-c7b61ecf6d31","block_type":"box","text":"On March 11, 2011, a power ful ear thquake and resulting tsunami struck nor theastern Japan causing major","page_number":90,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"36a85350-3cc9-4cb6-b091-261cd8f5eb47","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":90,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"7125f337-fa2e-4eba-a7d9-f82a1b574f2d","block_type":"box","text":"II-37","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3e1d60a-91b0-49df-a01d-e615c2d128ef","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19b15443-4a21-4179-bace-8aa125ad357c","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment por tfolio and, in the longer term,","page_number":91,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"13af30fb-99eb-4709-8910-6d32ea4bb35a","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":91,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"a8253f10-b833-4d9d-a5e2-5b9088afd900","block_type":"box","text":"conducted.","page_number":91,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"2fefee2e-c60d-4585-a671-66f8fd64297a","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":91,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"d1c0bda6-30d6-4a8b-9335-fb5dacb97e05","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":91,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"2a534af7-7b62-4c01-8b71-c553649871b8","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":91,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"e90d70f8-db1d-4f68-8ea3-cb319ffe0016","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":91,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"752b2e26-589d-4dcb-ad55-8ce904d2bde3","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":91,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"6b5a640e-9c7e-4ca2-adff-484d481f0d6e","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":91,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"5eb28048-15af-451b-a1fc-6ece6a4cfbdd","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":91,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"2e56ac37-07d1-4277-a6fb-04ff237d5e6a","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":91,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"b7d1860f-6bf4-453b-87fa-6472676d55a6","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":91,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"f8c02e09-99dd-485b-9892-39b9d42ae16e","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":91,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"fc46ec0d-4a08-4ed8-8063-9cc48dc4ecc5","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":91,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"09b3d7e7-a60a-484e-bccc-e4aead4c6ff7","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":91,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"ffab0d45-b4c4-4759-bb0d-3cf1f4523fed","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":91,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"98ceae8c-db93-40bc-bc3e-5703afed69ab","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":91,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"fe12ff94-90f1-499d-af6e-ef3227b34d44","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":91,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"fb0749dd-7e1c-4c98-9611-bcf3d4da08a8","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":91,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"286adbd3-31a0-42c2-a19e-be8a345045b5","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":91,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"515391f3-cda7-4322-9fa4-b12ab95e5506","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":91,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"7cff1d1d-117b-4e1e-bc85-438a4e86dc1f","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":91,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"25e26236-bf7e-46a2-87cb-03a90e3646c8","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":91,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"26937ad4-1d20-4888-a697-ba886980c895","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":91,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"31a046e1-c832-42b8-86d6-ad46a2c7e028","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":91,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"45ebd47c-8a01-4897-900b-32a8002e4d8c","block_type":"box","text":"investment at that time.","page_number":91,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"a89fff88-8fd5-4dcf-a731-b4613763fee8","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":91,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"08a137f3-ec73-48a9-aed1-74889ab7a39b","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":91,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"8050ee8b-f930-41b6-874d-9d050458edfa","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":91,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"81e1ef26-2e36-4b18-b326-4cc541b3df21","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":91,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"00b5ee5a-28b0-4c50-88dc-1bca16f4e0d5","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":91,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"54b08419-5e75-4391-98bf-d1eff00c3420","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":91,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"a42d1054-75bd-4806-9237-613fb6e23c59","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":91,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"9b61d1a8-1b2f-471f-bf2d-676e7358caff","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":91,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"41519159-bb01-4c24-a484-19dd5a28d4be","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":91,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"489dfed5-3463-4683-bb4c-c3740652bd34","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":91,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"4b75eace-836f-4ccc-bf77-8440429cbc7b","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":91,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"d63bd25a-b9c7-4e52-888d-cb4332ecfe3f","block_type":"box","text":"government).","page_number":91,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"f29befcf-99aa-4c02-baf8-983858e27364","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":91,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"508241f7-32ed-47e6-98e8-df94137d8d3d","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":91,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"cd2b8c29-6c61-4cc8-ad14-33b004545825","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":91,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"f7123bd4-2598-426f-9175-b64900c04bd8","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":91,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"8d9d2e69-aafb-4fff-bf4a-84012a26c761","block_type":"box","text":"foreign banks and other financial institutions.","page_number":91,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"d7f9eef3-d54b-4d46-9002-1f76b2e75445","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":91,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"4eb8e9a3-0371-43f0-97c9-9a7eaee2f3d1","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":91,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"3703e09a-450b-4dac-a4b0-df33bbf8438a","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":91,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"8e05714d-fc7b-4417-8134-3e2b90c618b4","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":91,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"fe23899c-8701-4a9e-b2b9-aa8bc032182d","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":91,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"cfdba58f-bac8-4bc4-99a2-df02d2291993","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":91,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"bf67e579-5351-4e7a-bc66-d9f0ef9387a2","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":91,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"910e9767-1473-4567-946c-32a31546533d","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":91,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"971e999d-f3b8-49b0-a8ab-8c59859b5083","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":91,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"9a954767-d233-4c98-bc89-9dae6096a640","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":91,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"44a2f852-d30b-4343-af18-59b801302aa2","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":91,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"6d5ec2f5-a18e-4da7-a7a2-a73a632894be","block_type":"box","text":"II-38","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"febee20f-0278-47a5-a4f0-1a453ffa12aa","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b1b0f79-dfe9-4783-b1a9-27afe6f49a57","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":92,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"4eb36a25-ede0-498f-b43e-1580ebd1c0f0","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":92,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"bb1359b9-ccf5-4822-b39c-992dab221981","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":92,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"32790311-db7f-4852-a306-a5edaf7d5078","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":92,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"5a4b938b-8184-45b8-979f-85491f18c1da","block_type":"box","text":"foreign securities.","page_number":92,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"a979a21a-b4b8-4ec0-a104-6dfbe9433c13","block_type":"box","text":"Risks of Investments in Russia.","page_number":92,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"28b127a7-70a2-4371-ac9c-54863be892e1","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":92,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"5526d678-655b-4924-b4f2-5d95318496b9","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":92,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"6a487fe6-3d8e-4d5f-b4db-584bf666645a","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":92,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"a275f1be-7a7c-47a0-80f8-3fa734ea20ee","block_type":"box","text":"and a substantial por tion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":92,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"90a66619-bf09-4ce0-b2ee-496c8c44eefd","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":92,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"aa412723-cb57-40d3-b8d7-69afa2fa74f6","block_type":"box","text":"obtaining accurate prices on por tfolio securities from independent sources more difficult than in more developed","page_number":92,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"1db0182b-4f2d-418d-8572-64133c18d198","block_type":"box","text":"markets.","page_number":92,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"8ad42968-bdca-436f-9327-06a6be2fd390","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":92,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"18660a7b-c51d-4b9f-9479-40f0317968d4","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":92,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"403274ad-74b9-4754-a041-dc503dd3323e","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":92,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"7491060c-6d8f-4c80-a479-2aecdaa0a30c","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":92,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"b047a65e-bcd7-4ae4-92b5-5dad13236f83","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":92,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"3aa107da-06ac-4e7f-9ba5-d2adfc0b10c0","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":92,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"09126a27-a097-42fc-ab65-58f4ba55e753","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":92,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"8ad67fb5-7958-418b-962a-7f9d1349578f","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":92,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"f34b2b8c-89ad-40a8-954b-65647db25d2c","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":92,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"067730f2-fd5a-44b3-a9d5-3c89ea2ebe46","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":92,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"06dbeac9-68bd-4ee9-a86c-2a43a7377550","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":92,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"4d020ec4-8b67-4be2-ab8d-87e311084682","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":92,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"36b72332-3943-4581-9f91-68189855ca3a","block_type":"box","text":"or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":92,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"0405f157-8006-4d64-8d61-832470a3d8e3","block_type":"box","text":"otherwise remedy the loss.","page_number":92,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"470c58ba-bd38-4bdd-a507-169010d8252b","block_type":"box","text":"In addition, Russia also may attempt to asser t its influence in the region through economic or even military","page_number":92,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"559cb4ec-cc5c-4718-8f60-f4d5a6c0ad00","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":92,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"b173b067-47b8-4b4b-a06e-0c6f9332886c","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":92,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"c0fe76e0-2480-4cca-8365-fc770a7f774f","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":92,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"e78f3de8-8b5a-448b-b84b-b9caca609b5a","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":92,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"5abb02dd-fca6-49c0-8238-522f1002fd83","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":92,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"0310ac0e-e48b-4d3b-871e-3450de5d670a","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":92,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"010127ac-4353-46c0-8239-608bd5700b89","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":92,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"4301643e-bae7-456e-8487-09705ed96d2b","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":92,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"8f78ffd3-88bc-4b9c-b6ac-69be3f466c61","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":92,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"fb3f0df0-a284-46dc-86fa-c1c99bddbe7f","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":92,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"495b8ed8-d602-4613-9093-19f81a961c4f","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":92,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"9352a0c7-19fc-4723-8da1-75d477c2fcc8","block_type":"box","text":"markets for cer tain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":92,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"e61c160c-0372-43c4-bc5f-c94471df6234","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":92,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"04c946d8-61f8-4017-a2a1-401b30fe395a","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":92,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"2a5340c4-deeb-4a32-9347-6596b6450fbc","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":92,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"c4d9298e-18bb-46e3-846d-0056f6515d46","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":92,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"4eab1a09-c003-4cb5-bbd9-d8bab21c7ba3","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":92,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"0d74a452-4013-468a-9c5f-508ad6cabdb5","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":92,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"0aedd656-bc9e-4a65-92de-1fc46c0b04c9","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":92,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"b2c13903-e492-43b6-9dec-84e70a05aaff","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":92,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"4d5f1b24-073c-4027-9994-77f7549b8e0d","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":92,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"ca0e294b-2351-4531-ba24-50b2e9b3f053","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":92,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"e1015ed2-40c1-419c-801c-c180278ed928","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may fur ther impair the value and liquidity","page_number":92,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"f5762701-51c5-4323-8f20-85aa786b0b85","block_type":"box","text":"of Russian securities.","page_number":92,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"3daa8b15-c256-46e5-8d60-c21811c559dc","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":92,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"009897b4-e998-4e7a-b9ef-c599bddfb987","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":92,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"f50d6ec4-11c6-49fc-8607-86e0c368f88c","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":92,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"7b9dba79-9262-46ec-b9e3-8877c09f39db","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":92,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"d9e66d34-03a0-4aea-b80e-4946aa3bf7ce","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":92,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"11f806a1-adee-4cbb-8988-587a0c4dd38c","block_type":"box","text":"II-39","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"99bb8607-bb46-4f05-af50-62e03f4af069","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b674e5f1-a9f8-492c-8840-ecbf6ac67615","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":93,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"9ae9ff35-08a1-4b20-b865-08f9560c3513","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":93,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"de42ac0e-bd5d-4cf2-9309-59752eadbf59","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":93,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"198a9396-c844-468e-817e-9d52809b4dc4","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":93,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"ba7b5e82-92b0-4a7c-9285-3f0ed7b9f8a1","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":93,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"70b81a14-b281-4d91-86f3-7aca64d678d0","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":93,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"bd904517-8611-4184-b72b-11177a99f5e9","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":93,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"ad28e7f6-596d-45ce-a5b1-ed6de12b4a02","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":93,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"e587f8cf-6ecf-41f1-ac21-ac4efb1cb8cc","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":93,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"4a4d30e5-43f0-406e-81c5-fb9a9cbe1750","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":93,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"49ace1c1-fca1-435b-b2e0-6ecfe117932b","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":93,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"c9532b1f-ae61-400e-aac9-9a081d17c60e","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":93,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"8b851b95-6b3a-41d4-aab0-9a3214441a8f","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":93,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"09903386-7cc1-4c69-b195-f8af36987e2a","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":93,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"a2b7fc16-57ba-4aa3-9398-9d513997136b","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":93,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"56c5517e-28fe-4ea8-bbe5-09e7ef3c521e","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":93,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"21fcfdf9-b10b-41fb-86b6-00e8c1b1f537","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":93,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"355f37e2-040a-418a-ab96-a71f89620e90","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":93,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"d82498ae-e532-491e-aa38-31bd5d09c8d5","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":93,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"23f18d56-f61b-4cee-978c-987edf5f9f0c","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":93,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"931e9335-8dfa-4be3-af92-06205e719a34","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":93,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"07d013fd-2757-4b32-963f-191e61f6a3e9","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":93,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"9251c883-eeaa-4daa-a7f3-a8a05a695d41","block_type":"box","text":"impacted.","page_number":93,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"66a0c6da-7d4c-4a13-9566-94d3b26a7627","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":93,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"34e95a3f-1d87-41dc-af46-f1545df657fc","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":93,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"b06a90c9-9c15-43dc-bcd8-552d20dca3de","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":93,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"9c52cc7d-1446-4662-94c1-25e9800b8010","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":93,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"d459f9d9-9427-40b0-89ee-5e5417968c8a","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":93,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"7ad697ce-6348-49ef-81f6-d3fa26e75075","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":93,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"2218b3b5-6658-4bd2-96b7-b931b036b87c","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":93,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"d6440ff3-bb8f-4bbf-a402-1bfbc2adb7ac","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":93,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"2ad65949-61b7-4ee6-b1aa-4eeab0778db7","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":93,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"b9ed36e3-3c3e-4059-a32b-cdac4e10d8e4","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":93,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"d868fbe9-be72-4185-84ab-1d44849285e0","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":93,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"d5c7d47d-1574-445d-ab88-fa479c7ef001","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":93,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"1d9512d2-4fc3-4462-9a95-b7a035cebc2d","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":93,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"bbc188af-1835-4980-b799-61db472a9d37","block_type":"box","text":"economy.","page_number":93,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"d41c97cd-5bd1-4ba3-8c36-0abdfafddd83","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":93,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"e9b6088d-f40d-424b-ae5b-c876c7e08c0d","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":93,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"e364b5f9-c1ba-4480-96ef-f8dec60fe5f8","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":93,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"59a70ece-43ab-4581-8876-2c19619a0b83","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":93,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"accb2ddb-d580-4db1-8fd2-154efbb72136","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":93,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"ec5049be-6238-4fba-9abc-1fad48baa94a","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":93,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"407a4e69-f84b-437e-ae98-d10feec78dec","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":93,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"ba8a385d-4be6-42fb-86c4-d32dde2367a1","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":93,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"54eb0509-90c8-44c5-8676-3487c8a005ce","block_type":"box","text":"typically the case for investment managers.","page_number":93,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"330d75a0-65e2-46cc-9edb-0cc8f6a1a2ef","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":93,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"a31108bb-6790-4b09-a54d-ac3435a60b47","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":93,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"ea868697-eb01-4a27-a19f-d8d8a25e7c76","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":93,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"53a93ba5-c297-4f5e-a82e-9fb236af642e","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":93,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"68dbce3b-a751-4227-a04b-04a258037b2d","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":93,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"37abdcd8-42c1-4db2-b953-7a7a6713c86d","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":93,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"67e7bbbd-8698-4c0b-a587-1baf4709b274","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":93,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"86135add-c510-4591-bcd1-797bd8988b90","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":93,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"666fe032-1624-41b2-bd02-1439805107b6","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":93,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"067c7ca8-3949-4be7-9f3c-400428971ff8","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":93,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"74f85ffa-8ee1-4786-92cb-d8bbeab8ee2f","block_type":"box","text":"II-40","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c1c4e53-a0cb-4721-88f1-b3ed350d980c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78f682b7-56be-40db-a9cf-e8306d155a94","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":94,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"b0a0eadd-37e5-4673-a032-7576a66d1c76","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":94,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"2d72f032-7e69-45af-9f0a-e3d6fd5431fe","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":94,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"a25ac288-9e2e-4e51-9743-8317bd9ec4c4","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":94,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"68a7ed90-15ed-4a79-a524-63f6ebbf7c48","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":94,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"65c1fff1-7083-430f-85cd-668586d4ced5","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":94,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"85dcc796-de90-4c09-9e12-76432b498cac","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":94,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"855f241a-ce30-42ea-afc0-1594f00f3a2b","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":94,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"629e33aa-d310-4af9-a3d0-18c0d3dc533a","block_type":"box","text":"will be indirectly subject to those risks.","page_number":94,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"a71648cc-e267-4ae6-9f31-70f7439dcda7","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":94,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"10ad38af-973e-4bc9-8bb0-5b1a4bc0a918","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":94,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"ed17e6a8-57cf-41f8-9a6a-70d61321343e","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":94,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"ee32340e-34a8-4ba4-a399-d7de76497d89","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on expor t of natural","page_number":94,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"1b4571e6-9244-41c9-bf90-12a3a6fe857c","block_type":"box","text":"resources to key trading par tners. According to the Organization of Petroleum Expor ting Countries (“OPEC”),","page_number":94,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"7b2a2cb5-a439-437b-b5c7-1f53facdf335","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry repor t, Venezuela also has the","page_number":94,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"8be40814-0528-4dbf-b5f7-09f7775d974a","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":94,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"1068c5a3-355d-40cf-9fe6-ee94fc337aa5","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or expor t of natural resources will","page_number":94,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"b667f5de-2e88-465a-9597-dbac15a61bf3","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":94,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"e390592d-4123-4bb0-8d87-324d5d080a60","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":94,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"1a75784c-9239-41c2-b225-a788a485d4c4","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":94,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"37754fe4-a4cf-4627-bf05-16c2b71a0a42","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncer tainty.","page_number":94,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"698b3d9f-c6ee-4264-926e-69ae6ec68624","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":94,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"d241dcbe-8aa2-4d12-b9f8-735952e1c395","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate","page_number":94,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"808b8e7c-7c18-4866-b38a-43527bd314c4","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":94,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"3bde4002-fee6-434c-966f-ec44eaa33b20","block_type":"box","text":"sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":94,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"f5b83578-766d-41e4-aca6-c9ddc2cee659","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":94,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"384d0942-ed36-4639-93ac-b6c67011b124","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":94,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"7223bbf9-69f7-4956-9071-b40da93c679c","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":94,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"0a0c780c-82e2-4c21-b1a4-51767541d7e6","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":94,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"1791bffd-3fb5-4cc5-87e2-c296e66db51b","block_type":"box","text":"Brady Bonds.","page_number":94,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"3e3801c6-448f-4ca0-a3fb-74a61ff22c59","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":94,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"fedb1acd-2736-425d-9b37-cd57d0207f2f","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":94,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"edeb650c-9531-4c7e-be99-e0e03923b731","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":94,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"c4bf7e28-690c-4039-9614-ff66e131e3bb","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":94,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"2dadea93-e2d4-4914-bed4-87d7f4f6c56e","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":94,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"74fc5f5f-db5e-41fe-8941-3aea2ecde700","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":94,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"0fdd6c88-4f80-430d-b867-f238293fff04","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":94,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"4e80c94e-c8fe-4567-aa8e-720422ab8477","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":94,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"940ec937-ac5f-44cb-bb57-e99d90082083","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":94,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"97baed02-7d26-4a86-9988-fdbd3f73715b","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":94,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"dcd9b8d0-6da4-491c-8771-70926599978b","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":94,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"28310c8b-560f-49bd-a24c-5c3fca0de698","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":94,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"8e49821b-aa80-4678-add4-531601659a23","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":94,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"be5ef675-508c-4870-bc50-b84d3f3542ff","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":94,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"746168ff-0387-4cd3-ad4c-951fe70d9df5","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":94,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"a85fa821-834f-4c0b-b839-eedd22fb28cd","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":94,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"0d46a72d-98ca-4db1-8b43-d5e82231e63f","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":94,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"6a8a3efb-ef98-4a99-9a7f-c69409c6f5b8","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":94,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"a37088ba-d1c8-4e6d-9bab-2de99426435c","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":94,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"40b412be-d9d6-4b71-b0f5-eb78d842177c","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":94,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"1f660f61-512b-43d2-9413-694ec1663eec","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":94,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"002d73d1-7543-4e04-9990-78bf54f129fd","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":94,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"97b6366d-5030-4c3f-96d1-7ffc3594cfd4","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":94,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"bd16671a-d193-437a-8f82-83f6c65c098d","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":94,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"949a9b00-e3df-4009-b7e8-771a0a9866a0","block_type":"box","text":"bondholders. A significant por tion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":94,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"7a3a1263-10b0-4d40-8187-8a0e2bbcbb99","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":94,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"5c80acd5-7252-4ffd-8d28-76fdc959c9b1","block_type":"box","text":"II-41","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d20b4f9c-0e25-4a24-a9cc-392ef5bc231c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72b8242d-9273-4161-a2e3-6d9115641e4e","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":95,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"b908153f-dcbe-4fb3-9704-3ca1ec99af45","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":95,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"b1b02103-af8f-46ae-9e19-1f15f85c6835","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":95,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"31086875-ff74-4f75-930d-e71cd128a424","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":95,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"4b913860-2b66-4b1b-ac4d-ca821d4d2cac","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":95,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"58427a8a-ef60-4b2a-8a51-bc30536c4836","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":95,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"252bd300-9d2b-407a-bd8e-a2794cd15e54","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":95,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"52b45dd5-17b0-497d-84a9-bdfce50760ab","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":95,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"6e680c33-3564-4aad-81e0-996de8118a10","block_type":"box","text":"China Investments Risk.","page_number":95,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"85ebfd0e-38bc-49bc-94c7-badaf79a75bd","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":95,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"36a2aa35-6081-414a-9783-0eb1bf9b6ceb","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":95,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"340bdcfc-7a11-47e0-939c-7b9c90f0bc9e","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":95,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"11cd89a1-523a-4bd1-867c-85c6daabe2ce","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":95,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"76f04e7e-4512-4bbe-9b90-6bed920e8e4c","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":95,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"0359469b-1f08-4ad4-9740-099430842e19","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":95,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"a1bffabb-4bae-404b-8fe6-488c2bb6df68","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":95,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"acdc433d-772a-47d4-933d-4676dcb0e2c6","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":95,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"5d56d24e-a108-427d-9f98-d247c038fa67","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":95,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"0bdc65c8-db99-488e-a5b8-9a19c18ce89a","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":95,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"ef43ed71-9b9d-414d-9629-5d05744a5e60","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":95,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"59d7a168-6e29-4451-a356-f7a5b98b3c7d","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":95,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"bb04800b-30f9-4861-a224-3cf10db5d9ec","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":95,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"9a6d3ba9-76f9-4050-a58e-9a62297b8f19","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":95,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"ea6d7c2a-0725-449f-a95b-9b655776119e","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 cer tain","page_number":95,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"73d1dd1f-63a7-4575-b9f6-04f0d1c9a4ba","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":95,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"629e93ab-f21b-4228-b7b4-ef5dce8591d4","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":95,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"30596f27-ba99-486c-b214-8bd2108eb22c","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":95,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"c906506e-c67d-428a-a512-9cf1dd5411df","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":95,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"a51b0a08-5159-4053-841e-60fee7db29c7","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":95,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"6dd9a9ec-dd8e-477e-9c98-6174beea4e4a","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":95,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"6f952bf7-bbd2-441a-8fd9-5d3b4f8df18f","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":95,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"e42cee94-4c8e-40c1-88bb-d3203a330ba0","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":95,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"67ac3237-2209-419a-bb29-095d7cf76e7f","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":95,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"ff7d5605-4062-49db-a42e-f1f030f8d61c","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":95,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"3cbbb991-07be-4d6f-bbd5-f3f9975d30d9","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":95,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"60e791f3-5015-4a3f-bcd8-375c48ad0ada","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":95,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"ce49b946-722a-434b-a0e3-466d5fcb3c00","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":95,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"ff9034d7-7d73-4dd1-a49b-6bc18c0865d5","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":95,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"1da11fd5-880f-462d-84b5-68e5666149d9","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":95,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"90852b55-b19e-4f29-8498-bafa8010ee80","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":95,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"ec3b9f26-ecca-4bba-8256-70e2edaf1974","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":95,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"9084a077-f12d-48b4-b28a-4859cd04cbe8","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":95,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"5d9c6139-ca06-456d-a5ae-51f7f47327d7","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":95,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"8cc672c5-bba4-4210-84b1-645d635b97fc","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":95,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"7a74111b-8122-43d3-a323-d4842cbbec29","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":95,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"65cbf51c-5c0b-4b3f-88e5-156cd9e01604","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":95,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"1382448a-72c7-4978-856a-04b700d5e7fd","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":95,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"18565f29-a360-483c-99cb-07521d1d7985","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":95,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"3c87339a-d0f9-45d5-9ec3-a42706a8c6a6","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":95,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"7f071971-fdc0-49da-b336-ee5affffa694","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":95,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"74a45c73-84f6-4744-8af9-dd1eda3879a2","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":95,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"aee533e2-952e-420f-8819-80d7ed58b1a3","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":95,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"ac83b1c5-efbc-4662-9f60-21a62d1e1781","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":95,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"901e50a0-b849-401f-abdb-c4d75728f19f","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":95,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"4055b288-6273-4be9-ab2e-bb465c634ac0","block_type":"box","text":"II-42","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3c9cd43-8dde-4e92-8bb1-712a33e2c5f4","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9258305c-f7e1-4e4b-8983-a075dfb62777","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":96,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"dbc9c977-06ca-4636-89b5-5c4954ec76d8","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":96,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"9943000a-c821-4e21-ab94-3abc33ce41d2","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":96,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"4c72fa53-4a76-4806-82b0-c2fb4ed31b8e","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":96,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"4cb556dd-88c1-40ac-b7db-dae64939abb1","block_type":"box","text":"sub-custodian.","page_number":96,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"fb8c7309-17a6-4f85-b964-194aa801089e","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":96,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"23718956-98b8-49fb-8551-d209a291b68e","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":96,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"63fce1a9-d66c-4708-884e-5a265afe7758","block_type":"box","text":"on investor protection considerations.","page_number":96,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"ae086710-8d6f-425c-850c-b060d6653a85","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":96,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"2f396571-1214-48a6-b867-360e1c7c1518","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":96,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"d72b13ba-3f27-4c10-b6f8-0e4e15d2f590","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":96,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"1483fe10-4c15-413a-be77-d2312d5c2adc","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":96,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"06089511-625b-40fd-b68e-13dcb0451af4","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":96,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"112ffb13-cb29-4f61-9a28-53bfe5882004","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":96,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"e76a8c1a-5936-460f-89cf-7a8489e2190b","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":96,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"9f0b09a0-0e60-44a7-acde-3c07b2a8bc15","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":96,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"0aeec507-c753-4799-939b-79f57f74f20d","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":96,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"6f82d25f-51fa-430c-8023-7f83685bf0bc","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":96,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"56c01e83-3fed-4a7d-80e2-316bdd2ba1c9","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":96,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"344e7d6b-21cf-4bce-9d3d-855a847fb786","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":96,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"4595e3e9-0819-4028-a004-82e0afc557be","block_type":"box","text":"accounting firm.","page_number":96,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"46648cf8-2f0b-47f2-953f-23cdd44fa116","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":96,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"8d974646-7d04-4b06-a460-f76c2217c6cd","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":96,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"33aa7083-affa-4be0-b94e-216a575b672c","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":96,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"1b204dac-21f0-47dc-ae2e-0d0d3f6f6b09","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":96,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"48b8b65f-0439-4fd9-bb66-c919f8dfbc7e","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":96,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"45c1cac7-0f87-40da-83e3-03038081df14","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":96,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"7b464701-a8bf-4ab5-af54-0763063752ff","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":96,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"1a1ba8a6-6a32-4a95-8334-ce9ec9fb5aab","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":96,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"4a2fc5f9-00af-415b-8f36-3d1ca2253b2c","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":96,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"c3bd0300-7485-466d-88d7-0eab2b5ae924","block_type":"box","text":"RMB (“CNH”).","page_number":96,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"d42c5f98-6eec-4724-aa16-b58336fd3eea","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":96,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"e5f63a42-6fe2-4488-8489-73be7e2ca16b","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":96,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"384f5067-a121-4a0c-9f18-f1752640011f","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":96,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"27ca0341-caf8-406a-bbd8-c1bc67b97c61","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":96,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"4573e49d-599f-40ae-bcd2-6904f110aed3","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":96,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"8caf34ca-24af-480f-b3da-a890153376e3","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":96,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"bc0ab438-361e-482a-b523-7113da6c0d2e","block_type":"box","text":"represent equity ownership in the operating company.","page_number":96,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"a2c0292f-e442-4f73-a6ea-dc04bf5a08e6","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":96,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"679604c0-207b-422a-a9c3-bedf1ec4538e","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":96,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"19415b56-97b9-4f84-8ded-321a13695d4e","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":96,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"4d971e4e-2bd4-4352-a482-dd6d0577af42","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":96,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"20586fec-2247-4d27-a566-53df78c5da9b","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":96,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"ecb65d89-997a-4ef9-8de6-7b992e2bd1c0","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":96,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"43cd33af-3fc3-43cb-99f7-de001cc9e0fb","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":96,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"20a7ee82-dfb7-498d-9aa0-8f449dc021ec","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":96,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"2dc4ba79-ab04-43a1-a7b9-65a1a1cf5fce","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":96,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"8fe39f21-7829-434b-85d6-06f6eeb59fd9","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":96,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"089b5a8a-08ea-48a7-a90d-38ce213f2558","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":96,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"0292a12e-da5c-4306-b358-12fc4ba1e23b","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":96,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"3e92c0d5-8bb6-4b00-a7a2-861edb94d67c","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":96,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"d26ab8f0-028d-40e6-b116-e927af7aa83f","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":96,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"5ade106f-db48-4165-a5a0-e90087abf572","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":96,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"a0cd9b56-d606-4d8b-92eb-1a27f2f22084","block_type":"box","text":"II-43","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dea284f1-0617-4b93-b07f-59e8d39c5a1f","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be839217-03da-4a42-8606-707b8aee9160","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":97,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e3030c87-f437-4feb-9d33-53522bc84f32","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":97,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"4f3a51f9-fc39-47ad-89de-c7025d93d95c","block_type":"box","text":"losses to a Fund.","page_number":97,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"3704f5a2-e0a0-48cf-b2c1-5b21786efc74","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":97,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"ed2c4c88-4441-4f94-b871-0c7bb503260a","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":97,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"af78d4eb-1f89-4d44-9493-171efc10ed7f","block_type":"box","text":"aging population. China continues to face pressure from its trading par tners over its expor ting of its excess industrial","page_number":97,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"11488295-903f-483c-a7a4-fa7219c31ed5","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on expor t growth.","page_number":97,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"99d7b670-c4ec-4ecf-bec7-f52d761cd32f","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":97,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"50f13568-1470-4259-ba4b-3962d64facb7","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":97,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"bbb5441d-6999-49c7-bade-9b58da1677cb","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":97,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"2b11d460-62d2-4e19-98c9-78ea2304f595","block_type":"box","text":"key trading par tners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":97,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"9291cc87-4e54-4bc7-b7b8-473d189f3b2d","block_type":"box","text":"invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":97,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"0f93c31c-b638-4d5e-a385-58bcb1b13730","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":97,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"4917aa8e-4bf0-44f0-8924-2ef93d7b539b","block_type":"box","text":"other concerns of such government. For example, cer tain foreign technology companies are subject to U.S. expor t","page_number":97,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"f051c3a9-74bb-48fa-aa2c-22fd787fb26d","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of goods","page_number":97,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"8891be4c-dadf-4b4d-bdc1-757f7addbe3e","block_type":"box","text":"produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor. Such","page_number":97,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"508f96a6-4127-4b30-bbf6-b382c996ba8f","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":97,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"bc83fb66-1c6a-42cf-aaad-628547758906","block_type":"box","text":"targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement or","page_number":97,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"5904b1d2-8090-48ac-9a3e-0a1cd5da0470","block_type":"box","text":"cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":97,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"3d88066c-a211-446c-8943-803be5ce195e","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":97,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"6db93302-658a-4653-b9e2-77a82f37000c","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":97,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"acf993bd-07e6-4beb-ac5a-63622a165fed","block_type":"box","text":"such companies.","page_number":97,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"8fef02e6-3be1-4791-bea8-d9fbe879079b","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":97,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"fb0381f1-71e5-47d8-b121-26420b4af749","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":97,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"9bb0351c-df3c-4f73-ac5e-e910c214f1aa","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":97,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"d926b3fa-323c-4ddc-b7c4-77b5cbe771bf","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":97,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"0be9c1d5-22fb-4588-b690-1c6c3733ede0","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":97,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"67f32025-5daa-448a-8586-2dfe8716866f","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":97,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"65c82861-8ade-4955-8406-0302725811d0","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":97,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"01210189-89c1-49d7-b0c4-45f67c7e4fb2","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":97,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"bceb61de-24ce-475d-af83-91f445314ca9","block_type":"box","text":"standards.","page_number":97,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"c9426bf4-77a2-477a-a07a-84b2606d2d8b","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":97,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"159ba5bf-47ff-4af2-ba96-b7dfc43fcc1e","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":97,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"7a03c979-6b63-4c87-8ba8-d059034090e0","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":97,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"4444ea6d-5fcf-4acc-ab77-f75d02e53fcc","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":97,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"bfb48b41-0c24-4dd2-a17b-d9b9ce3bedaf","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":97,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"77c556a8-4b6a-4fb8-b795-c24aff79e308","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":97,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"efa98a3c-9511-4255-8595-9f03b4bfd97b","block_type":"box","text":"General","page_number":97,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"d611800c-a21a-44ba-8894-b794608f265a","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":97,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"3406d4a4-03a4-4e18-8bcd-4cc7c2817525","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":97,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"df489431-f2a0-47eb-ad64-9bf2a69832f6","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":97,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"ad839a2f-8d5b-4580-82fe-1a89a59ecdd2","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":97,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"f4c2726a-9749-4405-ab96-76d80315d8d1","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":97,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"ed9c68f6-3efe-481f-bd72-8ff98d8fc105","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":97,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"659deacb-b9d7-428f-a93b-1b7d25845be5","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":97,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"65ea4ace-cb6c-43f3-bfa4-20681276ae28","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":97,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"af81b752-4e48-48e9-9b62-70b764c41512","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":97,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"ddada4fd-1040-41c3-9e9d-8973bc3a3e11","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":97,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"aa8dad3c-de1a-44d4-b032-03d2d31dbbbc","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":97,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"c9431ee1-db81-4b2c-96ad-a2ca2954c26c","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":97,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"cdcd07ca-6ff8-4be4-9e85-b5e55bc166bd","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":97,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"818fe8e6-3f7c-4ddf-9eee-7d447dafe5d0","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":97,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"f89f94e5-56f3-4b18-9ebc-a3a982eafee1","block_type":"box","text":"company established by SEHK.","page_number":97,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"6f5342f0-2e5f-4877-9e2a-d1e4892d29f7","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":97,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"815c218f-c958-4610-88bd-51589ca18970","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":97,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"18a5a337-d980-4bf3-9699-90720a3575bb","block_type":"box","text":"II-44","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e95fd1ee-0660-4efa-a961-28a6a2f755fc","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"904446be-9c6f-42cd-87fa-5ec27ec350ea","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":98,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"68b0184d-de00-41a8-9be6-8e87ac5cd766","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":98,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"0b66378f-366e-492e-92ed-abeda78c4714","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":98,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"e7788847-14e4-4ebc-9270-27b95add7b99","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":98,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"fbfbb814-51fc-4d5d-bb34-508cf1c325ed","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":98,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"bd75074a-76e2-4658-ace9-b1783ceaa7b3","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":98,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"0c9ec7bb-e2f2-450e-ad1d-45ea3456859c","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":98,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"e128fd50-6130-4fa4-9115-0c598dfa573e","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":98,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"4dfc5f0a-bc7b-4e8e-ac3c-a2ecde5a14af","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":98,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"6a88865d-95ac-43a2-bc27-b9b8fbdb67ff","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":98,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"deb48e23-4fb9-4c6b-8e66-fdf51adb81f4","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":98,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"4c5189ee-f1c1-4dc1-9b60-8839e00ba9e5","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":98,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"d1c685ef-e2e6-4140-8004-22992134b86d","block_type":"box","text":"i.e.","page_number":98,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"6b42acad-dd48-4af1-abb0-d1fba61b7e4c","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":98,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"0b9c06ab-bf74-46b1-89b1-a4225b457b10","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":98,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"02591222-18aa-496d-8d5b-1dd37bbeef8f","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":98,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"1044ed99-104f-49a5-8f85-dd95bef2e69c","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":98,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"11223daa-6b26-44f7-8fb2-fb5cc7a3b5a8","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":98,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"152cd837-9031-43a9-bc4d-f0428c967b2d","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":98,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"f4a62643-abae-4f10-b4ed-50ce350fec92","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":98,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"71b00a00-ce1f-4972-adcf-5347ff77fc88","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":98,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"c062daba-0f32-44a9-8cd4-d38cdc567e88","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":98,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"b1fc347a-a228-4c97-83be-c8767522f65f","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":98,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"d640b48d-1834-4345-97a1-b518f2908b16","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":98,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"9a773043-5d78-4242-adce-6f24c4c95ca6","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":98,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"4b07409e-bd98-4ba7-87e4-75b93ad683bb","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":98,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"c451a72e-33ec-4706-bcbf-ed8b83084545","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":98,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"aa10b921-218f-4d8d-8b57-7d79a3855252","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":98,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"62f3af55-44bb-475f-b989-f39ecf239f8b","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":98,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"59dd8374-61bd-46b3-8190-e1f85e81a5f5","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":98,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"0eb29f82-acb8-463d-b557-9b9502faf385","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":98,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"2201f37b-1582-45e9-a20f-68c0dd4370dd","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":98,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"2f0d52e9-6d1f-4f57-a3c4-f21147dfda45","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":98,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"06882f14-c466-4455-96a1-081d36ada296","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":98,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"ba21ba73-1c80-433f-a171-91c4233f9273","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":98,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"adf09250-ca7c-49d0-bee8-b5ff0cd4cca3","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":98,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"3102e4f5-3b8a-4ecb-a1ad-82844381ea50","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":98,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"b1b7a6b4-f1aa-4877-97af-afca7f827329","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":98,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"69b362af-150e-49cd-aa68-b2d0a3ba3493","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":98,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"9b9752e1-d777-4ea5-99aa-7f3b11b07dc4","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":98,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"26e8abbf-d23a-46e4-b578-9cec3fedf6ac","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":98,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"73552d1a-c987-401a-b823-a0bd9bdcc65f","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":98,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"d09c6be4-b4db-416f-86de-2ac7fcea2f1a","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":98,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"979acd0e-1fcb-4769-b192-80170da198a3","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":98,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"a2241a8c-653a-477b-9772-c24855e4193c","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":98,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"12d44588-b3b6-4112-9242-9e166ef398b2","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":98,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"d70628c5-4089-498e-b9fc-c59c26d484d7","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":98,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"e8114698-9f76-44d1-bf15-e7276de51b89","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":98,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"d82a4a19-32aa-48d2-8912-3217c6ee73e9","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":98,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"32247d18-b630-4032-9ed4-e61231c254e6","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":98,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"1bb36713-1722-4341-97df-61bd5d1b48a1","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":98,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"8fb3d24d-c6d1-4f82-a8e9-7fa34b55c591","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":98,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"451bcdf9-5776-4f8e-964f-98747aa19497","block_type":"box","text":"PRC.","page_number":98,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"9cd81aab-2c2a-4754-a99d-9952a5a7088a","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":98,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"e5b20c99-099f-4813-a3cb-c2334b6ffec4","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":98,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"dbb6019e-5191-4047-b8ff-b5ca5cf42604","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":98,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"e6b3d718-30c4-49ef-917a-a20bffae27d3","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":98,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"528665d3-b732-4df8-b07b-f6f8c2b7a76e","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":98,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"4d42a1ee-15ca-496e-8224-c4ba7f5c0b80","block_type":"box","text":"II-45","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11212d64-0fac-473d-87e6-34ea8b728c6a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"770fb360-7fb2-4e00-896c-3c8c273d89c6","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":99,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"cdfcf830-d8c1-477f-9535-b281cbd652a7","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":99,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"583c39eb-5b9d-4526-8d4d-398d0e542d9b","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":99,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"22befcbe-d985-4001-8d92-765221f119da","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":99,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"c554bb00-37d2-4203-9bb0-f56c7b021bcb","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":99,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"f51402ed-79e0-4a47-bcda-f3b66e0a2dcb","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":99,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"45e68bb8-b9df-4e33-ba6f-92d509186587","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":99,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"62b4feac-2ec2-46d5-bee7-22a5e696843a","block_type":"box","text":"Fur thermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":99,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"cec86b41-704c-4170-bee3-42b16e53a4a2","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":99,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"f0cfef9a-560f-4cf2-99f1-4c86397e76f7","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":99,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"303734f9-d590-45b8-b1bb-e054453587b5","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":99,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"b0d66547-98da-4cd3-a018-6c34c8f7eb8c","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Fur ther,","page_number":99,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"6ae7f105-3a2f-40d2-b002-71a1d0451684","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":99,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"84a94f42-2fd1-420b-8030-783ce7096b49","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":99,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"86a78162-38e3-4110-a397-58bb3f8b3d63","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":99,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"2ce0c3e0-9a7f-4f9f-9dbc-680943bd8347","block_type":"box","text":"Suspension Risk.","page_number":99,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"5116886d-6feb-49dd-a259-f4037901504e","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":99,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"d55fbb03-dfe6-494c-ad78-71e429dd7672","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":99,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"a980c90f-c86a-499c-b238-f5e1085ff511","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":99,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"14c1b371-5b6d-4e40-b80c-6938a7f7b241","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":99,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"bdd7aa6e-2784-4d98-9a36-b7ac8beda5d2","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":99,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"e268f0b7-07b3-4411-811d-52871e67d841","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":99,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"926fbb1f-fdb0-41da-a24b-ffeb0eea72a7","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":99,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"0f00aa63-18f6-4d7f-88dd-c3fbecc868a6","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":99,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"d3987e47-499e-46d9-b0e9-e4a7e98e7e0d","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":99,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"f556eb6e-45d8-495b-b361-4876f716c3e3","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":99,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"4c424288-985d-4df2-8ca0-d289adffc6cc","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":99,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"f0989358-cabe-4d8f-9cda-201e290753be","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":99,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"b9f88f9a-9016-475a-95ca-cc650f1c06c1","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":99,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"5b9fbcd5-4371-4350-9785-d848d983f1b6","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":99,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"1e700919-d4e6-4845-9887-ed7f9117bb0a","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":99,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"4d62ec35-29c6-4ea6-8c6e-c5a9a732e167","block_type":"box","text":"A Fund may invest directly in the","page_number":99,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"c1d39c9b-7649-4b3f-8365-4bf0e2287993","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":99,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"de064264-dc5b-41ac-abc1-8bc240bcffa6","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":99,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"88fa1045-77cd-4b22-aff9-870158d6a1c6","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":99,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"3004ab1b-03e9-45e4-9644-e0989352e176","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":99,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"7ee53a52-015f-49dc-aa49-306e504335bc","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":99,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"5955f6d8-2e85-445b-9c1d-15934f38ac97","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":99,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"4b7bec58-e89c-47fb-b205-6adf1b97e32c","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":99,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"534281ac-3871-41c7-959c-656c956b0651","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":99,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"2236c6f6-c642-4f56-88f3-9531868282e1","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":99,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"5bba8825-e04a-4696-a5b7-ba5ec346daa7","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":99,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"81ff7669-761a-4cea-b32d-3b74365fc5ed","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":99,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"3c21c455-93a1-49e3-a89e-2bfee72316e3","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":99,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"7988da38-15e3-4baf-85dc-5f99a946a93e","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":99,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"f8899466-1170-46c4-9846-980df7100312","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":99,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"167da5bd-84df-4b3e-8225-7807649ca517","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":99,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"a50e77b6-9450-4721-8313-859226cdc445","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":99,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"e0336943-f561-484d-978a-d4859c61ed0b","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":99,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"f11772ec-84fe-4d57-b797-c2adf8f3761f","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":99,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"52b77a24-a6e6-4589-94d2-71cc3503abf2","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":99,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"3c3d9262-00c4-47d2-b8b1-bef425b510a4","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":99,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"50aa3e82-effd-4741-8c26-9e1ffc56b304","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":99,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"ecfd160c-45de-40ba-ac4e-0f9ef776b35c","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":99,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"62a8f8cf-eab0-4df7-a871-8db887ad2ac3","block_type":"box","text":"i.e.","page_number":99,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"b9083913-ce12-46e7-9de4-7aba69854669","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":99,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"93d534b4-7e2c-4802-ae27-5ed88788575d","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":99,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"86d87bba-c0de-43bb-9b78-880bfbbe6957","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":99,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"52d65488-a25c-4ecf-8e66-5454f0dac654","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":99,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"7522ffa7-7075-4426-8b04-9d34e26bbc24","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":99,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"fc351794-eb0f-4caf-bbed-96d6380ad2ff","block_type":"box","text":"II-46","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"67cf651d-d63f-4b38-a14b-de60f8d397f6","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a83ee8a9-500c-4585-9ae5-88e1c7c026da","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":100,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"bbbe70a0-a357-4dcf-9c0a-de8a6c75194a","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":100,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"f84c8f20-fa4a-4108-9c54-c45d978fa853","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":100,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"6cd6de61-0ab4-4624-96b7-5292c697825c","block_type":"box","text":"par ties.","page_number":100,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"f4b139c0-89fa-4ab9-8374-5ede7489dbe9","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":100,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"7ef8bfca-12ab-4e22-96de-589f9126d7c0","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":100,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"4ea3092c-c770-4ab5-8fb8-6b4ace028d06","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":100,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"312ce3a1-2818-4c52-9514-4b5cc411eb3c","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":100,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"3b64f6b0-36fa-4d96-8850-1207099e3227","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":100,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"8772d4b7-6010-4608-88bd-8bc51b3881f4","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":100,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"00ad31d8-004d-4c91-87f9-dc965bdb6816","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":100,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"39914a68-1394-4032-b90a-887f8de2435c","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":100,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"70ae71d6-6fe3-4015-aba9-766863de85c9","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":100,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"d50c5504-ba1e-44cf-8a8a-2e587b48b537","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":100,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"fcdcb4cd-bd39-407b-8c12-3a318f136146","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":100,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"29813dc4-f5e2-41be-87cd-6c85860d8cac","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":100,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"946aa2e7-5823-4c4c-82b3-3023111325bb","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":100,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"58e014fa-fc57-4e8d-8dc8-0d3a3ac7fb85","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":100,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"893b3a89-d6be-4691-ba84-baae5deba356","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":100,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"1cd75171-2546-44f0-9c97-ee4ff9c2f6dc","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":100,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"f132038e-9667-4c6c-89a4-f27788e595af","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":100,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"8e516773-ad4e-4666-be16-aef374d1bf90","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":100,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"c302127f-85c8-49fd-b001-f2043fa131ad","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":100,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"c170fbb0-a610-4d92-9a1a-1e0a178ca8d7","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":100,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"b648783d-bcd3-4e33-947b-f626b13fa1ac","block_type":"box","text":"per formance.","page_number":100,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"7f1bf01f-2557-45c7-8717-7ba8a6b16878","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":100,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"7a68582a-df62-441f-81c7-04c03f4c8f8f","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":100,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"0fa9b238-3cf0-450b-b613-bab5a3cbc35a","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":100,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"1fe84e42-b465-4556-94e4-a013adb45dd0","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":100,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"6c28033e-37eb-4147-be1a-fb843f059a3d","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":100,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"c2bb70e1-836b-4b39-bd18-2e0f65475c61","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":100,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"3cdd4042-c99e-4d68-916c-7b981c6a74e1","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":100,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"650f7a2f-4b7d-4669-bd9b-24e62ec19230","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":100,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"f1f0abca-8e35-4277-8b42-ba3c6af6a798","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":100,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"5c66d038-7d70-4304-8270-6c79c2a1af7e","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":100,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"01f060af-6a49-4fb4-b0f0-af3ff791af50","block_type":"box","text":".","page_number":100,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"25e63b38-016e-4b1e-8a5f-75365b6fe5cd","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":100,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"e0a70e11-0669-49e3-b8e5-f9399e52aed1","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":100,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"0eaecbb9-33c1-47ad-8ed8-af4a9b22dfb6","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":100,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"1ab2df45-2d4e-4682-9a19-e9b6d758a624","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":100,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"e5dd96ee-fb46-42ba-b748-62a62b8594dc","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":100,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"cf178067-bf4c-496d-af51-41c2e3465352","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":100,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"2f8e2a62-dc15-4899-87be-119bc8ac2114","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":100,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"83a17b1b-be02-4436-a7b8-49a40507c83c","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":100,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"783f5128-e9cd-4819-9e02-d82099131f55","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":100,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"56a6c3a4-7846-4630-bb60-0fa7deea9ff1","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":100,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"54033a95-cc94-4952-be53-be8f28e194a8","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":100,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"75986bb9-b50b-4be2-8f19-62964c09e3a4","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":100,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"ec341fcc-6851-46f1-b98f-1aae374d043c","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":100,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"0930df12-ac07-473c-8f1a-83052080ee4f","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":100,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"455b70a9-818e-41bf-9da6-7597174730a9","block_type":"box","text":"without notice.","page_number":100,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"f5a4f91a-4c96-4fe7-82a6-36a0ca33fd68","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":100,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"0d27ae22-2818-4a82-a37a-cdc5ede2a7f7","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":100,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"2edd2077-86b4-4519-98ff-95b51b234598","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":100,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"498ef05f-8d55-495d-b915-7a7ab669738c","block_type":"box","text":"II-47","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"607bc4a7-6496-4875-b2fa-e771004c7a96","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f80592c0-337f-4fd5-8aea-448037769b15","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":101,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"12e2a4a1-1634-4e8f-ab29-4eb12d80d40a","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":101,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"9a61766e-bf67-4cfe-b4a9-8c990a754348","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":101,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"9de698f1-bd6e-4907-a5f7-33f8fd8eecd2","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":101,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"b898eff6-d921-4489-8029-2567454c1c5f","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":101,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"d9354be2-94d3-48fa-b4d4-a1477286e1ed","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":101,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"7898828b-b671-452e-a53e-7e8ef272a3fb","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":101,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"d178f43d-9246-48be-b37c-66c17dfae1fc","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":101,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"559c7943-5781-419a-acd7-3508659ce7d6","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":101,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"01eb7238-9017-4abc-b52b-dacc368b0f73","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":101,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"1cfeb1fe-072d-4022-bad2-f346c750fe9f","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":101,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"5ad3ebe7-21e7-4d0f-b2bb-ebd3e6aec79e","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":101,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"460dad12-713c-4c12-8f62-37c7a5781e8e","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":101,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"3e80070d-9038-4606-9606-a712dbb7180f","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":101,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"9e5b5b4e-2be3-4301-80f8-ad9318e62aca","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":101,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"548b4266-a342-413f-91d2-1708e1e2128d","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":101,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"75ce4ac2-b13d-47d1-8462-4a1533e9f68f","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":101,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"47a93b47-8f07-4a7f-986b-6f9bd81fdff4","block_type":"box","text":"issued before August 8, 2025.","page_number":101,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"23c5f198-7fbe-490f-9bc7-fa5edb02b480","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":101,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"e8918402-5cfe-4419-a9e3-9bec09c87968","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":101,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"ca3902ea-facb-442f-b297-d675ef97e26e","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":101,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"8f2b081c-2ef5-47d1-b201-0183f3f15b20","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":101,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"cc8c0f8f-c085-4675-8be0-10867a8174c8","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":101,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"7cc4a83b-60b6-4967-b92a-4ea8dd7ab3ec","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":101,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"cb3aefc9-2e6b-4758-868c-896ba8dd677a","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":101,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"b9647aea-c868-4103-8ac5-4d8284f8e047","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":101,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"e2a5f685-fe9c-4c4c-b799-ffd2f9497d03","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":101,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"4c271631-d0cf-4c41-a6a2-85d54da4a3a3","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":101,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"c990006a-dcbc-4a8a-bac6-09780089d180","block_type":"box","text":"the PRC in notifications.","page_number":101,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"2356b4a3-790b-4daf-9a0b-5e86d718fb8e","block_type":"box","text":"Investment in Other Investment Companies.","page_number":101,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"399a49e5-236e-4568-bfa1-6fb25e24c724","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":101,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"406132fb-1c56-4ecf-ac45-88fbbaa3ff97","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":101,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"774d4bf9-0ab6-4d48-a55d-7da63be68d33","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":101,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"54017167-67ec-4fcc-b652-b9e1aec45fce","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":101,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"f78c265c-13d8-4ec2-b6bb-1aea1fd23fd4","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":101,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"5bd55fc3-264d-47fe-b7a4-26f868bcda56","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":101,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"943ce7dd-d9d6-4373-83d0-b965c4749e64","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":101,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"ce7974d3-20e7-4ab9-b063-953b6848f400","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":101,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"b30f4cbf-c17b-43cd-8a56-679db09798f5","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":101,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"868122aa-a119-451a-ab17-91f11a6c689a","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":101,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"f2be270a-ca8e-4a7e-91d2-366cce00958e","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":101,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"2c826a79-4682-487b-bbe2-ff7c7901b7b0","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":101,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"c1c2b00f-661c-43ef-ad16-6d7635d56224","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":101,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"6eb67a55-2d1c-45c8-8fbf-3fe1c6fc1b33","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":101,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"79fb0ed0-724c-4188-9480-925423f8a07b","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":101,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"9b39774e-aea1-48e6-be50-83edb966d97e","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":101,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"a446117a-fc83-4f92-977d-fe8634e29e41","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":101,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"a2a9be54-8131-4799-a93e-3abcc78dfc02","block_type":"box","text":"subject to cer tain conditions.","page_number":101,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"5bca8956-1e02-4458-94c1-4ddbf2f25226","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":101,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"9783b1f1-cc1a-4b59-b6cb-8ef39238e97d","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":101,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"f914d620-ba9c-49ae-87e8-8ae6b77d3b3c","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":101,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"dd64afd9-a494-44a1-a613-002541ef5e64","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":101,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"efb9708c-b3cc-467e-bc9a-867130e30d7e","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":101,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"c2cda5b2-5c58-4815-ac6f-29eba4e16625","block_type":"box","text":"II-48","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18a3e562-b0c1-4291-a40f-6d707bf4a96a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef4f1b79-05b0-4e6e-8492-0cfa600f8b74","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":102,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"813c18c2-9f13-4a4a-82c5-f13a1fe88112","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":102,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"9eed83d5-1823-48a0-bcec-064f14292368","block_type":"box","text":"loss.","page_number":102,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"b510fff0-a93c-4795-815e-231d89e622d7","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":102,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"08ce6870-a5d2-4eee-a2f7-f298fd8e55d8","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":102,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"9fe57a32-848f-4452-aeec-0b460a8a1d59","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":102,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"9ebaa19f-9203-4a6c-b6ff-df5379fd0d64","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":102,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"b50a10e2-557d-4074-be51-e621281af1d0","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":102,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"04cd7c29-9bfa-4d65-9351-40ebdab04c43","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":102,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"e750246b-722b-49ba-bd53-44a9a1dac5a7","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":102,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"6c841bd1-44d6-4d6e-8ce3-d0d05860cbba","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":102,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"a49d7841-0453-4db7-8f3a-0c2410c19d13","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":102,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"acdb4234-888d-437f-a824-5349a94bf5cc","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":102,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"a13d8995-f468-4a61-9878-7643006c345d","block_type":"box","text":"assets.","page_number":102,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"434df396-f9f5-4429-b1b9-8cbf1012a702","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":102,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"99e241d8-8923-4c7d-91a4-15265f64c887","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":102,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"0c2aacc9-e5a4-4c7b-b3ce-1799cc624384","block_type":"box","text":"e.g.","page_number":102,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"683bc95c-ea64-46d5-b126-cc8458b14c46","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":102,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"0fd79f53-5373-41f1-8993-00cfc9c68d77","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":102,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"8367752a-bf14-43a6-b543-4fc28c970cd0","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":102,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"2f74bbd0-6aed-42d4-b9b3-eb15d93586ad","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":102,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"e3bd492e-5f8b-4953-a6e3-6f77b732f660","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":102,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"d78f224e-7a4c-4551-bd38-cb10feb5cb3e","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":102,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"38046498-aafc-4e39-9eb1-77e5beadd1ed","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":102,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"d0a3e89e-30ac-42fd-b2de-0c6f6a4c6750","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":102,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"1f2639c8-2378-4cba-b3e4-be371c1e1f57","block_type":"box","text":"countries.","page_number":102,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"918818d8-765d-4c4c-b7ed-33ef305bd593","block_type":"box","text":"Issuer Insolvency Risk.","page_number":102,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"c2beeca5-484b-4ca0-acf4-cbea2f1c38e3","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":102,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"5833008d-bca0-4592-aaa2-359a60a980f3","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":102,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"3d9e7f03-d56d-4009-a3a0-568093e3af0c","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":102,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"e5c83925-50c2-4f38-9e61-4d279803ac82","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":102,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"fc284a29-3e3b-4aeb-bab6-35b12ded29ba","block_type":"box","text":"issuer uncer tain.","page_number":102,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"12418d6d-7bdf-4044-a71b-84624fbc27d0","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":102,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"813f9378-42ec-48f4-8d46-944b544c06ee","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":102,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"8980ac55-3c0f-42fb-9fd0-f1ff16a090b7","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":102,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"e2afc136-9c03-439c-bde1-83ea636231b2","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":102,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"35bfa12a-36f9-4d38-af98-45d0f97ab392","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":102,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"e2acf819-0579-4871-b42d-6f4191e44a7e","block_type":"box","text":"eventually be satisfied.","page_number":102,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"81504927-bbd7-4022-9390-9c9fe5a36c63","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":102,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"75f9a35f-028a-4cfd-8372-d809d1ab1457","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":102,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"da4557a0-824e-489e-a9d7-9efff96c2c71","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":102,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"75be60ca-509d-4a6f-af56-bb5156bf5014","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":102,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"9fb732a9-4b2c-4ee9-ba4d-e15923431625","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":102,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"2c80d727-bddc-4bdf-b208-9ad251b8f215","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":102,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"ebb84bfa-0c32-4255-9211-de80d3a838d6","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":102,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"6d6f3b43-c167-4708-8eec-7a9c965cb286","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":102,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"375a063a-b89d-4c84-a2ef-2c0bdeec9369","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":102,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"6041a0a1-28af-46d2-ab8a-ee4e6669c160","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":102,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"fd1d0a85-784e-4b73-8836-e0add4f7c6e9","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":102,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"9c130c1f-00f5-4d54-94de-7c2ddbaacb82","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":102,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"10c37658-bcea-43bb-9017-b9bf29e10e9e","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":102,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"bae2f305-f55f-435d-8821-bfb6abaa9383","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":102,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"6ecadbf7-ba3a-4c2e-b8fa-89d6536c5c6d","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":102,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"15182126-b7b6-4d4e-b27a-9b6b9bd9fff8","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":102,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"a74e6816-f77b-47f8-8df6-c75503e8c03a","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":102,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"5f6eaea1-31c0-41b9-b97f-5d572df42a7c","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":102,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"0d3796ae-33ac-4c77-acde-eefa2ff3c57b","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 par t of a","page_number":102,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"ed6937f2-fa70-48a1-b3bc-3ad53372a3ab","block_type":"box","text":"II-49","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e260513-518c-473b-838a-bf9372368985","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a51cbb9e-2598-4832-9c3d-7cd82293f73f","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":103,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"5b7af3a9-d1be-4a49-a7b6-45241569c504","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":103,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"c6c23027-b5a7-4263-ace5-8e104594d58e","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":103,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"8cb68a6a-d77c-41e3-bbf4-5152a63cc00d","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":103,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"a7f31090-a9ce-4f92-87e7-c5931f7b0e52","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":103,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"c45c1828-e54d-4c96-b06b-ce3f98956891","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":103,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"3ca715c3-a0d7-4768-b14a-0ce512e88c4c","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":103,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"67631a94-65c5-4e3f-ab74-23bb105708c2","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":103,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"4fd8ee7a-dbc6-4f93-9c35-00d9d0e0b799","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":103,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"be740c39-1910-46ba-b480-1bf3cc445f50","block_type":"box","text":"that assumed generally by an investor.","page_number":103,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"af59a1f6-1fd2-41f6-9f3d-032c73fae2a7","block_type":"box","text":"Lease Obligations.","page_number":103,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"2df6f70a-3033-4fde-88bd-d1348c285b73","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":103,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"ab6f5da6-aaf5-4a7f-8d27-36493d38679f","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":103,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"2b0012ad-4c47-4602-8959-a6701a538361","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":103,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"ef6e601b-6686-4982-9665-7925a5e083c7","block_type":"box","text":"Life Settlement Investments.","page_number":103,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"ac8c2ec3-dac7-437e-8f0e-593911273438","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":103,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"9e363008-d733-4937-9845-c674d2e7689d","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":103,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"ddeacce0-9c4a-4168-8fe1-97ca9f54c7ac","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":103,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"59136de1-1366-4b6b-a828-0ab822700de0","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":103,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"f79163ac-5c6f-459f-8ec4-5dbd590a10c7","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":103,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"d55033e4-28ca-464e-9622-c79f948d3e27","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":103,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"e1e57cf2-e7bd-4de7-ac8f-ae84f507ea93","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":103,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"9343c08d-fcf6-4c5f-bbdc-b6e2756cb7bf","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":103,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"8e652c14-8014-4cf7-a347-78bd806955e6","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":103,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"91704ec3-68f6-4830-a437-53f991e10827","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":103,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"aec1fea0-3371-4bb0-9412-f20197df012d","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":103,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"af3385ea-25cd-48dc-8282-f4e7206bd0a4","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":103,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"d418cca7-150e-4aa3-9f8f-8a762e0e1bde","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":103,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"c7e8284f-2277-44e7-9650-e23f73c23dc5","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":103,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"db990133-13e9-4b7a-a28b-d21055515caa","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":103,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"522572ca-a23d-4ec7-9bfa-21f32f8c51d3","block_type":"box","text":"regulated investment company.","page_number":103,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"2c6cec81-1fcf-4305-8035-8fe6b08cf556","block_type":"box","text":"Liquidity Risk Management.","page_number":103,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"7045599a-8776-4083-a035-2678ce5a68fa","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":103,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"9a0fa25a-2333-42b9-a924-6ccdf814e340","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":103,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"8eb686ac-5781-47da-b2b3-18cceb0b7b7e","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":103,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"d6ba5b2c-b589-48fc-8afe-b55aa84a9c41","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":103,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"444a99a5-4fb7-4fef-9ebf-bc911e9cad7e","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":103,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"489ef868-330c-4fce-9f2b-0b0cc06627ad","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":103,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"f4185257-5613-433b-8398-df8142fc2532","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":103,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"2ec47175-3a46-4061-b3da-4204dd2adba5","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":103,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"4ec5ab57-5234-4c47-a305-9a3c36a6eae9","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":103,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"5d25841d-21c2-483d-ba7f-4f48cee5ec66","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":103,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"cacdb818-0272-452b-a1a8-950ff18afd61","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":103,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"7ad91edc-c797-4e53-ac37-cab283e43686","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":103,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"ef30e725-e5b8-43e7-969d-d8d109305d8b","block_type":"box","text":"Master Limited Partnerships.","page_number":103,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"4a205995-2487-43ac-a8d9-e95a2a3d53eb","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":103,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"cf1ae1cb-298b-4553-a336-19ca636cc2de","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":103,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"e2be69dd-6018-4ffb-8b6e-d56773dc0485","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":103,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"fb0ba3c9-bde1-4b81-83e7-d0d23ff0c56b","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":103,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"3070d65f-fab8-4e37-8c3d-e3ef7311366a","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":103,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"11f6f8d7-a60e-48cd-a3cf-33f7439fbc43","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":103,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"763c3a92-6116-438d-9062-d9241449ae25","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":103,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"5bc28d6c-0b8c-4768-b9ca-9cc69ba85c87","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":103,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"c13e5011-00ab-44b9-a05d-1e90f6b6d2ec","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":103,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"bac9b945-272f-439e-8ab0-a648775a0356","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":103,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"d0259bb2-3538-41e7-b76a-803a5f6e6c9a","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":103,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"06b4bdfb-507b-47bb-9f50-3afd0fa4fbd8","block_type":"box","text":"in the par tnership’s operations and management.","page_number":103,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"c9b6d4d5-1de3-45ba-a6cd-a4ead0214876","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":103,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"05400d63-90ef-4ea7-baeb-b882714bc9a6","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":103,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"2993cd12-89a5-448d-9465-35c74f5c329f","block_type":"box","text":"II-50","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d8a03efd-6d8a-44e1-898c-de9a04bca0fd","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35c543b3-d73e-4527-8c8c-e0a5d3335dff","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":104,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"14df8573-a4b0-4074-a3b6-ff8af7989db1","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":104,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"6a7f48a8-d78c-4166-8db0-da3694f00a7d","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":104,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"9ddecc03-30d4-4b04-8126-572c8f36228e","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":104,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"811fbb1d-9ef9-404b-b0d8-b65132d3e0f4","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":104,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"124ee8c0-9b48-40c5-ba8e-e70e755e5bc7","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":104,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"736ad3f3-b888-490b-b37c-8fa6a6695cfd","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":104,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"db575e18-2434-4cc2-a7a4-4d023e612a99","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":104,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"24d64237-101c-45b9-a1a9-eba16fce6d70","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":104,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"dcb0099e-eb1e-42e1-a896-3eea8c6d6cf7","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":104,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"c7685701-31e1-4831-b3c4-929753977f92","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":104,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"e4d0b274-a9b2-45de-aea6-05e19b835a84","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":104,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"d7df53a9-04d6-40b3-beb1-b54d42717113","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":104,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"3a9fe57e-6663-44f4-8565-baf611106604","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":104,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"d8f77ccb-e722-4931-a748-e381e005696b","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":104,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"72b58b74-87af-446b-bbfe-32952add13ba","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":104,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"2302ae4c-ffa0-459c-8834-7facd5742e7a","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":104,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"248deebe-9a67-4b18-88bb-9a1e30bfd48d","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":104,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"0c225f4f-c6cc-4c69-9707-06ab3d400ecd","block_type":"box","text":"Merger Transaction Risk.","page_number":104,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"5e4ac154-e2d6-4f50-9a28-61932c505816","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":104,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"a89b2d1e-3f44-4f4e-b5e6-aaf5bcdcda5d","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":104,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"62679bcb-9d08-4c18-a2b7-c9582ae9be09","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":104,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"f7f01a7f-f689-4a3d-8b8e-4d5fb3e290d6","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":104,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"2d7a2a87-5f2d-4afd-855c-67795ae199c8","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":104,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"6aad2a77-8330-4e3a-856b-191c1e48ce76","block_type":"box","text":"the Fund and may lose significant value.","page_number":104,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"c69ffb4a-ef09-491f-b420-57671c9a39db","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":104,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"dbcdb9d2-3d3b-4bf1-9e0c-2dc5d79563d8","block_type":"box","text":"Cer tain","page_number":104,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"81a60573-8d0a-4e10-8d23-12275017ceda","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":104,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"84006b2a-6c49-48e6-b767-65afe5b40051","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":104,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"c20465f0-0e58-4125-a5ca-99e2ae254224","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":104,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"a04aa5bf-2a5f-44ba-be49-af4e9db04384","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":104,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"41cc29db-f88e-4edb-a65b-de8489c1882e","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":104,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"a5bd2aa6-e097-4cfc-ab0c-e3a8ceb5df07","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":104,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"4417f50a-ce73-4831-b969-1e2b88aca8a4","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":104,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"a32f97e0-446c-4724-b23d-2dbee5183af4","block_type":"box","text":"branches of domestic banks.","page_number":104,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"84c27571-a25f-4654-a800-8be4d8239854","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":104,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"4debd649-5c23-47fa-8049-51e230588a14","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":104,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"a73f29f5-aa71-4570-9fb0-f3f2d8d83df2","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":104,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"086b1ae7-b1c2-4ad1-a88d-d19a91d08838","block_type":"box","text":"paper of a foreign issuer.","page_number":104,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"28134098-d239-4993-9398-0d92d9c3d2c5","block_type":"box","text":"Money Market Securities.","page_number":104,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"8540ef1b-a360-4764-a5d4-bd1eee2f7a18","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":104,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"608df2dc-9d1f-4734-9421-70aa33c6449d","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":104,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"460e43d7-cc73-4600-a00d-b305facaaa2b","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":104,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"435550af-9fc9-4b6b-b5cc-55f4faca2003","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":104,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"a7d8e076-ccff-4d90-99e4-2615db9b0a97","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":104,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"1c9399de-4cb0-4bb7-bc36-0a0f48dc6f4c","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":104,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"ebd72eaf-61c3-4617-af9c-5c5313e61e28","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":104,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"ecd96524-835c-4820-8f0f-4ec2e41400e4","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":104,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"1b53a26e-fbce-4cbe-82a6-51a158ace869","block_type":"box","text":"agencies;","page_number":104,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"e3d87e11-f6ed-4810-9abf-6b7b6f95231f","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":104,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"3cda22dc-c10f-4801-b827-e7131a27d463","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":104,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"f203e4a9-1651-4736-acbe-a4cafab28f4c","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":104,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"788153a1-0f5a-4734-9828-2a76c61150b7","block_type":"box","text":"obligations and credit card receivables);","page_number":104,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"3f142939-ef6c-44d2-acbc-4dd7906a09f8","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":104,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"b10a60c7-3cea-4eb0-8293-61437303b243","block_type":"box","text":"authorities and related custodial receipts;","page_number":104,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"7ab74601-c7cd-42e5-a09f-4b45d7fc8e2c","block_type":"box","text":"II-51","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24bdb02f-d319-4328-bc7f-1e477b5b9a82","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab72d0fc-e9a7-437c-843e-0ddff7f10e0e","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":105,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"dfe94d94-5a1a-4382-b13e-3ac824fe5c74","block_type":"box","text":"agencies or authorities;","page_number":105,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"8fbbdc69-95af-4722-9169-cb376ebbfe2e","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":105,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"3c5fc90e-9aec-4a1b-857d-585cd5b6a6c8","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":105,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"329b5e80-d5f1-4e23-a774-fa8d6000d819","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":105,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"3fd82262-aa98-492b-ab0b-c76ac8004055","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":105,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"e383ef3b-ea3f-42fa-b0da-194d6ce22dcc","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":105,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"f2f0b5f8-577d-4f87-b716-9188f3eaeb06","block_type":"box","text":"States;","page_number":105,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"109587e6-44ed-4f47-b50a-7ff4acd242fb","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":105,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"b5eec15d-e81c-4b2b-a726-62d12c742a51","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":105,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"ad82b883-7c86-4249-879d-10ff9ee410ce","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":105,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"35ddd6a1-d7f0-4ecc-9171-3691c7377f5c","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":105,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"d5846bc5-05ea-49f7-bcdb-9c853084f6e4","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":105,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"7864f1ba-9076-4c5c-8ec0-cd43879965b0","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":105,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"21548aeb-efd4-4b69-a2c0-e03bf7e9ab1f","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":105,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"eacccac8-fc88-4ed8-a271-16bca1cdc22a","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":105,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"f76b39c3-00e4-4bae-9b55-2a8745f37069","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":105,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"4267b2ed-19ee-40f7-9c09-23529e3c9d3f","block_type":"box","text":"States.","page_number":105,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"72be3b24-a11a-44b5-b5d0-d561fea71e2b","block_type":"box","text":"Mortgage-Related Securities.","page_number":105,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"9ca704f0-7ff1-4c71-8006-ad00c6ff0e8c","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":105,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"fdcf9cbf-34a3-4909-96d0-24eab848722e","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":105,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"74edaa56-0531-4b6d-8b33-cd5a71bc674b","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":105,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"e950e082-249a-4236-ae1a-8a95afc58ea0","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":105,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"d653e413-c384-4cea-bd38-bd17b48a497e","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":105,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"f6bd6e93-3745-4827-a720-518c6f661fb8","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":105,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"166e1d92-cf21-4836-a975-572c22461293","block_type":"box","text":"maturity or specified call dates.","page_number":105,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"885425dd-15d2-4607-8fcb-adbca3fe6502","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":105,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"c14bce5d-5389-4c7f-aa84-810587f09240","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":105,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"c37ab1f9-fbbd-4b6c-8961-dc513170f21b","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":105,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"978e92d0-6dcb-44ef-b7ea-25ad4e9e215b","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":105,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"de964179-66c2-409a-86ef-94937521cad5","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":105,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"7adc6968-0800-4da0-93e7-02cbe41530ca","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":105,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"20118028-427b-4fef-9bad-8b259402d905","block_type":"box","text":"The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":105,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"22b22709-abb6-4dfd-995d-e16ae9b13cfc","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from traditional","page_number":105,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"d2028fda-53f7-43da-a3a1-80a39898e4f3","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":105,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"c3e2547c-fd2c-4779-90ae-4ac15f3b149f","block_type":"box","text":"mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":105,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"4c004dbe-e09b-4fe2-83c2-79f190e32ba9","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":105,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"34d68576-0408-4ea9-863e-d0a62eeb7b98","block_type":"box","text":"mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more quickly than","page_number":105,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"5181a4dc-4f0d-4473-a0fd-32ae837eb71a","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed securities. Moreover,","page_number":105,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"c0f02ae8-cc6d-4b90-b3e3-878f294e5427","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":105,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"a7b34f81-0e7a-4dfb-9f5e-f134c6e28367","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":105,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"1d5ef495-0a16-424a-ab07-41af527a3e52","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":105,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"57a4d267-099f-40e4-9e3d-48290c81d776","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":105,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"014ef652-cdd7-4a27-9c46-ce6d5f314b95","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":105,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"9910bd4a-8447-47f1-822b-d11c220aa484","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":105,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"c16e5256-cb98-4723-9283-883b440bb5ee","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":105,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"736eba3f-f77e-4c57-8c91-442a845a27f9","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":105,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"45186e9b-e410-4014-acf4-f14e6768083b","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":105,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"22123a22-00e3-413e-9c33-0f081801e610","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":105,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"902ff769-a482-46ed-aa7e-999c2b3e6606","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":105,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"a9e76c23-8bab-4c2f-96e8-4344f6c77b33","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":105,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"daaa8656-e8a5-4c63-a9c1-e0402f1249fe","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":105,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"e1cc5811-5b87-4294-963e-6af0e0acb5e4","block_type":"box","text":"II-52","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d0d06da1-0dd7-4eee-89ca-edd76e0fd226","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32d8f134-a54b-4486-9f4a-fa9ca3b02f60","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":106,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"facb1ff6-8484-4fda-b049-c38f4f5debf5","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":106,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"4d3bae18-19eb-4845-aad5-874a9ba6bcf1","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":106,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"58bf2807-64f7-445d-ba62-ec16a1d5d0f5","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":106,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"ffeadd3b-37d1-400d-aa3d-a697166b558d","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":106,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"9135c4d5-a09a-4630-b33d-53b77df88d66","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":106,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"5ec89538-aa5a-4dab-8246-ed8f438cc205","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":106,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"4999864a-bcec-4287-ad3b-190f39d1028a","block_type":"box","text":"these three types of securities are considered “mor tgage-related securities” for purposes of BATS: Series A","page_number":106,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"81905d5c-123a-486f-9e76-55919dbedab3","block_type":"box","text":"Por tfolio’s fundamental investment restriction relating to concentration.","page_number":106,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"cc7ac784-bf1f-4f95-a4ea-ba1f972ec6f7","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":106,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"5051d950-9e75-4b5c-a1c1-3862976f63d4","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":106,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"9f1d1426-4481-46bb-8f94-e3d253afffc5","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":106,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"5196d4ad-56d2-4cca-b10d-e0aaae00ff90","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":106,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"ad922545-c183-4762-9752-e16388eca19e","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":106,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"21abd51b-4063-432d-a180-d07c5eccec12","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":106,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"32b43541-028d-4482-9d54-ead38ca9d660","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":106,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"d8b8bd23-c986-4350-b67d-44f922022328","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":106,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"b23843aa-b304-436d-b0e6-1af64405ea4b","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":106,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"c6648a71-4e90-4004-9e5c-0361399fc3f7","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":106,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"46a2c44c-9ac8-48f4-876d-011c9527f76d","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":106,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"4387b1f2-93e8-4908-a5f4-0c3ab18e82a3","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":106,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"d542bb99-3689-4bd8-bda4-8bb77f243f55","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":106,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"dfce88c3-5cdf-44a0-bcc6-286262759166","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":106,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"69ae3bfc-eec7-4485-84eb-922fd5267790","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":106,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"43cdedc4-20a0-4fa8-a33a-e67c83b40762","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":106,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"ae403c22-2adc-4913-a63d-fc437d3aa411","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":106,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"ac4cae8b-af99-43df-a640-5d9a67127489","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":106,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"c7438824-2d78-40e6-a46e-405f9b66fd63","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":106,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"0ee2fd64-d438-4e7d-8ae8-92b1eefa08b7","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":106,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"baef9666-5e8e-4e7a-931a-c1835c6d975c","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":106,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"f4ce44f3-7b6e-429b-bcc3-69cd4297777b","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhar t of the","page_number":106,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"01ad8f3c-e12f-4730-89c9-df7b493c91a6","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":106,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"cac668ee-4dd8-45bf-a478-ebad8377aaad","block_type":"box","text":"addition the U.S. Treasury Depar tment agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":106,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"18b55dd7-3164-4648-8354-02bb905e2377","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mor tgage markets.","page_number":106,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"3f8f8382-a6a8-4d47-82be-7ad4988b437b","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":106,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"4df08015-118d-453d-a97e-330f3733fea6","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":106,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"60bf4874-2b0e-435a-9924-baf7eed6efff","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":106,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"6deb9713-48a9-461c-a118-a398450ef731","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":106,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"494a7f25-d773-4bbc-ae66-f7036575ad6f","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":106,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"1c71b06d-2a8c-4cf0-b976-d4a01367ef06","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":106,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"2659de7d-d17d-4be3-822e-513cfdd49b26","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":106,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"6c97a736-8e80-4848-92f9-2bad812a4dae","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":106,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"8b450f66-7a6d-495b-8c1c-5cb88f47f2e1","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":106,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"d7ee78ab-1d2f-43f7-9bdf-7676ad306fbd","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":106,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"8a6d141a-7dbe-49a7-8e8e-5108e877f6bd","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":106,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"1c8e1d83-536a-4f3d-be62-8c06ca80198b","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":106,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"766fc049-8371-4a4a-bf99-bfe70f974628","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":106,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"f73ecc05-dbfe-4df3-b1a1-70b0b402c28d","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":106,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"08281aa0-263a-4e35-b301-d944924fe137","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":106,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"527c7746-b8a8-42ae-88a4-602701f7f748","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":106,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"3fec6413-7614-4668-9f2e-cd5359a50342","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":106,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"71e02445-d380-43dd-8d85-9a5edc5a193d","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":106,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"17b5725c-56fd-4509-9826-9c78b6fd0d09","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":106,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"cbeeb905-b1d0-4d8d-b078-2d734be0a36e","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":106,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"e304247b-b523-416d-a502-39e22d0ec04f","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":106,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"a766d6f2-a982-49a0-b7d3-7cc83dfe5163","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":106,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"7d95b667-e2fb-41cc-9423-156b5224f441","block_type":"box","text":"II-53","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6cac4d8f-502b-4918-a81e-8e0d4be98813","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d95606ed-4fc0-42d7-bcaf-31bc34cc6095","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":107,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"36f214a6-ee43-4ff6-bad0-126340f5fd76","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":107,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"a125bff5-970f-4291-ab15-d06c3a3bb1e6","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":107,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"d85fd380-7e80-454c-a0cb-79b8516c45c6","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":107,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"50ddb029-3d9b-45bf-942d-c7b4e869e533","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":107,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"fa93126a-b29a-438d-989c-81057e1e35a5","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":107,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"bb85ea6d-f45a-45d2-a61d-6f0bdbee603d","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":107,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"c0691780-c071-47b7-b6c0-25915f9695d7","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":107,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"66bb9373-0bce-41aa-bfc9-3aaf80191072","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":107,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"4531e5b4-e831-47c0-85de-dbb66099f537","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":107,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"ee44178d-e58a-4255-95fa-5e264c33942f","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":107,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"b085b1a8-6264-4eaf-b827-ada2531ae974","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":107,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"f1afaa5b-189b-4993-84e1-80d9d67c3ac4","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a fund’s por tfolio may be par ticularly difficult to","page_number":107,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"d7d8ca8c-1c03-46db-98e8-3e5f2bcd34b5","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":107,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"a69f5bfe-dfd0-4508-81d6-5d44d59a3780","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":107,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"644fa136-d3cf-4cda-a3a6-98f2d579b172","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":107,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"0cfbd619-134a-494e-934a-b8eeed286b3a","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":107,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"ff0b4512-7563-475b-b517-97f340562ade","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":107,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"c0e69a08-bcf2-490f-b5fb-75583312f34f","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":107,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"48ee2463-5a74-47b2-9d78-4ad070a45e38","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":107,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"7176eac7-15e9-4892-a457-46a78be79d11","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":107,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"84f9e004-eba6-47ae-85eb-7e776089fe4e","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":107,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"bbe6014d-ba2e-42ee-8d68-e44a8acd3262","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":107,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"dfc18452-de15-450f-923a-5ff0115ce952","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":107,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"f0778446-5c20-4ff8-8c61-a9b5abcf7423","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":107,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"b6092554-3b55-4fdd-8daf-686d768d56c1","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":107,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"08c31d99-e0f4-4742-8325-2e4c810f29f1","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":107,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"80f81d2d-a626-425e-874d-762fd028fc74","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":107,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"67a92d3c-6071-4f4c-968d-f4352905f936","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":107,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"c28f716e-5226-4eee-95d8-d75333faa577","block_type":"box","text":"of principal because of the sequential payments.","page_number":107,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"95949266-6212-484d-8a27-67155c64f589","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":107,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"859af477-f50f-45c4-927e-5a30d3f82948","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":107,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"b41e250c-bc42-4432-8f52-c292e4f08196","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":107,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"34359f8c-663d-4163-8580-b5e036f2e6ff","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":107,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"9d410262-3d45-4724-8162-df8df3a8aa60","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":107,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"7ced7100-25f8-48d8-8e48-2f1db61f5058","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":107,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"ca28c822-621d-483c-9ee3-81a981682d81","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":107,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"5b0dbf1f-db88-4865-b8a8-323c8dd4fd19","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":107,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"3137fc4a-bc93-4fed-bf02-368ea3397aa9","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":107,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"ba71f699-c083-46ae-8357-c64ed624ffc9","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":107,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"4eb71ab0-c7d5-46a2-923a-d8acbd37f33b","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":107,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"5f979de5-d0da-4bc2-89ff-e53ef260c2af","block_type":"box","text":"securities of any single such entity.","page_number":107,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"8797d695-5440-454f-b33c-a2570ca907c1","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":107,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"0fbd0199-9e76-424c-a7b1-c6265a83ce73","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":107,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"dfe1aa38-9a03-45e9-8fb9-3a240a6951ae","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":107,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"1871508e-95e7-467e-bf18-6826ce5a65bd","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":107,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"719d0af2-5d18-43b4-967f-6e334da3373f","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":107,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"a7d918aa-7a79-4cab-a17d-d5418f5712fb","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":107,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"f1d699d8-d476-4b10-8b95-4add8d956379","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":107,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"b5b0e614-c9ca-402e-84b4-bad0815fd384","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":107,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"507901cf-935d-44a2-9039-2d6eb612f480","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":107,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"bfc8e35e-35e9-49ae-85d1-a16008686cb6","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":107,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"790b90bd-e896-485d-aae1-74dd1c6378f3","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":107,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"df78da48-fdb6-4468-b7f3-e02745953986","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":107,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"6d462036-f297-42e7-a041-ad92c6492aad","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":107,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"2565c14c-e3ec-457f-923d-5c6e0b327e63","block_type":"box","text":"II-54","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e368d40-30cf-42b7-87ee-826927e35bb8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bb28940-49d4-41df-be3d-95d1a673d437","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":108,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"89f7104e-a768-4fec-a907-d4d5573a3c3a","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":108,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"a72fbdde-65b6-4658-bccb-0cc925237e46","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":108,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"48585753-5b75-42b4-90d8-1b9d9b81b6ec","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":108,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"d321147a-b731-473d-80ab-530d42621db6","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":108,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"ceabfcf0-3188-4d59-8af9-bba8a75b69f8","block_type":"box","text":"classes.","page_number":108,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"d474ba52-3a40-4239-a861-714934564725","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":108,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"a55d4c67-4fe3-43f5-baad-22d31cd1286a","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":108,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"6b13776a-2b81-4f3d-92ee-d6ab4f275c49","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":108,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"fe76ef1e-eeb1-43f8-9548-6aeeed41a019","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":108,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"33d0eec3-edd0-4e31-8ea9-98b2523abd8f","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":108,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"0c7633ec-b31f-46a6-a925-1f06c343438e","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":108,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"cb85689f-6650-4072-b529-f38b01d03f27","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":108,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"2c124f3d-03ed-4ee7-abbe-f9c668416a89","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":108,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"20c325ac-604f-4c1c-8081-337af8bc6472","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":108,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"3921b8d4-c0f5-43a9-90b8-eaa2d32d3a14","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":108,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"6ffe01ce-c0d1-4b60-a96d-03d92248f52f","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":108,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"2dd1a21a-1df6-4b21-a0de-b423ee7d40c5","block_type":"box","text":"to a designated benchmark index.","page_number":108,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"961d58d1-ef9d-48b7-98b5-2ae4db5bc671","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":108,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"8bb82494-5b36-4f3e-a728-55cb7803ee96","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":108,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"6a5d40f3-a454-40fe-9894-ba39e4b3aa20","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":108,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"102dbd2e-8ad1-4ebd-8e04-4eb44c645c81","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":108,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"8174efee-15c7-4557-a65b-37359b6bbe33","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":108,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"0c50e669-8a65-47b6-9abd-6eb4bbb6525b","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":108,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"f747a3c4-394f-40c2-b1d2-6ecc813748f9","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":108,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"8dab833d-678f-40bf-86ba-000ed38dc4a1","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":108,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"d59a5ba0-41d9-4112-b540-27da56b43124","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":108,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"75c0c2db-701b-43f4-a068-b2ddd95a8926","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":108,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"ab908dc6-149b-45fd-86eb-60802a25c0ec","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":108,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"bfdf9376-1d53-4c6b-836f-6026b73f6d85","block_type":"box","text":"CMO Residuals.","page_number":108,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"aed3190c-f310-4840-bf46-d241ef9322fa","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":108,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"5b6abd79-fcf8-4e3f-aa8f-b4f7e0298b2c","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":108,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"0a2451db-88da-47f3-8df4-fdbd35fa7d19","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":108,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"ec59818a-48e8-45aa-9aba-ccf16ca1f99f","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":108,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"6d25a07f-aa00-431f-bd65-57125af4389c","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":108,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"1c6cb78d-d046-48a3-b9e0-d944999b92f3","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":108,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"78f9e9f4-2194-4644-abf5-60347c70ef70","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":108,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"d1e2d7d1-944b-4407-9f41-303532591d15","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":108,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"14281565-2505-4f87-8570-0a442573a57b","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":108,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"ab1b43eb-6a4a-4bef-9506-cc68e4110f79","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":108,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"7b29e1eb-82c1-457b-bee2-27e63701eab3","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":108,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"57c8ad45-c52e-45d3-9b4e-c42702810d68","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only (“IO”) class of stripped mor tgage-related securities. In","page_number":108,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"e6c34b17-ced1-4b71-a310-edfc6aa35525","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":108,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"3c530470-a483-4df8-a81b-9e3eb74adb0f","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":108,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"6b0f4936-da38-4a4d-89a7-a73bef682395","block_type":"box","text":"adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":108,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"c27692b9-f3f6-4420-9af4-d15ea2b8435d","block_type":"box","text":"residual.","page_number":108,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"f5f9e3dc-5b6f-4200-8734-1b28d23402de","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":108,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"ec9e706c-0343-452a-8c50-3475c309236f","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":108,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"8b2c3f55-ac6d-449a-9423-8978312580b3","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":108,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"fc0772dd-5bbf-4276-b68f-6115d01189d3","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":108,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"e3c7b75a-18a7-41a8-8b4c-19f0a2a4f239","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":108,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"adfeffdf-f109-49d9-aff8-aa2a4b25c0a8","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":108,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"ed85915a-5a1d-4eae-8a1a-2fdef49332ed","block_type":"box","text":"and REMIC interests.","page_number":108,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"1678a95f-125d-4c22-89fe-cebec5ff7c9d","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":108,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"c181179e-2f26-48fa-a501-31dbd8ce7f91","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":108,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"6b8e3605-016f-45ea-a175-e52dccde92e3","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":108,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"ae09b697-721d-4a4e-9b75-6cb628344f0a","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":108,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"6c6362e9-0021-41fd-8a02-efe0133c5292","block_type":"box","text":"II-55","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f363addd-89b6-4d0a-a624-b9a2d885080e","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da69ce88-134e-49e4-8e37-19d0eac84fd5","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":109,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"a1e5e50b-2d55-4dab-b05e-d60bf2493831","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":109,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"94e5c481-4a08-4e66-b807-16b4ab4fffa6","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":109,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"45ff476d-9d36-4935-9e8a-d02e28ec4777","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":109,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"7f073b93-5bcf-411f-a23f-9fab8b74f2fe","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":109,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"e8391dd2-8de3-40c0-b677-8cd2ad9c6fed","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":109,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"7ec1f3f8-58c6-44a8-9bec-cbd36a504d18","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":109,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"e59fc456-64a4-48bc-a472-b180c7282167","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets experience","page_number":109,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"09a3fbdf-5be2-4696-b7bd-59e23467cb49","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":109,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"2699fab4-6775-4276-a325-55fe652c359a","block_type":"box","text":"there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the interest","page_number":109,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"44792e77-2a44-43a8-b8b1-0ab6248f9bb8","block_type":"box","text":"por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":109,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"0e2a8421-de5b-4c56-88df-8859a038c236","block_type":"box","text":"the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund generally will","page_number":109,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"5f539526-5b14-48d9-a628-e8fabaabea26","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":109,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"556927dc-cdb9-49a0-8072-c6a9c533c479","block_type":"box","text":"matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":109,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"02c1cc1c-c50d-42d6-af63-99b415d23010","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":109,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"dc0245f1-0969-4916-ba17-ac9228c22986","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":109,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"619315cc-182d-417b-b560-53eea8684213","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":109,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"6ea21024-79ca-44c6-aa8a-0f5db8a366ca","block_type":"box","text":"Tiered Index Bonds.","page_number":109,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"3632e05e-c0a0-4303-881d-2c74a675921c","block_type":"box","text":"Tiered index bonds are relatively new forms of mor tgage-related securities. The interest rate","page_number":109,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"b5f90cde-1550-4cf4-88b0-d49f3348358a","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":109,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"111762d4-f4d3-4e75-87b6-7c51db8a5a97","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":109,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"484f075e-781b-4b03-bb42-2d622305b5e2","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":109,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"0d5b0f4d-2cba-44fc-8147-0afedad99dc2","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":109,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"fee47c6a-8219-4588-94bd-fa041c62cb0e","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":109,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"07ac6ed4-95d2-4231-a325-5620fa2c9f36","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":109,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"cbe7b69b-85c1-4bc9-8b62-f11ed8e4d2c7","block_type":"box","text":"TBA Commitments.","page_number":109,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"1308fae0-bd7a-41e0-a577-8b9290743596","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":109,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"62945b1a-b4bd-4a3d-bd4f-93c23e0ab9a5","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":109,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"e2571538-5e26-471e-b4df-3900ba90638f","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":109,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"2b0fb9a7-2e18-4b90-9e1e-3f245a078318","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":109,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"3d00a2e3-42f0-4b80-9bc7-3fbdd54d4ccb","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":109,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"ab5032e1-3235-4269-8ac6-64a4b73dcdde","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":109,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"3674478f-9fc6-45b4-b7b2-09fb06059508","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":109,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"a4b6ddd8-f9ba-439c-8d9c-aad2bb0de551","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":109,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"c6f554dd-f996-4f29-a48f-209250fa474d","block_type":"box","text":"below.","page_number":109,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"de3668fd-198b-4e17-a831-44ae53319b6a","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":109,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"dc870d87-2ebc-4c9c-a3d4-3d39795dbdbb","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":109,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"1837e33b-f20c-4844-bfdf-4d659b24b534","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":109,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"ffcd7f70-30ad-4765-9c60-18957bed8a5f","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":109,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"3070cd5b-6538-4921-8b1b-2bbeadb4089e","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":109,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"c160bb1f-c838-458b-925b-61f9214b3de6","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":109,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"94204317-f5a0-4b59-98ba-9a8b93fca19b","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":109,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"2f495bcd-f5ec-4c55-bf0e-2d76a3f24a32","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":109,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"8cdca47e-9d83-4a74-966d-074e976c7d8c","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":109,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"cf7cbd60-cda7-4745-9464-31e624426c9b","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":109,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"ed2fe7e7-7a25-43da-9469-165176bb2e80","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":109,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"8d626115-23fc-47cb-857a-176895b83d47","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":109,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"612c0878-5c75-4b7f-8d3c-02bda8658e70","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":109,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"7fb06e74-e371-4782-b627-d33c076c3a36","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":109,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"8da798ed-621d-4453-b956-c715d450655b","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":109,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"06b8682e-3bd5-4f72-b741-77741545cf2e","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":109,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"aa76aaa9-5f38-4024-b9d5-a7d7a02e4bed","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":109,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"ac3de954-ee67-4c1f-aa3c-6a9e5e3ad240","block_type":"box","text":"securities in the forward transaction.","page_number":109,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"73e528fb-a8b5-4ed8-9edf-510cb0fec0d9","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mor tgage dollar rolls may","page_number":109,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"91b3f82a-64d2-4993-9f61-fdf2db3996ff","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":109,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"7a6c2064-e6b1-4cb0-a9d5-bbe41e4cbaa7","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":109,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"1648e783-3700-47f4-bf0b-bc9da8bd1ea6","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":109,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"562a82fe-febb-4dda-af3a-e3e620b55e69","block_type":"box","text":"II-56","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f3752fd9-10e3-42b0-84f4-554b6160545c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02b9c154-5cba-4351-8038-2dc242fc0653","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":110,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"ae46738e-82eb-4f5c-8160-6cd5774461f0","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":110,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"8cbce22f-4efa-4069-9894-e49409be5e3c","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":110,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"293644c5-ef24-4b96-bfb5-2e3e264c6cf8","block_type":"box","text":"securities (","page_number":110,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"2d710d3b-a16a-4e1d-a037-40155686a770","block_type":"box","text":"e.g.","page_number":110,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"16f7d230-17a1-4f20-8788-0860c877bb60","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":110,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"87180946-c4aa-4767-a20f-622f60f06204","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":110,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"9fce8a89-f7b6-4254-a006-9442643c56b1","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":110,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"ddee7a2c-5357-4099-95e5-33c020fad5d4","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":110,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"c1c3fb25-c471-4809-b4a8-4bbc2d45121d","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":110,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"c3c9de84-f5f9-4691-b5d1-b00f8a4d37ec","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":110,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"f8fc52b6-a141-4d7c-8cb3-75716f3929ac","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":110,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"41f76fe8-2220-4cca-b2f2-60db7f9c8d8d","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":110,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"067ffffc-c171-40a5-9ded-ccf1491fbc48","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":110,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"29f8805b-785a-4182-bf12-fe77d8e2e92f","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":110,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"8329af03-594a-4d80-94fb-dbb8dd09e48f","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":110,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"6e73f804-e2ee-4b5b-9ea4-e0301c812d33","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":110,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"9498ec69-3ca8-46a0-bf9d-2e973faade7e","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":110,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"44b026c1-4c0b-42f4-bae7-1895fc3f24e7","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":110,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"90884527-7624-4539-981e-89dbcc85c688","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":110,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"c1a80fbe-aa3a-4c2c-afab-03e856e1fecd","block_type":"box","text":"Municipal Investments.","page_number":110,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"1cd39816-ebae-45f7-bec1-050ba1df3770","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":110,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"c77cb99a-2fe5-4354-84cb-c2fbbb58ae58","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":110,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"e4816373-8ab6-4561-acd9-da970024bb56","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":110,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"b487906b-5820-437a-9833-b9123450d21b","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":110,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"a5c8027f-1129-4a5b-9b08-9931ed33e87f","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":110,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"ce1993cb-db84-4599-b613-b5cb17237a7e","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":110,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"0312ad49-1910-42c8-b7ca-e2c1d2b1af9e","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":110,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"0c4159fd-ea78-4d0d-ab2c-61fb00bb98fb","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":110,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"3da9846f-d4c8-4ffc-ac6d-0ff6ab5a678b","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":110,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"cb568ab9-df76-4ae8-8c9a-eda21ce918c7","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":110,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"a2114e1d-735d-4e08-9676-b39c38ac60a9","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":110,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"648796f4-c2db-4b15-8e02-4a4249437b11","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":110,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"95139440-107a-400c-8b55-d85735f81e1a","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":110,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"d45bce1d-bf0c-47e2-be8e-02327958ec33","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":110,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"b1dc1218-6f39-4ed8-8986-2d949f43e685","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":110,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"873ba256-c08b-488d-998d-f60ac087b055","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":110,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"8a79a46d-f8c2-4485-b75f-56b3e32d1f93","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":110,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"56cd4731-9ea9-4cce-96c1-7308292cfc5c","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":110,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"5fa1bcc5-dd18-40b1-a757-b46e8103bba1","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":110,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"bd2ec706-35ec-4200-9993-d01c6e866913","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":110,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"e50550ff-2c57-4376-a970-47a6c933a244","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":110,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"c1f89a9b-06b2-4261-bb1e-bddf7a71c237","block_type":"box","text":"The risks and special considerations","page_number":110,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"5fad85a4-f646-49ad-8dd7-70ae2a794317","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":110,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"74c215d9-23c0-4b13-89ad-3d59fc2ca7fe","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain instruments","page_number":110,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"ca96276a-ffce-457a-9dcd-9e4f1efab16a","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":110,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"b88d4981-7dfd-4726-9f33-bc104ac5e4ad","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":110,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"fd7c351e-ab8a-4b72-a25d-53b73d71f12b","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":110,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"ebc141ea-8866-4409-b4e6-853de841390d","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":110,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"a19f2eed-9963-4152-acee-1d8a5804891b","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":110,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"e2900421-01e9-450f-bf3f-3b8f65756175","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":110,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"ae3298ca-1b18-4cf8-8b92-74da923ea847","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":110,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"619ee0c4-171c-440d-84c2-d5e95c6e8ad4","block_type":"box","text":"II-57","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5189c16-c5f7-49a0-8938-95f808694bea","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da5e4f37-89c4-4db4-984d-2809d43a58ef","block_type":"box","text":"Description of Municipal Bonds.","page_number":111,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"c96bbb42-1a40-4144-a181-fbfb22258699","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":111,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"1c33e2c5-512a-4e6f-a182-16d2227cd371","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":111,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"1bdb2c58-e87f-4a73-8551-b0b8cbae1bdb","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":111,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"be0bd153-b307-40aa-8fdb-c8a3c77b4ec9","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":111,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"38c1f2ff-8304-4f7b-8a34-02c37d9df267","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":111,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"22bfd96a-c844-493e-8069-eb2dce2a6389","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":111,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"0e69c127-0fbf-4a37-8d67-a2e495d27c2a","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":111,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"b21e5a23-840b-496f-a6e8-0f7b3122709c","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":111,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"ff86adbc-e443-4e61-9c6e-1f6a88cd5964","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":111,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"506dc058-cca2-416a-81ae-1526d1993a27","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":111,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"d3c6936a-d0a2-4013-8102-a05dbbb73647","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":111,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"44f1f2d6-72a1-4c26-9b77-717bf2fa735c","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":111,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"ece6af68-ca8e-4ac3-b454-1b12ee8b2c97","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":111,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"d45b1449-cd06-463d-916d-c28aaf958116","block_type":"box","text":"General Obligation Bonds.","page_number":111,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"bc30b012-b4f5-4118-ad71-907560c920a0","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":111,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"e3f860e1-4eb3-4af7-a88d-a2c63c31f61d","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":111,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"f16d0daa-902c-4630-9a79-9d5d7981cd70","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":111,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"102e0571-0544-4b48-a653-e1749627effa","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":111,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"15da4473-7a12-4980-a2bb-b2c6b0e35fdd","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":111,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"9ecf8bc9-90fa-442e-aed0-18768c8c1ac9","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":111,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"c1ab7fc1-45c7-41cb-b0fa-bf9013f0b6f9","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":111,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"30432915-3854-4227-badc-514156c6322a","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":111,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"2a07bdfd-8ca4-4a67-9c43-abecbf2fbfd0","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":111,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"a8017c48-fdf5-4f76-b008-89c09b556e1f","block_type":"box","text":"Revenue Bonds.","page_number":111,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"c8a88d68-de81-4cf5-869e-b2a3a98059c8","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":111,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"a8de2202-2035-43cc-984f-d17152463443","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":111,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"674aef3a-6502-40da-88f4-98d92292d9eb","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":111,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"fd9c0b12-df30-4f70-bc56-ab6f7fc3914a","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":111,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"794986af-d0ec-400d-b0c0-6a52675e91f9","block_type":"box","text":"viability of such facility or such revenue source.","page_number":111,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"16c915ed-bba9-49e3-ac16-cba2b742286e","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":111,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"3e1026e4-1917-41c4-9025-68f549071105","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":111,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"5e26d2cc-7518-4751-b5f7-6414a3253f9c","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":111,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"3995bca0-fe7f-4682-9320-45ea148f0f48","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":111,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"c5403854-f919-4e29-be4b-3c69581ea0ed","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":111,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"a3cdee25-981c-4e06-a4a5-02477158295b","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":111,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"ca4a3fcc-26ed-447e-a13d-3dc74e18260d","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":111,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"71a6682f-32eb-4a5c-8d0c-9aa9dfa6b440","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":111,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"21437ed2-9598-4493-a026-702d67fb9aea","block_type":"box","text":"PABs.","page_number":111,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"b32d4198-35a2-41a0-bc7c-1fc2db063f0f","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":111,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"c83c0aa1-c2ca-4aa1-8790-11a7c9ccd735","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":111,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"35396485-b1d1-4285-87fe-6c5416ea5b99","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":111,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"00a78d49-2b17-45eb-9296-277b553edef2","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":111,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"e5ae89e2-13ab-496b-aff9-881e83b08f65","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":111,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"ee8a8d07-a746-433e-9349-68814d79c2da","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":111,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"07e4d306-b028-4cde-a5e7-8a1a21ca5777","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":111,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"aa5c2b47-eade-401b-9402-99fc0813219c","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":111,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"88acda34-ac1d-4450-ac50-0c4cb87dd315","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":111,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"061c0e38-3518-4390-b16d-2aa9a76255c8","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":111,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"c0febe54-c9ce-4b52-9a11-6f16f3b31d44","block_type":"box","text":"the par ticular facility being financed.","page_number":111,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"6e46f27c-35f2-4b68-86d3-633891f91a45","block_type":"box","text":"Moral Obligation Bonds.","page_number":111,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"d9fe6378-2077-4778-87e1-2fc5f8f3043e","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":111,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"431deaf0-9531-4029-8355-72393eb72601","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":111,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"b6efb3ed-e694-42f6-b7b3-b9552ea726e7","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":111,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"5b2c281d-2cb5-40c4-9b04-ee7be1b63d25","block_type":"box","text":"that issued the bonds.","page_number":111,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"01c1ddd1-5025-4cd7-a6fa-a802ddb2b749","block_type":"box","text":"Municipal Notes.","page_number":111,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"02de3299-dbfc-4f11-885a-221ab5170926","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":111,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"e3fb4e60-7d74-4eb4-9285-844c3f3959ac","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":111,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"cf5d2ef2-694f-45c3-9fe0-5a6f2a9a5ae0","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":111,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"dd9c339a-1feb-4a09-868a-8a72d6e2ce9a","block_type":"box","text":"II-58","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fb794150-e7d7-4b7a-8f03-3970319d995c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91e7a648-2dc4-4511-b2ac-aed207e38847","block_type":"box","text":"Municipal Commercial Paper.","page_number":112,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"f346f857-12ff-4854-824b-b21572264014","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":112,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"9a3d7bb7-bcff-430d-8160-b8c256a60c5c","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":112,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"fa93ca88-3ec3-40b3-b24e-c95af9a7b4f3","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":112,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"102e052e-f8c2-428d-a673-693afbc521d4","block_type":"box","text":"Municipal Lease Obligations.","page_number":112,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"b2c7bb24-4091-4bdf-9afe-b83912a009a1","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":112,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"b23d8a18-47e7-4ffe-a8c8-83e46703fa89","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":112,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"687e3ec6-ec60-43ae-9688-1399d5a9a086","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":112,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"bd3707a6-1b3e-4300-ae3d-2764c54811ce","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":112,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"0e2d78c4-9410-48a8-b631-dd4fa7f820a1","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":112,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"8bde1cea-cfb4-40f3-99d5-f0885214633d","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":112,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"d3557f27-e2f4-48d8-9a66-038829715e7c","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":112,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"ac4c5ce0-117b-49a5-b24c-78432fc20727","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":112,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"847c26dd-f57f-46c4-910f-f82712dd6964","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":112,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"03283b6a-1174-478c-b4f2-542816c94f01","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":112,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"4cd9b779-0355-494d-bc19-b250915400ad","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":112,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"28f58a31-046f-487a-a146-523f64540b8b","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":112,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"af6699c4-c14d-4d84-baa5-1d0befc0f1d3","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":112,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"9df3de66-3974-4fb0-b10c-030d4848506a","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":112,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"291e5758-eb42-427e-b161-146c634e832a","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":112,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"dd230a94-0a2b-49b3-95db-d2aedc12e8fd","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":112,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"493efb22-b1f3-48c4-ae19-a6b63d49ec1d","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":112,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"4efbfd69-f3b4-4303-8dd4-2540749aa5fe","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":112,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"79c9952c-96b4-4bc2-8f5c-a76475a062bd","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":112,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"680864cc-7d08-40ba-b3f3-c8bd910b22d0","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":112,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"f8c039e0-c08f-4143-b03e-58f540436ab8","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":112,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"54c2ca7f-51d2-46b0-80c5-d6e7b83c24b9","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":112,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"20bbf628-2cde-4f56-b4c9-4ba267541917","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":112,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"993875d7-5267-4d75-a52c-faa7fa0a2d38","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":112,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"78c795b3-c816-40d3-9929-098f53a8f29e","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":112,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"3ac4f902-faa6-471b-9169-a996c28948e3","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":112,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"4a2c26e3-6a92-4329-9e97-6894e72dde48","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":112,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"8114f2b1-553c-47f8-af9f-f96389605480","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":112,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"b47cfc8c-8756-4805-b04f-58954e19f725","block_type":"box","text":"Tender Option Bonds.","page_number":112,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"cc094384-565f-45fc-8c9c-feb8128f14c2","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":112,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"d8f5c6e8-094e-44ff-a096-aaa7f8478e01","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":112,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"7787ed0e-0e91-4b88-8abb-fc864bccd6ee","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":112,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"0eefd3c8-7084-464b-82ec-de67d29bf300","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":112,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"e6c6d0b9-40f8-489c-8217-9892b28b59f4","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":112,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"c940580d-10f8-42e0-ab36-2e6ef44f6261","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":112,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"de30bcf5-6c86-4425-92d8-f9731e7e8d2b","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":112,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"4640fdae-01da-4c22-94be-4f544ecf5231","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":112,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"a5f349c3-3dfe-4546-938e-00913d95535d","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":112,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"6fdc3f4c-a9b2-4a19-a008-acf7101d4efb","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third par ty investors, and","page_number":112,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"419200e2-2f0f-436b-87e0-577ab539b27e","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":112,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"8311c141-5eb9-4f5c-9d80-93733abea996","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":112,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"ffbef4c3-4d17-4e1a-be35-78f470537f50","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third par ty","page_number":112,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"d7c21392-0287-49a9-87ee-f67ef084416e","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":112,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"f377edb0-aedc-4bcd-b441-52027594281c","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":112,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"34fdfb67-13c2-48f1-a808-a28ca279e742","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":112,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"010ded46-4b56-466a-a935-9aa1f49f7704","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":112,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"f50cb2fa-5422-4dfa-b9da-7fc9e4e7e528","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":112,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"21d20338-a596-44d4-9e99-096dd9b2cc14","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":112,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"fc5cf935-b28f-4420-ad54-34db6120e611","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":112,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"d2db3355-0bd4-4a7c-9ba9-a08f303ceca1","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":112,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"6ce3d5da-acd3-45c0-9ba1-df1dc3f82528","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":112,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"9ec3f900-dd61-43d5-aa16-ee5dd39c2167","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":112,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"3a79d746-ada3-4a7a-8a54-b7eee6579fc1","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":112,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"ab3efae2-29cd-4b56-9240-75380c7cf28e","block_type":"box","text":"II-59","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2609039-3f91-465e-9d69-739dca7b7518","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5a4a0c7-a61d-4b20-9326-804bdf35191e","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":113,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"4878ea62-504d-49c2-b3df-ca6bb607f6b8","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":113,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"25269cff-b0fe-4624-b6b4-0310b879ffc8","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":113,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"b8f9919b-20f1-4acd-8415-ace8f85d99cf","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":113,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"23c0634a-e75c-4b0a-a7f6-86c8d465d26f","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":113,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"00b4eb66-e6d6-40c9-9cb9-5b2f87a41e6b","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":113,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"ddb5b061-9e1a-4729-b4d4-e0363bca8ddc","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":113,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"921746ba-0c90-4283-9136-6e311d188069","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":113,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"1987d581-e755-4748-b54e-a9067f78fef0","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":113,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"52c1b2c6-cd93-4667-a374-79b69ee7b3c8","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":113,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"1c3f2222-91d3-4a43-9834-f62fd56a4c9c","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":113,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"d6921149-e038-4b0f-ac7e-374297bef030","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":113,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"56fdaed1-5384-4f7f-9efb-566001ad0585","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":113,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"d90bb50e-979c-4e2f-a52c-5eb445a465b7","block_type":"box","text":"issues.","page_number":113,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"db555460-8654-4e25-ba85-3917cf37ea4e","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":113,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"a8e83026-bbf5-40d5-bd94-6f7bc8ad2cac","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":113,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"ef2caf1d-865c-499a-a049-f15ebe9cd16c","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":113,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"764cb7d7-2fab-49af-9647-50951eba725e","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":113,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"9934a266-72e3-477c-ad23-9d39fb47ceec","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":113,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"b587afb3-8aa1-4e98-b7b2-84215fda8a34","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":113,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"fdc44f48-9756-4d26-b7a5-d1966dc94850","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":113,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"c72b04c9-52c2-4185-a0f9-4036d25504ec","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":113,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"c15a2e4d-96fa-4d1f-a0ec-fa63c48ea20a","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":113,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"d6183281-c7a0-4850-9220-6eeeed2ad05a","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":113,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"8a8a16d6-c7c1-4856-82a4-9556cecd9df8","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":113,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"edb7098a-3a66-4b24-a453-5931b2c70e8f","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":113,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"27103688-c917-4d14-b3e2-178c709b5aff","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":113,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"09380a5f-7d13-42bf-b124-b01d737285c8","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":113,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"0208c122-6e23-4d48-bc5a-fa6f96372529","block_type":"box","text":"i.e.","page_number":113,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"219257d9-ae2e-4d4f-a967-bde9f3f3a2a8","block_type":"box","text":", the Fund). In contrast, in the","page_number":113,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"7c71ed30-332d-4e03-a6cd-551a4ae0054a","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":113,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"08196a9f-05d1-4941-bb3f-cf140991a03e","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":113,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"a7e34ef8-421b-4171-ae7a-bd6523dd88d6","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":113,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"00091b41-9db2-44bf-bb9a-a3b26de5c949","block_type":"box","text":"suppor ted by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”)","page_number":113,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"3d8b5312-442b-4818-948c-95ae3f8f6739","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":113,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"54214edf-4767-49bd-9fd8-35442f920f6f","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":113,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"8eadb980-9d32-4bad-80f4-d2f053cd1608","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":113,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"fe10a872-ca81-4905-bec3-8dff6551f1d2","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":113,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"135497e1-1990-4f4a-a953-8a1a7ee78caa","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":113,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"7266ecea-d4dd-4058-9e34-2452c6350c50","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":113,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"8cc0a496-8776-4342-a073-e9ef4f96a593","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":113,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"afc5f526-00ae-4117-bf9c-1145c658667a","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":113,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"a36e30a7-6cd9-4548-bab8-4178fd10bfe1","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":113,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"f29248ec-834c-479f-9fec-04ad4f149f92","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":113,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"f590a763-47f2-489d-8a75-4d7450e3fb3b","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":113,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"b57c917c-7098-45d4-9a07-be486fac9329","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":113,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"8619a289-a003-4b53-9ff0-43612ae9fcb6","block_type":"box","text":"Trust.","page_number":113,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"db1164d4-48dc-475e-b33c-7fd38f262253","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":113,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"16b77c08-c90c-4529-b380-f25fae434c14","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":113,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"e6fe3339-bbcb-4106-b56b-1418b6c97000","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":113,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"804da37f-ca04-4ef2-9c9b-05fa5b726fbd","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":113,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"e0f4b74d-03e5-44d9-955e-05bf850369c6","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":113,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"feb8298a-62f9-41eb-b1d5-6531b797f083","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":113,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"b5ae1c7b-1cb3-44db-a327-c509182f714d","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":113,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"5fa1358d-e722-4345-abcf-c50fb379d61a","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":113,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"162d1b25-fd0d-4281-9629-77b7ab2a8c0e","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":113,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"7afd3191-eb4f-45cb-964c-76e60ee76777","block_type":"box","text":"II-60","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c79622a6-cc10-4af3-ac62-2a53c45d73a5","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d81790e-40f7-45b4-8874-a37fd4523260","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":114,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"1a9c6489-85ca-48a8-9d20-853260f3d804","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":114,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"6ced8d50-d156-441a-abf7-651377b50726","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":114,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"55ef607c-ad11-494c-ba96-81e96d783555","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":114,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"cd1f9d40-0c57-4f74-98d6-8872581979ba","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":114,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"55dfa898-8164-49aa-b18c-bd60ece70dbf","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":114,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"8e4e8af1-16c7-4cf9-9ef2-8159dbfe3aaf","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":114,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"3d0ef2da-f316-46ca-aec6-afb272c6cb95","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":114,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"0a3e7f12-4305-4d7f-88f0-2ab3699c4ce8","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":114,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"74e96615-384f-4592-ad95-92d6a827377c","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":114,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"b90dfe55-0472-42f4-afe3-d9ec83e8cf94","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":114,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"b42d6feb-65e7-439f-b5cc-d3fc7ae8a504","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":114,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"6f60c62a-32bb-4442-92a7-dfc1d47c9876","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":114,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"87336e04-c327-49a7-8ea2-cdec68c20dd9","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":114,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"63491a00-f1bb-4434-880b-15df5a82ea21","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":114,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"95e04559-f3d1-4fb1-9412-876ecb122ec4","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a new structure for TOB Trusts designed to","page_number":114,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"65f451ff-e032-4c1d-815c-359bb44cdfb8","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":114,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"779f063f-2c5c-4a46-af3e-01f9187e405f","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":114,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"eb10dcc7-adbe-462a-a463-5a422657d529","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":114,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"b160e6d5-08cf-415c-a0d0-faa6c018ef04","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":114,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"c85c385a-315c-4f75-b5b4-7748b826d28d","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":114,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"ade593a2-a58a-4068-9460-60b71168f0b6","block_type":"box","text":"new TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":114,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"1af4dd04-7986-40be-b48e-7b14e6366ecc","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":114,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"6854d373-3cb6-4b2d-8e3b-2b45a770f78f","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":114,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"eee1855a-9a7e-4f84-a036-bc1afe9effd8","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":114,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"8c237a5c-09c5-42a4-bb04-ab60d937ae65","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":114,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"6f61b531-8d38-4b90-925e-63afe68b877f","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third par ty investors, and the proceeds of the sale of","page_number":114,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"26c21e41-071a-4cc9-b8c0-6a9a1f7882a1","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":114,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"1613aac8-2c0c-4d4f-bc28-c8936eeafe7a","block_type":"box","text":"i.e.","page_number":114,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"9bed623f-64e0-453b-b8a5-cbf2fa60a24f","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":114,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"4efe57e6-3c02-4dcc-9085-9a450d578a2b","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":114,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"cd8afad2-ea2c-4c4d-9e18-25104411b227","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":114,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"fe54d3a3-01d3-4c69-8a4a-3e5cf59c87bb","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":114,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"b20330d7-baa9-4d86-98b8-b0142e7a8991","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":114,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"9f504c8c-3e55-456d-9d8b-0f6566fcd9ad","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":114,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"66f1ffe6-3522-4302-bc35-59a1608a1e6f","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":114,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"ac8a06c3-2c96-4d5c-8857-9b93e4d33e28","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":114,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"cc171591-a65d-46bc-b20a-c02de896cddb","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":114,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"56829d1b-78dd-42a8-bd1b-1349d58f672d","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":114,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"5d8dbba1-a996-4171-98f0-846677ca2351","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":114,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"78c35f52-b23b-4b5d-9b4c-22a9af8dc56b","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":114,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"1c75f670-4eb6-4141-a0d7-e809fc5af3da","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":114,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"2e3713df-d645-4f39-aaf4-34b44ef77302","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":114,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"1ef4ee6f-6a53-41b6-a572-da0b79135000","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":114,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"a58b6c9e-0805-4aac-adbe-7dce7473cbb3","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":114,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"09242091-9c22-46fc-b096-ea8639b622ad","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":114,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"393b3430-2652-43ed-8e9e-7f2166899c2d","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":114,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"fe997293-f73e-47b8-b6e6-5f8d13a5d636","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":114,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"e9571f54-8d1a-43ff-a7e4-6439071dcb4a","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":114,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"2342ae2d-8e3b-4a97-9faa-3c9c52dd481b","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":114,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"cf7c700b-f748-4144-af1d-c1d72aef63db","block_type":"box","text":"market is not yet cer tain.","page_number":114,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"4cd597d3-fa2f-4055-84cf-5f2333d95d10","block_type":"box","text":"Yields.","page_number":114,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"b6b8af78-54b3-4677-96f7-7ad1e056e096","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":114,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"1183c53c-99d7-456c-ae6b-ae5717fa9f3b","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":114,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"b29af893-40c0-4673-83e8-e815994df23f","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":114,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"f31519aa-e1f5-485e-8839-e87ab8b33fa3","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":114,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"8f37a9bf-fbd7-49f5-a1cb-f491e1bfa55d","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":114,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"5ec5c451-123d-4e80-98cc-cf4a9e792cb9","block_type":"box","text":"II-61","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7241454a-e6a9-4bda-8056-6556e7849a49","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd1974f7-89f3-4f3a-afb9-160c3fed4f6e","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":115,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"d6f40ea2-896e-417d-ae6e-c68c65e0ea44","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":115,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"d9909cf9-4c74-47f0-90c3-3bfd8e44dd76","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":115,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"2714da30-e500-4bb7-94cf-9223b81ad78b","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":115,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"a2278f52-c074-47eb-b6b0-c2125a606a45","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":115,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"d7adcaf4-d4f5-43e2-947b-b18a6fa81b98","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":115,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"8531752f-23f9-4b51-9f55-1c6a19d00982","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":115,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"89f9afa4-bb67-4796-8514-dc079c299e05","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":115,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"1880ab72-7198-4022-936b-501234d81ed5","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":115,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"9bb416de-cde7-4123-b746-7eefd0e384cd","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":115,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"a03c09e2-40c5-4a0e-93b8-df70a20d6d66","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":115,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"e425eaf9-a944-40a1-9cff-2778edfbd7ac","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":115,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"b2339d40-e8f1-432d-a929-e491073c517f","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":115,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"442bc912-ba43-40ef-b13a-a35b34dc0dfb","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":115,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"080fc598-df39-48eb-9d3a-8e15b5fa02c5","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":115,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"c68da479-b6c1-42b4-b045-448891309d9d","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":115,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"9d7046f1-6be4-4f03-ac5b-130106f27640","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":115,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"15b1835d-d39a-433b-bdd2-c49817c329e4","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":115,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"f9c38fcb-56cc-4763-bc49-598eb1d15ad7","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":115,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"0866323d-0ee9-475d-b252-254d1293dd31","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":115,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"aac19665-ea5c-46d8-b3fb-281125371c47","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":115,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"40d3836a-65bd-44c4-b134-0de901af723f","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":115,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"61740277-1fd5-403a-90a3-3213764e6901","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":115,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"0c8436bd-70f8-4de1-b27e-4bb2d829b3c7","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":115,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"48553513-c827-4eef-8f3c-1a84b8c2bb55","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":115,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"aa098a40-9d9f-4ec4-99d5-557fd97184ee","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":115,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"4c0277ef-d243-43b1-9923-45b082c26a92","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":115,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"91f8b7f6-54b4-4d40-b0b6-ba57fa51a534","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":115,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"4a25d352-2d03-4466-bda0-79d01b3abf80","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":115,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"b51677dc-fa42-4e64-b6e2-be0f77b3159c","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":115,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"d318b34f-5b8c-4bf3-ac2c-2c5ff42defbd","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":115,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"d80fb53f-2cd9-467e-bd4c-6291951cb406","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":115,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"2c0d70be-4b4a-4179-8cdb-943e0fe27a44","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":115,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"dae8b0fb-6584-4108-aa6e-985f18ea5846","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":115,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"f806e9ce-b0be-48ca-92fd-8122e6cfd5db","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":115,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"611bf2a1-099b-4469-82ba-afe501a274af","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":115,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"2bfd340f-b2fb-49bc-9af8-d7d7ca89d2c3","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":115,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"6a30c915-15d8-44e8-8a3f-2c30c0573c1d","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":115,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"1c9e2c36-bd32-4b22-93f2-950eae2758d7","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":115,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"7da9e5bc-a4ce-4d9d-8d8a-9ad389d874b0","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":115,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"7927351d-e3b5-4da3-80ba-e3fa2b1dd593","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":115,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"a382cea3-f87c-43db-8475-512517ff3e4a","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":115,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"154ffd22-f2f7-4fa6-a0b1-d7b22c4fd9e8","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":115,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"19332eb0-c0e1-41f2-8389-08fb1f05de2f","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":115,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"b04e3924-9ee0-4e07-af57-d3bd502cc45e","block_type":"box","text":"Call Rights.","page_number":115,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"c2ac937d-36f9-474a-be3c-e201495f4ba8","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":115,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"88448f99-b4ba-46a2-8060-b159bb5820c5","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":115,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"1523a770-374c-4344-a222-c7ced051a961","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":115,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"53aa2811-2a41-4088-85ef-8e2902e62881","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":115,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"d636de44-5405-4f86-a8da-6d7611f9c6e4","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":115,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"fe3d44d7-7c6a-42af-a740-0313bfce9f90","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":115,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"6c5e8e5d-7414-478d-81cf-ae27ceb9dbb3","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":115,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"a0e8dd53-18a2-4dc2-bcc2-c70d39827054","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":115,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"4e60773a-affa-45a1-9a5c-99a80c58883a","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":115,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"5ab2358e-be56-45e0-a1fe-d7b1790f3e4e","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":115,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"b826f8bf-eed8-4444-aed6-cb5f1de6ecda","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":115,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"003c5f76-7a36-46c4-8a81-f83a8a6cc7d2","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":115,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"7c78a3ce-98b2-4a95-bf59-1181712cbc94","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":115,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"d2022eda-491f-454f-a1a0-edf1f62dc04f","block_type":"box","text":"II-62","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f1209ae-7bab-4895-aeb8-4f70d7b260f1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86c42c14-5230-468a-8b19-6a8a1136ffec","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":116,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"93439a0a-23de-47cf-acd5-9afe9d9ba012","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":116,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"7bb161d8-3232-4c1d-87de-498daeda9ef8","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":116,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"a8144dd9-f30a-4fbd-be6e-55251c6c086f","block_type":"box","text":"i.e.","page_number":116,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"e373fcd2-49bd-4279-bc97-85f6204a78ff","block_type":"box","text":", wide differences between shor t term and long term interest","page_number":116,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"c5c15885-f854-40ab-a3fd-4abd43f84f8d","block_type":"box","text":"rates).","page_number":116,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"78930168-2426-4682-92fc-54488f3f7617","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":116,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"9aa4dabf-b79b-47df-8650-538bc327d038","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":116,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"8def5bf0-e478-452a-b9aa-0ababf67f68b","block_type":"box","text":"e.g.","page_number":116,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"5f66efac-11ab-456f-898c-b1547a30d403","block_type":"box","text":", an exchange of fixed rate payments for","page_number":116,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"4d9be008-846b-4b7a-879c-7e334d6a28f4","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":116,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"29752922-98fd-469a-a6d4-55af27f62620","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":116,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"5cb7ba70-1df5-490a-85ef-60175c1fe0a9","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":116,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"e5f03f2f-eea8-4b5d-b407-3fcd62c41b72","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":116,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"023b454b-09e3-4b16-ad6c-f007185b2a74","block_type":"box","text":"with the same attributes as the swap (","page_number":116,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"f5e41f5f-5c91-4c8f-acba-df6ec5c89d76","block_type":"box","text":"e.g.","page_number":116,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"e23f98af-d5c8-40e6-9f92-8d09fa792418","block_type":"box","text":", coupon, maturity, call feature).","page_number":116,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"68492896-b19e-4efb-9942-d3c4209743f0","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":116,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"78c631fc-609a-493a-b15c-40cd8c8948c5","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":116,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"1f443e34-1c7c-4204-9fdb-b313bd7f65fe","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":116,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"bc0e1d45-5a10-4afd-be3e-dcadc8c45f9b","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":116,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"7048789b-983f-47ae-b35f-2be312f4516f","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":116,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"9ef53bde-2b24-480e-a8cf-5483016ab5fb","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":116,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"d4a3f3bb-a66c-4fb0-a931-a7e063e7eff9","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":116,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"6fd35348-1d37-477d-8776-56d931a001d9","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":116,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"d14ddfc3-2d24-40be-b863-43ca1adcf447","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":116,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"bc7c1412-77e1-455e-b922-92a09e4128f7","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":116,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"c16a04f3-ddfa-48ca-9c86-dd54232967bb","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":116,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"94602bad-c961-421c-8387-0e4676432d6d","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":116,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"9ba0e25e-8c58-4a79-bbef-074ab9c6ca8c","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":116,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"9349f9a6-36dc-4961-8571-6d20b4998369","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":116,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"4757ed24-2d25-4536-a0d6-608b0e2f3191","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":116,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"94c34000-2644-45be-83b2-2a5775fcf368","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance. A Fund has no obligation to enter into SIFMA or","page_number":116,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"573e4c4b-a5a4-4b49-86de-a11a4f588a36","block_type":"box","text":"MMD Swaps and may not do so.","page_number":116,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"56215a00-aab1-4d38-81c1-668e87bb8773","block_type":"box","text":"Insured Municipal Bonds.","page_number":116,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"71e003fc-05cf-47a1-827b-3ca6315cd46b","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":116,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"bd9058c1-2d99-41c8-8d08-6b43b9f6c981","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":116,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"5fec09ec-2886-46f1-9294-c34e66aedde0","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":116,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"25e4f8e6-94d4-4f60-9bf7-36f13cbca2bd","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":116,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"8b84f2f4-d165-4af7-bfa3-ed296130c565","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":116,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"a1484af2-0472-44f9-9947-e708b3a52cb8","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":116,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"fa9f2954-1dba-436d-aed6-efa7d4998ce9","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":116,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"ce970495-5e73-4e14-bc96-fc6be9a7143f","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":116,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"b8449b9c-71b0-4973-af63-bd8aa411e7be","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":116,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"b77cebec-ab06-44f7-bd9e-f05d4ea8c928","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":116,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"5e35ce68-9215-4594-a7ad-8d36cf29d263","block_type":"box","text":"bond could drop.","page_number":116,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"720c5e29-3868-4bd5-9c6a-efb98a505fee","block_type":"box","text":"Build America Bonds.","page_number":116,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"1fda342b-8b78-4393-a876-1e50daf6b696","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":116,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"ae84feed-43eb-4907-a87a-2bddf4cfd995","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":116,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"48e0b259-d6a3-4cb6-8b9c-4b03960dad35","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":116,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"754b4294-c890-4fb5-bf2d-62346169e175","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":116,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"ecb7072e-84ea-4219-b6e3-ec0b2688e8bd","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":116,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"a4cc309f-ce15-490f-b36d-16ae7851db68","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":116,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"1197a21b-3ad0-4ef6-b13a-82558063b9de","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":116,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"5dac4720-b5a2-4167-8fd9-166bc98c702d","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":116,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"44c5f42e-4559-4d7f-9130-b3e3c5a336ea","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":116,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"67d8b173-0703-4696-82dc-84547a75dfd7","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":116,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"e8da96c2-f90f-42b5-866a-993695677951","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":116,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"78a1ced3-362a-4373-b2f7-d4b567510610","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":116,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"04cf032a-ce77-461c-a971-f3e5a5e2c98c","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":116,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"de7a445f-c925-4965-8616-8f765afcf24f","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":116,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"9c7aa51d-276d-4e94-865f-1fc54f1a5cb8","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":116,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"563f4463-1b18-4319-a684-bb5c29aed133","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":116,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"3a13780c-ac31-448e-8ac6-69228abfd046","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":116,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"ddb98d3d-c847-43b2-b82f-c3d1ced10cf8","block_type":"box","text":"II-63","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"be07ccaf-a733-4187-98df-67b530a3204a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71c2e312-1d00-4bc5-b1f4-1b2055c61453","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":117,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"c63ffaa3-774f-42d1-9457-5bf3fd9b2793","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":117,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"63f9001b-235d-443c-a505-eade9ae20e42","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":117,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"da99d6f2-e372-4023-8594-d89a239559b4","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":117,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"e5e7d729-d2bb-4bba-8884-9f9809b32a84","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":117,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"bf12e3c0-c607-4e07-9436-4185b28701a2","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":117,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"f888c73f-cd30-4e70-b706-cc7a3bb4311a","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":117,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"89c0087c-b065-4db1-bd49-762ae9e39ca2","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":117,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"d5737e89-3030-4e53-8ea2-536d226df2f6","block_type":"box","text":"their face value to the sponsor (","page_number":117,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"9203c73f-063b-4d1a-8349-24f15a84490e","block_type":"box","text":"e.g.","page_number":117,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"1c1c5173-ab8b-4196-9407-37cf77863698","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":117,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"76945f8e-4ca7-44a6-b0fd-5972b4b8c76b","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":117,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"12742e17-66d6-4722-b11f-326f2d1e5b68","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":117,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"e70b355e-f7b0-4379-8641-cde3fcfda096","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":117,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"d618659f-ec1a-44eb-98e2-86b22d232272","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":117,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"5b33d399-757f-4be3-9440-872b68637f67","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":117,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"c3b31372-6e8b-4e8d-a414-7e39ec0a2a41","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":117,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"bfbc52de-78f3-41a5-a3d6-b87520247b98","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":117,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"35c62ec6-4cb4-4f7b-a743-c61fc27f6e85","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":117,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"a7392e66-d6f2-4aa6-b5e9-475ce66525a9","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":117,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"70ffedbe-367a-48a9-90de-eac0ec19daa4","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":117,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"72c5625a-e903-45d9-8194-a2cb9e427a24","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":117,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"94500120-f9d1-4e21-b47e-9aeb44e46e3a","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":117,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"87148879-e6ee-4dd7-b1eb-3b469192b417","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":117,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"098b602b-4165-4730-9296-aed129cdd39c","block_type":"box","text":"such opinions.","page_number":117,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"8953c256-a933-495e-9338-9008572e66c2","block_type":"box","text":"Participation Notes.","page_number":117,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"f7150a72-9e36-4bff-8d6d-469449995bd5","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":117,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"b80880d2-d6a5-42fa-8127-125e75b6ef0d","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":117,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"bab3f5e7-2c40-4547-9c30-1254be77b718","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":117,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"17b56e93-a305-471e-bdec-209333999b8e","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":117,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"f6d3af3b-dbfe-4416-a284-57878c6a192c","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":117,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"d80fce1b-a62b-4c58-8876-445a37e873c6","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":117,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"01295664-57b8-47b0-a227-188d5302d33e","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":117,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"02951c96-b6df-4f2b-af85-7b3a5d57d298","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":117,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"d7a27b73-2eaf-4bc5-ba07-da3151f06a79","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":117,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"aa8a0116-b595-4f65-a772-5045d6108388","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":117,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"d5892f2b-652c-40f2-a052-b9e630f95e1a","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":117,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"0738d0f2-4f4a-4a4d-8ac9-f3996c6b7770","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":117,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"86513a1d-ddce-47bc-a5e6-bb0d22ec7492","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":117,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"0f8ad8de-21bd-4c2b-9bef-1b9e7f6d6e2b","block_type":"box","text":"creditwor thy.","page_number":117,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"7dd25c99-09c2-4646-8bf1-cbd2e29739c3","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":117,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"a7d9f3a4-d266-4cfb-ab62-0e02a51be234","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":117,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"d88edadb-8888-45ce-bd33-bb1975eb6127","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, that Fund receives a","page_number":117,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"d98822a7-bf72-4dd4-997d-b80e70a103d6","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":117,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"0d3b684c-ad4e-447f-bc8e-ccea53eeac54","block_type":"box","text":"transaction costs). The price, per formance and liquidity of the par ticipation note are all linked directly to the","page_number":117,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"1b9ca05e-e42b-44f5-b9e5-9c5cdfb5598c","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity","page_number":117,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"d047e4a1-58ed-4796-9c34-a409f449e958","block_type":"box","text":"in the local trading market for the security underlying the par ticipation note.","page_number":117,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"4b755d19-e93b-4ef7-8a8b-c5de30e4183a","block_type":"box","text":"Portfolio Turnover Rates.","page_number":117,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"9608943b-530d-430d-b21a-f696af8168fa","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":117,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"4230dc16-1115-467f-bbe2-b2aaf549fd1f","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":117,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"f35b4f47-6282-4991-88ff-01b9840b5d4f","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":117,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"91c9d3a6-bb00-4ab9-8321-2c0356a70a6c","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":117,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"6a73d3ce-8a16-4560-bdc2-d6362e1ed4af","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":117,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"4404ff23-a2ea-450d-8aa9-59506e6c4ef7","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":117,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"a3a275f2-d38d-44db-bcfc-a5e2a8845104","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":117,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"d4a9fafd-e4bb-48ec-9588-d76c7436fb93","block_type":"box","text":"i.e.","page_number":117,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"25eb3165-e627-4d93-a337-83a025f56ecb","block_type":"box","text":", 100% or more) may result in","page_number":117,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"772edea7-8910-4a21-9644-1f551a5d9a67","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":117,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"86fe1e97-1dd5-493e-abfa-eb878b269491","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":117,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"f6b9e06a-3146-4932-b5f0-81c72480374d","block_type":"box","text":"II-64","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac28a9af-e6d5-439d-8d98-a39cd2174510","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2d75781-35e1-45d2-af88-1d4e26c32bd8","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":118,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"60ad0666-6d89-4e19-a0d1-1b38051bef08","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":118,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"f3311cec-be05-47a5-a697-78cd88d6f289","block_type":"box","text":"Preferred Stock.","page_number":118,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"c1fada01-de3c-472c-87c6-87f31ec82dec","block_type":"box","text":"Cer tain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":118,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"3e49d027-9a59-42cb-b5a6-6c6db30d3d15","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":118,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"d5342c08-127c-4b92-bb69-2e1c85aafc96","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":118,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"1238cc30-99b0-44f4-b2c2-b9e54f329ae5","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":118,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"f4703861-1882-4cbd-bf97-39b5b095a767","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":118,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"168f2193-6ac7-490a-bac9-bf91a134544f","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":118,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"3e812d1b-8ebb-419f-a10b-314670d1849f","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":118,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"45d828db-51da-42f1-bbbc-c2de35ea6995","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":118,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"e628ee06-fcde-4a78-bcf7-1dd5912d89ab","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":118,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"45790c3b-0b1c-4da8-9a3e-a8b536be419a","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":118,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"d4a396bf-8dec-40b8-90a8-1cf842ca0b2b","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":118,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"0edac40e-60de-4246-99d1-ca551fb1b3c8","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":118,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"d59e8654-6852-459f-befa-6b9016329d94","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":118,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"596844a6-c98a-413f-a326-1423bbfc90fa","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":118,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"ab58f0ea-bdc7-4a13-814b-2dfba536ed4a","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":118,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"d82e2f92-eba0-4120-ab15-9eb84a8dffcf","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":118,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"a4f7d19d-d068-4f1f-a801-146a85e773c8","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":118,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"d5e9098e-0242-46b5-81f3-e7af8f2f74c6","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":118,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"0b564211-234a-4a0b-9021-8ea96d7ca505","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":118,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"28abadb4-b980-4467-b335-a61d26dc549f","block_type":"box","text":"Trust Preferred Securities.","page_number":118,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"a441a629-8440-4ca7-8a3f-86da31b34cec","block_type":"box","text":"Cer tain of the Funds may invest in trust preferred securities. Trust preferred","page_number":118,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"d4147222-0f9c-4be6-af1e-4114e0f3fb6d","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":118,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"7c575925-25c9-4974-a089-76a875421581","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":118,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"ab78610e-9bf6-43aa-bd7e-cb1e430bc55b","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":118,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"6a852462-eed7-41ba-b29a-91cded84e482","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":118,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"54b1b2ef-21b0-4922-a8c4-80b31b094494","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":118,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"a71fa16f-f03f-4731-b613-13e63a928cb5","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":118,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"3a4a4722-3581-4546-9f80-ebdc2f28b76b","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":118,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a83dd814-e499-4202-a032-fec7d8f50718","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":118,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"345333dd-b11a-493f-a96b-472b7770a6bf","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":118,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"bc2b18ca-b7ff-4bd3-84cc-a8beee575188","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":118,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"e322a9fd-f423-4aa7-8132-56a50b473f18","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":118,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"31778f13-747c-4243-ba42-ee2822d1e684","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":118,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"0f04c1f7-64a6-4696-9c2c-9a09db031d7f","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":118,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"823f0fc0-6e68-4dd9-b795-ce81b497e92e","block_type":"box","text":"®","page_number":118,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"b8957ff9-4ef2-43e3-bf74-f4494c34f42d","block_type":"box","text":"”); monthly","page_number":118,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"7d0eb578-9710-428f-86af-14b26d1efac5","block_type":"box","text":"income preferred securities (“MIPS","page_number":118,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"61f6470a-b44f-4599-8bf5-5ff05c4e26dc","block_type":"box","text":"®","page_number":118,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"aaa27d64-f197-4302-a325-700c307d4dd6","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":118,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"73325815-43c2-4157-a78c-b5314cacd9c0","block_type":"box","text":"®","page_number":118,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"51eb5c8f-e390-4024-b002-0ee385da56e5","block_type":"box","text":"” ); quar terly income debt securities","page_number":118,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"bdea417b-9c7a-46fe-a40b-754a895bfc9b","block_type":"box","text":"(“QUIDS","page_number":118,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"07693bf0-559f-4865-9699-cf944d694dde","block_type":"box","text":"®","page_number":118,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"9f2562e7-16de-484f-9120-cf6cd5626a9f","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":118,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"7dc6269c-a444-4047-bb4d-5fc08bfb4f15","block_type":"box","text":"SM","page_number":118,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"5c9992aa-3ccb-43fe-a4c7-5f93cca969e9","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":118,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"a9de5137-f884-45b6-839f-c67e6ecfc9de","block_type":"box","text":"®","page_number":118,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"fa856133-ffc9-40ac-b5be-dc0b386a5295","block_type":"box","text":"”); public income","page_number":118,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"1e113964-4cf7-4493-bca1-a1376b29f238","block_type":"box","text":"notes (“PINES","page_number":118,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"74970b72-c717-4686-94fc-b12d01ca0c30","block_type":"box","text":"®","page_number":118,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"aa02d3cd-4303-464c-b333-243bbb25f305","block_type":"box","text":"”); and other trust preferred securities.","page_number":118,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"8ba3b59b-b271-47c9-b687-148ed98d2720","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":118,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"1acdd20b-49bb-4627-9c75-40fa460137ac","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":118,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"18032174-0409-4826-84f2-37784dfdeddc","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":118,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"20cd426b-a33a-4a98-bede-34324f8d7e38","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":118,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"a5041d63-aadf-4d56-a78b-5d04738ffefc","block_type":"box","text":"regard to whether all payments have been paid.","page_number":118,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"5994b30b-da0a-4654-9b35-fc7d09e3b6f9","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":118,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"9dd533ac-a4f0-4a09-935e-0932697ceb48","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":118,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"cb1cb34f-6ed3-4988-91cd-6ee8c5b43e0d","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":118,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"cb7f618f-15f2-4143-902c-c65fc3f97377","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":118,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"d6086887-fd35-4bb6-902a-3b02cf680f83","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":118,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"81371005-3aa3-49db-a501-0cc3059b1b59","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":118,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"8f44bd41-ad3e-4bf6-8b9e-b4a490a4ba8a","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":118,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"5e8b0d71-53a7-4b58-b4aa-ccf53dca348d","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":118,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"a72f44f8-7b93-4c0d-9cd1-854c3f5d5d33","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":118,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"72a13641-9110-4982-bf34-402316593a23","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":118,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"fc964c45-99fa-4842-930d-d87d64a49bda","block_type":"box","text":"II-65","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b6ab1bf4-487b-4cef-b310-ac7277f442a2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9745fcfb-a578-4f29-915a-15915ad9ddc0","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":119,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"6c74f440-6bdd-4756-9a96-ae0c293d491b","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":119,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"c1fbc8ce-92fe-4531-b837-e6ddf31cfdc4","block_type":"box","text":"debt securities.","page_number":119,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"5a70fcc9-68eb-49a9-8b2b-e53e3ff6ee05","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":119,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"71523884-30d2-4475-9935-8ba37261ea88","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":119,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"b8128764-7986-4448-9277-1f41dbbd75e0","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":119,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"b3d5a266-0493-4186-a31e-2e8d2480eb01","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":119,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"a2606b3e-2543-4fb4-85fd-c918edd50bc7","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":119,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"41266455-2a38-4b85-b7cc-e4e1c4f69353","block_type":"box","text":"i.e.","page_number":119,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"f8f56b2f-1a32-4be9-80aa-18c62885ec7c","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":119,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"64ef284a-db03-499a-80d5-80adcd300660","block_type":"box","text":"buildings.","page_number":119,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"e57cf372-7955-42b1-8144-53b76fcbfde4","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":119,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"23692260-a880-49b1-babc-38483ca06ccb","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":119,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"4963d0ae-3914-4d9d-a047-a3b6eff2e3a9","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":119,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"e8f6c101-cc2a-423e-bb8c-dfbe24eda664","block_type":"box","text":"proper ty; they derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":119,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"447cc1f0-eb1f-402e-88fc-bf069551759a","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":119,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"02280ccb-7a20-4034-9fa8-3b98dc3048a3","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":119,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"8c1464a6-4e24-432d-b389-9ae948ae373e","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":119,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"ea91066a-7d55-4d16-884e-547dc2acaffa","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":119,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"ac14c7ec-c5eb-49b0-91e6-7e011165f2de","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":119,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"363ab867-184f-4cf2-9eb6-0cc435d66d59","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":119,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"a51f5623-fed0-4269-808c-e1cb7feb838f","block_type":"box","text":"attractiveness of the proper ties, the ability of the owners to provide adequate management, maintenance and","page_number":119,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"ec2de182-7ea9-44dc-afbd-ea3ede8ba380","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new proper ties,","page_number":119,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"6bb4f812-cd0a-43b1-9eb3-30241891cbc1","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":119,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"2c23cd14-ddac-4f2f-bc89-0d62456200ca","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":119,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"a8f2d9d7-45c0-44ea-b311-9f0883616e8c","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":119,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"b5b28087-ed88-4fc9-b494-cc87833ec8ab","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":119,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"22d8bee3-845d-4f79-8301-254e7741429c","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":119,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"fae9dad5-f80b-429b-ba49-97fcfc37f4e3","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":119,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"54a14bc3-2c8c-40cd-a293-e3a8b8ddf1bf","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":119,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"ac46265a-ffe1-48f0-ac93-b4f819ca2b53","block_type":"box","text":"exceed the percentage of the Fund’s por tfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":119,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"44346a59-fa37-4dc5-82c7-f52201ef5973","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":119,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"592d40dd-abb9-4794-9d66-8902619c181b","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":119,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"99d54d8d-33a5-41f5-bcd1-ab1631d6cd0e","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":119,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"c1004213-77c1-4860-bf65-7e8cb3fc4775","block_type":"box","text":"repor t dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":119,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"e5b0bc60-7f37-4d26-ba75-e12d9cfab5ae","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":119,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"640666c5-9a18-442e-a284-9b6c230b9f51","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":119,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"efc7e038-eb8e-4bd1-b71e-1b68094065f7","block_type":"box","text":"holding period requirements.","page_number":119,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"8885c78d-5a53-4374-a770-9421e0ca9a73","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":119,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"992bfea6-5e1a-45f1-8e86-55cc601f93eb","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":119,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"f62c3ac5-b3d0-46e3-9870-7ad4fa31980b","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":119,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"bef766b0-92a4-4e04-9df4-9ecf167ddd43","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":119,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"04c034b7-3af5-47e7-8cd7-b569090b95f9","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":119,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"4a3e9284-6e8a-44c5-8b64-24799bc2756f","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":119,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"3a0febb1-e4cd-4b98-a7f9-858b5eb23326","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":119,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"275a97b8-58f9-4df1-be99-e877446c64d5","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":119,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"0ab906b3-9971-4b91-8db8-16c6c85a27b5","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":119,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"cd366fc1-de6b-470f-b0ea-206ee2430dc2","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":119,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"666bed7e-08e0-457e-8e30-872728382277","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":119,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"92900a2d-19af-46ba-8367-b53c50ad700d","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":119,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"b08cc3bb-4ab9-46d9-850d-2178c0597b69","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":119,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"e555577a-3871-4aa6-94b6-f527ed82387b","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":119,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"ee93cba2-a5bd-4fa2-95e4-b2b74e90bf7f","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":119,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"53d2eee9-9510-4163-b962-3743cd4be8a9","block_type":"box","text":"Recent Market Events.","page_number":119,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"bba36b6a-4d77-4aa8-a6ea-045fcf77f37c","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":119,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"2f2c6e2c-6605-42e3-8303-0aaf4915acae","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":119,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"83802107-be8a-4d4b-a015-bc9c05cfb67e","block_type":"box","text":"sometimes limited to a par ticular sector or a geography, continue to recur. Some countries, including the United","page_number":119,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"46b6d91f-3409-4256-8b08-f5832aab071e","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":119,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"f3bf353f-4921-43a8-aa9c-e8e759520666","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":119,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"2e34f941-48e0-41ea-8354-3c01d8be97cb","block_type":"box","text":"II-66","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"670e2fa6-a9cd-4af4-bee4-a72eca3af675","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f692adc-4013-4505-9a72-ceecbb21293c","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":120,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"b9092778-ad0c-47ea-8df0-e204b52dd925","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":120,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"4c7ef4f2-8d35-4a0b-b9a8-31f44c412cec","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":120,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"d04855bc-11a9-4eed-b2e3-bc6ad276982b","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":120,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"39f21e91-2a14-4b00-8a41-f09cdb1f79e7","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":120,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"16a0ee79-52aa-4021-880a-a79a5c5a0c14","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":120,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"3b2a4ccf-1bb4-4135-bba9-4b9ddb7cb683","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":120,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"b4aa23a3-2cfd-4312-bbec-d151397a125a","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":120,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"9dbceb66-21c9-4cbb-816b-bf988a0b2b75","block_type":"box","text":"negatively affected by such events.","page_number":120,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"e1bd6478-64c3-48a0-a2c3-b3b3a973af2c","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":120,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"9ef01d51-fe08-45de-a263-ee5153684526","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":120,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"62d995e4-327e-4225-b957-797e27a5b88e","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":120,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"14cf2365-ec13-453c-9165-fe1dfe2b6e58","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":120,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"05e20d13-0ea2-495d-87b5-aeb6312fdc70","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":120,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"f967db97-5efe-489e-9b71-c67946ea99c5","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":120,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"99cb58d2-16f8-45f7-b7cc-3e3f25ec41e5","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":120,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"185b7151-baba-4764-abed-468b5c168d10","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":120,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"38d8db47-0bbe-481c-9f20-58945865513b","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":120,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"7cfa0e86-760c-4163-9331-3cbb6897bce3","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":120,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"72ada0a6-4db0-4bb6-a97a-41515f9ebe48","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":120,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"df2380cf-b970-4d2a-9264-ef7b4534abf0","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":120,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"5f981682-b8fd-47a8-9e36-615610d7b40d","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":120,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"96496074-655f-4e69-b4fb-dbbf8697d586","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":120,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"982d2fdc-4f36-4125-ad30-684f7ff193e8","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":120,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"a216b5b8-6a57-406b-b01e-e2afce618a96","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":120,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"bec7d98b-5b9a-4e6c-95bf-a7285aef3c4f","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":120,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"f8bae6c0-74bc-477c-839e-75c3db65fe53","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":120,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"f5448365-7c08-4c95-923e-baa4af3ac9e6","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":120,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"79041b83-0721-4deb-844f-696f0f5bda3c","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":120,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"818e85e2-7780-4d3c-a3be-f1d5a00071f2","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":120,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"353df095-8e2f-4694-8526-ae8160002f91","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":120,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"bf3f23a5-ad8e-4451-9cb6-76ed894e22da","block_type":"box","text":"investments.","page_number":120,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"c951e02a-e43b-4ce6-93a0-0a03682146ab","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":120,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"a2cfb09d-e541-457a-8483-8ea47b1b444f","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":120,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"de35c0d2-ed32-4b67-83b4-84933ee23f4b","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":120,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"8065a720-8bfb-46bd-8112-9fa00ebf3b69","block_type":"box","text":"customer activity, as well as general concern and uncer tainty for a period of time. The impact of this outbreak has","page_number":120,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"ae8d129b-cf57-4e53-848f-637a21c11055","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":120,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"1c24d41e-b3a0-42c4-98a8-1d6ad058de8d","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":120,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"18b06346-b236-4da7-b4eb-4d062cdd4fb0","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with cer tainty.","page_number":120,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"21c09f91-5050-4d33-8fb7-f1d9593c8bbe","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":120,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"e8d31a42-2bf8-4d4f-bc02-c138f44a590c","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":120,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"f07b626f-af9d-4520-a332-4a9e42e56599","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":120,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"61896832-e09e-4ee7-9c16-3fda5d487c4a","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":120,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"dc5a6c01-7da4-4eae-932e-8a7f7f44c65f","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":120,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"f4eb9e05-e666-40dc-b877-2150513bf04a","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":120,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"bd9cb75f-ea77-4bef-a1b3-2363187ad1fb","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for cer tain legacy contracts. The Secured","page_number":120,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"dee12908-007d-4ec9-b22d-2d33621a3ef6","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":120,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"d5493851-d25c-4ef2-a7d4-1ca728a3843e","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":120,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"655b9dc4-dcb8-44b6-87ef-2a8b77d0123f","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":120,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"0a244dc3-2f54-4752-a589-bda9e512500c","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in cer tain financial contracts.","page_number":120,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"d1e2fd85-6925-467f-965b-3c28a6cccaa4","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":120,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"e9414b54-411b-43e5-9d9d-d7e796d74c4b","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":120,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"4d8678c7-69a5-4011-994f-b12b1a18aee7","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncer tainty regarding the effectiveness of any such","page_number":120,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"7bb0ca0d-4830-4b8d-8b83-e0fc2b495622","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":120,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"6e1103cb-08c0-431d-9a8d-571fc0e20b25","block_type":"box","text":"setting provisions and there remains uncer tainty regarding the willingness and ability of issuers to add alternative","page_number":120,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"281cf8f1-3bea-4a05-ad6d-c296f02021c5","block_type":"box","text":"rate-setting provisions in cer tain existing instruments. Par ties to contracts, securities or other instruments using","page_number":120,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"18c6f52c-8b5c-49a2-8f30-ad5d61b33e94","block_type":"box","text":"II-67","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ea552636-9a05-4f66-baa9-6ef41fcabdaf","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71c89aeb-2917-4859-8292-d8eccb46016d","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncer tainty","page_number":121,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"7e9be3f1-672f-4bf1-90cc-3599fff47fbe","block_type":"box","text":"of per formance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":121,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ed224ea1-768e-4ced-b5bb-b6b5cf0184cb","block_type":"box","text":"that may also cease to be published in the future.","page_number":121,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"48a2da77-ff10-42db-80a3-3e4db5127420","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":121,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"7c383dfe-410f-44d1-a62c-0c3734b78ff2","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":121,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"8d943323-42ea-432a-97f4-096b7e201768","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":121,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"670fd487-c90f-4627-ada4-b86e66bab9b4","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":121,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"e36d2dc9-adfc-4268-b2a2-0dcaa060a96d","block_type":"box","text":"term of the agreement.","page_number":121,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"4a02e0c0-8c47-41d3-ac56-e09e6796025d","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":121,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"03372150-3bdb-4648-a07a-7dedc6bc74d3","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":121,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"843030a0-2415-4a37-bf1e-0b0403e2db4e","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":121,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"63f1d50a-5d74-4392-b332-931b5e6bfb32","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":121,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"fdd126bf-d520-427e-afbc-10c4dcff6005","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":121,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"e11d4dc8-40d8-4cd9-a496-170f001e837b","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":121,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"954c00fc-a142-458a-a2a1-575c2d577000","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":121,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"11c7c9fa-24d5-4723-a597-b2f605355cb2","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":121,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"6cbdccda-2a88-4652-a3f1-6f8fa3297c83","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":121,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"eb7712b1-35d6-48f1-ac2f-54ed9b8dfabe","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":121,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"697b1902-3fe2-4274-bb14-a8a34e3d633f","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":121,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"40870d7a-7d2d-419b-8278-cfc19bad6ab6","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":121,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"8dd0c45c-95a2-4aae-a235-657d8ff7b439","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":121,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"63301a72-2b12-46a3-b569-33cb722bc6f9","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":121,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"ebd1fbb8-8083-45ce-9e6c-aed90c644491","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":121,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"df866897-e488-43e0-8736-42116d11001f","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":121,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"c001f1d7-53f8-4517-93b0-acca376cc05c","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":121,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"a8d587c8-716b-4dce-8284-6e99130e8a9e","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":121,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"f8b60086-1eac-4b1b-97e4-901a93e29775","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":121,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"88354b88-b94c-489b-8c77-0da15166abd9","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":121,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"26eb2b01-a9ca-428a-b007-0807b3b5ed48","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":121,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"78fcac59-7bc0-475d-a2c8-64b2ab3e1f2e","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":121,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"e4b7a186-66d5-413c-b68b-593452ba7582","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":121,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"7cd6a659-3806-49b2-aa91-b4376268350d","block_type":"box","text":"or by another authorized securities depository.","page_number":121,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"fc990a23-48b9-4e2f-915c-dadd3911454c","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":121,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"e123ada3-0f2a-4a94-9831-6fb3abfa7be9","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":121,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"9920bb45-11b8-4cd1-95a5-146b30d27bc6","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":121,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"e7b56af5-6bd9-403f-b17a-95e3e2730178","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":121,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"f0a2a8b5-68e7-4f1e-b93d-05f52ed91be0","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":121,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"0612b0fe-e3d3-4598-a4ff-dc4837bcc6be","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":121,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"a7dcfc2f-18a1-47e9-bfbb-31f45c404f22","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":121,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"8b3569f7-e58a-42fa-8423-0356a990bc53","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":121,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"09c1943e-0e55-4ff4-988b-4bb9ca67c14b","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":121,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"697195c3-f194-412b-befb-59236f219dba","block_type":"box","text":"the repurchase price.","page_number":121,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"a06a6ebf-d7e2-4668-8951-48bb02a48333","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":121,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"ffb52dba-789f-4874-9a4c-30c0533aaff9","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":121,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"77a1a7dc-dc55-4bda-af1b-2a06bdefc9b3","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":121,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"6db5a175-c740-4bff-8170-3c34a8f9a1e0","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":121,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"b82933c0-212d-4006-8e78-c56127c9995b","block_type":"box","text":"strategies without the repurchase obligation.","page_number":121,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"2f84cabf-2c13-4ccb-a35e-050e0553e76b","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":121,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"e4713f6d-4779-4e7e-b292-08caa575948c","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":121,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"b8b507b0-2f19-43f4-83bc-a51fc5c32911","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":121,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"3509d4f4-136d-4cfc-905d-7e259dfef678","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":121,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"851fb617-9345-4e4b-ad26-c40a0405cc1e","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":121,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"481dc183-7fb6-4a63-941c-24c7f5db2582","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":121,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"4ec73725-7804-462f-918d-37cfbc38306a","block_type":"box","text":"i.e.","page_number":121,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"eb7108c2-e288-48d8-ace5-831c3d547673","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":121,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"7c23136b-ebf7-4517-8961-a08eb9383349","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":121,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"b1b5d170-7128-49fc-a43a-f8f604799f90","block_type":"box","text":"II-68","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d5060601-ebfb-49d9-8e5c-6e6c8051c6f0","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4ac0154-beef-4258-aacd-947708f3c98f","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":122,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"99a2fafe-cb8a-4d78-9b64-02f7fd7e1990","block_type":"box","text":"and income involved in the transaction.","page_number":122,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"dc550bde-6511-446a-b645-606071424bd8","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":122,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"43195eca-df88-4f16-80fc-6d81fdb3735e","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":122,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"9107d5b4-b936-491e-ad33-e0bd34f41368","block_type":"box","text":"$50 million.","page_number":122,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"13f46c97-3712-4576-a4ef-5ce7eaf79d3c","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":122,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"38b3d7a2-161b-45a3-b35f-a40848cd611a","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many repurchase","page_number":122,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"669be23a-bd43-413c-a622-ad37dbe7fc13","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a","page_number":122,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"a19dc43a-ec07-45d6-89c3-49210a8a25f3","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":122,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"ed502618-9a60-4f92-9bb2-51a286f8c010","block_type":"box","text":"credit suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or","page_number":122,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"cc228911-eb3c-4eb3-b79e-3f10bb5d55b4","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":122,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"3d5d74c7-e120-4578-b6a1-6413d3550fde","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":122,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"8ce0e6e1-8c3c-426b-b682-8d2f9371a94d","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":122,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"dcd3c739-a480-466d-a7b1-33a8c2127689","block_type":"box","text":"agreements.","page_number":122,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"bbded5b1-2984-4353-85ff-dc0db7abeb6b","block_type":"box","text":"Restricted Securities.","page_number":122,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"4dbea965-749b-4026-b427-632821c20842","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":122,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"256a4231-8176-4c14-8489-038fe3d2ac20","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":122,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"82e6db17-9da8-4c5e-bfb5-2fc444013751","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":122,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"a26b36c2-a626-4bb1-8432-932ed4999eeb","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":122,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"816e2a0e-c045-4554-acd1-fbcba87c0ba0","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":122,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"59397a14-1507-4fbe-8775-a4d4d9051e6f","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":122,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"04f64d53-4b98-41b6-b096-37506baa64d1","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":122,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"d2cec967-5afc-40e3-bbb1-8761a3ccbf03","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":122,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"e416450d-a200-4e7b-9fcb-64dfdae4af95","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":122,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"97172b1f-05e4-4166-9552-28b79bf7568c","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":122,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"f6036b05-4d17-428c-86b8-bf5e4bf2887f","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":122,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"51a8a371-ba95-409f-8382-2b7e62ba716b","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":122,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"62a3d86b-29b4-4382-b235-137c33f265a4","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":122,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"d62e8dd5-bc73-4698-ab28-74b5c82678de","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":122,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"e367b421-5b96-4c48-b8bd-2fa6897f1940","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":122,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"7c7c5d70-e9ba-4e9f-adfb-99060d463ba2","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":122,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"539c725d-4060-4eb1-8521-279e939bed94","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":122,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"62f84ec9-961f-4594-8df6-58905e4eadd0","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":122,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"8ca8fe01-80e5-4180-b075-f381bad60c40","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":122,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"21ce1669-39a4-48df-990a-4a0740a00180","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":122,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"623f0a4a-b841-4aca-9175-bf438c1a077a","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":122,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"51be0e52-b886-44e9-be60-a8e2f5e48683","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":122,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"6da80de1-027b-4066-83e6-876eac9b597d","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":122,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"3c0d5384-adff-4a3d-be0d-13e7bd1d1966","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":122,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"f0101bf8-ef00-4904-933d-300419ce5d98","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":122,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"dfc4cf60-d58c-4980-813d-f138ad1587e2","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":122,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"07f015f0-6d64-4ee4-8573-e40f419a4d78","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":122,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"b343dae9-3f0d-429a-a725-49f3b10db8b1","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":122,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"7d9edf34-45bd-4783-91c9-c6a9499ca600","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":122,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"1c14273b-8657-4321-933c-e4aa2d2d96fb","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":122,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"f89170ac-aad6-456c-a84c-f2dbbe4a16be","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":122,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"cae67509-65cb-41d1-a8ac-b29b025fe616","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":122,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"e6a062bd-0243-493b-949a-f7ff8e6bf65c","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":122,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"2ffcc0e9-abb2-439c-b13f-a927f1890d26","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":122,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"d82079b7-ec34-4213-adb6-e47da56382b1","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":122,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"59078ec7-6c88-4060-b258-fd33bca916c8","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":122,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"3706923a-36f7-4a22-9743-6f7cd53ba7cd","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":122,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"955054a9-7e24-4460-9b9e-261990f73ee6","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":122,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"c60091a7-3708-4b1b-814c-013707d63c20","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":122,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"bd28c21e-97d7-4f07-ba74-0210a7bc781c","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":122,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"0a29fed5-00ff-47a3-b81e-e87fbc600c90","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":122,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"81e755ff-4d36-4a5a-9b0b-fe8f3686638f","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":122,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"8215487f-7ba3-458b-9e83-87cfbfd866f3","block_type":"box","text":"II-69","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6674e27a-1d5a-48b4-b7fa-9bb656180333","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b9ee145-ee67-4b22-8165-bab9fa0b887f","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":123,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"452722d7-9907-4dc6-a543-020d8e21bcd3","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":123,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"c00600f8-172c-4af5-a5d9-c8837c9f8fd7","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":123,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"c31b7659-29db-4efb-b0d8-3479b212ae65","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":123,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"75f17001-30a7-409e-9ee5-a2840a281902","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":123,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"141640cc-e1f1-41c8-b64f-c8d545d63cc3","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":123,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"73c442fc-3240-428d-bff1-8c4fb2fd58ca","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":123,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"7af48f36-90d8-449b-93b2-54c06d562246","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":123,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"ce8df8ea-fc9c-453f-a535-50fe5081a96e","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":123,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"53b9b40b-ca47-4739-b293-cb59b6f4eccc","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":123,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"9264e8f4-1f46-4357-9d17-57e7f36d262d","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":123,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"7aada98c-10fe-4ff0-afc4-ac4f833baba3","block_type":"box","text":"especially as that Fund grows in size.","page_number":123,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"3d4994ef-9818-4307-9829-2749067abd81","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":123,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"e7822997-21d4-4e4d-82ad-3b36c0b3f09e","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":123,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"029233cb-32e2-43d9-975a-fac3eb837513","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":123,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"698c09f0-2a23-48a8-b1ac-e77212be6ad0","block_type":"box","text":"value. Due to the inherent uncer tainty and subjectivity of determining the fair value of investments that do not have a","page_number":123,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"8dccdb48-8b6e-4fa2-ab67-243168da1af6","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":123,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"bb7bb99a-341c-405e-a4c9-8c5c0dbdabbe","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":123,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"96d7f369-9d1f-4ded-a360-8f1df9b02561","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":123,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"ca14d132-ff08-4c66-bfd8-afdf4df1a907","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":123,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"a1cb0043-aeed-4842-8a12-a1cc85da8bc6","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s por tfolio, potentially resulting in the dilution of","page_number":123,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"0cffd169-0ca7-4ac7-925a-6c99f98aa220","block_type":"box","text":"shareholder interests and increasing oppor tunities for shareholder arbitrage. The values used by the Fund to price its","page_number":123,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"c64430d9-561d-4bca-a9f3-87de7b3e7d86","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":123,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"76730c7a-c3ad-4926-815a-934d8bc87059","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":123,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"a4d514d9-7bbe-48dd-824d-37108e87f257","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":123,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"09fb9103-274e-46fe-86b4-9086f904923a","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":123,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"1099fff6-0f2f-4639-8186-8e9a01470c3e","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":123,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"26807df5-7473-48d4-9780-567611a309e1","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":123,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"c85f6833-0395-49f7-a9f2-9679a2dcd1f6","block_type":"box","text":"investments.","page_number":123,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"949f71f7-315c-42e9-a94b-9baee7436b6e","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":123,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"77551f97-17d7-409b-ba5c-def8faf6f06b","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":123,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"7fe5b108-6dde-4ca1-84a8-70ce730793c0","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":123,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"b56ed35c-eea1-4675-b39b-f8b274cdf01d","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":123,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"cb41b270-33be-421c-b9eb-5cc14917e5e1","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":123,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"1f8a2073-8efd-4afd-a1de-2cf2eb2024e4","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":123,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"cb26e3d2-08ca-4976-a30a-fee2bfe3e622","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":123,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"1a6219f4-9a64-4e00-8c8c-4967a4b33b48","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":123,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"54b3a172-4bea-4742-9e23-fde8777efbac","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":123,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"2b7b9361-5264-4029-b440-06cfb9373b3b","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":123,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"341c1e20-303b-4bec-bce0-c2535bab81b1","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":123,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"503bd41b-ed7b-410b-ba9e-254932578f38","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":123,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"881ec4e7-5cb3-4554-848e-d776b47bc56f","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":123,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"7be41627-d26f-4a53-993e-4f9745e97aed","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":123,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"8072f078-78bf-4fb5-966d-15de2fa847bc","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":123,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"d1f7345b-9b3d-4839-9def-80c53465243c","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":123,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"ffc2ed93-3a6e-44e6-baff-03b6446a843c","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":123,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"6f7f657c-cc26-43d9-a2f0-6f5cb4994188","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":123,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"b65e9d32-35b8-4abb-8ca7-d41463276846","block_type":"box","text":"similar financing transactions (","page_number":123,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"a6bd2ebb-8842-481c-b4fb-2a6a32efc5c6","block_type":"box","text":"e.g.","page_number":123,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"f18b72ec-1c4f-4ac0-b388-e6109b1342ac","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":123,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"e4069213-fc14-4967-a356-7cd75af9d91b","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":123,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"704a6ac2-cf61-4d1a-8daf-372a6cddbec7","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":123,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"993bca7d-81bc-4b99-a03c-f7ec563a4f25","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":123,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"a084d8c8-7e2d-4eb2-8366-f2861bd6472e","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"2f5f6ba4-6082-4080-a704-1a1a0de12113","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require cer tain bank","page_number":123,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"75e2f9a4-6bb5-4e8c-baab-7977e9c2b511","block_type":"box","text":"regulated counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":123,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"ce3ea9a4-e3d3-408f-ba79-5a1b8d2e2704","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":123,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"fa9993fd-f7fc-4de3-8cf1-a0341d6c1cfd","block_type":"box","text":"II-70","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8eeedc2-a741-4c14-98fd-b00baf9ac0b1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcc74e6d-727b-411e-bef3-75f93dd2bf85","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":124,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"815441b2-609a-4dbd-bbf4-e99d955626ae","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":124,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"5dcb993a-74bf-4212-bb77-d11b0a8a4e15","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":124,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"7ff0ba44-96be-4116-9218-48127bae939c","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":124,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"9adeea67-dd48-4acf-b2da-bfcaccefa263","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":124,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"a7241ba2-57b8-428f-b4f7-f14a67224852","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":124,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"f9cace16-bd6e-4f64-ab79-3884f04e41c5","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":124,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"18344c54-a4ed-4c12-b350-ed805d5eb220","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":124,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"4cb4543e-61f1-46ce-afdc-7b7672794e08","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":124,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"45bff050-fdf9-47d5-bb38-bc7e223af824","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":124,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"e60b7338-1af7-41f2-bb21-a035c583a344","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":124,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"cf52ffa1-cfd2-4dce-b95c-ea7ebd293c97","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":124,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"c88ecd67-3392-4982-a235-50d038516a42","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":124,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"6ffaea81-6bdf-45b8-bf20-54d1e6098996","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":124,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"11b74102-e254-4b7a-992f-611bf0ca1ea5","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":124,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"640f940e-f518-49bf-be6c-54e908b8c63f","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":124,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"30ea2662-ec1c-421b-a566-969eb8105e96","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":124,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"0b66b915-2a5e-48ba-9763-56aa00017bad","block_type":"box","text":"Rule 144A Securities.","page_number":124,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"fe6d510d-e62a-4c99-afd2-bc268a3afa38","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":124,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"867407c0-f85b-44ec-b0cd-e422358d2dd0","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":124,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"24c9b47b-78e1-4122-8451-d7c892d7fa83","block_type":"box","text":"Securities Lending.","page_number":124,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"6bc5a893-dacc-4133-a4a6-17e4259bfcb7","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":124,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"8ea77f5c-1813-4e65-a89d-68414ef2aa75","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":124,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"13e9cc30-1df3-46fa-9916-d248107ffeb2","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":124,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"f4b7940d-cc74-45bb-a87f-225795d06740","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":124,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"8a61d741-fe63-423f-a9e3-16ef7c9fad02","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":124,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"64a4974f-541e-42f5-9577-664aa6a32a78","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":124,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"fc84ec85-0bbd-445c-b512-2b206e4932c3","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":124,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"227b839b-657a-483b-9890-0b802572f952","block_type":"box","text":"the securities were not on loan.","page_number":124,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"2c8dc598-b9b0-4052-b851-73493cff6851","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":124,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"cd536d82-2cf7-4fa5-8c0c-88ad3bc4ce2f","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":124,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"08d8a9e6-5c96-42a9-936b-54af78119869","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":124,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"d80fa848-b9cd-47fd-b35d-fab534b390cb","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":124,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"1ea29a7e-dfe1-4e53-8693-b9b05eaa94b8","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":124,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"1bddbb30-98f7-4cd7-850d-55519cc565fa","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":124,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"6314a29c-bc56-4246-a71c-c041a2c7e5be","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":124,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"bb433c1d-64a2-47bd-8172-a2960154a62e","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":124,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"61a79953-e92f-423c-89d6-ab8fd9845b5f","block_type":"box","text":"i.e.","page_number":124,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"d8ae2b39-f792-4f49-b7c2-5ecede9e381a","block_type":"box","text":", the risk of losses resulting","page_number":124,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"1fbb5bfc-d095-4cf7-9d28-fddb664619af","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":124,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"dc6518bd-6029-4f43-9851-d1ba0c6db2f5","block_type":"box","text":"i.e.","page_number":124,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"98b4f5ce-f2f7-4995-8f5e-55eb6857b9b7","block_type":"box","text":", the risk of a mismatch between the return","page_number":124,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"7dff9407-2fb2-4c77-9eb4-0203bf07e73b","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":124,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"55c19f4f-c5e5-40cd-96a7-7058c9fc7147","block_type":"box","text":"i.e.","page_number":124,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"a6b8d543-3d0e-4924-9779-2f8075de9525","block_type":"box","text":",","page_number":124,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"1a67a281-b9e3-492f-a882-16cf857a3df9","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":124,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"909b3812-35da-40d6-8c83-ac531986e3a3","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":124,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"b0165c55-b3b0-4204-b917-852ac0fe397c","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":124,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"3f5803c6-0837-4c3f-a3d0-f3cb5e1b1592","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":124,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"100c43b4-41c6-4c04-9389-3103c0dac88b","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":124,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"505cf954-c528-471d-b693-4ad229922f99","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":124,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"8363abd2-bc7f-4bd1-8961-b5a73ab984da","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":124,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"bd30c5bf-8b96-4c6b-8e9a-3fd2dd068cef","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":124,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"60bf1998-bbbf-4b0f-9dfc-75f4289af0b6","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":124,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"4b61159b-2d19-450a-9636-539830000822","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":124,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"7b53b0b7-48bc-4724-a801-287f32bb434a","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":124,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"038c5829-9c55-4254-bec3-a645abc11161","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":124,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"206d4b12-fb80-4513-95f2-c1e47cb09af2","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":124,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"6379f1c7-746a-4bba-9c23-48f020982f0f","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":124,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"73857400-29ed-48df-9539-38f391a535f4","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":124,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"61aabd5a-e58c-466a-af36-84822a2ebc44","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":124,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"fc6267bf-58d7-4061-9070-05fe563f6b80","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":124,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"e3db7295-2eb3-483f-b3c4-c07013c5c045","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":124,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"02030cda-6488-44f2-852e-8720655c80ad","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":124,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"13ba0167-ec62-47a0-b6ec-319565fd11e8","block_type":"box","text":"II-71","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1916166d-22b8-4104-9e6a-ff7cb7992eef","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ac5bbcd-c883-4917-ad5f-72f0b0fbd606","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":125,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"b4dc519d-9c90-4711-a113-12a89394a389","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":125,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"9e9a4312-0618-4673-ada5-5124dd3f6b20","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":125,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"f4fa13c4-86ca-4bd8-bfbe-61bbe54f4add","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":125,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"20dadaed-4db6-4da6-b1a3-384efaea3bf5","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":125,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"409e25a7-c400-4c56-addb-6d7aeba53467","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":125,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"85f43447-9ab3-4287-b7de-6f0e3fa9cfb6","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":125,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"0fc61980-7ee9-49d3-82f6-35d751ed9920","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":125,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"7f811ac9-2041-4695-b820-7ca17c89ec09","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":125,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"0b85d066-f173-4c56-8c3d-1151733589a6","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":125,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"8c808981-c2db-437b-9f8e-da2c788c5c48","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":125,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"eab24bda-a11b-446d-85c2-ceab928b73dc","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":125,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"70c00b6c-13b5-480d-bb5b-688828bb2866","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":125,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"17cbc293-51f0-4350-ad81-6110ae0511eb","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":125,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"b131c6e4-a919-468a-b27c-7e76b265e95d","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":125,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"52ef68ee-8ba9-4276-b1ff-c2f444c3c7a5","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":125,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"597ff15b-9f9e-4065-9870-f8b39503af4f","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":125,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"192a10a4-3738-4e5e-b47b-cd0b663c9ac2","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":125,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"d6ff6137-39bf-457d-833e-1bf27c5a0313","block_type":"box","text":"Short Sales.","page_number":125,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"77e30f57-558a-48d9-8b7e-4895ac05a906","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":125,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"8c932b39-08f2-479c-b5e4-c0711e91684d","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":125,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"d4a53283-053e-433e-a321-51c6eca51119","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":125,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"b9dca61f-a31d-44f5-a43c-04c6fbd39e3f","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":125,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"b960053c-af8b-476d-980d-a9affaf154c2","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":125,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"4360d5af-f4d6-4ac9-825f-c7717321117a","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":125,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"905b264b-a2bd-4d21-b421-32f49c6b552f","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":125,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"8a32dd4d-902f-48cf-89fc-4cde1ed4a6e5","block_type":"box","text":"securities to the lender of the securities.","page_number":125,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"67698701-9368-4df9-82a2-745da5269ea3","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":125,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"ef5ee3e8-3123-453d-86b7-6784c10d6c94","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":125,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"964e1fdc-c082-4249-b246-ef9c9bee2cfa","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":125,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"bb5a4d4a-dc86-4d49-9069-c935baee2d79","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":125,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"ceb5674e-a3d5-4310-bb42-8f5f2ffc3ec8","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":125,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"cd0f3fe3-d23c-4ab5-adfd-3f866aeb4348","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":125,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"c3897fc2-1151-4d0e-a6e1-0a2c51afb3c3","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":125,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"b8413424-868c-4102-bae0-d3731ac5ec03","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":125,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"9d33c9fb-05cd-400c-bd74-defb4d5c60c0","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":125,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"2b8898a7-736f-40a5-83bd-f384663fd1a2","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":125,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"43d48b59-ed10-4987-9023-37bcf6b1f218","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":125,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"9beda258-266b-4cf4-9667-c663ac4a0a39","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":125,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"3e152b8c-ed35-4c40-b65a-4ed47f6f051f","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":125,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"995ec9d1-7909-4399-8ba4-ed8cae1da302","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":125,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"3e2e135a-924f-4d75-a786-454efabc01ed","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":125,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"2cbc362e-52f4-48b7-8e79-47363f9a5a5e","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":125,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"bd1e6c25-8b5a-410e-8c44-8bcbb6eeeeda","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":125,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"d3641bec-dfd9-49be-a779-ecd30352f420","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":125,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"0705c961-b094-4158-a51a-4a9a5379a5bd","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":125,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"ea46d426-e573-4800-8cd9-d672907fed69","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"f2314acf-8f68-4c87-94ac-1de6f1f1748d","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":125,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"7656dad5-213f-41a3-a9a8-84a658f70cdc","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":125,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"a912e2d2-a693-4b14-a988-30950b20e3fe","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":125,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"5b805b75-a35d-47d5-a643-5794b4c760bc","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":125,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"c6ef9d50-38f4-4795-aab6-900807b81b74","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":125,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"3adf4cd0-5123-47b2-97f1-328c734b0386","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":125,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"3c083a8e-8552-41ad-abdd-67370b174139","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":125,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"7875bb84-2226-49bb-ad48-225b046caa0d","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":125,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"5f57ce6e-0b21-4840-8ff7-2a478d25e77a","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":125,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"9a895228-3e78-4fe6-89b5-fb94d2fbaa46","block_type":"box","text":"II-72","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8e7a8ed-28b5-41d9-89e1-112113957fc7","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f88cb242-38c1-424d-8c73-9828afd8a2e5","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":126,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"e12734c2-6a6b-4a81-993a-9e9cc3b886a1","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":126,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"de36307a-eedf-4252-b858-9ec1d4fcda73","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":126,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"c8f33221-13a9-4cee-a5ab-2aefcaeef514","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":126,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"2c0a592e-be65-4328-9dba-bb08f846872d","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":126,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"8151b24b-624f-4e8d-916b-307466bf242d","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":126,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"8cb0d32c-a5a2-4a86-ad84-f94185631c1b","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":126,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"825a0dab-0ec3-4876-83f3-354278f04043","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":126,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"6167f261-205f-458f-9e23-c33f78cde28a","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":126,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"f44e118d-ed3c-4283-a6b4-89df8d4223bf","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":126,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"be32b529-dbe2-4ff5-8f49-52e91977a8f4","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":126,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"4d5dfbc9-dba4-4d4b-b45e-95e9efb3cfdc","block_type":"box","text":"Standby Commitment Agreements.","page_number":126,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"add1f250-b4bc-4552-bd22-04f610e4ba96","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":126,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"13b452aa-c2fd-4b2d-9983-755443629f08","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":126,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"b1fca58e-2b5e-4f52-803d-91902578486a","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":126,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"2742c58b-9a2e-4f4d-a560-f820fc2b8313","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":126,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"1d3eaecf-fd91-4fdf-8a23-0f01d89578cc","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":126,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"47c3c657-0c86-4bdc-b285-0def5ad6258c","block_type":"box","text":"advantageous to the Fund.","page_number":126,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"e8b4e405-eccf-4885-9bb2-d7e76826667c","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":126,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"71981efa-0f8d-41d7-8a01-1deb43aac0b9","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":126,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"e16e1a1a-9f5b-4192-bd08-8a93c40e9a11","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":126,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"6ced1c68-448d-4eeb-92b4-3ae28a06a8c7","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":126,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"edd30207-29c7-406b-b96c-a68fe25078fb","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":126,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"c8302f09-03be-47cd-a796-4ad02dafef6d","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":126,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"dbf46ec2-2359-45d7-814e-4faf2e4a6932","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":126,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"f43a1a58-28c8-4cb2-80c0-150c60b9344d","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":126,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"be8f12ea-eef2-4105-8aec-b585d9ac4a93","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":126,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"53c22979-203a-4826-a521-9a9d1e43b741","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":126,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"a3459e33-ae97-4086-a62f-55c774ed4774","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":126,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"09da6fbb-b2ab-4d63-b086-2e9538d7cbef","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":126,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"d6e91ea0-a15c-4e24-b1ef-07562e51dba6","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":126,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"0bbfe19e-cf81-4ec2-abe7-80d31ae5ce2d","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":126,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"f7af219c-f612-42eb-9b3d-e830a8350fa5","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":126,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"20d26bb4-0544-4b5e-b06f-b10809c074b6","block_type":"box","text":"Stripped Securities.","page_number":126,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"db1e2cca-16bc-4400-bb61-33fbb314c160","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":126,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"64f4f7ff-a302-4690-a21e-4c0b9ef7c840","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":126,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"70964930-acff-404c-bc45-c8f745d34c24","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":126,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"7dcc09e4-87f6-4c2e-867e-be45565246d7","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":126,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"6d2bd68d-5702-454d-954d-363d8857184a","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":126,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"e5ed804b-59ab-47bb-92f4-5ec4041c7020","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":126,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"56160669-3f67-43c8-8048-0bd4e700c399","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":126,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"ae137c1c-0458-4567-8968-463c7a55881b","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":126,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"c9161dcb-d6ea-485d-b79d-87fbbdcf5414","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":126,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"019cc87b-8b13-4e41-8e71-f6b483f46067","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":126,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"b217aaf9-b26e-40aa-88ba-532f3cce392d","block_type":"box","text":"Structured Notes.","page_number":126,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"c1b9888c-a2c5-41c5-a09d-a77b9bc7a36f","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":126,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"1fa3dbe6-c655-4d14-afe6-e28db752b438","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":126,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"89856b28-5d68-4cdd-8206-633a08759bdd","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":126,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"53dadaa9-2cc3-4806-b1a0-fec0aa58b89d","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":126,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"532aabcd-45c1-41ef-8d06-803b45b64c53","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":126,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"44666d9a-8599-4b59-8936-c45c2fe00e88","block_type":"box","text":"provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":126,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"78752305-601a-4003-9f95-30eafff16fad","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":126,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"aef90f01-9f58-4126-b19a-26d1613ccc0e","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":126,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"7adb1a76-9b59-4b57-b0d4-d64e6466e04a","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":126,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"db448db0-eab7-4bf7-95e0-34b5f73d87f3","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":126,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"6e70ae4c-70d5-4905-ba98-7fd508d94a0d","block_type":"box","text":"II-73","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"768edf1a-808a-4758-99f7-a04d155def82","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2377800f-33a8-4bbc-82db-7f60342352f0","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":127,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"dc3e6c2f-ade0-4d24-b788-6ae25cb1f0e5","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":127,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"fe095b94-bbac-4767-9cc5-01e44021fbf9","block_type":"box","text":"the risk of loss.","page_number":127,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"e13ce1fe-294f-4994-97a6-65ba8d72ae63","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":127,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"e83a7dd8-1ea4-405e-abfb-205d0775158a","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":127,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"559f6573-20f2-480c-8fae-01115ca10839","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":127,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"cfc7ba54-b78c-4f35-8beb-3f25af567538","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":127,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"9afa077a-47b1-42d0-87f2-9b6387d82873","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":127,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"aebac88d-e75c-4f22-bab0-35bfdb1ae5e5","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":127,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"a01b4775-1dfa-4366-ba79-a2a03d15399c","block_type":"box","text":"Taxability Risk.","page_number":127,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"26e1aa3c-0749-45bc-92ed-0f85a7bc99de","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":127,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"db6fe11c-3ac1-4ab1-b287-2c0b3f7db122","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":127,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"164c745f-077b-4d9b-a0f2-6f2545df5a5f","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":127,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"a2d019a8-c67f-4ee9-8ade-c8c11786f7c6","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":127,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"c8b3634d-e85a-484d-b8ab-2a5bc1997469","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":127,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"418f1669-3dba-467c-91e0-52a954e90572","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":127,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"f508218f-e95c-47b3-9883-82db9b8a1319","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":127,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"4b7f9bb2-ef03-4fcb-8d2c-d2b1ceb655ca","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":127,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"b8f46e3d-e804-489a-a6fb-dfafb45f1b79","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":127,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"bb9f74ab-f015-4986-b0a0-bd0f29b45617","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":127,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"603b5ea1-1b81-44f9-aaed-6e33f8c620da","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":127,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"a12621ff-52eb-47d9-b168-842e2e0d71e4","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":127,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"03c61d8a-e5ac-4a9e-9ce4-093716f59626","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":127,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"256bebfa-3db6-431a-a970-2facb4fed889","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":127,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"7f419fd3-1856-4d15-b338-2c9476435f3f","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":127,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"d9de0625-4ea5-47f4-a9da-a554ac5728bf","block_type":"box","text":"the value of an investment in the Fund.","page_number":127,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"ada87ad4-4bf1-4f66-8236-d304936b9f8b","block_type":"box","text":"Temporary Defensive Measures.","page_number":127,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"683e0c17-91ea-44c6-9582-68c634b5be68","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":127,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"db75240e-8dd9-4edc-a1d3-a46776a6fec7","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depar t","page_number":127,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"20714338-0bbc-43a9-9fc7-ef5ca2a896c4","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":127,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"19271fd6-2cea-46d3-ad8b-94d5a0eeae57","block_type":"box","text":"Cer tain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":127,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"f0bb2584-ef60-44d8-bf00-cafb669c09f8","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":127,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"f2ed8039-60e2-488e-a2a3-736fa346fcd4","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":127,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"85774889-9f88-4d2f-834b-4293d30b62c0","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":127,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"10f2884c-bb69-4555-854e-f0b71d18cf1f","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":127,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"f56e330e-0fd6-4d9b-812f-5250790b2d3c","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":127,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"965b8b7a-efaf-4b16-a1b9-e904921f7ccf","block_type":"box","text":"to achieve its investment objective.","page_number":127,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"0c230606-31e5-494f-94b8-9845f8dcdb41","block_type":"box","text":"U.S. Government Obligations.","page_number":127,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"db42aa8c-cb11-461d-90f2-2c2a92c47282","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":127,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"55eac520-a7a8-485b-901a-117f04638726","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":127,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"c7363b61-1ddd-4774-b3b0-6d606e287b3f","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":127,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"e31324f4-67ff-494f-acf6-dcbd54352104","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":127,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"b02a6b24-8770-4c52-a6b0-16ff4109373a","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":127,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"45952b1a-adc4-482c-8701-d3b58644279d","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":127,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"7ca60fd2-6c3a-414b-a255-0962b67a706b","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":127,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"52a5fa40-39b2-4d3a-b758-e3b43f186b59","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":127,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"4d77d84e-489f-4154-9623-358dcbc99383","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":127,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"db0b4f53-ca10-4b72-8f18-485274a8547f","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":127,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"31ca7c46-887d-4eb9-a4dc-06e2dd03cdc4","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":127,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"4414d113-99ef-4289-ac14-47d6318856b0","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":127,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"6113439f-25de-4f7d-9759-da92539dbfdb","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":127,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"9cc29498-e1aa-4c4c-8dc2-fd91c995c272","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":127,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"b7dc46b5-95e0-4b72-976c-5bb4fa9ed4a3","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":127,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"a9bcfb23-2c92-46a1-9bd9-22a94e2338c7","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":127,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"fab65aa9-3d17-4e49-a7b5-40a13cba3eac","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":127,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"06701c7c-3061-40a0-bd0c-b117e84c18f3","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":127,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"25def280-1d55-4326-bca2-c689a64c6249","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":127,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"4e0a3cea-a076-45dc-82d3-59bc7ecbb491","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":127,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"ccb7ac5e-5b37-4b2b-bda6-8a8b06fd0b59","block_type":"box","text":"II-74","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e95fe3f-fc42-4037-8512-3997c75e18ab","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f19e4876-ad90-4025-8538-d006971e2f28","block_type":"box","text":"U.S. Treasury Obligations.","page_number":128,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"76fe17eb-2d38-4354-aad4-805960be9e86","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":128,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"633b2157-a62e-4ffd-bf5d-c2177a6f370a","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":128,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"a6397712-55ce-40e3-a4ab-9d492a55c0f3","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":128,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"8b530beb-eb88-4a7e-94d0-da58260e5753","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":128,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"45439299-e083-45fe-aaa8-165898a941d4","block_type":"box","text":"do so.","page_number":128,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"14b07dc5-05be-4109-ae5a-41125d5ba360","block_type":"box","text":"U.S. Treasury Rolls","page_number":128,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"b67987bb-4eb4-4c05-94e7-84a753651e5e","block_type":"box","text":".","page_number":128,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"c5619e2c-d493-4136-9d47-b37b0cde3bc3","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":128,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"c798dc8c-8ce7-46ff-82b1-d04dac5ffd42","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":128,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"17080a22-dd82-44c5-b54f-5da7d913ee57","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":128,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"35e21e4c-8846-4f35-bc67-4cd872c10ec5","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":128,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"c9e1d776-0a41-409a-8b82-59f9252e9ec4","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":128,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"0e5f37e6-342f-4254-9655-e3d71407d0eb","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":128,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"63730d8f-4ba7-44b7-91b1-12348eee614e","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":128,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"5d02dfa7-7edd-4ef3-8765-6e81fab03105","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":128,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"715a4628-00b8-4642-81b5-52c263940214","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":128,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"1a8f3f76-7c0c-47b1-bb1f-078b7c7c101a","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":128,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"78cf4fe8-994f-4f43-b852-51d1ceb67cd0","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":128,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"804873c2-3c9f-4a0a-9cde-d6052bc80b17","block_type":"box","text":"Utility Industries.","page_number":128,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"fe529ce9-538e-425d-b395-9a411b3631a9","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":128,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"aacd2bed-cdb2-41b5-a200-7712e68ffe11","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":128,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"45924733-9ac8-4d90-9fc9-47655268b0c0","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":128,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"7f545aa1-77e0-4571-b233-15ea23b22ad1","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":128,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"1a146fcc-bb14-4170-aee3-79ccf199d75d","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":128,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"8f212386-9a4c-45b8-8bb4-2fd840139fb1","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":128,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"c89a671f-1973-446d-bdc4-2d10831839aa","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":128,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"0c1b6016-3cc1-4c75-bc20-12173b23470b","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":128,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"a13cbd1d-14ba-406a-9a22-bdde08536300","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":128,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"94ba35f7-21a8-485b-8407-4dfae9e3fea7","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":128,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"e47bcb0a-d4ed-43c0-bcd2-23fd8243fa5a","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":128,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"2b97fc79-e7d7-4f75-92e4-bdb9e6bbd350","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":128,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"b6d587e2-e1b7-4cf9-be29-49ed55db08ff","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":128,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"a6cc9cf1-e9f9-41b5-ac42-9697a39ca860","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":128,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"c67dd11f-879f-452f-a5e8-2ca3ed0323cd","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":128,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"9a879c96-ae33-427a-a1c6-60c05ebeecdf","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":128,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"efdc2e52-e751-4e1b-b567-6ca729e88545","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":128,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"d278637d-1d11-4900-b734-bf82c830f546","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":128,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"2994d817-db6b-4c4d-8280-01a5fdbb0fcd","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":128,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"c8e14ca8-928a-4efe-b5b4-7b99c5df6448","block_type":"box","text":"utility.","page_number":128,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"718814a1-f836-4a71-83e2-17a9a078b3a7","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":128,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"2727268b-bb97-4c76-9028-318fd17ce538","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":128,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"77e62ed5-f081-40be-a58e-93bb608a7130","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":128,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"04078b14-d7c1-44db-9563-b6f64e93ba0c","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":128,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"afb14bf7-82f2-4151-ab55-29aa59856959","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":128,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"bc18c622-8c0b-49ff-b54a-4f4f58ceae7a","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":128,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"62ee4a76-f1da-4ccd-90c0-11faa9157d08","block_type":"box","text":"continue in the future.","page_number":128,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"3eb68044-718c-4e0f-bffd-1fcbd73f5c08","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":128,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"eb05634a-d3ea-41b1-aa3a-15fb8bf43417","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":128,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"60c55048-ed5e-4108-96e2-1985d35c030e","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":128,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"0fae2df9-f463-4cf4-aefc-b66c97621913","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":128,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"ce6fa04b-e120-479a-bdd5-9001e1912fd6","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":128,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"0660320f-fce7-482c-afa1-f20c437ce19e","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":128,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"99def642-09ed-4ddf-bc89-877803bf5e7b","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":128,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"9f371eeb-2a64-4c24-ba3c-ce31d5902387","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":128,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"c29d8bbc-88db-4ab0-8319-b00fe0dff0c3","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":128,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"b8ae5de0-44c6-4064-8622-47736105b8a9","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":128,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"7bc20113-0145-4d38-8ee6-7ffb6f32393b","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from these","page_number":128,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"61bd116a-0142-419e-8e5e-c6a7717e6657","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":128,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"0b7156a1-208d-4a94-8c1f-dae2299a5731","block_type":"box","text":"II-75","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b98ee18c-1f01-4186-92f5-558f94c31cc8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac398d0b-4058-4fbd-bdfa-681fe15ec0ee","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":129,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"d6f9c716-873c-44ff-b6ee-45759ab871de","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":129,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"2ec860ab-8991-47fc-96ea-364458240cb3","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":129,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"500a2a1e-66f9-41b0-9097-37269face18b","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":129,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"5e9cbc55-401f-4579-a820-000fe1ddda0e","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":129,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"3f739b37-ebc0-459a-9471-791eca64cad9","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":129,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"c7ee1ed6-54cf-41be-9daa-c2a1e86852a7","block_type":"box","text":"ways different from regulation in the United States.","page_number":129,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"19ff9bd2-f958-49e1-9eca-cfccf02e477f","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":129,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"8f7e8aa2-5575-4f53-a0d0-ded816f738ed","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":129,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"46d29697-f51a-4a7d-b1e1-60b6259f57bb","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":129,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"7c5eb6ca-38a5-4498-969c-c7727384686e","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":129,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"90e82eca-9861-4359-a9ee-cdadc998e30e","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":129,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"5b4eb057-6f46-42b1-b362-0fc1a858ce2d","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":129,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"e86dc233-4713-4937-85a0-3a4ee64427b6","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":129,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"cfe8486b-2e60-47ef-84cf-7b49bc2d5505","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":129,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"bb07b4a3-bea2-421b-b58a-55d8a58eecc4","block_type":"box","text":"increase.","page_number":129,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"037c3aa5-5b01-419e-b564-abf17607c1ba","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":129,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"21bcf821-409b-4a82-959a-73220eae7557","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":129,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"9783b321-e250-4fda-bf47-7eb9f8dd8305","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":129,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"0130d3c0-a249-4160-964d-1d7d0c426c49","block_type":"box","text":"Electric.","page_number":129,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"4354756b-5795-402e-9359-94f970b94e9b","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":129,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"61750d04-f714-4ec7-acd4-74a08d8472ef","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":129,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"a9608340-4cc9-4b23-8c9b-b0ade2b4fc03","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":129,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"c86c5303-0b6d-415e-8323-df3f2e0ccde8","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":129,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"c3c9f028-17c9-4a2e-a634-15396e5d8e51","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":129,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"6b41d2c6-8797-41d7-9ac4-5b179663c458","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":129,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"42d984fa-a325-4389-8be3-40c9a0bda6c3","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":129,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"76a42533-804f-4be6-8888-84c29c270674","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":129,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"25807e8f-27e7-4dda-930d-fe4db30f5d7e","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":129,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"1e4d9872-928b-44cc-a157-9526a1be02f2","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":129,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"2155ff8a-05df-45ec-bdea-95e15f02f8c9","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":129,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"f06075a4-c454-46c3-bcdd-5592c38bc85b","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":129,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"98202b97-623f-4922-bfd7-82af0d7c35c5","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":129,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"9534db79-0a0e-4403-be30-a30b8a892a2f","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":129,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"b9a8383c-c147-417d-beeb-201b5eec8abd","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":129,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"270341dd-c355-4248-8a2c-95d7a0a4ac9e","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":129,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"f6e08dca-97ad-48f9-8420-be0faf8d6037","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":129,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"c5aaad1d-e391-4b9a-9af0-d4eb6ea2882a","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":129,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"28dfc36a-b882-4be7-871f-a7711c4b5d1b","block_type":"box","text":"and for decommissioning such plants.","page_number":129,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"0b6c2cb6-1214-4274-8655-106afb28cf94","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":129,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"adf34051-2583-4f17-8187-e44aaa3acb35","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":129,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"c49f0e9d-4f7b-4489-945b-8bdc8e182d7c","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":129,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"38726b96-675c-4a7e-bd29-5fed260d8982","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":129,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"96b8167c-7f9b-41f4-8927-b1592e5c9f18","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":129,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"8ddd8b9b-8dcb-4abf-b35b-b2081fb29173","block_type":"box","text":"greater predictability of cash flow.","page_number":129,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"a851d1c2-c462-4179-830f-981c01442eac","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":129,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"e6006c2a-56f1-4661-8894-22ec7498df25","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":129,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"38adb20d-eebf-4992-b9f4-32a84071e302","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":129,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"8b4c1471-08bc-44ba-a4d9-7c3d09a6f729","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":129,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"be26e169-22a8-4529-9d0c-edd126398af0","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":129,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"a435aad9-c82f-4b42-8f74-c8a206e96be7","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":129,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"45ada0ff-4e96-4c18-95bf-f652f1a262a6","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":129,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"346cd79b-40ea-4799-b326-3cd92388faed","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":129,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"a526d9d5-e8e8-4a0a-a0a4-d9c086d8114f","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":129,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"2b5149c6-5fae-499e-9bd3-47ac4e1d1e86","block_type":"box","text":"Telecommunications.","page_number":129,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"9e4e200c-cbfd-43fa-b099-4683ea2cf443","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":129,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"b5abc9bf-3f6d-4194-a415-8f0b1cad6f34","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":129,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"fa3d306f-0240-4bce-8c17-46c3d400c42e","block_type":"box","text":"II-76","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d11d96d1-bd92-4b5f-8e69-373f9a36e809","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18f9cb06-45bf-43fb-b9bb-34c20f3a4544","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":130,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"1ec18b7d-8a7a-439e-ab14-9a71ca0304a2","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":130,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"f3146213-cac6-416c-b7b1-d0f8914d7020","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":130,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"7cfdf01f-5b18-4aeb-b782-0c4a8633c813","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":130,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"00a5fb05-1b4d-4fa9-8566-8e1300436740","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":130,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"83a04bad-14c2-4fa0-b35f-ce2fa4aefdcf","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":130,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"0e710184-0a5a-4248-9b65-96959f51058b","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":130,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"ec536674-7ad4-44ad-9b99-9e44e1287227","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":130,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"7d40a847-a592-4b1f-8a0b-6e0ec20945f9","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":130,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"279b414f-c698-4e9c-915e-3a10181adaef","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":130,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"7d77110d-ca13-4db2-aee4-37932efc5519","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":130,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"99a2e0aa-a6d8-4bdc-b1ed-a4042778a675","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":130,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"43ca2ec8-4a52-4eff-8e97-b6abc4a9e1c2","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":130,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"d85e075e-d469-46b5-bd6f-403ceb76eefa","block_type":"box","text":"residential, corporate and governmental customers.","page_number":130,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"12d985cc-3f37-4cb6-a2ad-f64fc8a56560","block_type":"box","text":"Gas.","page_number":130,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"aa8b7b2c-4f33-4ca4-a682-a6a9250e6c6b","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":130,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"41b059f2-040a-49ba-bdab-62426f537041","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":130,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"be3bb7d3-3c2b-437d-95a0-92bcefa8a0fc","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":130,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"a2fb00b7-64b1-48fa-ac4b-ab06d0a47437","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":130,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"98923f19-a13d-404e-98d3-f46f4226bbc8","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":130,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"180a1896-f0fb-4f78-a95c-69f3d7a3dd1a","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":130,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"9a397462-42d1-4699-9886-16d31f87e78f","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":130,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"8e1f50a4-1e97-4732-8647-6c10a1330219","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":130,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"771b79e7-fa2f-4e76-b721-b9c2f1e3c07e","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":130,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"24a8a294-10fe-4107-94d3-5632bfe00780","block_type":"box","text":"Water.","page_number":130,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"c4f086e7-1de5-4c99-9408-6a74be047fd8","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":130,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"854966fe-289d-4ea9-afee-e4c04d00bf08","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":130,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"c189ca02-e8b0-4c77-9b65-6b7ce6c9b25b","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":130,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"235eeade-6a3c-4f90-8a77-5d8bd1562a16","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":130,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"20a6f3fa-437d-4634-8728-8fbbc73e64fa","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":130,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"8d273533-22a6-492a-b757-592e13bde5fc","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":130,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"78a1834b-2ade-4e00-855c-be41ce25c4b4","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":130,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"5b24bd2c-c3c5-4e07-8848-327305d4a771","block_type":"box","text":"Utility Industries Generally.","page_number":130,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"b960bd42-40d1-4485-aaa8-8d78d96f0400","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":130,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"4aafdf1f-2f97-45d3-9b11-5c858f97a1b0","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":130,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"a8d43e4c-304b-40f4-a200-ae4355a1d41c","block_type":"box","text":"not develop in the future.","page_number":130,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"a4f87867-443d-45d2-9c05-28bb5c477b90","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":130,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"f6708bff-5996-4859-a8a6-9030ed9709f1","block_type":"box","text":"A Fund may purchase or sell","page_number":130,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"7a42fdd1-a42b-499b-a677-3ff83cc51c55","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":130,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"d00488dc-8168-4102-b189-19fcc2647d49","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":130,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"84009960-2284-40a6-9fbc-87b44efd697e","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":130,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"ab86f72d-36bf-4625-8840-6533576a28d4","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":130,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"10695ff6-0269-4320-8a8a-ec56db51c558","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":130,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"7d4859f6-7455-4070-8970-58c14999371d","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":130,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"39b0ff3a-dcfb-4d7c-8549-d4799f129a4f","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":130,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"7bcc2ae7-d024-405d-8ec2-35944e37fb97","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":130,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"028e192b-84b6-43e7-abb8-10afdbf1fb0a","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":130,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"403c9de8-c97e-489b-8ab4-938512963023","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":130,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"6d2f55fa-ce00-4821-9b55-cba68c3f9456","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":130,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"65698826-97af-4d2a-86c9-ada154cfc164","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":130,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"4e8bff84-ebe2-46be-950b-51ee636c3657","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":130,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"fb9d1e77-f86c-4c85-9cad-59e31fca4ffd","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":130,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"ea1042a0-884c-41ed-bcff-fb83997df2d0","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":130,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"a7993dcc-5f1f-470c-a639-c04018d14e3f","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":130,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"3e7ec6c1-1b0b-40ac-b2c2-a59379ea07ec","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":130,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"23491788-0815-40a2-b386-b62f334bdfaa","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":130,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"2ec783f4-15b1-433f-8185-74425fb167f1","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":130,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"05923d28-863d-4ecc-b6d7-52e5b2628ed2","block_type":"box","text":"II-77","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2912016c-fdee-412d-82a8-be01858e4cca","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d217544b-1ed2-490e-8cff-60edf7140361","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":131,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"ab29b3df-f0b6-4536-aadb-d6e587a12eaf","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":131,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"b374cd99-89f0-4470-9b91-49dc7b13274c","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":131,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"16e56adf-a492-44c8-9ce3-df052f46e07f","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":131,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"26c5c11b-daa3-4061-a8e8-c3213c0bb1cb","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":131,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"1d5c65bf-598d-40ed-951d-c208ed6d31d5","block_type":"box","text":"securities (","page_number":131,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"fd282629-8085-4223-97a6-b60da6a83875","block_type":"box","text":"e.g.","page_number":131,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"0cc50d96-7d43-4ad5-ba33-6cb68e76d360","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":131,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"2fd0c77f-3aab-44aa-9996-c9322d7e7267","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":131,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"b2d1becc-6b1f-47d6-bdf8-fecc60dacfc5","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":131,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"80548ccb-7095-46f3-8104-33c119bc3f52","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":131,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"2ddc2221-718c-4fe3-b182-7aa0312691c1","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":131,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"67ff8a90-9a3f-4e14-8333-5e835ce803e3","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":131,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"36458d0a-2236-452e-8685-7282a8671134","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":131,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"0ad7cf31-7090-430f-9ba1-570f8ab8a29b","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":131,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"17b917cd-17e0-4840-8daa-68bb32733e05","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":131,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"c1cf0d8f-2066-4ce7-b3be-ca64e8f05fd2","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":131,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"6bdef856-1658-4c6b-8848-eda65c856a20","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":131,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"17521f05-733a-4105-ae67-295ffefa6e14","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":131,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"e5ad779c-7d8d-4650-ba9b-547225735f63","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":131,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"0b54b86d-92cd-4e58-bd15-aec87ef0dfaa","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":131,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"f98b6296-a6e9-4655-a303-eb4c789e8efe","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":131,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"90242d2a-0a36-42d7-aaaf-8b1411f3517f","block_type":"box","text":"agreements.","page_number":131,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"7a6b20b4-caa7-4704-8d9b-d208258a66d9","block_type":"box","text":"Yields and Ratings.","page_number":131,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"f6256358-2412-4efc-9914-39117a894b24","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":131,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"49998eb8-6f6b-4190-92c5-53a2d56e0c03","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":131,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"78debec8-bee0-4d3d-a3ef-331a4401ec1c","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":131,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"910d9d8a-d8c5-42a4-8eba-576922c8ded8","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":131,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"ebdc3b57-269b-41d3-95b1-60d54852c24e","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":131,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"4165d37d-414c-4f22-b3f1-e9be1f14bfed","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":131,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"b89dbf30-bf04-46d9-94cb-986612c3ee5b","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":131,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"80f05b12-cffa-43ad-8ded-46056f43fab8","block_type":"box","text":"continue to hold the security.","page_number":131,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"0ccf05e7-8bf5-41b4-8a1e-3257523e2d6e","block_type":"box","text":"Zero Coupon Securities.","page_number":131,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"479f0999-c466-4e07-867d-1f5cbe0c8558","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":131,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"6a748a5a-c8f9-40ae-8b08-b1ebedc27022","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":131,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"cc23abce-d56d-45db-aff4-6780cccc9456","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":131,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"dfccfb04-a7e0-414d-835b-ea5a17ce5ddf","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":131,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"724c4bb0-9ecd-496a-b1d9-a112a608416b","block_type":"box","text":"security.","page_number":131,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"e343c82a-02f8-45c0-91ca-60a61d203a24","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":131,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"e0a27873-b782-4a3d-b5dd-c4f9a5e9155b","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":131,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"1ceddb4e-ae7a-4d01-99c4-009269627627","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":131,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"a6f805ee-bda2-40d3-8039-4e064e7abf86","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":131,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"87ef0dcb-4427-48ee-8f11-82a650028ca9","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":131,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"11706316-ce47-418e-a9aa-29780b21ff31","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":131,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"c28e8549-e2de-4ad3-8898-0e986af8ab04","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":131,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"6fabdd11-ffa1-469f-84fe-19a793ff08d1","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":131,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"4ea10ed0-2cc8-4ba7-9115-e4188ee5928b","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":131,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"7d5c7672-9ea0-4df8-a532-9c1c61dd8bae","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":131,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"0aa09029-5abd-46e3-b66b-f5a2c837a552","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":131,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"32c57e0c-c3e5-45a6-a9e7-70f1065a5857","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":131,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"e5b92963-f21c-447e-8339-2d6e2f0876e8","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":131,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"03278c35-6911-42c7-a1a2-6eaed4f49b0a","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":131,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"3bcdf416-920c-42cd-af23-072ad5b95589","block_type":"box","text":"intervals.","page_number":131,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"b01987ba-21fd-4198-9d11-2a0ccadcce92","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":131,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"fd40017c-8b83-476b-98df-2558d3603c20","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":131,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"e00e8dee-84e1-48ef-803e-917c34b14952","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":131,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"f6d8a764-a2b1-45ba-beec-d410da0a6440","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":131,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"effcaec3-f2fc-4275-ac8d-c16faa443ea3","block_type":"box","text":"exposure to zero coupon securities.","page_number":131,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"ccab86b3-2c47-461b-8717-239df01e4190","block_type":"box","text":"II-78","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a20bcd2-1c09-43d9-a25a-5af81449f529","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74e0ed08-d53e-44c9-835e-a7b99be292a2","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":132,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"2cbbc469-3704-469e-8cc1-614326a48344","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":132,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"8f1d772c-fe5a-4d29-b8e6-4ab7309aa8ec","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":132,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"8ee95a6f-b005-435b-8f9a-5d65ab3f5241","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":132,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"1fe97ef8-9ae0-4397-9d5c-0a341954498a","block_type":"box","text":"Suitability. (All Funds)","page_number":132,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"4c7fb691-43d2-446c-bd4d-975a826b11f4","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":132,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"705468df-bbf9-4c74-93b2-4008f47a22dc","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":132,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"ef017ac7-fe5b-4939-bbc4-94879d4164e1","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":132,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"7a899d75-0e14-43f2-97b3-9b6a34d3c8db","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":132,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"1faa74f9-629a-4d4f-812e-11795b7b8661","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":132,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"dfef67b8-20ca-405d-856e-1ff4d69a93b0","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":132,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"095c1510-04c8-49f9-8a75-14d92d2f3fee","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":132,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"9fe5ab86-95c9-4baf-981f-54e66cfa8163","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":132,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"78a9efd7-3398-49b4-b670-41f9d0ff8035","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":132,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"5b720044-6c43-4b60-aee5-e39f5b914f1b","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":132,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"3088e349-54ab-41a6-b392-1ef7c3ecf1aa","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":132,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"ca87771c-e51d-44fb-bb47-5abf01350452","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":132,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"950d9ed2-97f0-4664-98d0-0d353edaeda1","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":132,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"68ba2d18-9825-48b5-9abb-298b76ec56c4","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":132,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"83bcc638-37c8-4c0b-afa6-d62635770f1b","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":132,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"c0d5f54f-3774-46a2-9f9f-8b16e6078bb9","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":132,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"40e13580-2f57-4c3d-a07c-3fbbeee84b4d","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":132,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"28de65b6-8111-4a67-b9bb-2bc9614c4429","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":132,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"5fdb1115-5574-4d2f-ac5c-9166b3e96755","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":132,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"7ca7c92d-a771-44d6-8f5b-e87c490f9ad2","block_type":"box","text":"(","page_number":132,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"9ea2388a-c3c6-4edc-8f43-44d564ed6a46","block_type":"box","text":"i.e.","page_number":132,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"5c190dc7-61e8-40cf-b37e-c8b7f806f08d","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":132,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"4e85f061-d2f6-47de-9286-5882930ed294","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":132,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"ea2b2d1c-7da0-40cb-aa13-6c9587c54dee","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":132,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"71bad50c-220a-44df-b021-ca77f0af4dc9","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":132,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"d79c8bdd-2e39-4ac7-ae8e-7abed79a13e0","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":132,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"3586dc07-d301-460d-ad66-03474f4b7a6a","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":132,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"784b2c9d-428f-4703-aa2a-689cc898927c","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":132,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"d84bf589-bf1a-4f8b-bc06-c3b1ba0baff7","block_type":"box","text":"regarded as the sole issuer.","page_number":132,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"0dc5e69e-d242-474a-95d7-e6c74a1182ce","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":132,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"50aac2cd-fd86-45a6-bd1c-c40e358bed04","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":132,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"b69aadbc-1b05-47e5-a587-c49e768bc45a","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":132,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"b48a20d9-ae18-4f30-9702-0dfc515ff80b","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":132,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"de9663aa-f775-4337-87fb-1852a12c3412","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":132,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"407c23de-f7b6-4683-a8e3-485110748eb9","block_type":"box","text":"75% of its total assets.","page_number":132,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"10311ee5-e0b3-47e4-a0e5-bd8669909fbd","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":132,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"9ceb3d97-bc23-4753-8462-12deb3faf374","block_type":"box","text":"Directors and Officers","page_number":132,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"c506cebe-1570-433a-b585-5b4a5529fbcf","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":132,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"9731e214-30e1-4024-81cf-ba1b7de1a934","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":132,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"674451fb-fa08-4386-bfde-a7ef28e1aeea","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":132,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"c77770e5-0edb-40ca-b641-65b2b5e80a1b","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":132,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"736ddc5a-5a4c-4c7b-9a04-9d87487eaf31","block_type":"box","text":"Management Arrangements","page_number":132,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"92f11d9f-bf76-443a-b886-a33aa8a53e7f","block_type":"box","text":"Management Services.","page_number":132,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"0704419b-1c70-4410-b95c-e828e1a9cd65","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":132,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"927c2dd0-2ccb-4758-a3e0-e729255e0233","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":132,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"18b45a02-c722-4634-b50e-1ba248a409ea","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":132,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"4c9bdfc9-4ee2-4751-8cd5-320ff0e42cc6","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":132,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"3240f58b-f9e9-4460-bc49-223b4752fe80","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":132,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"68f2bf8b-85de-404d-b23a-6f172766d0c5","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":132,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"1eeb1cab-34a0-4eae-9275-c3689c70e3fb","block_type":"box","text":"II-79","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6efc02ee-b69e-488f-8212-f680e7c913e6","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed9be0fc-0656-4217-8ea6-4fb0ddfc7f83","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. 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For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":133,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"9d01bce0-908d-4322-8593-3a044dce9153","block_type":"box","text":"Management Fee.","page_number":133,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"9b71d0f2-62f7-43a7-853e-ea1654f04b69","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":133,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"c262188e-9d80-493d-a5ee-e6f1ff90a26e","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":133,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"a5a5a4bb-b1bc-4a8b-8253-5360da2254a0","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":133,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"ac012f1b-3c14-495a-b89e-d65b8547b3a7","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":133,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"42439981-2998-4eba-a782-8e081d4841f7","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":133,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"afa0dc5f-8829-4c4a-9db4-494f26886ec3","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":133,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"92d3dcaf-abb3-4aa1-adbd-95832617adfd","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":133,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"157b2afe-f3ec-46cc-837e-cce5f736edc5","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":133,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"83584258-c3c5-425a-a7a1-45a77eb0fd42","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. 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Cer tain accounting services are provided to each Fund","page_number":133,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"a0c2947f-fc7e-496e-aae8-edbe42d4643e","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":133,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"758e2fe5-2626-4e6f-8441-5bfa95f04cd3","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":133,"box":{"x":69,"y":377,"width":794,"height":12}},{"id":"0abbb1f5-bb77-4434-bf7e-ae021f2f594c","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. 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Third-par ty feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":140,"box":{"x":70,"y":297,"width":827,"height":11}},{"id":"dfa45a29-c8e2-4500-a359-13c27fbfb85d","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":140,"box":{"x":102,"y":312,"width":741,"height":11}},{"id":"e7e0a5b3-8dea-454e-9990-1ff660fa8476","block_type":"box","text":"providers.","page_number":140,"box":{"x":102,"y":327,"width":68,"height":11}},{"id":"91888ea9-44c1-46f7-9e8f-13bc98a887bd","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":140,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"7aa8bc24-9992-40e7-98d4-67262865ac85","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":140,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"a162ff7e-39e2-4190-9229-804beda9a530","block_type":"box","text":"13. 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The Funds, BlackRock and their affiliates do not","page_number":140,"box":{"x":69,"y":465,"width":811,"height":12}},{"id":"663f6def-284d-48af-8ca2-442a39df43b9","block_type":"box","text":"receive any compensation or other consideration in connection with such arrangements.","page_number":140,"box":{"x":69,"y":481,"width":626,"height":11}},{"id":"d96280e8-9ad5-4340-be58-d4aa9f678357","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":140,"box":{"x":101,"y":503,"width":728,"height":12}},{"id":"0130be27-27ed-4e05-b35e-b13f0d41eb6d","block_type":"box","text":"individuals or firms to which it has been disclosed. 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In addition, the","page_number":140,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"2faf5a24-7814-410d-93c8-f3107159506d","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":140,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"0764d977-8bf7-40bb-9383-7962d4f75519","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. There can","page_number":140,"box":{"x":69,"y":624,"width":833,"height":11}},{"id":"69b0764d-5ef7-4c30-aa09-fccd944e4733","block_type":"box","text":"be no assurance, however, that the Fund’s policies and procedures with respect to the selective disclosure of","page_number":140,"box":{"x":69,"y":639,"width":783,"height":11}},{"id":"b64a6a52-711d-4b33-b94a-8c0fe5326fcd","block_type":"box","text":"Por tfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.","page_number":140,"box":{"x":69,"y":654,"width":817,"height":12}},{"id":"32092856-0989-41da-8093-6c5bab0f60aa","block_type":"box","text":"Potential Conflicts of Interest","page_number":140,"box":{"x":69,"y":685,"width":216,"height":9}},{"id":"bc7bea9c-32eb-4ab3-bcd2-0601d5427f7a","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":140,"box":{"x":102,"y":707,"width":727,"height":11}},{"id":"bc83733f-47e9-4b52-a0c4-548f79e4f92a","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":140,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"e8011a4c-ad30-483b-a241-2ad155aefb60","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":140,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"5ed6d342-b93a-4b10-864b-ef26b0748078","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":140,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"d78375a3-9eea-4947-9987-3a5f5a37c53b","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. 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These are considerations of which investors in a Fund","page_number":140,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"a8ce9a54-ba89-486d-afdd-2f241e6773a7","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":140,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"9f7e80b2-f641-4268-88a2-a12869804ddc","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":140,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"1f2e261b-e639-48ff-b14a-3fe0ac580a76","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":140,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"155abeb4-4e41-4966-8236-f294be42ccd7","block_type":"box","text":"or sold by a Fund.","page_number":140,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"0462dc51-6880-41ed-9872-6de1d827377c","block_type":"box","text":"II-87","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fa4d546e-7e3a-45e3-a507-32932ce1c75e","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b401038-2e07-48d0-a705-4804ea443abe","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":141,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"f6146d39-3e7e-49b8-9c27-878312079a82","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":141,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"18a3bc30-3856-49cb-be20-91833a0cc1ec","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":141,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"61bab0c7-8a15-4f8b-a37f-ba018d85720c","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":141,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"43e4cf94-a94f-4932-8e7a-5c27d887503a","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":141,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"7ccf1e23-4125-4a71-925f-7510eb4eafc1","block_type":"box","text":"services provided by BlackRock","page_number":141,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"4ba6f3c2-0cd6-4b03-acb8-9cea4d15ce50","block_type":"box","text":".","page_number":141,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"6f279527-7bff-4d39-b5eb-2a2a455fcb62","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":141,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"f4c3b375-43bc-4d54-acb8-354e08eba1ea","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":141,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"5056e2c4-c7e0-4005-8ed8-495ad78ac815","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":141,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"b0b29131-d08e-438f-9cfd-09e17caf6060","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":141,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"d9d3b82c-3803-4247-95ac-0fdda407acab","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":141,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"c673755a-4996-42ad-861d-215567415917","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":141,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"fc57a516-406c-4dfc-bab2-5c022059945e","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":141,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"7a463df2-14e0-417f-b527-500a7bbb02f1","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":141,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"067754c9-1c59-43e0-a4e3-2e81e551d4a9","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":141,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"c0548c61-9a1c-44a0-8b76-ff2f9f4267f1","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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When BlackRock implements a por tfolio","page_number":141,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"a44594b3-0893-42fb-bec8-67658c9a2bd7","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":141,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"786113ba-2427-4907-9778-73abe2ef3735","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":141,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"9f077197-7260-48dc-b274-1153ceef4ca5","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":141,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"8aee412c-5fe6-49ea-85a0-34aff0c500e0","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":141,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"67e190a4-0ee8-429b-8f47-d4dff7a28e8c","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":141,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"8f113a18-1070-425a-b131-4b995bb1ae03","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":141,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"c8814513-749e-4c14-92d3-c8aab94f235e","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":141,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"5590ec4c-5306-4ef5-8993-ca120c27c0cb","block_type":"box","text":"BlackRock. 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BlackRock may pursue rights, provide","page_number":141,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"48051994-2081-421c-bbd6-b0e99ac06a56","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":141,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"9ae1d616-7d05-40bb-a22b-66054a733c34","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":141,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"3f3b81fd-426a-409f-ba71-8974e88cd3b0","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":141,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"ccabc81f-c5d9-4285-a1c8-428785c364f1","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":141,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"8ced7e39-9182-430c-8979-ccdf9673d17d","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":141,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"85c059bb-03e9-415c-9207-2a0da0fd8711","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":141,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"7b8b3997-a346-40dd-9f98-d872f41c1b13","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":141,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"a06e9a0f-da0e-47fb-a9ba-bb5edddab10a","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":141,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"d7fed30b-7dc0-40cf-b028-8b831eaf6969","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":141,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"3b5464ae-d577-4fae-9685-815be44f3c95","block_type":"box","text":"Funds.","page_number":141,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"5e82315a-94c4-4949-8c23-11c84a42b1be","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":141,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"a5629251-8d05-45d7-be11-8f7ec72b6a10","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":141,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"b07c5a2f-44d4-40ae-a2d8-07639601da62","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":141,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"e2af23f8-128c-4756-831b-7b977fac28aa","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":141,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"8b1c42d5-2053-471c-b6d6-eadac5d0f96c","block_type":"box","text":"II-88","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b07cb9fc-b727-4595-8e72-345dc9ccba8a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87301bbf-2192-41ac-8dd3-5579e4eec378","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":142,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"36b4784c-d916-48f8-bd92-67837e36eacf","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":142,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"6e8fa968-c9c3-4a7e-bc9b-f26385629096","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":142,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"d8244fe4-0a4d-40fe-949d-68e435934941","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":142,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"597fde44-f25a-4995-9741-8a40dc61eecb","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":142,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"56d95eb4-16f7-450b-b923-dc4ebd692c7b","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":142,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"dc6872c3-ef08-4e70-8521-171c56f65d8c","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":142,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"9a0d3a70-e523-4aca-aeb9-1d36b747d313","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":142,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"ff4cd0cd-a489-46c2-a5ff-9496244d74ce","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":142,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"ef7e20fc-459b-49e6-b19e-85dfc57033d9","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":142,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"897045d0-f969-4513-a480-2b36dd6238db","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":142,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"c43cc836-207e-4f21-a72b-125c2d3c4689","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":142,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"4e829d9e-1fbe-48c2-b75b-1df83f0b0967","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":142,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"ed8dd54d-cb35-4fb7-82e5-e7419740b69a","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":142,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"b290c793-d295-4abf-926c-2480df63f742","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":142,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"9be60e53-2f70-4d23-93bf-9f807a251c8b","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":142,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"c3ad9254-a7cc-4def-8bcc-43ae71d8403f","block_type":"box","text":"case.","page_number":142,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"e3b3beaa-01db-43e9-a25b-d118a0e487fa","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":142,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"028e5bf3-baea-492b-a2e5-d65686068e9e","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":142,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"8f4feda1-a224-44ab-812a-d664a6c75ead","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":142,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"5855dc0f-b595-4c06-820b-1d5b401e4a59","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":142,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"eff43303-60ca-4cdc-86f7-c5f725d1364a","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":142,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"c51b92a1-9458-4866-a423-bee3e09e84fa","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":142,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"40a693c4-f64e-4996-8e18-7a7a97de13bf","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":142,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"52f21ced-6942-47e7-8b2a-73d477c55fa9","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":142,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"30e988cc-f5d7-43b4-a557-e8bf419854f0","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":142,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"3e6442cf-c9d3-4b12-8b0f-00a4905021e2","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":142,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"8c1877b2-3cc8-4307-bcdf-5b26323f5f18","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":142,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"008d2f26-2ce2-4450-a117-d4c3830d564b","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":142,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"9e60358b-0629-4da3-ba7f-88997ea53008","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":142,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"337dc4d2-bb12-4954-ae7b-467c290b42f6","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":142,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"e9580669-482d-4b97-9706-e80cc9c64947","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":142,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"bbbdeec7-177a-49e7-942a-5c1d88930eb7","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":142,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"597857c4-2519-45c7-bcbb-2b556cca210b","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":142,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"788d06b1-de18-433f-bca4-086b743435b2","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":142,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"515ae8fc-b740-4d3f-80b8-3aee101d2b02","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":142,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"980e864a-d836-48a0-8367-19b20483423e","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":142,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"9a76a62d-1f2b-4e9e-b14c-a9c90f5bcd9c","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":142,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"e1fb15ee-f361-45c7-b74c-62bdb0f126f8","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":142,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"4cfada22-cf21-41ce-b535-c6f74a418734","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":142,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"005bc7a1-a2b4-4190-818a-17f20216fd19","block_type":"box","text":"managing a Fund.","page_number":142,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"ff697909-5cc2-4286-823f-69c953847e11","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":142,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"6b4c477a-7e84-4e67-92e1-cd7322903b9f","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":142,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"fcd0d341-6d27-474f-af81-3703908c870a","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":142,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"af63c2a6-29b3-4c99-aa35-8073a24d9141","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":142,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"885957ed-7c17-48c5-a6e3-ac93057c79e6","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":142,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"45000262-0906-4995-b704-5f39d035cfb0","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":142,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"13bd96d5-f1cf-4103-8fa2-7f727ff10b94","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":142,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"9725be8c-732f-41e9-8f37-d6bfbd3de62e","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":142,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"be622669-a6f2-4c7f-a8ba-5bfb3b0702c3","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":142,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"158990e2-293c-4df1-a8e8-a456d80a4b40","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":142,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"8699fb51-efad-4f9c-a408-bcbf5d84dff9","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":142,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"3dda9b71-b08a-4f07-a09c-d98c7f1d7e1d","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":142,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"fa075588-7501-4ba6-b82c-3a9eeb469ce6","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":142,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"89907e15-c62a-4a02-9d1f-614c252fc2ad","block_type":"box","text":"II-89","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bd87232c-6825-4659-8881-7dde82edfad7","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b88a01ab-26b6-44f3-8b85-8ceb2b3cb33d","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":143,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"1991dd03-db3c-4180-b8b0-b8c8a0466ba3","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":143,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"628ca42f-0759-4a59-b717-dbb2566267bb","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":143,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"fc05a18a-367b-4acb-acee-ce5a85406d2b","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":143,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"4bd49b09-b727-4d29-bd81-4f49f36295ec","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":143,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"644eaa75-3cfb-4178-b807-dc524be9dbc6","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":143,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"c6b05e6d-2895-46b3-ae37-1bf866a0af29","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":143,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"a144c588-1f5f-4fef-afe5-229b60d6540a","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":143,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"5bbb31fa-79ae-41e1-996c-ec8759289923","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":143,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"46d9e3f2-9ef3-4789-942d-25b62c529ede","block_type":"box","text":"under management for BlackRock.","page_number":143,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"7e6fde29-62e2-4a25-8aba-bc84f1ece947","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":143,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"3411ee91-9585-4828-a778-412460bc7b48","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":143,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"fd42c890-41b0-445b-9797-7f444468e764","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":143,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"a10e2a2c-6473-4be0-8fb3-af579040cdf7","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":143,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"f1262f97-e5e6-4ed1-9f57-9cb6eb544a69","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":143,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"edf50b2d-768b-46c3-a6cf-387399e539cf","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":143,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"31e8c956-75df-4d2a-af84-d13ab82e3a8e","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":143,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"f7593013-9f03-4020-81eb-01754462abc8","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":143,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"504c6094-9af1-4806-9b6e-18d5241634b4","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":143,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"e21d0dd0-7dcc-46c1-bed9-dbdf2a313c53","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":143,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"04997da2-f74b-49c7-8f80-db2a8238519a","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":143,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"66f346e3-656a-4a8b-857f-1e8a64f7b3f3","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":143,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"7e51f27e-0f52-4958-92e6-982a09fa132a","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":143,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"dd3d4481-087f-4487-8ffd-3b36b5193c8c","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":143,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"948ba1d2-9c45-4da7-afc8-88c66e2c0617","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":143,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"059bdd8e-733a-40aa-9af3-a6936569bb53","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":143,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"af4b6d18-fddf-488c-8bb4-fc561225737d","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":143,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"64c356d7-6d96-4b34-9c1f-29794d39d4d9","block_type":"box","text":"any such fees or other amounts.","page_number":143,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"b2311b1b-7037-4b50-818c-d5274bb5e53d","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":143,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"717c4168-9ef8-4342-a11c-73f095b9ece9","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":143,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"149cda7a-c9e0-458e-8d53-6955b1a8a877","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":143,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"1ff7d07b-ca4e-473e-84ff-eb5cbff0f910","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":143,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"4bb23eb4-8b82-42f8-9a63-0529f0329364","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":143,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"b2aff8a1-4933-46dd-bec7-9b7934a5829c","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":143,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"aa1dd483-42df-4048-9b94-a40791e7e9f2","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":143,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"26cc2851-ba6e-4b29-8628-d0b33270e2b2","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":143,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"8b6a81ed-a99a-420d-8673-1715a9248476","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":143,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"24eafcbb-3443-48df-b051-da1edf62b9a6","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":143,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"3ac7a133-7d45-4d8a-8930-32967a7c9c46","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":143,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"072fc050-cb4b-4060-adff-4dc4c5bdc7d2","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":143,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"fc5b2c9f-f6fb-4338-8355-ef1f17714c8f","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":143,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"bc85228a-58ca-4be0-9394-8d52da423f15","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":143,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"2170455b-6ff9-4ff9-ab20-85177c1e081a","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":143,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"8f758db0-d692-4718-954b-0f4b3994ba0d","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":143,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"0b216164-8ad7-43f1-9319-ae733a26fd51","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":143,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"d8780c88-7689-4d1a-b733-2b3f9dfabcce","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":143,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"2e3c76cf-12fe-474e-b492-2a5d0fe3c231","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":143,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"0efbdbc3-5111-4a54-82d7-0e1ef4ddd9fc","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":143,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"c6fe9dd9-5f4b-4dc6-9cc7-7bcb2de66b76","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":143,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"9f26d84d-3d56-43bb-8cd2-e3a0f0a389e6","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":143,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"ea8dd239-db1a-409a-94a6-b2ca9b977097","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":143,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"0c5efae7-b276-4917-851b-ef3d915a3809","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":143,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"46844708-a361-4fcd-bdb0-1e4059da67d5","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":143,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"2538cda2-cfe3-4466-8929-028560d81dce","block_type":"box","text":"II-90","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b560bfda-5fd9-41d2-8769-49ced9dc1bae","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24f726c0-0ab3-4f5b-8147-3b921838ff8e","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":144,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"b34863de-bb20-43ac-a927-377bbcd12473","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":144,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"6242a922-ee4c-48fa-a986-ea81b03cd5bf","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":144,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"630a14e2-dc67-47b5-b4f6-fdf32917e06e","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":144,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"ddb6408f-699b-4cf1-aad9-4413c1db15d0","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":144,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"294e0376-32a9-4900-9ed3-e91127161e4d","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":144,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"822bb06f-f4c3-403c-9177-697b65955bd5","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":144,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"baddcaef-9d8b-4fde-9ec0-c8c2294375b4","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":144,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"ff7f1a12-6702-4957-97a2-a3c4ecbae27c","block_type":"box","text":"regulation.","page_number":144,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"2702b8d4-1631-4cc6-8eb3-2547211c9f0e","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":144,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"d1e9866a-737e-4ed5-9952-13975aaaef6a","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":144,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"4ab827b3-e768-4d71-acfd-56cca14b432c","block_type":"box","text":"various program limits (","page_number":144,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"9764daa0-f96b-4b5d-be6e-f1a8e469c451","block_type":"box","text":"i.e.","page_number":144,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"4b06c810-032b-4dc4-a1a7-e7763a024db8","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":144,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"df13e8d4-a7e6-4dfb-aa6f-be3dcf1ebac1","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":144,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"469bb3f2-e679-43c2-9321-262a47bb4b08","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":144,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"672cbf00-6abd-4069-987b-cb8f7f5ee2f0","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":144,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"bbfa0db3-bbd8-4db2-bead-e049039dbc70","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":144,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"77ff3699-7bd5-4294-8e30-33845d908a54","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":144,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"89635118-e84e-402c-b543-3503316f41d0","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":144,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"62c783c0-d91d-4bb1-9a32-0398ca94045f","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":144,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"3c47ffdc-f231-47e0-ad45-4f11b4dd873b","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":144,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"54bba52d-e7eb-4672-9b1c-2bb514e6709c","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":144,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"84b817aa-4de6-4f97-bb0a-a0fdc91a3cfe","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":144,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"375f3c68-db69-4f91-8340-33eb826b3b5e","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":144,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"fc43fcf2-8b74-4ba2-8752-bc7122b6318a","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":144,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"96d5c866-8877-485e-916e-11aa3cddf877","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":144,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"f9869c77-96b6-4387-a2f3-e7ba70811df1","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":144,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"b66a170c-072f-4037-afc2-e3c68f43d650","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":144,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"ad3a6b1c-021f-4879-8aa0-7266d5282f18","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":144,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"0b4aba08-6eff-4ad4-845f-d54d198a7b56","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":144,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"6fd895d7-80bb-4a4c-9a13-a80a809abb91","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":144,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"25ebba27-36b5-4850-b6d4-4e14a6b404c4","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":144,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"cfc1be0c-1c45-4220-94c0-c55fdca77149","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":144,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"71d7f047-74df-463c-ae8c-6ebd6e1cba1e","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":144,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"7f79291b-5fc1-460b-b811-969d72997a7c","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":144,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"d1e3c41e-a065-48a8-b5d5-737987098478","block_type":"box","text":"than through client commissions.","page_number":144,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"7f84f781-891d-4a06-b7e0-cb705743dfc7","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":144,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"26796f12-4837-4404-96ec-c80a3422f89c","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":144,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"8e404fbc-d486-46e6-9c0d-48ffc5b8f907","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":144,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"ab2fcb87-83b5-4a93-8ac2-9637ab60c10c","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":144,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"8441ee65-c60a-4d75-809a-feba09d573d7","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":144,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"013e2380-c2c1-4227-b8a9-6bec4f90137a","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":144,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"89a5a177-b358-49f9-bf79-1a2c8dc47d14","block_type":"box","text":"research-oriented software and other services and products.","page_number":144,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"ec45e1c9-e678-4a55-bb5d-44de06e93fa2","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":144,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"9d9db550-294d-4e74-bfe7-ca1b02c439aa","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":144,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"b8280ff0-a7d9-4c61-9645-fac8587005ce","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":144,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"c754146e-50f6-4ac3-a7f2-70a3e254f4df","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":144,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"42e592c3-db9c-4c76-97e9-5623f3d295a5","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":144,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"a3bdfb76-5b82-49a9-b9bc-63f359a832c3","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":144,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"b4d9f162-c627-4bc7-833e-0d6bfb8e3b62","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":144,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"85d42f5f-a390-49f1-bbd2-8f87ed4517b8","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":144,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"5d013922-9c2d-4530-9328-3a7ebf71dc9c","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":144,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"93e8cc89-0b3c-44c6-bca3-0e1c1f0e55c2","block_type":"box","text":"and services itself.","page_number":144,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"f55d05d8-5b3a-4ea1-bebb-dcaea5336e4a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":144,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"09591632-8497-44fa-9401-be3a513abc5c","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":144,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"558bb5bf-0441-4be2-820b-2352ac0dc774","block_type":"box","text":"II-91","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a95033bc-6ed8-4994-9c73-ba44330efd60","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfe0dd03-2802-4ec4-a36b-509bac09ca8e","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":145,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"bf5f6dc3-9ad1-4646-9225-7221963f7bf5","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":145,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"d5f96a0a-61c2-4982-807b-177f90d5f35b","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":145,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"2e5ae834-011a-44c4-891d-336d085979a7","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":145,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"c6067b49-bbc8-4194-b509-f8dc520058eb","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":145,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"c04844dc-c1ed-4293-b4d7-aa13584598a7","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":145,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"843af8e4-4d56-440c-be57-25cfe374ca04","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":145,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"d4356b3a-1e2d-476f-a2f1-5bcc1e5b7886","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":145,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"f924f11b-2597-4b3b-9f7b-f108f7afe758","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":145,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"f8f81387-b6d5-445d-89f8-beee3e751219","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":145,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"fac66d9f-c045-48bd-a2de-ca2785c82b9b","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":145,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"2a6c6543-f9bb-4cbf-b6bb-aec5ee15beba","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":145,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"65678c11-f63a-484c-894b-28a3678290c7","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":145,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"2f5c91bc-b3b8-4854-b17b-1c8c6bde845b","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":145,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"8b9e392e-1181-4dd6-b47e-08c77dc09083","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":145,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"14e475c2-0e2b-4f0b-a651-5f94af2767cd","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":145,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"2acd5c81-366d-4772-a12e-ad0aa8b3be9c","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":145,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"7dc3b816-a75b-4295-9586-beb7bc4d2325","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":145,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"218ecde0-8cc7-4137-a083-5c499b6dfd8d","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":145,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"16f20aa0-86b7-4691-8bcd-e7edd4684c20","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":145,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"56d06036-f9b9-4bd1-b61c-967d1e16f37f","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":145,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"7ab92ee5-f203-4e88-ae55-0fa21459ef5a","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":145,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"495b2395-d8de-4d2b-a6d2-6fcf59dfd03f","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":145,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"7c51f5b4-a859-40fd-a00c-5bc81c4fb4e4","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":145,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"f0bb5543-a165-4e69-9221-065101f86dd6","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":145,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"061c7db8-89e7-4661-a4da-08d171026569","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":145,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"3e596ae7-ecbe-4e48-a0fc-9ab4f793cb92","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":145,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"99131fb1-b043-45b3-b9ff-c0451d6d3624","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":145,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"ca6ac13d-31ae-464e-9c8f-88c644dfd1da","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":145,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"ce318d94-96bf-4596-88f5-06542b072d2a","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":145,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"278d88c6-a55f-46e1-a2c6-c96a43322e3e","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":145,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"9a508a65-bacf-4856-8706-6cc1adbf4e80","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":145,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"ff421891-8f8a-4ad4-8e65-de5752626576","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":145,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"c2ed7b88-f595-4b57-a8e9-79b6fd491893","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":145,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"ef0bd711-2444-467b-a52b-7a2763792279","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":145,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"e60b8de8-38a7-4b82-bcd2-f4ec52d00dc3","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":145,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"cacd63d6-0d33-4aaa-b770-7249c103a2f7","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":145,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"149ffac9-9653-4ac5-b7ae-5268e7ac8954","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":145,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"105956db-261d-4cac-af43-17f163052d83","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":145,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"7d8e9821-9a2f-485a-b247-6fd65e756859","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":145,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"8c0e3d18-2df6-41af-b968-8fd521e607a6","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":145,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"70f71d17-9662-4f80-b91c-5e87ae5f54ee","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":145,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"adb7a773-253b-4a21-a2b4-52c4f0e568ef","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":145,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"5498a0e4-a4ad-4b66-8c7e-9626b0cdac33","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":145,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"000fc550-29d9-4738-b5ba-e76378a2fc43","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":145,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"0ef78e09-7626-4e9f-b40e-32ee3ec571c1","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":145,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"4e332df4-18ff-4ba9-8883-df2bdc446f63","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":145,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"cd4bb7c3-cc4a-4c70-89ff-0a7f1c344bad","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":145,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"27615bf8-8c7e-4823-ba78-8df18d4cf5f8","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":145,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"2c3677b1-dc55-4221-8caf-7a5e42d9e637","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":145,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"61d5edee-1a06-4b52-aab6-5267baa0899e","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":145,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"f378cba2-74cf-4e5d-ad4f-7465a473537b","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":145,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"d21bf261-a97f-475e-b4cc-15e6f8718ff3","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":145,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"c7ecdbab-d02c-4933-a354-6d77484512ce","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":145,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"96e0a1b8-d82c-4775-b8fd-c6e8c939cba9","block_type":"box","text":"II-92","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f92fb1bc-0d0c-4935-811e-a0f6db7837af","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfd1839f-b5bd-40aa-a13b-a2470693931e","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":146,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"481c2ff1-1255-4652-ad60-73cd48989bf3","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":146,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"10f5a525-5807-4627-afe2-3c291c0c1ab2","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":146,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"abeead34-1ecb-4bf5-99ba-c633b117ad91","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":146,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"c54a4d1b-4a1f-4348-9d11-04c54519b19b","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":146,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"b9b6fb0c-5dd6-48d3-aef9-576b515de1cf","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":146,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"d280b4cf-9110-418e-abff-bf7b85b165f6","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":146,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"6b9cf0da-05f2-4902-89b5-320036b12116","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":146,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"bd72f1c2-c674-4a45-a3f5-8f86911699e3","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":146,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"59a67bf2-884f-4f42-8e76-5c7da7f6e8ff","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":146,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"b49e5755-8f87-4499-8827-dac1c4559f9c","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":146,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"03167404-2776-431c-bb65-79c9be26ecae","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":146,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"77deef40-f47f-4449-ad64-7eaea540fbbf","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":146,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"86b7fd03-25d9-4a5a-b140-3325e56e1a73","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":146,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"7152ef67-95f9-40fa-a014-2d7e9bf9f7f2","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":146,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"61dd5f12-c12a-4fd0-b796-d1504a5d57b5","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":146,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"9b6590a6-fcae-46d0-bb05-e9068d706e40","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":146,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"b98a46df-6e95-4e06-b445-0e4c8dc4f294","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":146,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"d0b55783-0cc4-40d5-a6dc-75325616b0ef","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":146,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"7cabe02e-e79f-48ff-92ff-8161c490d1eb","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":146,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"906e2143-5003-4141-85b1-df7ad26b13f9","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":146,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"0107ad66-aece-4c9c-9b68-417be911edc7","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":146,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"82d26148-eb71-4f6a-bce7-3f1008354f6c","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":146,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"cc8ef634-1274-4246-a0ff-cb8cde30cfca","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":146,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"a0335f2a-2b40-4c43-ad0d-4f0fa1f788e6","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":146,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"6f7a0cb3-954e-4bf5-bab5-e2275625494e","block_type":"box","text":"some additional expenses.","page_number":146,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"eb1fe088-3e9a-46b3-a8ac-4fd900f5cb2d","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":146,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"e3d859d5-507a-4d92-b4b9-1b8e1311f0b7","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":146,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"dd13705d-064a-422f-b807-819ba405c8e1","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":146,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"6199e5cd-7c62-4504-9b2b-5fef9533d4a8","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":146,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"119c132a-d665-4a6e-81e7-29a1f697b356","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":146,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"ffc9f716-de3b-433a-9444-d3e1bb2c9fa5","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":146,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"7e31e321-4791-4766-adb9-60bfef50f5ff","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":146,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"d63ff170-d199-435e-9cd4-7a7f598a52dd","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":146,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"b943cf32-8341-4b20-a166-a9e87387a332","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":146,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"7efec1b5-4a6c-43ec-b146-685a6e30f6a4","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":146,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"9529ded7-02d3-40cd-addc-cca16ea6c8ff","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":146,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"c5e8ad2c-d993-414c-9b8b-78d177a4bd31","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":146,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"d3d1fc1d-b23b-4944-950f-d3ef7596ad15","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":146,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"09623dd2-5c33-4f48-9274-1a27c007be42","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":146,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"490c4c39-7be1-4b88-b1ff-39b5d0b77818","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":146,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"8605e214-f216-4f64-af35-13839561111f","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":146,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"ea87d19e-368c-4cc5-8dfe-981b4611dd01","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":146,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"b0a10595-66dc-49a4-8b3a-2b6e3a527125","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":146,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"89da74eb-293b-47a6-9537-9753aac88ad9","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":146,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"38277ec9-00d5-44db-b0bf-e12e9b639fbf","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":146,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"9b2be6c5-8dc7-440a-a8e7-35b3f839cc24","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":146,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"553543df-7a55-4db0-b419-068998c96feb","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":146,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"2641316d-bd4c-4e9c-8970-ddcfc989ed03","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":146,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"b9fea2a5-c7fa-429a-832a-2e0b0c621e12","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":146,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"de5ee6f3-d4fc-4558-80f6-a463be6df6ed","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":146,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"427f7533-0e24-48de-91c7-16e4a904b951","block_type":"box","text":"company (","page_number":146,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"ed2bad9f-e42e-470a-909d-07c77637990b","block_type":"box","text":"e.g.","page_number":146,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"6767d8a6-c236-4f83-83a8-176019eba0b3","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":146,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"df7a694e-a1ce-473b-b65b-ac7c1fa61b3c","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":146,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"5ed86586-1a28-40e1-abfe-1b0bcd4700c7","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":146,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"9222597e-7677-4d10-a6a4-a4bd319a8fad","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":146,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"cb16c733-046e-4aae-987d-943833c6b3a4","block_type":"box","text":"II-93","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac524e01-3270-4b40-bc43-017c4b0e48c6","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c015757-f53c-4f77-a05d-39d707bb2ad8","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":147,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"5f6eb8a2-e479-4f6d-a648-530e7dd1c7f3","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":147,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"18a58081-797d-4785-9839-8e446cf5da74","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":147,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"a519955b-be74-4797-aafc-b472ef793c28","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":147,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"3fcec1cf-bb71-442c-9733-7e140d6ced60","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":147,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"95ee4304-babe-4396-ae3e-5bba1f440447","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":147,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"edd09d6c-8c99-454b-a65f-88913ff0d693","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":147,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"a1667c14-d878-422b-9b66-f5e86800bdff","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":147,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"a756bd96-e20e-4b29-87f2-e98925264276","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":147,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"97439dfa-6580-4fe6-a519-d65a9fd55def","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":147,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"3c3967b7-8222-420f-8ce2-b8caa9a228d6","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":147,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"d85e1b1f-5386-4d86-b8a1-c476aeb618bb","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":147,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"1a3ee4f2-fd0d-49ba-8f89-0cf9e4357c1f","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":147,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"4a11be42-4684-4c80-bc66-4508bd944b05","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":147,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"f048afe2-bd95-4ea6-82cf-a34f53379c49","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":147,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"2b86b4bb-e807-4835-8709-96dc8828041a","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":147,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"7933dac7-6fb7-42c3-a4ae-e8453a7e27ee","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":147,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"83409b60-5fc8-4138-8a37-d29b8ef1e13b","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":147,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"f97bb2c6-97ab-4329-a428-de397f889206","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":147,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"344eb11e-7f98-45f9-8307-e5b149921fb4","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":147,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"7fcf22d5-b44f-4094-825c-8ca9649be54a","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":147,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"6b0268a0-29f9-42bd-aae8-10cbd8abc04f","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":147,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"e90ea481-d547-4622-b781-6a03a0a16cff","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":147,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"4e0f8feb-a16a-4ebc-bb02-7f09723895a2","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":147,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"641d437e-134d-4dd9-9d21-2c1597a28c73","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":147,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"9df9ad23-c8a8-4f5b-82f3-00986b5dce36","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":147,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"04f97573-d65e-47ba-8570-40b63352cdef","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":147,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"97224354-a7e9-4951-8d8b-cb209daec8f8","block_type":"box","text":"a barrier.","page_number":147,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"0699c07a-41c0-456f-b12b-e732f62211b4","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":147,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"cbbe7bb3-fa30-4a5a-b6a2-375780a089c2","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":147,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"8bb2ae48-5d41-441b-b1d4-de7c5535cf87","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":147,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"3904d3c8-72f8-479a-b523-5031df642b65","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":147,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"2f39f20c-4573-4836-94e8-f0e70a230110","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":147,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"6c947592-fa17-471b-8f35-cedff9edc3a1","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":147,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"20f83254-c678-4af8-906d-da8992d4ac50","block_type":"box","text":"that operate in cer tain industries (","page_number":147,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"e0e30de0-8395-4ed5-a5c8-4b1fc7c9c8c2","block_type":"box","text":"e.g.","page_number":147,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"7b5af89e-4efc-4462-9178-7d367b789f7a","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":147,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"d67318f2-54a8-4ca7-83b4-62ad2a63dd10","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":147,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"7450eb10-2f91-4ad8-bd86-8cb73f5a355b","block_type":"box","text":"e.g.","page_number":147,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"f0142d6b-b051-42a9-bee1-78e0ea4dc964","block_type":"box","text":", with mechanisms such as poison pills","page_number":147,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"2036e16b-4773-48bd-80ac-8b8613645fc9","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":147,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"ebb9fef7-036e-43c1-833f-19d71f739194","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":147,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"70226335-fbd6-4240-828d-dcd32ded2c1d","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":147,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"e2ea9928-f400-4f83-985d-919d277b3121","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":147,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"55adf5ea-8840-4413-9e97-cb9fc78d1bd6","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":147,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"7aeb0bea-ce64-4986-8ad3-2d44a14e04ee","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":147,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"82d07dd6-57d3-438f-a780-af683dc3432a","block_type":"box","text":"seek to make indirect investments (","page_number":147,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"7f2ef039-fe8b-4b2b-bc14-66859885b8eb","block_type":"box","text":"e.g.","page_number":147,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"8675a45f-9556-4fd4-9467-68cb39f3657d","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":147,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"ae4bc70a-1e7f-4934-9cbe-2240d59f2f1f","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":147,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"71630d1e-7c79-4681-b52f-7d15c0548b45","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":147,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"df8a2baa-3542-4289-b2da-1c048f85c7da","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":147,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"e89fff61-b739-4231-ae42-d7872539751c","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":147,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"f19af543-c461-48a7-a207-875674c069ab","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":147,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"a27aeae4-3ee6-4591-a9b0-bb3bd9737bfd","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":147,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"a6e41924-0ce6-4f94-840b-9901ec5e92a0","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":147,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"7e6b6c3d-cc82-421d-a7b0-602ec32a36cd","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":147,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"4f434a3a-b275-4268-be40-00ecea85ef95","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":147,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"f1e54d19-da6b-4ae4-b3b5-1a8f014be6d8","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":147,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"b4012a5d-420d-486e-8e39-805168a70b2a","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":147,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"d6b43b61-988a-4cf9-b20c-664e5323d001","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":147,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"5aa33fc0-efbe-47d6-a54d-593dbb9f1fc7","block_type":"box","text":"II-94","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81916550-7fe5-4ef9-bd27-b88ad6b87fa8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9241367a-be41-4cb5-b615-ccf6edc9474b","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":148,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"3e5dc1e0-f00e-4898-97f1-c8f14001482c","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":148,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"40d7f12f-7a30-43f2-9a51-479200143335","block_type":"box","text":"amount of the impacted security included in its index. 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These types of","page_number":148,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"09fd3aef-701a-46e4-b79e-1be0b0766ed9","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":148,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"cf76e1cc-c3c7-4c63-a2a2-3a394d2c4b17","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":148,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"d746fdc8-4e32-414d-be5a-3c61d51be0de","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. 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The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":148,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"3e8ecb98-4587-4d09-af84-0c506ec1e320","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":148,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"3c31097e-00bc-43ba-8763-8c1d9c876345","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":148,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"333602af-b8c3-47f3-904b-b2f3f5fb85ae","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":148,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"10c5ec46-754a-4b64-9edf-46da475853b8","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":148,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"f72a3105-64ac-4638-908f-bc32ed2ffcd4","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":148,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"565453c9-a6b3-4b29-ad13-62621224dab4","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":148,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"b309f298-51a8-4e07-8aaa-1f98e9e8f734","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":148,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"6317e746-de5d-4b1b-9a98-c9bfb50ad268","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":148,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"9fa2a020-2a4d-4fed-8e12-7d70f399a697","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":148,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"b188a399-e55f-4929-b61f-806b53e6ec83","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":148,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"9a29c0a1-c118-4622-b145-9632df00ff3a","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":148,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"886c4160-2b74-483b-bfb6-74c8cb58f445","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":148,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"49dab8f0-5529-4154-803f-02b2fbe6967d","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":148,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"bd871e66-1c34-4217-be15-13e683c06eea","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":148,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"468bf235-f34e-4ef5-a005-d822da557479","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":148,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"6a8692bc-e493-475f-8b59-fc64b647e825","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":148,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"b7608d7c-8ddd-47cb-a6e0-406d9e82350c","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":148,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"77dcbdca-5839-4568-9642-b7c1ce30d713","block_type":"box","text":"strategy with respect to such security or asset.","page_number":148,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"5533ec2b-cc3a-4a49-a686-7ac1f0f97f66","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":148,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"9ca52b14-0be8-412b-a824-8c18b79d9909","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":148,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"c75cb801-1ce3-43a6-ab9c-30d58c0f7372","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":148,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"3ab92502-9ebd-4474-92c0-e122cecea7b9","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":148,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"d93cd22f-6e07-40c3-9b1d-69e57cd9a191","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":148,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"f5cff9c9-da01-4da8-a95a-740374ce0b21","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":148,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"3ca30d59-eadf-4281-932d-788d9b1ee9f8","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":148,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"872b220d-371d-4650-bc10-eb11971b7ca4","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":148,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"8c6159a2-3b96-498c-8960-79a2c2522cee","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":148,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"fe34009c-0ad0-42ac-9f55-d83a679e977e","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":148,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"8acdc0a8-ce00-46ab-b83a-be54f726c372","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":148,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"639a0436-9778-4647-b146-1daa50861c1c","block_type":"box","text":"e.g.","page_number":148,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"0ac21ddc-89b3-4227-9862-0c6fd4eef9c3","block_type":"box","text":", custodians,","page_number":148,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"98774086-fc31-4519-836c-9e95084e5f70","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":148,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"d4ac617f-a2e0-4242-b5c5-a7b56b332788","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":148,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"2bd4b914-b155-4f6e-a3dd-c61ce504dd47","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":148,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"be1179e1-4a3f-46ee-9a5b-8a06da49573b","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":148,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"4693814b-23e7-4ad9-85ba-029e92c3c6f0","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":148,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"d2a57c5e-be3e-4470-b9d6-2d3925b1094f","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":148,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"9c77d362-d474-4f13-a833-5828f351834e","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":148,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"6c75a031-a919-4fbb-b214-ae154019245c","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":148,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"69f35f87-72ec-44d2-92a6-8bedd73bafb9","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":148,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"1f8206f3-95f4-4928-8f24-a20dca91f872","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":148,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"6d256eac-ce82-439a-af07-bc3e50bb4c7d","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":148,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"81d3a299-0fc8-43af-8cd2-61271c3b1f91","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":148,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"14f8ebfe-621c-4f33-975f-dd221a3a1b35","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":148,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"065d3f62-890b-44f3-8c80-28393ca573a9","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":148,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"808534d1-3635-4c65-a166-b846e2094a25","block_type":"box","text":"II-95","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1076c795-e882-4b44-8dfc-26650dcbb321","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"626cbe80-eb6c-4c20-a189-9d04a69c30da","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":149,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"54e6812d-898e-4f58-b515-e6e589f185c4","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":149,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"ba60959d-2f39-491a-86b4-da998f857ae1","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":149,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"8db9deaf-dc8c-406a-bb65-574197e4bf55","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":149,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"f471bae6-1026-4a50-b291-4360cff76394","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":149,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"7c685071-b1ff-42ac-a386-655b82605c12","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":149,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"3738dc4d-1f68-4617-a7c8-f78388723d24","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":149,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"4aaf5a84-75ed-4749-b74e-66aa5c982856","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":149,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"96dfedb8-e596-4a37-8a2b-de579cd920fe","block_type":"box","text":"provider.","page_number":149,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"669091b3-3bdd-4a16-a6fc-96da66e6ac8d","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":149,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"655e051f-48b9-49c3-9da4-714c0722bfe9","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":149,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"8e3b2dd9-52bb-461d-a233-98037256978f","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":149,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"2adb352a-5a76-4539-896a-2cf527b0c690","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":149,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"fce2f303-a8ad-4d14-af49-082e454dd2f7","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":149,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"770d862b-5abe-40c0-8555-4c083549051a","block_type":"box","text":"PURCHASE OF SHARES","page_number":149,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"67038472-2bb6-4e02-a46f-62066217f1f4","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":149,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"1816df5e-8454-4984-8041-fbfa881c812d","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":149,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"c21a46ff-0ac9-4d97-9396-02388230ebe9","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":149,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"9de41a61-6c91-431f-9313-67397a46d0aa","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":149,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"8b65254d-df4b-4ff3-888e-6985bf6120be","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":149,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"9d5a2e6a-5f07-4814-a382-9da063a09baf","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":149,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"eff27b22-d076-462b-a4e3-ba0d673f8992","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":149,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"51f5374e-2a72-4f0c-b859-8fdfd70c541c","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":149,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"caf45c69-1619-4655-8a2b-9730cbb84b14","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":149,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"b290f57e-28f2-4fa4-9721-5f02bbcadf31","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":149,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"f4935745-e463-4ac2-90d6-02476868af6a","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":149,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"45837d98-92a9-4f6b-a093-c55b1fa91c9d","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":149,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"02a8900e-d632-4118-a442-e928e514ce44","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":149,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"58b544b2-0867-46eb-a844-e12e97c50e1b","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":149,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"516aefa7-d009-4149-876e-a40f29ff6a22","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":149,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"1cb3afdf-04ab-40a4-9c34-24b603382670","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":149,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"a2499c31-8891-4171-a216-3a350f492adb","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":149,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"21e87c83-f745-4030-bdad-26791c1d38af","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":149,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"313f7185-2e7a-4611-adc0-51c1fa26cecb","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":149,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"599a0eb5-657b-4ff0-adb3-2340cfcd1492","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":149,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"34cf31ad-62b8-4697-b2d5-488c8d519a4c","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":149,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"5ba7e707-08a0-493b-8e1b-bfbf5e13b528","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":149,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"ade8e10e-4c44-4773-b03c-78bb4443a445","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":149,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"9c4c9b58-08b2-4fe0-b670-aef45b3b7a3e","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":149,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"7e359fc0-844e-4864-a5f5-a8fc3a447e8d","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":149,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"3f65adaf-a03a-4b0c-9ed5-9d9efba53148","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":149,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"e5b38c2e-d624-4bc9-8f20-35d5a3cbc5a7","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":149,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"4839502f-4100-4f74-99d7-fe199d42fc15","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":149,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"956a1b71-d6ec-4921-aa23-876d9c224877","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":149,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"ddb243d7-b628-483c-9324-4a0d2e8787f8","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":149,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"e8fc2ef3-477f-419b-a464-41df95e70304","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":149,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"ad7cf283-214d-4026-887f-e94b74410d34","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":149,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"4f9104dd-8884-4757-9cb8-c76b1f94dab4","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":149,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"e7a281ca-dfb7-4a42-904e-6cfc6cf0c5c4","block_type":"box","text":"investment is $25.","page_number":149,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"646694e0-c9ff-4458-8886-0da0aa3a6fc0","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":149,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"cf651977-0de3-4521-9c99-252ec3184270","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":149,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"a0c0a5ad-e6f4-4f93-8242-f4ed3184fbd3","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":149,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"66b16b15-9a2b-4a85-8c6d-5c7f46f4d7eb","block_type":"box","text":"II-96","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2c4bd814-6fad-4ca1-a90e-b0df53c941e1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4bba1bb-9d15-445c-8f9d-50e226bfa288","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":150,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"c1976ff4-8691-48d4-bcc4-49c92ce9a845","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":150,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9ed03108-7ba1-4705-b8e6-5166b84deae7","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":150,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"9d07ad24-94e5-41bf-93f4-a139ab4cafec","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":150,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"12a7dc46-982c-42a1-8141-b843e3c5a65a","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":150,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"2cd6d3d2-9c00-444b-8f1b-3d5fc790965f","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":150,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"04c40988-b4bb-435f-89c2-25dfd1950ab6","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":150,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"cbb0ec5b-c860-4474-aa42-85b752cb2a3e","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":150,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"3350c24f-3928-4ada-a59b-abb2fadc231b","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":150,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"da7d4713-971e-43a4-9a21-c26adf941c21","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":150,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"dff93968-24d2-4bd2-bf6e-53d484fb3a6f","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":150,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"16978009-13d8-4848-995a-1bb48503ecf0","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":150,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"ab64ac6a-5443-491e-a29b-b36023171337","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":150,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"50c85246-0e8b-4e57-8dc6-1494b1308117","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":150,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"6f2a53e6-6d8f-43f6-b8f0-b4728a1d0137","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":150,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"ee82b15d-b0c9-4c26-bafb-6ae3475481c9","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":150,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"abd23d33-c188-4fe3-a212-254ca125402d","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":150,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"d6c514e0-9ac7-4b6a-8f03-6fb7f66f2d76","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":150,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"e2fa7534-7a04-4a85-81d7-691783047db5","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":150,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"b1bb7534-b92d-43a9-83b8-e3e67ecb1ebb","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":150,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"4be176e1-c78f-489c-a7d0-dd5c6f81b169","block_type":"box","text":"adviser.","page_number":150,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"8dc08e1a-81a0-453f-b910-1c3e15136d1c","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":150,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"75ff5251-d00f-4629-8c59-250cb6f70929","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":150,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"b7d750ff-1506-4a7f-9dd6-2aa5774e9b7d","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":150,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"a0aac129-678c-42a4-b1fe-046237f42026","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":150,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"7403e5e3-b831-4f91-9ebd-dc1eb03eeb70","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":150,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"56d12ee8-e095-427d-b298-93dcc4f58406","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":150,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"0c502324-a8c6-4508-ac6a-2b8711d62551","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":150,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"5161e8fb-66de-45d4-b7fb-189d80f0e04c","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":150,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"4482b5b9-c592-4aec-abe0-4f45ba61ef24","block_type":"box","text":"also be restricted from making additional investments.","page_number":150,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"c40ba704-8f94-443d-bca4-c72150ba5413","block_type":"box","text":"In-Kind Purchases","page_number":150,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"495f822d-9fd4-4fd1-af38-23c4b2717e37","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":150,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"77efad89-0fa3-48b0-93ea-2f8591009925","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":150,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"a67fa498-b542-4e0e-92fa-ab99b158461b","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":150,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"c154ef17-4a5e-453f-9e1c-3c7646b3fe3e","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":150,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"70d6cd60-846f-4998-a8ea-4dae5f8b5ae9","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":150,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"662dc287-59f3-435a-a19f-d6d08929bd5d","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":150,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"7e323267-0923-414e-83cc-57efc36ae449","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":150,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"91b87a7e-90cc-477f-84b9-5354391335d9","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":150,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"a6337594-6acb-4744-8672-c0daa2cca46e","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":150,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"c8a04596-cb4c-4b12-8e0a-5ecb011ec2fb","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":150,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"87734a0f-87f3-419a-920b-3c5b91df2bc1","block_type":"box","text":"has settled.","page_number":150,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"1a7319f5-c6c3-4217-8eea-42627b0cedc1","block_type":"box","text":"Institutional Shares","page_number":150,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"0506cc50-4f5e-435a-8ff1-0f24e0df5334","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":150,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"8f8952f5-4420-4114-9fa8-852739e40093","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":150,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"0423609c-1672-4fab-beb0-eb38484df6bc","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":150,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"536350a8-903c-423c-8772-6447824b4b3e","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":150,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"467cee57-0ce5-48f3-b89a-02fc12147480","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":150,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"779ed9f8-4415-4e3c-a3cf-e368c42173db","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":150,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"06448826-40db-4e17-917e-4ada597cffe0","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":150,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"2ad81f05-c4af-45c9-96e2-18e23dafdb75","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":150,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"74ca5ab5-87a3-4dcb-9ebe-3c00d3deec48","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":150,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"c7f48ff3-df52-48c1-9abe-6f0c7062e162","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":150,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"f9d57033-0c3b-498b-a799-15272d52e54c","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":150,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"5491145b-b916-45f4-9a32-96a2874e8902","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":150,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"90fd8993-4a7f-4d11-81a2-a68de0658599","block_type":"box","text":"II-97","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2ff2f7e-71ff-48de-9799-b34475bcc2a2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1d4d8c2-85f2-468d-8b01-b4da6b8d71e4","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":151,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"edd3c0c7-6b49-42ca-ae6f-5013956cd7bc","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":151,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"5a9f85f2-6cdf-4abc-bdaf-84b2ddd891ae","block_type":"box","text":"these fees and conditions.","page_number":151,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"7b1c7904-7645-47e0-a624-f28d93143b4e","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":151,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"f51be94b-94b8-4e69-ae20-d5bd1642b7a0","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":151,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"bbbb472f-347a-493f-b7b6-6a8e67bd4f61","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":151,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"195a9bed-957c-4784-9be0-f963c6ab494e","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":151,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"37deb619-1fa1-4524-bc84-7cda2e1dbe00","block_type":"box","text":"incurred by the Fund.","page_number":151,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"74d2fabd-1f7f-45bb-88b0-59a52195d9c1","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":151,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"6db1fff5-8469-4635-b54c-55015c520d7b","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":151,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"c9ec3cf8-5e84-4235-bb6f-1a6ee5ce15ee","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":151,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"902ca205-2905-4bb0-9afb-83f268db7684","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":151,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"12070b15-2e84-4805-b15a-3bf98f78bbed","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":151,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"83c6bf5f-acc3-4160-bc86-9b633deb0e7d","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":151,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"be6b3ad2-9233-4273-b1bd-109c16615e15","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":151,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"8c862253-53e4-4930-9afa-f4290c262f59","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":151,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"c6707853-3833-4ba6-9be9-5cbc6282914d","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":151,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"fc80469f-91b4-488e-a309-5bf78a73c08f","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":151,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"ce906ac6-0f4a-48f9-b0fe-1d8bb86f7f37","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":151,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"c2da6188-4944-4ab2-ac05-5793b58cd37d","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":151,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"9e947c38-170d-429c-9ee2-f6e7e701170e","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":151,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"41093843-e1b3-4e3f-b9ce-c8f2163393de","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":151,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"5e8e845d-3dba-4508-a56f-90325c9fccc2","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":151,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"a848e3b2-f9e9-48b7-a110-934c60a1f1ea","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":151,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"54b5fe42-941e-41eb-86b3-d40cde13ef20","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":151,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"420abaf1-0892-4f8a-b6fc-21ab19a29dd2","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":151,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"4bd207e6-8162-4365-b8eb-46d5fda2f59e","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":151,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"5d8443ca-aebb-4100-a144-aa760cf2e41d","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":151,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"011ed8ca-ca6e-43a3-a563-4ccc43cbd561","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":151,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"3b99eda4-3872-4464-827a-e29a338dedc6","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":151,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"ef283454-227f-48e3-aed3-8f6c3a50db1f","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":151,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"c188b29b-2c89-48c0-a3d7-27c26bc23e42","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":151,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"b2f51bf4-e603-4dfb-9b56-03da33449419","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":151,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"234b5c53-5ad8-4285-8e14-1ec623c7e471","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":151,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"200698a4-5ad9-4daf-8c1d-12ceffecb667","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":151,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"c0f3ebd7-8407-47a0-a155-188e541a09a5","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":151,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"394e0b83-a21c-470e-9f7c-6770034edaaa","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":151,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"4e90e0cd-2f82-4c7f-b106-cdb3d74adaa1","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":151,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"03b89d10-435f-4c5b-84d5-bd8b18924bfb","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":151,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"5185352a-d54a-41af-bba5-65560680643e","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":151,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"6bff8a68-a13c-4902-9e25-5ced5c2aeef4","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":151,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"46933f4f-2958-434b-b993-2b38ab03f9b8","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":151,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"3c734831-569a-4d08-830c-d91b65815f1d","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":151,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"10774797-94e5-46e1-8abe-ea263e447c26","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":151,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"2b898237-8ad6-4195-a6a3-8e2919d7e245","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":151,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"89879188-398f-4131-afdd-06365229e512","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":151,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"6bd441d6-23c6-42fd-b228-9843d270429a","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":151,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"e79d4616-8e2b-4d1c-89dc-aa3021e7078f","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":151,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"f9165281-95d9-460d-a56c-92ca9b0a6aec","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":151,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"57d86858-1426-4b38-9a62-c45f4430c56a","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":151,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"19e7b236-8c59-477d-8f8f-61942560b7da","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":151,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"d79bceba-1baf-4d2e-94e3-aa2bc404b86a","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":151,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"a6f2248d-f244-499b-8b76-ffc03acd7896","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":151,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"16f7d842-1282-47bf-abc7-ba3e0d7d80c0","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":151,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"2af14a4f-7b8a-4511-a638-c6e784317679","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":151,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"2937a512-1f52-44f0-86eb-c6a0b44131e7","block_type":"box","text":"II-98","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f330b15-0d58-40df-b797-3c4e80ce593c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f710487-1c24-437e-9f32-bd3525c9a6bf","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":152,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"7e5ab9ad-a642-42b1-b215-44192e47a266","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":152,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"060540e3-0db1-47c0-a461-93077627cb12","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":152,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"9f1c6b34-c9a1-42ea-a9ca-ac7b0215f65b","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":152,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"f943d77a-d2eb-4a29-8b92-e754c043ca77","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":152,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"034b0b16-4eef-446c-a91a-b34959210b81","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":152,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"3cb803c5-aefb-40b8-933e-cba44a141870","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":152,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"05d19b05-ba47-4875-b5d7-d3c06257730f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"07512333-6ce5-45d4-9bec-fecf3429615c","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":152,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"fc974776-a337-48e5-9d1f-d2892fd75d5a","block_type":"box","text":"periods indicated.","page_number":152,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"e5458f9d-2137-4f61-9e92-4a2a8f80959c","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":152,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"50a23c30-cdd8-493f-994e-f4d9af5af519","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":152,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"1fda8cc7-174f-4fcd-821f-1e660e6cffaa","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":152,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"2aa8cac1-8fb4-44fa-b957-ad28a6300a0d","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":152,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"05126b10-9b41-4dad-973a-b6222b4018a4","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":152,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"6cd0629d-ce2b-489c-a264-829fcadadae3","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":152,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"b13de631-f5b7-43b5-81e6-946beab6abca","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":152,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"c416abbe-15ab-4fc5-ac45-3b7f6614170e","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":152,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"a213a854-171a-4274-9456-3bc11bf2bb65","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":152,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"819a7804-672b-4008-8e76-ac0373b5f6a4","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":152,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"accc9585-36ee-493d-9c45-bbea3ce5e261","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"c976b5d1-3df5-4624-9c4e-3c414ba36277","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":152,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"8599ae37-8d0b-46a7-8b24-b3b12deaa5e8","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":152,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"a89ccd73-01cc-48a5-86ba-f75c212a5a8f","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":152,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"0af4102a-0d38-4d85-b0c0-eed503791efd","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":152,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"68d21897-b185-42fe-aa48-a0ab7ec2cedd","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":152,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"7f5410b0-bf7c-476c-b3e9-830f8d815cf0","block_type":"box","text":"Reduced Initial Sales Charges","page_number":152,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"f830c9e2-ff9c-43c5-a89a-f4733009bfb5","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":152,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"f1d38397-4541-4863-9618-cc4d3178a052","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":152,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"0a0909f7-9fcf-4060-a2f0-fd92494402ff","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":152,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"9794183c-003c-4fd2-aca6-a39a7f7991e8","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":152,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"aa6d52c4-c06f-4fc0-96b3-51a8c55b5c51","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":152,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"049f4b27-23dc-40da-9ab2-d80f9fb9548d","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":152,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"3f48417a-7a66-4e64-8864-ddc98197c8b7","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":152,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"eaff99be-3c31-4812-b67b-96f69a48e187","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":152,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"d8ffcda7-2eff-46c6-a19d-1367238443e6","block_type":"box","text":"Reinvested Dividends.","page_number":152,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"715a7d61-804e-4500-b5da-9eff36009449","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":152,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"36a335fd-456a-4885-9324-3f5b2235f674","block_type":"box","text":"reinvestment of dividends.","page_number":152,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"750301a4-2704-4bda-80ae-32024028e426","block_type":"box","text":"Right of Accumulation.","page_number":152,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"3342d913-c127-4085-b38c-db93e3e59c43","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":152,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"7744cba5-f1ba-423b-9c7b-da08d39d7011","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":152,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"502362ea-8b07-45d3-ad28-df6500b81b95","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":152,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"9015c37b-66bd-4ca0-8e3b-c4bb013ee57e","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":152,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"fb1bd9a6-48b9-4186-ac87-1e66a459001d","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":152,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"79c67760-c8d3-4385-b50a-e0c244319edd","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":152,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"058d0238-02d2-4fcc-a37c-9830503d8026","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":152,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"e6d4839a-9ca5-4b52-8478-a993b5406517","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":152,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"1dcded39-508a-4bc1-8456-e226a6f8f2a2","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":152,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"504fe79d-cabf-4e70-ae37-4b7ed9bc10dd","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":152,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"ea5c3aa7-a902-498f-8b08-e7b727768556","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":152,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"60810931-4cd2-402b-be79-1c90a1fd3e3a","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":152,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"d669bf84-ac78-4ea7-9c72-6f0c852feb4d","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":152,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"135d7d72-bf55-4736-ac6d-8042e7f3377b","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":152,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"32bc4f0f-9c56-42bb-b57f-d5c5d443946b","block_type":"box","text":"II-99","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed342a46-fffc-478d-bb2f-fd44bd467a9f","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54f2ee0c-a79a-4114-94d8-ffc93e1aa1dc","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":153,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"62cd7f3b-9326-4117-afc0-32e02ec39e64","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":153,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"b84597f9-c051-4398-8766-14d4175b30a2","block_type":"box","text":"Letter of Intent.","page_number":153,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"2b76ef27-b900-423d-86b8-505bdb6114b6","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":153,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"ff5b4676-ac38-4c79-ae30-0057c8e2628b","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":153,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"68859980-ff9b-49f5-9f7f-a31158a599b2","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":153,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"8b81779e-265f-494b-9f2e-d0d7bd667e67","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":153,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"0be2a657-c984-483a-880e-4cce40645ad0","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":153,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"64803498-1ef9-491d-b003-20a5521a624e","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":153,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"bc7a5762-9152-40a2-a9bb-74a6223eccac","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":153,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"dec2945d-2960-4dca-8543-1cb15d2a6f1f","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":153,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"efb5f6bc-c528-46e0-9f1c-19fe7bb660fe","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":153,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"9c5b1999-a582-491d-ba56-c76706328461","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":153,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"dbdd4d6c-82b2-4255-8a76-d2add6582b7c","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":153,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"971adef0-690b-4ddb-b91f-1d560c2f24b8","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":153,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"4d3ef610-83cf-4f30-8256-d8f8329b1dc6","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":153,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"6a1f5b1a-814f-44db-b971-33e49e91193e","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":153,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"7ef7e099-7526-416f-8998-9d058492536d","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":153,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"024760c5-9b35-4415-b12b-a0775e0da053","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":153,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"503dbab8-1709-4315-9666-a02681b85381","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":153,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"d0433383-f1d2-4a0c-8fce-1ad5ba566452","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":153,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"0343cef2-1824-492e-bf79-28ac5ad81745","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":153,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"4a05d260-79f3-4f68-9eea-bb668eb29e5f","block_type":"box","text":"Placement Fees.","page_number":153,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"905ae87b-4eec-4d83-a3b2-84ef90e0a1dc","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":153,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"f8975ce6-d732-46db-8631-58524d237733","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":153,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"191d89a3-18df-4699-960d-1d2684b0dd5a","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":153,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"3bce4207-d76e-47c2-8484-83345e26a501","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"60720cb9-1a97-44b3-a774-07270efec953","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"26768070-3a4f-447f-8d7b-be62cb3eb9b0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"e395d284-6f81-45c8-a5fe-9bb92ea6390e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"a1f30b81-1e1f-4c4c-bbb6-0c6e9400a8c2","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"22b50fcf-688b-4eb7-8ff5-c44c74353ea4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"83526f2a-2fb1-43d7-a2b8-5a15d92da44c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":153,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"ad786036-9e8f-42f4-82c5-499bbe13fbf7","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":153,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"6826c8a8-30dd-44fb-b161-a516fd61d687","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":153,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"99cd52f7-570c-414d-a14e-7a1af6553d73","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":153,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"d6f6932d-e3ed-494b-ac5c-676cba8a2b21","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"ead5e744-d53b-4f10-83a6-da433da825a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"173ca046-16b3-402c-9430-72385a8a9390","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"51a50d1a-a9a0-44d8-acf7-ddcbe5e3b8e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"87a4101d-c226-45f9-9310-65aaaf2fee71","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"6f1ddbe9-3b62-4899-af84-414ac5cee9c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"a74cef64-4151-4ac6-95a8-0c13c1479e04","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":153,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"d572067d-c089-4c25-842b-2469af023765","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":153,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"4982f93d-85c8-4694-806c-31c5fbc7807e","block_type":"box","text":"SM","page_number":153,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"78c9d52e-1ad7-4acf-9a49-7b23feee8d74","block_type":"box","text":",","page_number":153,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"4e6b069a-da47-45be-b7e9-d6ae9b2d8120","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":153,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"59d0ceab-d50f-4713-839a-a731a4bb1cc9","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":153,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"fee13070-eb7d-4606-bd14-04faddb90eff","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"419a3aa7-2f1b-4de1-a97d-7197ec1b6f8c","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"bad781c2-f3e9-4661-be1c-4802091a2321","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":153,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"5b01cc20-ad93-4f7d-9c09-96ca85e43df6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"deeaf5b3-f158-4158-9694-4b8cb73ad960","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"a967c1db-31ef-4789-8ae2-259aa3639825","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"bdbecc92-7ccb-4755-9c16-f51a14594d54","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"ebceb020-224f-44b6-b1b4-4b621edf1c86","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":153,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"ee60a1ba-7d13-4631-92ce-928d4fa5234a","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"63a308de-72e0-42d2-bc38-9273237e8205","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"f6b5962b-1c60-4770-bdc9-125c4980a874","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"a0da1e56-6df3-45d6-88d1-417fa6ee8da5","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"c9292189-94d1-410f-a9d9-8fb7666527ec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"b5027dc5-3cba-4f6d-97d6-74e53fe8fc01","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"81887a5d-2d41-4178-a734-e6945932696c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"6fb4f69b-f309-46d6-8643-341dfc2eef79","block_type":"box","text":"II-100","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"84418d8a-e04b-4109-adbc-aaf790b8ea52","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"044f1e75-ca06-4e89-a6ea-85ad4f1096b1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":154,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"0b01e6af-5ba8-4ceb-8798-f30f10bc05fe","block_type":"box","text":"may be up to the following amounts:","page_number":154,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"bf2d6f34-3b26-4153-ab24-3e58478b90ec","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"4edba8cc-753e-4e32-9ea1-a126cde57173","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"b36d6f57-89d2-433e-b0ce-08c4cbd55307","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"14c1805d-c142-401f-b214-8de47ca34fdd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"2e01aeec-b325-4969-9421-608ac63e1fdb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"4b6304d9-f024-47e6-9d81-770de9c7530a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"2675cc18-8f42-4de4-a50b-65b91923862f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":154,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"031ed2e7-379d-4d42-88cf-19e214dca789","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"c8be9633-e186-432b-aad1-3e21de124993","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"b778c1d5-d88c-42d7-897b-dc2140e8f005","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"891f5b0d-9b80-46cc-b494-3451bd73fc61","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"7c5fa419-51e6-4e4b-81f5-c432175c4a68","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":154,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"4615a64f-b57f-46aa-942d-b4798cf1cec8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"675db7b8-3900-468a-8556-edd4b85e4d48","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":154,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"9ea4dc13-a967-4b55-b8ec-b40bf2078c5f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":154,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"6256e2b0-7e3e-4255-a829-855977c650fa","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":154,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"5aa6be16-f8f5-4403-b43a-e1ac3224cd62","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"8213948e-4529-494f-9d5d-ea1444744605","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"bdc3e478-d935-4365-8667-311263cec66f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"d6611390-ae20-4c6d-9b6d-ba927bf902fb","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"16fed7fa-bfa5-4837-bc53-6e1ed7d5ebae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"e04ed586-ad52-4b8c-a6ce-f4492addf13c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"e1819542-1989-4482-9481-5c710201d435","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"4ff60a67-2764-4d0c-9586-44085a6cc323","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"05545468-d127-4e77-aa27-8e8ce71e784f","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":154,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"b2e1c41d-1a9c-4837-bc7e-0f0277d4b7e3","block_type":"box","text":"$250,000 and above . . . .","page_number":154,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"0e1282c2-9fa0-4faa-816c-7ec4f5bc8304","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"037d7cd5-1cc5-4d47-aed2-66b55ce41a41","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"be68c3f0-5fd6-486c-a1a3-8bfb7309ffde","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":154,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"c011993d-9581-46df-9fea-db5b6ded3e7a","block_type":"box","text":"the following amounts:","page_number":154,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"18c29773-01b6-4997-aa95-9e0e82d5a281","block_type":"box","text":"$100,000 and above . . . .","page_number":154,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"764d67be-725d-4cf5-83fb-f138145b52cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"1bc963b8-b1ab-45e0-aa5f-c4f98067ced8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"dfc923e5-492c-40f3-b9d8-fd5694dc43dd","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":154,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"c28ac436-21be-4742-b05c-4d341f0366ae","block_type":"box","text":"$250,000 and above . . . .","page_number":154,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"4e6cf55b-0a83-4cbf-be97-2b6e0eebb55e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"04afa901-c461-4391-ac7a-227bd482d21b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":154,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"179bdd11-a51c-47c8-a3fd-1905780d1a2d","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":154,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"72d70574-1812-4973-93ea-29fc20a27a5b","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":154,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"155e9688-ebf4-4198-a270-b53ed18e9008","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":154,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"c1faa84a-95d5-4854-a46b-121c31420a91","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"76b11e56-6325-4bfe-b583-5a3f020db53a","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"ecbb2df4-0dbc-4421-a64b-1c496fbca44f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":154,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"27b8c8bb-afb7-4f9d-bcda-dc5677437a0b","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"d2e3a3d5-929e-41be-a2a6-ae2b49fdfb73","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"801ffede-4b7c-4d98-9713-a240b65a46a1","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"fc264f1c-e077-411c-a10f-ecb93a5b5c28","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"d33f1816-9a8d-4dca-9865-3e9120f8c2b0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":154,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"5832e7be-7311-449b-a4e4-e29ec0399714","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":154,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"592f8ea9-bd22-42fb-abb1-ab753b94d9f4","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":154,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"4d3a3d91-5e18-4672-ba30-c12cad9d1a9a","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":154,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"fad058b6-c49e-46e3-b0a4-630e79be18fa","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"38fc2ccc-c56e-4d9a-8a60-2b331f4d2876","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"68976e45-b7c5-4f0f-8782-f8fb250f7275","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"2a853861-0204-4774-b650-b3823b4b68e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"9cc38fcf-ee8f-4c70-84c9-dba39f3ef3f7","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"c05fc4cb-1142-43e5-a58c-30422617ebd1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"3c93a0c3-b343-407b-9cef-3695f6b28f1f","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":154,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"c74076c4-b054-4693-a448-2972b1014861","block_type":"box","text":"®","page_number":154,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"38689fa9-adba-4fb6-86ef-05ee9862d6dd","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":154,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"6d53471a-7d71-4bb8-bc80-064e796deaff","block_type":"box","text":"®","page_number":154,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"24152da4-f302-47ab-94b5-de78d7514a00","block_type":"box","text":"Index 2035","page_number":154,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"d9fb887a-4e28-4aa6-a8af-c384463e6211","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"4ad6adbd-4e1c-4c12-b7ca-fdc7c080ad1b","block_type":"box","text":"®","page_number":154,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"17b67349-8a90-4376-9e00-7c2e0f081edb","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":154,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"f314b664-6c48-4187-bed7-8e8e266fb72f","block_type":"box","text":"®","page_number":154,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"c933b6c7-7fa9-499b-80a2-f747fd8f36a6","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":154,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"e485f739-4057-4f0f-9c34-f913deb9e8ef","block_type":"box","text":"®","page_number":154,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"2722a1e1-fb8b-4a24-b9e2-a46ca1f50ef4","block_type":"box","text":"Index 2050","page_number":154,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"933d8af7-dde6-4908-9ad2-bfc3ae3461b8","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"c7479ec5-25ea-4a55-b319-181b62c9f754","block_type":"box","text":"®","page_number":154,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"4d406c0d-3a27-4155-8d58-bbca021ac5fd","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":154,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"7cded944-bb1f-4209-92ff-e6b77b7432ff","block_type":"box","text":"®","page_number":154,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"d36286fd-c9f3-45a1-97a5-99de214867ff","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":154,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"1814cfc2-11fe-48d5-a987-e3400a12ebbc","block_type":"box","text":"®","page_number":154,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"c99e5551-c97f-4c35-9f45-abebee05c254","block_type":"box","text":"Index 2065","page_number":154,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"821fdb6c-9948-46cb-9f48-7d6377edb72b","block_type":"box","text":"II-101","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b2cafa52-2770-440d-85b3-db24a3b758f2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc38cfcb-09db-4b6f-b895-f1c21b6d5855","block_type":"box","text":"Fund, BlackRock LifePath","page_number":155,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"03275dc7-c7e7-4028-95c7-3b76bf782e8f","block_type":"box","text":"®","page_number":155,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"0b5fd7ed-b327-47c4-b25b-4510730574e5","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":155,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"7546aab1-0731-4dc5-9d55-ef949a820146","block_type":"box","text":"®","page_number":155,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"02d9dd6f-20fd-4116-9b8b-e97e95e60a68","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":155,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"291cf527-7dae-49da-a237-d4a57efb782b","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"38b4f6cf-7ade-4a53-9496-24383fb292fe","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":155,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"9e45cff6-c743-4ff0-ad37-6794ed5f68dc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":155,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"77ce86f2-69fd-45dc-a951-3ae3ed00ef40","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":155,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"2834804e-4472-45c4-8be0-48b7af28ab78","block_type":"box","text":"SM","page_number":155,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"bf6d8e88-5d6f-45d4-b640-5278f6d9888b","block_type":"box","text":", the placement","page_number":155,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"b6d904d4-29c7-465c-91d1-a7fe858f6e6b","block_type":"box","text":"fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"f74a8474-6bbd-4f0a-a07d-6e63f44ebd49","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":155,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"10425009-8623-4978-8967-df1e6abe9e8c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"c43c6cbc-3473-49dc-a880-aa87d9982fe1","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":155,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"9cccf9e9-b986-4f82-a273-499f05cbdcf3","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":155,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"3d855a1a-0f3e-4c4a-9878-9dc82e291405","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":155,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"ff34d3dc-f06a-49de-84dc-334176454f89","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":155,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"a1b3770a-50b0-424a-a392-0c5f58a33aad","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":155,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"fd51421b-f490-46ef-933f-4f924117b854","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":155,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"5d29bd1c-3946-4b71-87ed-98ecf9614002","block_type":"box","text":"$1 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employer","page_number":155,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"c60b8099-80e3-483d-9c61-f04e54be0905","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":155,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"93f1f06d-4864-47e6-bb98-11e412fee29c","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":155,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"cc4a8fbc-7f01-467e-9dba-c9a3f24907df","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":155,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"512ecaff-89e5-4017-958c-c0073ba0b1c9","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":155,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"9ee9cbf7-8305-48b3-9fcd-44bcd79f85e7","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":155,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"77d791fc-a5c2-4b5a-afb9-85f4b8333f0a","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":155,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"c5ceb41f-0c1e-4322-a4f9-ae574d9b85a8","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":155,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"d8e61775-be96-48d9-8be3-c5e82e5a78b1","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":155,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"6d8546dd-a6d5-4346-ad63-07c96476c90d","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":155,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"6fb13b2d-43d0-42c9-a2a5-8722b2556700","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":155,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"9254eb60-870e-4167-b09f-4f43c69876b1","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":155,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"79eceaff-de5f-4a19-b207-a44b323951f3","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":155,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"0bb4523e-8c9a-44dd-b9f2-e91cef15e384","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":155,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"e41cf264-8e88-40c9-9cd6-4e4494df9594","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":155,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"681ceb5f-81b5-4bb4-aead-b6879c05bc76","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":155,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"011a13c1-f758-4225-bfe8-556bac3c27eb","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":155,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"862f0877-74dc-47b7-a005-28e59937d1d9","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":155,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"76d51dfd-e47f-4976-821e-5e485a43d723","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":155,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"ef2b62b1-1eea-4b2c-bdb0-2bd9ec7bf0e4","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":155,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"bb117a01-227f-4596-97d8-195c21f1534f","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":155,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"e6f2de65-bc76-4269-ad64-7eb347eeabc7","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":155,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"194a369c-be00-4fe3-9c2e-744b39a4570e","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":155,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"3d6bc0b2-f48a-495d-9050-0248a68d35db","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":155,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"98f72bdf-4f16-4be2-aee7-658f96f72c3b","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":155,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"494c8b4d-750c-4fd8-8105-6e0919825159","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":155,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"83695122-43ee-4cfd-955f-594ee47ff856","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":155,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"abb34e5c-d947-4928-9f59-95256290e175","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":155,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"08983ea6-d8fb-4b07-9e25-7c87324e0c81","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":155,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"5e0cbc7f-5610-4a21-bece-3bf3832a7069","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":155,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"2f74fa3a-bfc3-4160-8cc1-dd7020e06550","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":155,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"3ade98be-bd53-47b8-9fef-c9a8109fba8a","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":155,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"05b0ad79-1f69-4aaf-8f38-e7322963c98a","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":155,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"fb153666-16bb-448e-bea4-3da11e1802d6","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":155,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"1109c5ae-c33a-44b5-9f24-9d1bdc5001f8","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":155,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"c2d175aa-4c9e-42b2-960f-29227cbb9c38","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":155,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"58102744-be78-490b-b689-34e1107a2c07","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":155,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"82341c21-4a98-4594-9a12-c7db65ab7c99","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":155,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"b189bdf4-bfbc-4269-a299-fab5e7af4b3c","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":155,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"58a360a6-25da-48c8-8b8b-0d59dcd937a8","block_type":"box","text":"II-102","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"010c4544-d852-458f-86a1-973ea5000c27","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cdd429f7-c78e-43c3-955d-b81dceafd53a","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":156,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"117dc980-d5f3-4f92-ad0d-33b5acd7777e","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":156,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"4ae4dd49-4673-41ca-a1d4-0c4bca930c65","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":156,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"f192c037-0a35-4213-906e-dd2743f7d9bf","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":156,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"8a0bcf82-d40c-485d-bb3e-c794be7aefa8","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":156,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"1b87c1ed-e4ba-468e-a7ea-f4c00b5b0480","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":156,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"f79a1c03-4ad6-4345-a785-9f1ad6fdd23e","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":156,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"5971ed0d-251f-4158-b9be-a6791d1d2546","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":156,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"0b0ca584-b85e-4774-a459-ee0c5384208d","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":156,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"0430847c-125f-437a-aa51-0a3df1609e1b","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":156,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"1ff36c36-72b9-4072-87f2-c00d5c42fa3e","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":156,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"13d70762-f81f-41ea-a3ed-a695829ad2de","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":156,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"9c123471-12f4-4430-8391-87b56ca79a54","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":156,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"00e4d903-f91f-4728-992e-b32d47af270b","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":156,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"c9d47b25-e0da-4ee8-9e36-c956ad37df74","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":156,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"2223c0f2-6250-4e02-989a-ae8459925499","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":156,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"6be8900f-4fb8-40b6-8470-a22541bf0abe","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":156,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"acf7f983-b8c8-4f8f-b8ef-366dff2f8703","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":156,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"8d3ca03e-d8ab-43a0-9a2e-7a643330271e","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":156,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"2d8c2384-d2b6-4abd-a230-fa9a69404ac7","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":156,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"a08c79f7-8941-4948-aeae-42586d19bc73","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":156,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"ce15a694-5fad-424c-947e-7c36672970c2","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":156,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"74bb1c54-2b52-4927-878b-0d865fea461c","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":156,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"1c0135eb-b470-424e-a9e1-47ab0f89ec56","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":156,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"4c579793-b237-4de3-b679-2a6ca2604d57","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":156,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"2dde2bdb-22a0-4847-8570-202b8722eeca","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":156,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"c853a614-f7db-4f73-97f2-64831009cc53","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":156,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"cc3e370d-e4d8-43a8-81ca-2e32df9923ac","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":156,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"a89a9316-420b-4b4a-9f24-b40a660baa53","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":156,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"5a5dcdd1-2b5c-4e6f-9075-74e68c2533a7","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":156,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"4bf26db3-8441-486c-af0d-0844becda1fd","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":156,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"aa8d730a-ced4-4fbe-9155-3d077b8e0ce6","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":156,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"dab9cb8a-b99c-4673-bb1e-09864807721a","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":156,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"23b7062c-e24f-444f-8ccc-c27b9e1f9267","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":156,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"bafe3488-ec9a-45b5-be57-0ceb61ebe56c","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":156,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"78fd0cd1-0bbe-4b63-9fbd-13f724f20220","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":156,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"dc331073-aa84-45bb-bb61-3be7bc3f9316","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":156,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"cf0bdfcc-e390-4a73-9594-75231bfc6bbc","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":156,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"77992b23-ce51-4e65-87b0-ff9ed1f5391c","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":156,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"9522a6ed-9a2a-43b6-9fd3-643f1e2e3e67","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":156,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"5cc0e5ac-ace8-4d31-998b-d4383c94ef8f","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":156,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"164215e6-3af2-4b66-bdba-a36810ca6729","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":156,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"b27bbae9-6ce6-485e-a23e-9d3b1805ad5d","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":156,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"ddcc1868-33e6-490a-83d7-3e8ee7b97232","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":156,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"f2919e08-75a8-4675-a313-2c3e0bb1a144","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":156,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"903c1c6c-8962-40ff-b2bb-2d666e0e04e8","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":156,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"64844fc5-2f53-4490-90eb-82934a9a4168","block_type":"box","text":"public or private investment company.","page_number":156,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"6fb36adb-a261-405b-9c18-b986e202dc45","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":156,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"c6c1c65d-faf0-4c10-8859-1b1ed97e30f3","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":156,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"a014469c-9615-414b-9b85-b87306e140c9","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":156,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"57f86924-fc7c-42ee-a953-1a61d746b888","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":156,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"3ce6fa95-5c4e-470d-b6fc-d1ffa6c6670b","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":156,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"28eda378-66fe-4ae7-96d6-1f0225c82448","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":156,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"330fb816-5fe3-4aa6-99be-83300b957646","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":156,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"342cb260-da5c-4892-8abf-d88466f22944","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":156,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"a92c1415-4ac4-43ff-a365-52e81f61fa1e","block_type":"box","text":"II-103","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4c7b6c9f-82a0-4b01-a305-026c11c96625","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0b6ee05-f56f-4ab4-b520-4d2bb9ce03a8","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":157,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"a485dbc3-ae88-4859-81c6-029e6786c0e0","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":157,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"6a5517d0-b296-4421-a754-3616801d010f","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":157,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"05fee38b-1c3d-452d-96d7-5355faf4fd6f","block_type":"box","text":"intermediary associated with the account.","page_number":157,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"d071c70c-b89b-4b10-a76f-a145944fd18f","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":157,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"e8a69be6-44ed-4a10-9354-a5c32c79e366","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":157,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"d1706543-f12d-4bfa-b457-4070309197ef","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":157,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"e1b52b2b-e6c9-4cea-9fd5-d8db3832d066","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":157,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"1281fc61-a7cd-46b4-b46b-ec1c7543c5bd","block_type":"box","text":"CDSC shares.","page_number":157,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"4ec7e231-16e4-4616-ac87-e1a17054f4e7","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":157,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"39a64714-3930-451e-adb4-8ff08c30638f","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":157,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"64bd70cb-84d5-4c33-a670-3ac711556bee","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":157,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"cda3fb43-297d-40d7-9fc9-980358937298","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":157,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"931ae0ab-67b3-479d-8b92-4d6313092305","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":157,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"cfa303a5-3f26-4656-824a-0f6ea0af7eb9","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":157,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"7847f342-3177-4d85-8306-d91909a26dc0","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":157,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"1ca43769-8ea8-42ac-b491-41a8a943fd47","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":157,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"b14ecd8d-7adf-49fa-b5e6-e6ae6f20ebbd","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":157,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"bbb7a537-1bff-4cd4-adaa-1350415c6cf6","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":157,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"c7a402ef-ccd3-440f-a92d-ff68a30f6305","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":157,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"f96e3ddb-1135-4d94-977e-3ea3995a1ad0","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":157,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"eb9cd400-b0db-48c2-9a39-3e408328dddb","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":157,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"4d19d55c-d68d-4971-a918-acd2b47982ca","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":157,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"5f671a26-4763-4662-88fd-099c5d540e4f","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":157,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"bacfb04a-9df3-4a41-a534-1197fb37c75e","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":157,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"d5b6fa98-9191-41a1-a8e5-116e2f50cdb2","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":157,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"e4d2f4e7-2a38-454c-bdae-a3eec5e75bf1","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":157,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"82aac67c-038c-4ccb-ab26-29c1fbb207e5","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":157,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"fc62dfac-964a-4dec-a11a-67c53394beb4","block_type":"box","text":"Investor A Shares.","page_number":157,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"eafc45da-a61e-45ec-8a0c-4dd87386c44d","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":157,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"d80f0069-84ff-4956-ad12-23bdbfcbb320","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":157,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"2a76aeae-8646-4489-b39c-05e3bb608878","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":157,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"fce499fa-f315-409a-94cc-a5c7fd989c33","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":157,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"42e9d7db-9291-435b-a01b-9c54c4e7343e","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":157,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"9224c13b-2a73-4260-b253-f19dd2777d6a","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":157,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"58b66bf0-9684-4917-9898-c9df81fbcca8","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":157,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"5b7d2d07-fb4e-421f-ac24-07dc5be626c2","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":157,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"cd38ab94-0d65-44ce-a899-dc122b6cc720","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":157,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"8ac16f4e-cb1b-420b-83e9-d01f73d3fa93","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":157,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"1588fa73-d5e5-48ec-b8ef-b8a69cbb4317","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":157,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"c0178217-ca0d-4bbb-946b-da583f3b619e","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":157,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"b7c4f6c1-f9a3-4fe0-b26d-ef059938740e","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":157,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"7b2eeb81-fcd4-42c8-b702-ddea7c21c4de","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":157,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"e0525899-6349-4c5b-b8cb-3a351bf9a0f5","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":157,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"e8e104c3-b7e7-47d9-b728-8cb65d12e7be","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":157,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"b4317880-a645-4478-8df7-44189157a6c4","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":157,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"a125d208-cc92-4074-9e13-81524187a2b2","block_type":"box","text":"“Investor C Conversions”).","page_number":157,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"631275d2-160f-4d36-a876-396d83cfa872","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":157,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"a1d52368-feed-4aa1-b476-f0b2e01b9eb9","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":157,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"8b78d1ef-1238-414d-a584-4c62d98f564d","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":157,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"d8ad528a-dbc6-4dec-b81d-f81794bb5aee","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":157,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"b7d8766f-df18-4d6c-b251-885d738371c3","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":157,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"d2e63eee-9971-4f55-ae96-39ab27088e86","block_type":"box","text":"II-104","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2947ea09-4131-46fe-9e12-09ee6432d717","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e399d553-6f3b-4cbd-b991-8698087b4342","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":158,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"cbf82256-b3a5-4d4b-bd92-630c00fbe0b9","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":158,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"2738c1b2-4839-44c6-b4e0-df882c70bbd8","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":158,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"9e76b0b4-5d23-4a83-81b4-df50f7666f3e","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":158,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"273fe9dd-d755-40bb-a93d-3322abb29090","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":158,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"ca6bede5-25e2-422f-8b61-cabb369c8e13","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":158,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"35390893-90d8-4e6a-ae98-699ad5599261","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":158,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"6a091bdb-ac82-49b3-af35-417afb0b67e4","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":158,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"c5d76820-5ac4-4289-9db2-d65b9c15dfd2","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":158,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"f7662fe1-be44-4b2a-b358-15a8528b39e7","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":158,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"92634d2f-8d56-4d17-a224-8c4908b90d3c","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":158,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"cc4120ea-d874-46a0-841d-2e507457c6e9","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":158,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"2cd77040-82c0-44e0-8775-11f272646fe0","block_type":"box","text":"redemption.","page_number":158,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"3346fda2-e15c-4c56-af66-fb6dfd3ff780","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"299a256e-53f6-42b0-b87b-ce0c95940c21","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":158,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"7afe65c5-ff21-4872-bb06-a4cf5b15cc5b","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":158,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"35db3111-a25b-4a07-9c64-114ecdd09bdd","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":158,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"a0ec77b1-7a87-4fa5-9835-d68fb641036d","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":158,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"c8bbfca5-070c-4a9e-af1c-d364b22cf4a4","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":158,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"f6547362-eb07-4cea-bc4a-4a09c146da84","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":158,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"dcc52351-eff8-464d-9518-be0c3139a1ac","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":158,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"143d31ce-5c22-45dc-ae11-1cdd49037d4c","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":158,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"25f803b7-0d08-48f4-b26e-c4fd332cbaa4","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":158,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"b1963c96-cf7c-4d60-9706-b1459295e178","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":158,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"b7be7184-68ee-48ff-8354-080677cc8899","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":158,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"e1f1b806-8cfd-493b-ba61-9ec1a20f3855","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":158,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"65ef792c-4e27-4400-8c7b-016f6d65e4ef","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":158,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"61591ffe-4674-44ba-b5ae-4ce021400d41","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":158,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"79e7553e-8648-4ab2-8a3a-120a534ddc88","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":158,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"e0a58b6a-12bd-428f-825f-aa5cc43c157c","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":158,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"d0c080dc-5d51-44ae-8685-ab45f5adbc3a","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":158,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"ad0d990c-6bf0-47b5-9f44-7ef6796b21f6","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":158,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"9723a740-aa74-46d3-acbd-264c6ad1d830","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":158,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"f36ce125-b101-4b39-a179-fd4e4c3d4412","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":158,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"2d33327c-32d8-4c07-9459-fe4b07e5356f","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":158,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"b7799701-582a-41dc-ad51-27c2b60e50bc","block_type":"box","text":"Class R Shares","page_number":158,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"aa184ec0-9485-4dd6-926b-f806e7d323b2","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":158,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"3b9cca27-fd30-4037-bbeb-a8bba31c0391","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":158,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"5426b288-c3a7-4b19-8d2f-8f8c3dd3429c","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":158,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"785fa99a-c59b-42a1-bf76-3d6ea6f5d798","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":158,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"c9f94a90-d5ec-45d0-a3c2-d1e6b4a034a7","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":158,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"d13d54f6-03f6-4071-be3c-0bb5c4f71a54","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":158,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"32ff56fc-0789-4a8f-a041-62c16ea532b7","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":158,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"50f0abb7-6c3a-47e6-8c40-88f7900ceebf","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":158,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"9dde8a8a-3339-41b3-b7a4-d05cede36a59","block_type":"box","text":"Class K Shares","page_number":158,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"4fe1c6b9-1088-44f3-9617-57eaf64c0e99","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":158,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"7b943f92-2847-4acc-89d0-2af4a25f65a5","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":158,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"3f7ca101-1568-414e-97e9-940677245327","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":158,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"b4dda774-9a66-4152-b5fc-de5de06dce73","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":158,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"6412c2a6-044b-42d8-ab8f-6280c059451d","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":158,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"7fdc2b39-f3c2-463b-a9de-8c3bedaa97d5","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":158,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"0af8a93f-3c69-4cf2-b646-dd71107ce06e","block_type":"box","text":"II-105","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a70ae083-5c30-47a9-8535-d30e83a9f2dc","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad4708c5-d2b8-438a-a361-3b588995df70","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":159,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"125ff2c4-2754-4d19-ad5c-9366197a5d95","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":159,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"c90d6356-d1a7-4e2e-9745-167dfd372436","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":159,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"24ef82bc-e4ea-483e-be75-de311f74f171","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":159,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"213304f3-5a02-4d64-ad15-25bf928c9ff1","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":159,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"02ca0ca3-1623-45d8-aec8-135479a87095","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":159,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"3de794e0-6e7f-4c4f-b792-c59a645db20a","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":159,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"634800a4-d92b-4604-b1c2-7309ef386a4b","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":159,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"25bf43a3-8896-4566-bb2f-2cf9694757b5","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":159,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"4d2a5547-96dd-4c92-a679-a516d0c3557b","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":159,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"6e069983-a89d-4b25-b249-2c26561297cd","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":159,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"0da5695d-29f9-42b8-8637-aa76915287c6","block_type":"box","text":"distribution and marketing agreement.","page_number":159,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"8e847cf6-3669-4e76-84d9-3af10b04ee83","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":159,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"d2696119-a7c7-4721-b546-632c1cfd2635","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":159,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"54775861-2048-4826-b680-beab589fe0ec","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":159,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"0c899088-b0b4-48e0-9b23-0463829983f5","block_type":"box","text":"Class G Shares","page_number":159,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"147ba43f-defb-4fe7-ad2a-055225c9b213","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":159,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"fa54d0d8-a0b3-4f87-b11b-c62e7291adf9","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":159,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"8060374f-b347-4c6b-810b-9fcf91b0bb2a","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":159,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"a7aa6115-26e7-4864-b78e-2f9167768bd8","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":159,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"ef392464-1aa3-4aac-8a4c-b82453335f19","block_type":"box","text":"eligibility requirements.","page_number":159,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"74c98f50-4e42-4f2e-bd41-49fd75635574","block_type":"box","text":"Service Shares","page_number":159,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"e47e79f9-6933-4418-aa42-1b0ecc091d28","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":159,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"b534d46b-8811-4092-9d08-b652c509966e","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":159,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"fd0489f7-857a-45cc-8ae0-7d35431ba835","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":159,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"b2b7d8a6-54f2-4273-bb6c-273a6e6fdbde","block_type":"box","text":"®","page_number":159,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"2bd05577-4e6f-4a2b-88ec-730e1733f2b3","block_type":"box","text":"Fund in 1996; and","page_number":159,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"705ed022-6f62-4654-b649-3d9830675408","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":159,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"cb499992-926c-49a4-b074-749b1923fd79","block_type":"box","text":"SM","page_number":159,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"b44bd5b4-dc69-44ed-9fb4-67dcc0c9c4fc","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":159,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"17db919b-5247-4bed-8812-73c5cec3acf6","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":159,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"6d1d4a92-aff6-4e23-8022-dbada2da4c2c","block_type":"box","text":"BlackRock Shares","page_number":159,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"283e0501-12b5-4b93-88ee-547983b7e1a5","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":159,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"9bfcad21-72f1-440f-b306-897c681db4d9","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":159,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"5cb54827-d4f7-474b-a7f9-d4793850a82e","block_type":"box","text":"fee-based programs.","page_number":159,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"a059def1-9633-499a-8b6a-36803df15b18","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":159,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"25436dfb-e65e-4e28-9edb-a22174f0021e","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":159,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"c7b93858-8c6b-4145-af76-2d7d56850063","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":159,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"b826619d-ea42-4501-92e1-a1fb7cb43d92","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":159,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"8db312d3-b6cd-4dd1-b744-3227b9eb5e4b","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":159,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"f58b6d4c-7ef6-4966-8df8-1320a7561140","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":159,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"7948a03b-2560-40ea-a06e-9ac14c7f4aa8","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":159,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"e2294a33-28ad-4dba-930b-5c599db8e586","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":159,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"79c22a07-7731-4548-8651-5a7de99fe102","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":159,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"aa22361f-7d46-472a-829c-19e7aced0c35","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":159,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"31237d08-26f1-438b-ac46-8fce1b38cea5","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":159,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"11b8ce4e-4d4c-4a25-871a-28e5f96192aa","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":159,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"270f3adb-4d0b-4ee8-9bee-6e4780564854","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":159,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"72681184-aff4-4ea9-b353-6c481cb07b51","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":159,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"e8ea08fd-402a-4460-8777-35bea50af088","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":159,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"6b25f06c-2a2c-4d0c-a39c-56db5b7dbe64","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":159,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"a6db6a66-08dd-429f-b8fe-1365de427250","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":159,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"e9ce4608-656c-4157-b245-a1957823b40c","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":159,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"1f9c1531-3e10-486f-bfe9-f266efd2c487","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":159,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"8b81a644-eb08-4201-a1ee-9010a9159bd5","block_type":"box","text":"II-106","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94335cc2-2033-4ccf-91e8-fed26194f386","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cde7094-130d-43bc-8524-1cdc99a39f9d","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":160,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"5159527d-0388-4c03-90a0-1b9e4bcc5957","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":160,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"c0bfbd65-e5bd-4d8e-8c8d-2ac1719c8c72","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":160,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"bf05cca9-9764-4789-8366-7df586ffa5a8","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":160,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"56b9a384-050b-43fb-9ce3-a0fdf91d1902","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":160,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"6c07d30f-73d2-493d-84f2-5c7cc2e47e42","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":160,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"aba54a96-d29b-4543-9baa-efc3ab73a87e","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":160,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"65555dea-0ec2-4343-a4a2-44cb12e5999b","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":160,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"dfb0c8fd-9df0-46f3-ae89-d0d8b7a94e27","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":160,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"1fcd35cd-151f-47fd-b9b9-c468ad8dc616","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":160,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"183205c3-1d03-4fe7-b2a6-0b62131bb24d","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":160,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"4ce5b1be-8836-42cf-b79a-08808f98c073","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":160,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"ce3ce389-2fd4-402b-8ed0-924a451b7837","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":160,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"856e929e-1f90-431a-a8ef-909803b3921d","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":160,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"39e7b7f2-67bb-485f-972b-fa25ebcaf95b","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":160,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"d076ff6d-a6c8-4df1-87f1-713f742a3393","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":160,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"53a2b4b7-4b7c-4c1d-8362-f039071488a1","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":160,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"598cd454-8304-457a-a662-31e21989ca37","block_type":"box","text":"compensation for selling different classes of shares.","page_number":160,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"c28c7941-79be-4d26-a066-4b96a6f1d0b1","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":160,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"5a75b960-aca8-4247-811e-e7c97d5bde71","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":160,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"33186160-5e33-4140-b91e-9acdf051140e","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":160,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"c16c1630-7f6b-478c-882a-cdc73f6c2d86","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":160,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"5d2f4a93-42b5-4357-8919-6b2d418f999f","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":160,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"747775f7-bb7c-4ef0-a8ca-94c3ae5fca1c","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":160,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"a18774ba-4d1b-4d34-b02f-c2539470db0b","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":160,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"e7a32bc1-22cd-4add-b5be-d8f7c376d3bc","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":160,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"f75e1ff2-afbd-493f-8e48-a0255c5878d4","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":160,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"6fab557b-c428-4fc0-8761-6cf060f9da57","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":160,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"eb9ab6b9-d6e8-48d5-8b53-f40202e3303b","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":160,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"db1d7cd5-4721-4871-b925-b3c49ee17315","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":160,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"cb0ecbf1-7143-4745-a756-adc3eda66cc6","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":160,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"513de0f3-69ab-46c6-824b-7b0d478a403f","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":160,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"05667033-3f04-4c2a-8d56-b317d8a6fd41","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":160,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"abb61ac4-c903-4755-90b5-75a727fe360e","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":160,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"c791f252-5199-41d4-843c-8d6aefd0fda3","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":160,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"d861b8e7-c204-429c-bb41-914a074b162a","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":160,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"4ca3ecd2-8e5f-4e6a-86c6-88c13e4e66c4","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":160,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"5df81326-3028-4a17-ae03-5a60b015b172","block_type":"box","text":"easily accessible place.","page_number":160,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"47d9ca96-8dda-42df-bd13-33b7ca827e52","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":160,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"7fe60d4d-05f1-426e-92d3-6fff1d7c9d0d","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":160,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"b2ddd7f5-beac-4ec2-92ba-2b8d043419a0","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":160,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"cfcbe2d3-9b15-493e-af4e-6535a4494146","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":160,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"54163176-429c-4ed0-9c80-5c350e0b615c","block_type":"box","text":"fiscal year.","page_number":160,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"580a9d47-1cc5-4526-9e21-17aa1f04c228","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":160,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"ceeb16cf-d505-4b38-a4c0-5c8e6f66b173","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":160,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"4905f359-ebbb-461e-ab47-0de59ebbe622","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":160,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"9229b35a-790d-4b9d-a335-a94d0ae6bcdb","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":160,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"c8f71308-1bf9-41e5-b979-d08cf1fc2281","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":160,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"6297057d-c928-430e-abf4-e0976c81d047","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":160,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"826b0176-4753-4294-8ae5-55a574a64c06","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":160,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"80c37165-7598-4bf3-98c9-7e9070c1893a","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":160,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"45fa948d-af67-452b-8902-b30007e05021","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":160,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"357dcecb-fb14-45ae-b72f-4bfeeddf700a","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":160,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"6b4f0953-82bd-425e-ac44-ea62f411275f","block_type":"box","text":"II-107","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dc6f64be-51f8-4864-b2dd-c51cebadd5ea","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d45f66e8-9ca5-4a57-92ff-d07b23cdd093","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":161,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"3933a84d-224a-4972-b67c-26da73b37cd2","block_type":"box","text":"and Class R Shares of your Fund.","page_number":161,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"99f3d920-41e3-4c95-bcfc-f0509d9872c1","block_type":"box","text":"Other Payments by the Fund","page_number":161,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"7dfb64e9-63ed-4e22-b61e-c6fb8b909ac3","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":161,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"e8a63761-cc1b-4d36-9447-9c0e25744be9","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":161,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"7c86d963-87bb-4a16-a1f4-a716c101f4c3","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":161,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"b9720785-6cf3-4130-b749-6aabf33df05c","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":161,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"57cf7145-c36c-49e7-9a51-cf917188069c","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":161,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"7b2822c8-93ee-454e-a957-aaeefd3ceb0f","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":161,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"fb6857f7-5d7d-4c67-a00c-100e1ea4107c","block_type":"box","text":"of these payments may be substantial.","page_number":161,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"36402cbe-c1fa-49da-99b1-abbf858d6eaa","block_type":"box","text":"Additional Payments by BlackRock","page_number":161,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"8eaa384a-c7a1-4580-9528-ca4862c3bfc7","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":161,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"186a17ab-e8c2-43d9-8785-ebdbcc09db8b","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":161,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"5981d3eb-3163-4179-a854-8319e5030e5f","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":161,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"2bee619f-0fc0-43d2-9f3c-24409bb45e49","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":161,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"a2a46b84-7c82-4616-b941-988baeaed9d3","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":161,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"611c0d3e-998c-4ae5-9a44-5cc85edb8661","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":161,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"28ae808e-d041-4251-9857-c5b724fc3a58","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":161,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"0e226097-b2f5-4e6c-a39c-6e3242ff7cf9","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":161,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"d81838f1-ead7-44db-9b7b-69d261857107","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":161,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"b0797270-0c5d-493f-83a9-affff29864b4","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":161,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"5ed3f385-338c-4aef-991d-9eead79a43cc","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":161,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"c49db615-80a5-448f-9873-badee74c22bf","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":161,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"36c6699c-4fef-4011-858f-eec1f0bed155","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":161,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"ab6bbaf3-5dfd-48b4-b2c7-b3a2dad13445","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":161,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"f1fbd6e6-b7c5-4ecd-bcae-d586126f3f93","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":161,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"7d2572f2-cb60-477a-bd97-9e05816c3cea","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":161,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"610fbb5d-0ec4-4046-98d4-93b792e947a5","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":161,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"117eb171-1b43-490f-9b75-5a768823cfd0","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":161,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"bf2b4071-2a85-4b3c-945f-e5f53fab3e95","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":161,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"3ea2fd9c-28ea-407d-8846-f425234c04be","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":161,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"3e5e9f91-b899-4cb5-bf40-b27344d99760","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":161,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"bc5aa4f9-3991-4567-b615-8a457eb44539","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":161,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"88c2edcb-5703-426a-97c8-e756ccb5ff42","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":161,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"2b0c6e58-9779-4dbb-b24a-42f555876668","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":161,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"5d647379-466b-4c8c-8b2c-f06ced7450c0","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":161,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"84268484-9273-433f-8dce-13b2893be769","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":161,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"910f005d-9d8a-4c57-92f0-f1023d658a2d","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":161,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"851198f2-4131-472a-9994-e02145c7a4e5","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":161,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"184955bf-d8a3-4bfc-aea8-1840e8db9625","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":161,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"a66cca8a-60d4-43f5-b0ce-7fcd48046a2b","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":161,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"f8edeeaf-3efe-4f2a-a90a-ec91930236f1","block_type":"box","text":"Funds.","page_number":161,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"d597b0fe-ed96-49ea-9ee0-1245f8a63a19","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":161,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"78568535-cdde-444e-821a-601319bce4c8","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":161,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"10d87bad-cf68-490b-ab0b-b1e3b13074e2","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":161,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"544e5e10-0e26-4f7c-ab98-72babc5a2189","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":161,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"1a684340-1d81-4f06-b17d-a3f89b99bf35","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":161,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"64e26c63-53dd-493f-95b1-1e588e0b5cb6","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":161,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"e95bdb56-2545-4bc0-9b22-0e98ab9ed694","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":161,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"4fc0c672-9de0-4487-928f-d62facb2c283","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":161,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"9136bcb9-02cf-4d7f-b696-1b65dc9ad7a4","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":161,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"b34c5d68-0ea2-4048-a5de-941f873a9033","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":161,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"88ad7379-d4e2-4fdf-b2de-0c1726d6d2ae","block_type":"box","text":"II-108","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d5b37a06-c964-42e7-b25b-17ac7b8753a0","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9445666a-370a-40bf-b845-a781c4f85525","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":162,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"69305ccd-d3b6-438d-8bb9-3ed09e293164","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":162,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"9ec62bbd-b1c9-4ad3-bac3-4d52ffc9e8a9","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":162,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"9a53811c-1ba3-483c-b26e-ea1759ef0ea6","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":162,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"40557769-b07d-4a57-b276-34102719a889","block_type":"box","text":"B. Shareholder Services","page_number":162,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"cbc463fc-91a3-4a26-b373-aedc76e43d93","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":162,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"f0327290-5016-498c-93b8-1e4b68a49cd3","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":162,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"cbfc2d5f-6429-4b34-a693-b157921b3f1a","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":162,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"fecc37bb-5660-4304-bcdb-afb06b201751","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":162,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"ad75f44b-b0a1-4c6f-bed9-f7822564257f","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":162,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"caf17b24-d11e-4ce8-8a5e-241e4bcd3923","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":162,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"1f5a58ec-08c2-447a-8e6d-57288bef7ae9","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":162,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"24dd4dfe-1b42-4c65-89c7-670a50f08ea2","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":162,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"1aeb0298-f044-41c2-8ce6-74813aa06fd6","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":162,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"244bcf02-a839-433e-b406-76c2d4ca14af","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":162,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"f609e144-90d6-4571-be0b-a7c7b2586389","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":162,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"4c2299af-b95f-4937-a393-5eae1243d7a7","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":162,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"54867cb8-acd1-43dd-bf3e-e4a3b800ac34","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":162,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"8e22026c-b41b-4f24-b27d-676228b4adaa","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":162,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"fc16a62f-68de-4202-8606-cb9ae65ebc24","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":162,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"7d808344-cdb6-4c83-82b8-24ac6cde0557","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":162,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"50983df9-d89a-4d5f-bfb4-2f26e6c51ab7","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":162,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"d1af75dd-0cca-49ee-91a3-c7785399d6f4","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":162,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"7e2c828b-be06-4c73-9b29-d80b79841a84","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":162,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"fe13c3be-b4a0-4467-9fb8-62995b62cd01","block_type":"box","text":"&Par 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The","page_number":166,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"59bc6777-60c4-4fcc-b9c7-c3c7858217d5","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":166,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"9cf625b2-8654-4109-9247-452d684bad4b","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":166,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"cd111720-0256-4e80-b287-c85a07d03635","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":166,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"cbeaa0c3-fa9d-4f41-8833-c5c7292858d6","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":166,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"974e1589-36f3-4651-b986-6f89004f4524","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":166,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"4438257c-d577-4e31-b642-aba101cdbf69","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":166,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"4836fabf-b7b5-41cb-b8b7-9d30adad08d2","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":166,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"296e2cc5-d1d0-4c3f-bd46-913ea0390979","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":166,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"f4161ac9-e727-4f54-8804-d310483f8b61","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":166,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"e09a6d05-0070-4219-a768-97d845c41a93","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":166,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"553feb3b-1c23-4d99-8d4a-8fc40f88791e","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":166,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"73a10db0-eda4-4781-badb-5804e47de789","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":166,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"19828e6b-96c5-44e4-a9bf-2caf76166f88","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":166,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"d52eea49-fd74-4542-8eed-69dbe609d483","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":166,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"73d5c00f-4965-4308-93f7-8b206dccd839","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":166,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"b6fec7db-d115-4801-b0fb-d99afbe4d642","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":166,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"c6f5ff07-583f-44a3-8e7e-bb94290902a0","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":166,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"00d3877f-c9d4-402e-854f-9282726baf7a","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":166,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"aded7b5e-685d-43ae-8316-ac53b8df8726","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":166,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"4702a59f-7af1-4e1c-8546-c50db7e80125","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":166,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"9f109931-8087-415e-887d-df7e6643866c","block_type":"box","text":"Redemption","page_number":166,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"c251ba57-59c1-4f65-b373-c41f527997b6","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":166,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"850bb144-0918-4cc0-befa-08a07cc1d3b2","block_type":"box","text":"Redeem by Telephone:","page_number":166,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"e6e68b97-9160-4d23-8713-07967100f2fb","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":166,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"7dc3395f-75b9-4f9e-92cc-0f6f67705982","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":166,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"80f83409-5291-4aa3-9479-7f4b879c8682","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":166,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"7432f10c-c5d2-4b07-9754-3a3135794355","block_type":"box","text":"II-113","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"76f59929-e216-4700-b434-92640013ce3f","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfc13158-28a6-4fab-acf5-35b6cf489861","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":167,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"5ef851c0-4fac-4c1d-a249-170c26c68673","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":167,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"f9866ec9-9903-4767-892a-210fab88f004","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":167,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"a37db21d-6d3e-4020-806f-0ea2d94cbe3c","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":167,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"642ecddf-670b-4b3d-84ca-937fb546d8e3","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":167,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"0afd7c73-edfa-4c9c-a633-d8b3f9c71b01","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":167,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"a1c01b1a-8498-494e-b912-8c9987c41e81","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":167,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"1c1da54e-1217-4f31-93f7-6369b197ad06","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":167,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"fa61b917-2717-40ec-bbb7-2e1da723fb50","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":167,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"a6b96859-7449-4dad-9ea8-f6c4a086e3c0","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":167,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"450fc599-01f4-41e3-be8f-2bff9d1700ad","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":167,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"22a0de4b-ea42-44bf-9e0c-7827a78a478b","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":167,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"7b7ffebd-13af-489d-96cd-c0356a3ca391","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":167,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"7b538894-ffc2-4be7-a0c8-7fd18ce71d8d","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":167,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"744e7028-e904-407a-99f1-4a79f20b2f0e","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":167,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"0b9d6271-6d7f-4247-be66-13d674926a44","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":167,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"31194b13-9d70-4169-88f7-98fcc3e41261","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":167,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"f17ba507-8ae3-4bea-91ef-2607a09a36ec","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":167,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"d11e2afa-f57f-4824-b8cd-4ed417055fb5","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":167,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"f4a7cd13-f47b-4fb0-9bd3-ddf0ae111410","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":167,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"b8dd63b1-eaf9-430c-bb19-aec95ddaea4b","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":167,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"ab67ed32-80a7-4957-ba77-5a211ff92ad9","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":167,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"eef3c264-eb99-4969-983c-cf40de3dc9bd","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":167,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"512c1950-b56e-4c89-825e-9cd5ba6179d9","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":167,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"f4d040e8-9c7d-4234-8549-b78d0e229725","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":167,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"d7fa6ef5-9f7a-4501-83b7-7ec4001fdc02","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":167,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"0e59a249-b119-475a-adc6-5b94dfb6c683","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":167,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"ae4cd68a-1231-4880-8bea-4414d3127c6b","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":167,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"6fe62b4f-988f-45d5-bc92-a10fe8c577ea","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":167,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"1d82adc9-e616-42f8-ada5-5770046f21b9","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":167,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"ca21bae5-870d-48e5-b13c-bcda1b213c98","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":167,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"5abbebb1-d6a7-4423-acd2-0b7d259d5edd","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":167,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"dc47072f-ceb6-444d-9db7-effa3e5442c0","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":167,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"ea5b1767-c5b7-46a5-b602-f01ddc8f04da","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":167,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"3b21bb9b-bc7c-474e-b513-244d4a952c4b","block_type":"box","text":"Redeem by VRU:","page_number":167,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"bde3adef-ff09-42d3-aec4-e163677cafbd","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":167,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"9bf9a0c8-6225-450e-a66a-7f4ed1d2a012","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":167,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"950bcc5c-c074-495a-8fb1-c0039b87bfc2","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":167,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"7ef30fd0-b57c-4c6b-8db0-cc28eff27666","block_type":"box","text":"Redeem by Internet:","page_number":167,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"f60580d8-1b19-42f1-bd5b-4d133fabccfe","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":167,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"82d571d4-8d2b-4180-b0b4-00c09df843df","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":167,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"efbc2005-7a60-4a9e-b9eb-0abfa3fb4c85","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":167,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"cbcb03de-404e-4020-a9ce-644b53f5c51e","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":167,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"50562662-d3af-484a-acf8-224181f60caa","block_type":"box","text":"institutional investors.","page_number":167,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"d91d115e-eca7-4b86-ac0c-6189a9a43466","block_type":"box","text":"Redeem in Writing:","page_number":167,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"472049d1-58cb-4b37-ba88-d79e0b72e5fa","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":167,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"cb6597fa-ed98-4279-9930-2e06475557f9","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":167,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"ec3d2c3f-21e5-4a66-9078-f06f328a01fe","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":167,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"b8ff072b-5648-4ba3-a5be-22abb264709c","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":167,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"12bd52da-e1fd-4da2-9f04-cd4b6b6334eb","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":167,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"d3add8c3-eece-453b-9a92-07076cd4116a","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":167,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"505e036c-e79f-4ac8-9682-5f09122f2cca","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":167,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"dcfd003a-9a8b-4438-8ea5-b780e648e550","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":167,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"4aed525c-2088-4fdd-b46d-1604125aa2a9","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":167,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"f256a85b-7f4d-4c16-ba3d-f8ac9b62aecb","block_type":"box","text":"the bank account of record.","page_number":167,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"7935c841-71c0-43ff-8f37-89e9a48dfd6f","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":167,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"677193a3-1011-4b87-a6a1-4b533e6eab76","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":167,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"216011e5-0c8e-4551-8369-1e1950071adb","block_type":"box","text":"II-114","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ae80114d-e9cd-4a10-bbef-1c2678f24aac","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45bd54cf-5163-4efe-8ba2-ca785d9c8e7a","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":168,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"a7ac68c7-80d3-4401-b447-dbc4ff8a21e1","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":168,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"0076e240-e406-495c-8297-a72529c8e817","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":168,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"2ffa443a-9df7-4471-8348-c9f1ed47ae43","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":168,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"b2f2ad04-df92-4821-940c-0884e36cb034","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":168,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"11cf75fa-dc94-4427-a9c9-1ec93bd8ae58","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":168,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"7965a233-14b7-4c92-80b9-d4a1e426168e","block_type":"box","text":"redeemed by the Fund.","page_number":168,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"1fb888b1-2415-4653-af38-52a6fe89c3cf","block_type":"box","text":"Note on Low Balance Accounts.","page_number":168,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"e2dd9316-5d0e-460f-acf6-1a4fa1af66c1","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":168,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"966b98c8-708e-46ad-9008-168791a3fc5c","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":168,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"0f21424c-d0e3-4b76-9cfb-5d540d4177c1","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":168,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"2f545d25-1a0b-4a78-8255-6c7960638925","block_type":"box","text":"for any reason, including market fluctuation.","page_number":168,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"dc2ac552-19bf-4a0d-9398-b118a678ca93","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":168,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"e86cb063-e14e-48c1-b635-fa77ca90649e","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":168,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"448e503f-fe98-4390-96f3-1387e56e294c","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":168,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"8402801c-bffa-465e-b941-43b48c50e661","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":168,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"f74757a2-00a4-4d5b-9e57-aed1be4c55a0","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":168,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"6ea70bd2-f293-4f2d-b64f-b1d8ad71051e","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":168,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"1182f1dc-5036-4caa-94bc-ad12fbe404d7","block_type":"box","text":"Repurchase","page_number":168,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"86e50a63-3a16-4dbe-93b8-fef1577f6f16","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":168,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"8768dbc4-cb43-4be6-8369-0bcff2013c20","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":168,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"eb1e40b9-0823-4b7d-b17d-ca36570a60b8","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":168,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"74bdd972-868c-41fb-bbea-f15ffb8ce948","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":168,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"012b07cb-8362-4d64-9a8a-0d2867c36d27","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":168,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"fe0e3a00-ed00-4ee2-a57f-00c6c6c4286c","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":168,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"1fa10bd5-10fa-453c-b186-d86b44c699be","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":168,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"7bffff1b-c979-4592-81bc-36e276be47dc","block_type":"box","text":"next business day.","page_number":168,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"7e531b0a-2c1e-4b64-899a-98e06847379e","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":168,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"fec45d88-1eda-498e-ab50-032ba5319452","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":168,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"f65c6065-50c0-4974-90fa-faa8f6e92dfe","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":168,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"9b83b6d5-8723-40f9-9133-47b5b7af5322","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":168,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"bab2288c-096d-498b-9e8d-c5ee309ecdda","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":168,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"5c24369d-9096-4837-b12d-1e18db66d51c","block_type":"box","text":"redeem shares as set out above.","page_number":168,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"edb0e9b2-4079-4ad6-a1e4-21c4bb6d14e5","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":168,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"9285b9e5-f88b-4494-8ea7-8c5560b3a717","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":168,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"bf5c30f9-70fb-4054-a7d1-92fbda989365","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":168,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"fe6e1819-7a09-4b30-a12b-e0066ba00d9a","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":168,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"603ae0da-3cec-45e8-acd9-ac7228cd95f8","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":168,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"1fde2dc7-9c9e-4edd-9863-7f4f64f3dbf1","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":168,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"e2ad4614-f807-4ab3-a261-370296b571fa","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":168,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"f2799a08-5291-480b-a22d-5b87a18852c1","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":168,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"1952f1ed-a496-4aa5-b47b-51a09fa85989","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":168,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"d17830f2-05fb-4bcd-9369-59f4fed2dc0d","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":168,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"3e34b90e-29a0-47b8-9378-98a6fb2db786","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":168,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"43ca00b4-188f-4d40-8a27-b4e8003932b7","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":168,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"bea4b33a-64d7-4e00-a611-848bdf5a0604","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":168,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"7cfd029e-0656-4e3c-a6ef-40c41ef40bb2","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":168,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"a0986bed-b90b-496c-9882-85c713ed91fc","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":168,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"18e79738-f6fd-4ef2-92ce-e6dbb6a85eca","block_type":"box","text":"II-115","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1900ab2a-75b8-42ed-8874-e421d2bf9cd4","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0ce79a3-51cd-4df4-91a9-df71d4ccd47c","block_type":"box","text":"Investment Account","page_number":169,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"6c7aa13b-70db-466f-9a50-61491837b4d0","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":169,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"c562d3b9-5dd6-4e57-8c30-c2af7ad0c22e","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":169,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"2f277f2c-f380-4858-88f2-299492e1e146","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":169,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"26c20d4d-7586-4d12-a5bc-162c7d421b00","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":169,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"9a4410cf-da2d-4c87-a07c-1fbeb8cbf2c5","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":169,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"b6a6894a-ccff-4c8a-87dd-758209080323","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":169,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"f1c06d37-12ad-43fb-8d52-00c51db4f1ac","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":169,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"b747d7d0-f28c-49b1-850e-a6105780d04c","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":169,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"a54e5e2b-63b8-4c0b-ab1a-c4761a143b10","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":169,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"d84362d4-9838-465a-882d-21bfff21b8bb","block_type":"box","text":"automatically at the Transfer Agent.","page_number":169,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"fefff8ca-3212-41f1-a6a9-d7a4b154299a","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":169,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"7775f341-f578-44c1-a768-95ee84581290","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":169,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"fdfdb4bc-f14c-409d-9fdd-bb733f29db1f","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":169,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"b5fa9ee8-311c-4944-aac1-de6202f921e8","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":169,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"921a914f-ae9d-49a7-9ab3-eea5081a8eeb","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":169,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"b7c7e137-c1d6-4772-bf2c-91ee74c170b9","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":169,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"0196e675-704d-4a71-b3d6-be1053a1b274","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":169,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"251f2609-3bd8-40bb-a332-91c9b22ba804","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":169,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"858a249d-6aa6-443f-93e3-626a5e6d0811","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":169,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"f35265c6-9228-41d8-8282-aee106482caa","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":169,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"8eb71fdb-8e77-4ccc-89e2-ee6aea1bdf6b","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":169,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"b25d4e58-af1c-4a55-86ad-b67c4f1aa82b","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":169,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"b52ad008-d565-40fc-aa5b-4bdd1418508d","block_type":"box","text":"issued.","page_number":169,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"90319c8a-4fed-488e-9794-e5edc15b89f9","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":169,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"011e31a3-d687-4a44-9065-5653b8513a06","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":169,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"c19db067-4f52-4df5-9d26-0ac863c7ddc2","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":169,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"26d15ea0-138e-42fa-a327-5cb09eba7172","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":169,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"de47c440-1d2b-46d8-9cbf-bbd40ed1f7f9","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":169,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"d63d4c82-96e0-44f3-8dce-001a558e4933","block_type":"box","text":"Exchange Privilege","page_number":169,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"bbd44a29-e104-4b9a-94c4-5ee7c7436d0d","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":169,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"de5d4563-99d3-484e-9afa-ffd636a7848f","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":169,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"10bd78aa-fc08-42d3-a234-315c3620e459","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":169,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"19efa65a-7481-49d0-9e96-7552b63dbba9","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":169,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"d64a91b3-c0f6-424c-a79b-c37e52c58300","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":169,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"0bc3dc3b-1f37-4d2b-9d84-09a1f8a6f418","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":169,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"a42d538e-2f4c-4278-8d81-750173281a30","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":169,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"3ad1e095-9435-4ed1-ab1b-93748e14ff29","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":169,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"c5f95147-fafa-42d0-932c-820a54302682","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":169,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"aa7cda70-a816-4f1e-8ac5-6a2f635198f7","block_type":"box","text":"Institutional Shares","page_number":169,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"5ff1770b-3d8e-4986-9c52-7305414e51f9","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":169,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"e8838ab6-1f84-405d-ba2e-9d617900bae2","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":169,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"0adf533d-0246-4935-bf70-b1af24598d6d","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":169,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"f59894ed-740a-4103-8914-ad0d0cf89a73","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":169,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"5d11207b-b011-46c3-87e3-049384b2a40c","block_type":"box","text":"for Class G Shares of other Funds.","page_number":169,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"f4979d19-8689-47d9-919f-1309dccaab4b","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":169,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"bd141ac8-d35f-410e-a46e-3ae7fc0bdf48","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":169,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"2f008873-0a3b-4ebc-b39d-8a664712e3fa","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":169,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"efa0aef9-576b-4185-a6e3-468b6c88c000","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":169,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"91542d39-9100-45f8-bcfc-29b430af4179","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":169,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"e01a7447-4ccd-4fb1-8338-6e9bacdd1ad1","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":169,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"340af668-f083-4be2-a1a3-fd51396e2285","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":169,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"78b3ca67-55b5-400a-b731-65532786ecf3","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":169,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"1b4eedbd-3ff1-43b8-81cf-8978171e3316","block_type":"box","text":"II-116","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ebc3189-ed0f-4cc5-8f85-92026832b2fe","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9592ad2-f474-4dd3-9573-2a6249f5e913","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":170,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"06612db7-b418-4831-ad77-37c49e2a9593","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":170,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"6995aafa-39c4-4b1e-924f-550653cebd60","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":170,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"5d2d6caa-732c-412e-ba4e-5fce6b8d369b","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":170,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"d32f41d6-e951-439e-ae6e-9880a5f47fb4","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":170,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"92ecc263-9d41-4eb8-a13c-c45c19be817e","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":170,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"2be22fa9-5cb3-4d65-a0ef-4ca2abe11dd8","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":170,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"f115732b-77b1-40da-8cad-a2bed8422787","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":170,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"9f51a74d-dd6b-4927-a230-a39ee046f099","block_type":"box","text":"Exchanges of Service Shares.","page_number":170,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"af5e2d35-b0d4-4d65-8323-7954c0a2d10f","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":170,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"6e3c48f0-abef-4b58-b30f-4df45da5ac87","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":170,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"f97cbae4-c855-451f-81fc-59bc67c19a62","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":170,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"e6b635bd-0317-49e1-8e71-4da9445b6b25","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":170,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"74277229-88ce-4338-af39-1a70011d15b0","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":170,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"c10ac0d7-55c2-45d3-8eea-1420dff0f984","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":170,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"555d35a1-0976-4be2-855a-2ac0877e5de8","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":170,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"dae3ca9f-f3e0-415f-bd96-c8403564eaab","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":170,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"5cba09c7-97ec-4001-947f-4c4a9b8a8b43","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":170,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"2320acc7-1264-4f7a-9712-0778846533e1","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":170,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"1f57b6e7-8cf5-4dd0-bf4d-ede21b30fbcd","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":170,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"0d0270be-ef41-47f9-9369-5a9f86845ef5","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":170,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"0da4f584-ff53-49b3-958f-97e01458c5cb","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":170,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"1fdba49d-ff1e-437f-a658-ae4e1bd219fb","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":170,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"c3bcfeb8-f227-49ee-879e-66012cc46dd2","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":170,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"e6ba03f7-153e-4ff5-b4d5-a77b7a545939","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":170,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"60dddc8d-d474-4b3e-b7bb-d7c0a863af8e","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":170,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"d3f289b2-b74b-4482-8e57-b28116222a66","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":170,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"56b40225-748e-486f-a648-1d3572e5c38e","block_type":"box","text":"exchange.","page_number":170,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"5ae57b4d-8610-4fd2-91b2-ebbf39f99b8b","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":170,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"01b7aa91-be5b-4b1c-91b8-9db468211256","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":170,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"19130e85-ded5-4c66-83d6-2531a86c7bc6","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":170,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"46a677a5-3a53-43ab-9d72-014bc0d9d212","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":170,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"1d747218-5141-4de2-b4c3-49438f7ef5c2","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":170,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"084f6472-0c6f-48ea-8609-4434a48087ec","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":170,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"924127a9-87b4-4693-b1b0-aaf0476e2237","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":170,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"70f75545-2952-4167-9fd5-45dcb6bcc95a","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":170,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"27f54f4c-1693-4b20-bdb5-853641351b02","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":170,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"89de6a74-075e-4784-8cc0-264268b47a53","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":170,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"10a8aa04-e729-4155-a6ed-511771294f4c","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":170,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"eab01471-7781-46f9-8f0e-0557151901d1","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":170,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"918a031f-41a6-4381-8bc4-5afb6a95aebd","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":170,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"5931f4c7-19bf-44db-828c-51dea18d2d8e","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":170,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"32193408-4983-4728-bd3b-65965309153b","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":170,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"99cbf006-a2a6-40ed-af21-6eb2ec966456","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":170,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"ed47049e-c7df-4b18-ae79-2d1bf76b7c5b","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":170,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"8c9b18db-1a9c-4e5c-ade2-dfb7a1595145","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":170,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"e2a3590e-1075-4fe7-b10d-1afd012e01b3","block_type":"box","text":"Transfer Agent in writing.","page_number":170,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"e591254c-92da-4852-8d43-367b84c15f9b","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":170,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"cfde26db-55f6-45bb-9d11-ed42bf4cac5a","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":170,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"5f9394fc-89cc-4ad3-9db8-2ff60d2aafec","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":170,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"f86b6187-4860-4110-8192-340faf31f5ff","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":170,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"e5e0a3f2-38cc-457d-aecb-b051ca4e665d","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":170,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"3262a9c1-f5a2-46ac-afa1-d43e32d816ec","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":170,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"d8124d59-e5e7-4d7f-a2fd-f1a22177bc60","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":170,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"50adef53-c094-4336-9bc1-d3650ed03b16","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":170,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"9b5b9304-2310-418d-bc8e-41ac8aac5e41","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":170,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"f10d4c78-a36e-40bb-b0c2-1ba6cf555d86","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":170,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"cb10686f-454b-4fec-9033-7681178b55cb","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":170,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"2db19795-deb8-474a-9b2b-4dd83e857771","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":170,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"96cdaccb-1515-43bb-a890-5d77b635e0b3","block_type":"box","text":"II-117","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"414bc6a9-727c-471f-8dcf-79c397ed6c14","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ff17dfe-a0cd-47d2-a5c6-a841d9bce1e8","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":171,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"4b1d0b30-aaf9-4f37-9f34-576259ea056c","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":171,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"9629af66-42dc-4dca-9a37-bf3b30828d01","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":171,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"1edb4e7d-bb4c-46f3-aca5-92470d13f641","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":171,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"956e66d4-20c2-4041-ac0d-e18178175ad1","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":171,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"5f939ab5-8f2e-46b3-84b8-8e822c451e7b","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":171,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"ea25fdc3-a0a2-4929-aa71-48fe1f5c972f","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":171,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"38406deb-74c2-4c9f-bb19-5391d90789af","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":171,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"21cf2f9a-fe48-4db8-8955-6da6ec3dd03d","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":171,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"5aefc61f-271f-4c41-a13e-8c98ba2b4011","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":171,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"6d04593d-81f1-4892-b33c-56b51cfba764","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":171,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"ae5b8e9d-955f-4139-8a91-7c7dc7f1cfa2","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":171,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"566e5f84-60c3-4815-9888-925cc921cf80","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":171,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"8f267248-0142-4d59-a146-501a2b5961a0","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":171,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"d01d3ce3-932d-4226-9ae4-2491ae6064b9","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":171,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"e72f3944-739d-4ba2-9258-be52f3487ff5","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":171,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"9bec5b63-c704-49fe-809c-01930b7b4274","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":171,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"0d3d0297-0979-429f-9f93-2f2698b379a9","block_type":"box","text":"may be distributed by the Distributor.","page_number":171,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"acb62aac-6e51-44af-91f6-04ad25f1c28c","block_type":"box","text":"Participation in Fee-Based Programs","page_number":171,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"40c9eb42-fc45-4eb4-8f8f-87261ca86dd1","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":171,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"a1416522-ecbe-4478-b8cf-41d6742e81d1","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":171,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"efe8dec0-792e-4efd-9fb3-913343064206","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":171,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"c6f8d4cd-3984-4a03-bae6-aede93391908","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":171,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"1bca3c1b-4544-4e60-a638-bb9a2a7136f5","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":171,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"50e92ddb-86cf-453c-af89-fe6153415cfe","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":171,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"fac5b588-5e44-4554-b334-6f40d8d2f5c1","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":171,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"963ca7aa-6077-4a21-bd14-dd426e48e464","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":171,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"0e6093b6-efbe-43fb-bee4-62fa80ecadb0","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":171,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"e8fad2f9-feb8-4578-abb9-39f746343917","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":171,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"4db7274c-4db6-42b0-b0ff-4f8c64b59f8a","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":171,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"4900591b-d062-45b5-933e-c695f32697bf","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":171,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"877e73dc-3bf1-4d9e-b59f-81178692c21d","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":171,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"6d4269cc-b41a-4908-b188-2c23ecac8176","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":171,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"1cae0023-7c8e-4316-a2f8-60701150dd52","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":171,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"308fec1e-e66c-4659-b9bf-c486aefd871c","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":171,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"5bad82bc-26c7-4692-b46a-3539634ee2c7","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":171,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"921f67ce-72cf-4e47-88e0-382e56806d42","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":171,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"b7e0719d-2069-4f8e-834c-6352d1c18345","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":171,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"fa111a08-0d0c-4e3f-9e95-4969e8f9f729","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":171,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"7f101ce4-4c85-4700-ab90-9fa0ef38d9af","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":171,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"26370d78-b64e-4893-ad70-fb7491851cfd","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":171,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"64fc0405-aadf-4a57-b8f5-d82a6d59e52c","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":171,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"896d73ed-929d-469e-a089-6bec6147af15","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":171,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"2e45096d-933b-467d-b14c-9af0f147a4cc","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":171,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"91b17da3-d68f-4a74-9942-3ea8ecb0ade6","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":171,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"bfcee5b6-2638-4761-bd59-c72c6aa6a755","block_type":"box","text":"information.","page_number":171,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"176089cd-5746-465d-86c3-6e8ac338e54c","block_type":"box","text":"Retirement and Education Savings Plans","page_number":171,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"d1f20b40-6b37-484d-a734-e5d0c7417c03","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":171,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"5b5bdf4e-95d2-4acc-b7b2-acc134a27ad2","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":171,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"d783d1f6-2d77-4727-a983-02e07d7bde22","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":171,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"f282eb45-0a6a-46ec-a5b5-25459a4655c8","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":171,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"13391324-15e4-416d-820c-2cb2f7d41463","block_type":"box","text":"your financial intermediary.","page_number":171,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"d08aad78-6038-4130-a23a-fd840cea5fea","block_type":"box","text":"II-118","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"32fc686a-f6ed-4d81-9ab8-b1e50defa415","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35d58c53-b739-4019-8a37-905a77bf137e","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":172,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"e98ff5dd-5dea-4e11-bd77-550f7dbad77b","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":172,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"82098234-6069-4bda-b20d-c959583e2bfd","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":172,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"71ae253b-8527-48ed-9684-0e2f5a6d851e","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":172,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"b8163a82-f041-4ac8-a4a4-8d2e35030cb3","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":172,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"70b368b8-330d-454d-b423-f68c33dcb54e","block_type":"box","text":"Automatic Investment Plans","page_number":172,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"807bbc82-02ac-48bd-9972-900f3ddb6f19","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":172,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"e5cc6939-d3f1-4bd2-ba98-0ac4d5f079e1","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":172,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"2266422b-65de-426e-b928-fb885ea63ac3","block_type":"box","text":"®","page_number":172,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"20f4ec5b-c8d0-4a80-a316-6b5ca967e218","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":172,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"2d2ae683-a9d4-4ae3-9c3f-04387793e12a","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":172,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"e530f800-9a9a-43b5-862a-3a108771a3a7","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":172,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"509f50b9-3d38-4089-89a6-101d79552947","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":172,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"662fc36d-d100-4ce2-b00c-792ea6e3f0cb","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":172,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"f887cafb-9257-4096-a92d-e29f4db5675b","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":172,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"138d73a8-2e45-4688-b051-39aff07f8d0f","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":172,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"59c9905b-7c1e-4fd3-9be7-56b0d07a815a","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":172,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"2f08766d-e827-42d3-b458-0e507a1806db","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":172,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"1dcf8983-325e-4aa3-9e32-96f67bbf856b","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":172,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"e5ea6228-6f54-4e4c-adb4-e186d815b764","block_type":"box","text":"Systematic Withdrawal Plans","page_number":172,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"39d21938-6487-4dbc-8631-c8ad7f5041df","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":172,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"4419b2eb-e589-43d5-a19f-7b765f077400","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":172,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"8bdcfafa-ef4a-4cd7-b74a-e15dc293cf9c","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":172,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"9027c965-e2c2-416f-8e60-eec7e077beb3","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":172,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"9a783d09-9bba-41a3-945b-7e30bf23e55c","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":172,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"ea1b5229-e6ea-4738-8f74-0bd385c70a57","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":172,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"e8fa194e-80ad-46d1-832d-33afacfa345c","block_type":"box","text":"www.blackrock.com.","page_number":172,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"fdf7acc1-bfd5-436a-8821-2349a2001a7f","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":172,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"99cd9405-655e-4e4b-b22a-6485a17daf0c","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":172,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"db79f27f-cb65-4fde-8d02-3096959f2395","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":172,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"c08feace-e38b-4cad-a7b9-1b3c5131d51d","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":172,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"413c2a63-3fce-42b4-af25-65a37944f15c","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":172,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"65fd6df9-ec1f-4d3a-9f04-97a567edccf3","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":172,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"bfdf8022-3166-40bc-9e3a-09397e7316ec","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":172,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"a3850b65-0286-4e92-9ff0-6227dc688084","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":172,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"222cbbb0-c5d9-4da8-a4bb-5cbf2a163ea5","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":172,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"8454b8e8-af99-44e2-bead-a2baef6acb23","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":172,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"ce8883da-52bb-4f0f-a02d-98cb86290ae7","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":172,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"5ca1a585-368b-40fd-834f-0355a209afc4","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":172,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"1ff81b5a-a54d-450e-bb9e-637fa555d908","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":172,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"7802d382-fd3c-4339-b96b-761f9b558bbe","block_type":"box","text":"Dividend Allocation Plan","page_number":172,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"04e29023-a505-42c5-8e14-918b8bcf3665","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":172,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"c854a249-1db6-4508-a030-3260ca3e508e","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":172,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"447442d0-d220-4990-b4e7-8e5e8e1ac83f","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":172,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"09e6b9ad-37df-465d-bf23-cfec1e6cdf63","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":172,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"fc590d9e-d37a-4ce6-9df0-86395a73bb2b","block_type":"box","text":"PRICING OF SHARES","page_number":172,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"38b6b3e6-4490-495a-a083-93c527a62834","block_type":"box","text":"Determination of Net Asset Value","page_number":172,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"b019c746-43d7-4483-9855-d00d17f40384","block_type":"box","text":"Valuation of Shares.","page_number":172,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"04b79616-8385-47f5-9cfa-66fdf5c9380d","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":172,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"d2dfdd5d-6c34-4dfa-99ef-d5641df345fc","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":172,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"199f2348-0a38-4bbb-ad8c-715604ddea9a","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":172,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"408134e0-7f8b-4c81-97a2-5022836cd352","block_type":"box","text":"II-119","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b6d4ed63-1ed3-442d-afe9-230569f2f6c8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b79b923-e419-4bb0-8251-94819fa7f714","block_type":"box","text":"Equity Investments.","page_number":173,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"06a14225-1d09-4ac3-a2a6-8ccf8422ffa0","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":173,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"92aed93d-bf06-4cc2-9aa8-df41095d77ad","block_type":"box","text":"e.g.","page_number":173,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"40f6c865-8340-4d87-abd9-5ad376045b41","block_type":"box","text":", NYSE), on separate","page_number":173,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"057a5f12-8291-4f17-8d8a-14c0afa4d0ed","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":173,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"96f0af64-f962-4226-93a6-c7864379272a","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":173,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"2fb51455-2431-4b44-a281-f822f8a0e960","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":173,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"2d414639-08e6-4c8b-aace-31f0fb00f854","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":173,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"416f075d-c81c-48b6-9aeb-ba8310e96fe3","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":173,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"bc50f375-8d6a-48d8-8308-4155037550cb","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":173,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"d4fbdfcb-ef40-42e4-bd92-6b5379d58a91","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":173,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"b361d5b8-e2e0-4715-8158-a9c61c1bceca","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":173,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"2e6f37a0-d553-4329-b4a6-617048772f76","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":173,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"251ab1d2-7d9c-490d-bb4b-2f8889027fd4","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":173,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"4aea4d53-88ee-4aa2-9130-cffe744483ee","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":173,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"a510a253-9ee5-4e46-9486-bd6f7903a9f2","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":173,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"417e441b-a049-48a5-bbe9-858d2ca05e93","block_type":"box","text":"defined below).","page_number":173,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"53267dcc-211d-414c-a329-6a7d045d2eeb","block_type":"box","text":"Fixed-Income Investments.","page_number":173,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"3cba87bc-2014-4c8a-aa2b-3c03e6d4d4e8","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":173,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"0e77a2c2-92f5-4c1d-9c3d-9050c2be6a40","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":173,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"eb1c8d38-0a89-4a6d-8d64-96887d417b4f","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":173,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"9d2846c7-00d2-4363-97c6-31acb51a55a1","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":173,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"831579ee-599d-46ab-8a74-72cba5881729","block_type":"box","text":"e.g.","page_number":173,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"61dba505-72f2-40a9-97e1-1455f8d2e63c","block_type":"box","text":", recent representative bids and offers), credit","page_number":173,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"3abf9e10-9edb-45b2-9b26-fc2ca6ff9f21","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":173,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"09a6c125-4d2c-432b-9d97-ee6940210b93","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":173,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"1a7022fe-87a3-4e76-9f05-93a93768471b","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":173,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"a90f6d2c-4250-4f74-91ff-8205755de132","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":173,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"02653cd7-3f75-4245-ace2-40c1da09e2b4","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":173,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"72600745-1161-4216-b973-3d0444b74559","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":173,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"ce53e778-7163-4908-93f4-6ae26db2033a","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":173,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"a5b77e1d-9152-486e-a40d-e6210538f4be","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":173,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"7286e843-1eed-4201-bc76-455a04adfdc9","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":173,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"7dc13d87-d04f-4090-b044-6bba9f5c38cf","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":173,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"d47440dc-1f21-45cd-9a55-be63daf2ea92","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":173,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"7986d604-f52c-495e-9e33-8390808f3b70","block_type":"box","text":"attributes of the tranche.","page_number":173,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"e4f51726-d6c4-4e15-a64e-fc8cda779b8e","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":173,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"ab8cfc4c-b28b-4d20-962a-ef5b90fc9b2e","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":173,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"ea154f8d-8243-4894-9e26-d618736e6677","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":173,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"97b43e73-ea17-4609-b7a7-9158f4e34e12","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":173,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"f82b0208-55dd-4247-a63b-70192da00652","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":173,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"1d914cbe-b687-4290-a334-11756983257a","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":173,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"8b10c50d-eaff-4014-af7a-0eeec0f9046e","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":173,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"e6fa1433-0504-4d2a-abad-411aa6fa6030","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":173,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"0b7023ed-a19b-4920-90f7-b4b192f7c44b","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":173,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"4cb5c102-8f18-4274-a0e3-c097a121d798","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":173,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"044598db-a092-4b83-970e-97af6ccbf8f7","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":173,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"291b3894-7376-4a64-a88e-606ea49b05cc","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":173,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"e783677b-6681-499f-a65f-98706a184de8","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":173,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"af0ab71a-37e8-42eb-859a-9032734df187","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":173,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"ce80d4e3-3d98-4828-8e8b-fdd615c58730","block_type":"box","text":"Underlying Funds.","page_number":173,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"a3ff1c91-6571-4202-a9b5-fd92d8181222","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":173,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"d5a046d4-cec1-44ba-969b-3de02eb1966f","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":173,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"4c0847eb-2d16-4f21-9d41-d9256869fdc5","block_type":"box","text":"General Valuation Information.","page_number":173,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"3522ea91-e0a3-4609-9f44-5281594ab9d6","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":173,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"38b58861-198d-4de7-9f54-516e9ddeecef","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":173,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"08902f69-75c5-490a-b623-4a1aa46464c9","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":173,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"57015647-d12d-4339-8015-d0657e108f05","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":173,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"bcfcf4d0-7854-4c92-9794-3dd2ccffe6c5","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":173,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"d69fd0f5-7076-441a-9d09-18a02f5c97e9","block_type":"box","text":"the revision.","page_number":173,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"1af97b07-b34c-498f-af34-30116b8b4651","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":173,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"4cdd0803-4606-41dd-b224-2d9c221f49ae","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":173,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"59c26df5-e87d-4a06-bc01-34fe36c9323d","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":173,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"8ede7d6c-87b8-474c-a22c-54f8a36c16c3","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":173,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"d42b37bb-c58a-4c78-a32d-2f3d5de85204","block_type":"box","text":"II-120","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"38e8d89f-9271-4cb2-a8a5-136b6aa117a4","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e82f4fa3-5c95-44a1-aa8d-8d1a1cc7719a","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":174,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"250cab12-ef26-4d7e-b633-09aa99667eb6","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":174,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"1b1c2841-2f95-4125-91d9-2ec917302eeb","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":174,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"85ef4103-7125-4a08-971e-92daad489689","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":174,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"11b6fccd-f549-4aa8-9ca4-588d3096f13c","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":174,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"96890ca0-27fb-42ee-9fe3-b40fa61e73d0","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":174,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"c6ead872-f986-4269-ae4b-8bb09f3c344b","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":174,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"5d59f341-5eee-4304-b20c-fa9127f8d81f","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":174,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"74b01215-f7d0-4124-af9c-9487724032c7","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":174,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"2d2cdb29-56dc-43d1-a776-e23bb7cc381c","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":174,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"35e8dede-d3c7-4d08-a6cf-7db5440c6540","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":174,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"65e1ba80-7468-49da-a6a2-e1842fea5239","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":174,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"28f563eb-2d28-4ae0-bf64-83d2eca91d01","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":174,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"d2e0e21d-bf39-464a-9e6b-cf542d7409f7","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":174,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"ad2db45f-4beb-486e-bfb1-64994fa14870","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":174,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"d9c98935-6496-4bfd-acce-6077cdaf7b6d","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":174,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"3f3dd18a-0cb6-4cea-80d3-4b25440fa46f","block_type":"box","text":"Fair Value.","page_number":174,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"effdc21c-8ddd-40e6-892b-d4abb23cd7fc","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":174,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"6ea562e5-ad58-4de2-8cdf-7bf13c6b0d51","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":174,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"0575968a-df8d-4010-b825-d5cc406daf11","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":174,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"1e14321f-92de-4a85-98e2-5add375cf190","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":174,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"c10b67cf-0cc1-471c-a309-afe262550a0f","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":174,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"1b3d7a34-4fd7-43bf-b61a-4410e5908e87","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":174,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"efb0ca84-f181-48c1-bb46-74cd691762b4","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":174,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"5ad16a86-c687-49ed-87d7-048277819565","block_type":"box","text":"(","page_number":174,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"aea31df1-9208-4c8d-9a0d-d423e9908ea0","block_type":"box","text":"e.g.","page_number":174,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"88717df9-f9a3-42e5-bfb8-e6edbc596ade","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":174,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"35ead176-c1e7-4902-8362-4b23cc6d971a","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":174,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"ff6a3f95-d770-4cdc-9e3e-9bf83d77e03d","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":174,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"e3deab22-72a9-4d05-9cf0-527bdcdafd26","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":174,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"8ba9ecb0-0374-4508-9d69-92064362839c","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":174,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"ae9b2fc0-990c-48af-9955-797a981018c0","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":174,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"06a72fbe-2386-483c-9049-b85ce723f22d","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":174,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"03052bb0-8fe6-4556-9807-0fd58caf8284","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":174,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"3652ad64-9021-4b4c-bd1a-cff089c10fbc","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":174,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"719094c2-20d7-4db4-9ccd-0c1fcb747ed4","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":174,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"a2807e06-7c81-4329-b7e7-060c7d5ccd54","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":174,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"50376741-4e82-42d9-b921-7b0f095121d9","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":174,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"0ce422a7-2257-4631-a1a2-eef037b5bb95","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":174,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"3cc72828-fd47-41f0-8721-6c0f6c8417ec","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":174,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"9ef9ffc4-ab1c-4065-8197-ea4e630cb38f","block_type":"box","text":"pricing time.","page_number":174,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"7f43b320-2ab1-4527-9ddf-1abc7de066e0","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":174,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"6f912a40-5324-40b3-8482-9a032a155b7e","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":174,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"b6d8f17d-531a-43d7-8d4e-c7d33cfa15c1","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":174,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"436e60d6-7bcc-4c78-a5bc-91dfd30020a1","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":174,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"04f55dee-2804-47a0-bc8d-7be87caa2d7a","block_type":"box","text":"assets and liabilities of the Funds.","page_number":174,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"475a6a81-6e1b-495e-b355-7d20f235dec1","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":174,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"0351e796-ce7e-4936-91dd-ae032fff1946","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":174,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"9aea9392-9be3-4cec-b4b1-86309fcecc1e","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":174,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"42117a9d-4604-4c21-ac0b-1364c5ac6dde","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":174,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"93a79d8a-01d1-4312-af09-20eed7a3485c","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":174,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"bd66f89f-e7e5-471c-bcfa-8e81f46179dd","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":174,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"f23e190f-b42e-4db4-854a-ecee672f18d7","block_type":"box","text":"valuation models.","page_number":174,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"160e8da2-40b2-47e1-93f8-362ca4c4001d","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":174,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"2bcff090-81f9-48c8-8efe-f321d27016fa","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":174,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"c7e5d98c-c1e7-498f-9dac-98422d1d9937","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":174,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"9ea9fa9c-eb5f-42fe-aa1b-45a0a86b22e4","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":174,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"4e5f45f5-b3df-4d1f-b07f-82fa0bea4ce9","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":174,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"2fd9922b-3566-410c-8df8-dbc91c50093d","block_type":"box","text":"II-121","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d23633fb-7693-46be-82a4-8a1c7d148a5d","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a79eacd-1553-4e14-8243-c0e7ffd2fb1d","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":175,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"4b65743c-9346-4ba6-8cab-f442e6a85dc7","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":175,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"7419dfa7-c42f-4187-a91d-acbddc355d80","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":175,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"ecaf4787-749c-4807-98df-253881d1527e","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":175,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"f429dfd8-f1dd-4234-bc40-77cac8d2a317","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":175,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"88293316-c0fb-4804-8484-c08a9c2781fd","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":175,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"80c0eb07-90ea-465c-b4c8-106d0fd18513","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":175,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"16065d29-5b5e-42f2-ab41-db380367980e","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":175,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"d937b6ee-faae-4747-a9eb-860b71f984df","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":175,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"af3c4f8b-10e1-4fa7-93e1-ffed82fb49f5","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":175,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"0dae8534-06c6-4133-8e1f-e5af91a9d104","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":175,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"f2d9876e-c2ca-477e-a895-9732fe7b6d67","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":175,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"ecef4984-0ac6-4676-b4a9-482d401d051d","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":175,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"f48e7d43-5b21-424f-b192-4cf0877540bd","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":175,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"bcc23611-2e50-4796-ba5e-b8d08f74e44f","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":175,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"8972dabe-8f10-4893-b594-1c23b51706ec","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":175,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"786700f1-a422-48b4-badd-4ef77a1d0ef3","block_type":"box","text":"par ty determination of fair market value.","page_number":175,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"2e47a63f-ad7b-498d-90aa-0df129a7fb2e","block_type":"box","text":"Computation of Offering Price Per Share","page_number":175,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"c7606688-f652-4a5a-86bb-c20526a4b548","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":175,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"f82033a0-11bb-4fdc-a39b-d22edfc6c8a2","block_type":"box","text":"the offering price for shares of your Fund.","page_number":175,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"464138e5-9fad-41be-b429-9418b34eecda","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":175,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"37dea6d3-8df3-4b69-a8fc-b91bd1e08fc1","block_type":"box","text":"Transactions in Portfolio Securities","page_number":175,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"b52838f6-ecff-43e7-aa35-534977f19059","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":175,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"1af69a3e-b100-47c5-b163-366095f76773","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":175,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"684deddf-7097-4264-aa7e-d157359f204b","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":175,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"2fb20d91-b198-4cd3-9c0a-655b8b3e7dee","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":175,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"129491d0-86a7-4e13-bf0d-9bdddecf6a99","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":175,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"d2093d18-fcba-442a-8fb9-fd93abfa4d28","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":175,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"7858705a-0db8-4dc7-bd4e-d515b2fad18f","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":175,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"ef6b67b5-a97c-4ae6-9c30-70fe9a0eb293","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":175,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"7403e5ce-acb9-4077-8927-bc573087588d","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":175,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"18e68803-db88-4b11-9048-c0a4e4b450b0","block_type":"box","text":"reasonable in relation to the services provided.","page_number":175,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"f25e7fc3-2411-46aa-a50a-8cf032cfb430","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":175,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"c5b03058-0821-42a3-9952-30a0672eb86b","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":175,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"73df9b65-f435-4085-8fdc-ba8dcfa84c4d","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":175,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"13e096b2-8442-4ce4-a3cc-2ad8b9ded0fb","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":175,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"a0407f83-c3d5-4b52-b0ce-7fc9a95da71d","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":175,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"6f1bfb88-5c70-42e5-b003-f43758e8d2c4","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":175,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"0626a2b0-80c6-4d56-a9d4-6aed6695836c","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":175,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"929cce0b-62a4-418d-8b8b-6987a8779a1a","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":175,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"4b6625db-1bac-4383-b7c3-a956b18e001d","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":175,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"d5fc259a-6ae8-4d55-a37a-1c50c0855c9c","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":175,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"59fa2468-b9e5-45b0-8e00-76491aeedd70","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":175,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"455e9ee4-f1e3-4b63-b878-4d9ad2a567a9","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":175,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"9190be4c-b449-4946-8a15-fa159c077f1d","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":175,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"c0dcf75a-a4de-4f49-a686-5fd1df978bd6","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":175,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"19f2a64a-124e-4a94-a5b7-7d0ad501d574","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":175,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"d3aeedb7-a85e-4f45-8f08-762daa467487","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":175,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"93fbabbf-500d-4693-b77c-59c5d5d6e331","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":175,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"2a2ffc78-0431-4472-83a1-aba76788dfc8","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":175,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"cbc9aeb3-8b6a-4e27-97fb-ed02037488d9","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":175,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"5037f4ef-b800-4575-b600-1430d88b45c7","block_type":"box","text":"II-122","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9749c235-9619-40c9-ba78-6314435f9466","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"997d24e9-5c30-47e0-a5da-cddb0267bb43","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":176,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"427b0b90-f69f-496c-a5b1-8ef28d6d22c2","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":176,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"e235640a-4f9f-444a-8ad2-da2d511a8a47","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":176,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"7aa41e93-a6f4-4ae5-90e7-3755ba2e290c","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":176,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"ef9cc0c4-6083-4bc8-9022-2eaf2aa68d56","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":176,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"9d11f35f-233b-48b7-b53f-14008916a96e","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":176,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"1401f8cb-847f-412c-95af-278ead79ed68","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":176,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"44d3a63e-d752-4ff2-854b-d27a69194c04","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":176,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"d1788e2d-a304-4661-a6d3-71744106a290","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":176,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"c266f898-fcce-4155-b0b3-f824c53bca6e","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":176,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"77e782c9-f391-4cf9-afc8-f7c122689e9d","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":176,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"36f986cc-cd0f-44c3-a2c6-d78148e75190","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":176,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"c3c273cc-201c-4f12-885f-a11f33b3715a","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":176,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"a3b66932-db0a-4f12-896e-b7a3623edf96","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":176,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"2ba178c3-af86-4b03-baeb-410c1dc158a1","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":176,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"372f5293-6360-4a5d-b7a8-0f6dbe8b3d01","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":176,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"c2fdc669-88e1-42ed-ad23-d45759e01c62","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":176,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"d9c3d2fc-d66e-4a33-b48e-19544ccdee10","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":176,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"34ef1563-55d7-4e52-86a1-1977c16a4f09","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":176,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"720bf89f-c65c-4654-bdac-0442a3b921cd","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":176,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"ccf706cb-173f-4b91-9008-ce372a454985","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":176,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"adbc30c6-8711-478a-a40a-d0aa3bd8df0e","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":176,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"59a66c0d-fc72-44e8-bf9f-954c8533d079","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":176,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"395a46ac-6247-476e-97b7-6a42fee6680d","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":176,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"cdb0f075-0b4b-4f8b-b8ac-9069d2b75e85","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":176,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"b6c1100b-dc3d-4c3e-9a5c-ba4631de5181","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":176,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"6a2a8c22-faa8-4625-8393-bbf6e312eabf","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":176,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"1c9cfd43-9877-424c-a9e2-8847337fabc3","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":176,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"b3455859-4a39-4ea4-9bc2-54253563acb1","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":176,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"2d019879-625b-4cf3-af5e-9fab109ed55c","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":176,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"0114ee1b-a860-4973-aac2-c174ee402d4c","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":176,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"eaeeb0f5-c85a-4dfa-9f9c-b369bee49975","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":176,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"5835c1cf-ec39-46dc-9b1a-e850b9529542","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":176,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"f15da1df-bd8e-4b05-a314-09adaecd40b3","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":176,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"105ca7d8-b5e5-4622-9802-79edb99ff5fa","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":176,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"8c8b0a7a-1eeb-4a2d-9242-7228fff31bb8","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":176,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"7eddfc45-6e16-4b97-9f6b-2ec08e6d2ced","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":176,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"e75ced71-e9a7-41e5-a5b1-df1d48eb288b","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":176,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"d489f407-219e-46df-bb2f-1dbb42a0acac","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":176,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"389ebed1-a7bb-47da-af1c-bbf9e931f5bc","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":176,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"ad874462-5555-4ac2-a706-7eebe12dd9cb","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":176,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"73f76ad4-c17b-4f1f-b14e-eb4c699a5c07","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":176,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"0b8c1ce6-5155-48c3-a105-8814b5f97487","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":176,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"4f166aec-1aa0-49ff-8be6-9c748999547c","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":176,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"8f61bf1f-113c-4a8f-816d-b321894a27a0","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":176,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"c297cd13-6b5a-4bba-a419-aebd42353334","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":176,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"7249e300-e5de-4b55-bf3e-79a7da6557e3","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":176,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"92a864b7-f35f-4e45-b10b-e2993c6dfab0","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":176,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"8f5be2ab-3590-4d79-986d-8f643d814cc2","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":176,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"c3e8cc4b-7464-4c1a-89f5-015d7c9a8a91","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":176,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"2a2a8c40-cf9e-428a-a766-f2dc7571d034","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":176,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"3b21e6d1-3481-4c02-8481-df43f13b6f3f","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":176,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"f32f1fac-5439-41d9-add1-c6737eb06b64","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":176,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"8cd9a810-d624-47cc-aebc-bf5ded0777be","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":176,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"4047fa91-4c0c-4577-a4af-8f3048eccc35","block_type":"box","text":"brokerage.","page_number":176,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"694ff2fd-3b21-430e-a0be-457d392282b2","block_type":"box","text":"II-123","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"adc0adb9-322e-4f5a-8c11-ad5644f1c08b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68b07b4a-1c74-4a24-bb0a-c17bdc913297","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":177,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"e9474e52-8f25-40b9-90cf-fd6883d871d3","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":177,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"9a4d519c-76dd-4f9d-a384-3c8bb76e5709","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":177,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"f6cedb01-0fb5-4685-adb0-7ca4f29596c8","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":177,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"078b05f2-9859-4966-8e40-100f001a54f9","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":177,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"6c4ead72-cbb3-4299-8b61-91d9dfe6d93e","block_type":"box","text":"Section 28(e).","page_number":177,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"f900e746-d4e5-4c24-a18e-90c6133f65f7","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":177,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"91718fd9-7916-4ba0-b9f4-33482b9b4c68","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":177,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"e2f2ac7c-fb67-4c14-8105-2880fa39d4bb","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":177,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"6e8de1db-154b-4d76-bd39-baddd4eaa39f","block_type":"box","text":"execute transactions for those mutual funds.","page_number":177,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"fee18f04-aea4-44aa-b18f-b75a0a20c45a","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":177,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"3762d66c-c8a0-4826-9f14-1e70bb07855d","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":177,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"c0b57576-6344-4c95-99d5-0aaa724fbfba","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":177,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"ca9b1364-223e-4442-ab56-ac9194a21a83","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":177,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"a218affb-db6b-4451-853d-1197f0f28cb7","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":177,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"e1f71dc7-0f93-4cbf-8534-7d80b1215055","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":177,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"0093774a-344d-40b2-aa26-47cf673f9d49","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":177,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"9e0a8cf4-82d8-4850-8a57-5f0eecaf0974","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":177,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"cc36c6f5-4578-48a7-9186-7a84a61e69f3","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":177,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"29ae73ac-4e63-4d58-bee2-a74405c509af","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":177,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"ea937233-123e-4510-b28c-3704a638c6c7","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":177,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"8b50f17f-6ae4-4d27-b572-8fdce27e4705","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":177,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"c04917bb-5cf4-4d7a-a8c1-0684aa562523","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":177,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"d3b600ba-c753-4eb8-a27c-a6a4c52e1996","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":177,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"b661ee8a-3be0-45c6-9bbd-e7d2d8e5ff6c","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":177,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"f0eb45df-26b3-46a9-955f-20aaed166cc1","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":177,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"473aa659-b70f-4256-a3e2-bff1852ce44a","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":177,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"a33f9465-defc-46a3-9111-59c17d1deff6","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":177,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"2d52a1d5-d4d2-42e8-8e8a-42237b5eb3ad","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":177,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"ee329a6a-a24a-45ee-b0ad-d9d7a1b86974","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":177,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"f82e0a08-4252-4ef8-a5bd-25dedb0417db","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":177,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"0a8e4031-b4d3-4247-bce0-9121c6ecd356","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":177,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"f1934f65-15f4-469a-b02d-e9ce4bbb971d","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":177,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"a5066dfb-e751-485f-94a7-b0a53fbec319","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":177,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"cbe50605-6b7f-4d3e-8c61-ddfa691e30f1","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":177,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"4173d248-0297-4c0d-9e9b-8b9c911e2312","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":177,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"acbe9920-e23a-40dc-8b08-22413298ff74","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":177,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"583239b9-9dc4-4434-9477-ffc5b34f3521","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":177,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"be944702-3143-4573-bdbd-0b1bbfd4f7b4","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":177,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"92120c53-c9d2-4266-ae11-8ed857885280","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":177,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"f2e922e2-0c74-4baa-891e-09b681998f3c","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":177,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"0b55a4b8-fcd6-4193-8652-50191380b14b","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":177,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"815f7fd4-ed21-4453-b3ca-4be0ad047bfc","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":177,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"eb937359-65f0-4855-aa68-176bec1f69dd","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":177,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"6645c3e8-4a35-4992-b2dd-034c0bd43265","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":177,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"2e293945-867f-4288-a31a-7ada289144fc","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":177,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"38a1b142-148f-4f4c-aa24-40baf8512dc8","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":177,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"811deae6-382b-46e0-a484-5d2adf2e9429","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":177,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"0e193484-2209-4e4e-9fa3-a1eec762fdaf","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":177,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"c34a2128-8a22-41ee-894a-340353035fe3","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":177,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"4af3f3ce-a502-400d-832f-80016f3b9262","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":177,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"0afd1f5a-a3e7-40a6-80b7-6dadfd00d49b","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":177,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"85966c36-c9eb-413e-8dcf-93388752a838","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":177,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"4135c599-6e42-4605-96b2-77cf2ca36cdb","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":177,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"dae656d3-a912-4992-aa5d-2882d70e5e9f","block_type":"box","text":"II-124","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b9a41d72-1a72-485e-a68a-8f43e3894db4","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f580d7c5-4492-4b96-bb6e-113022074acb","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":178,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"51d18fe1-cbd1-4853-a49f-1201698bc09d","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":178,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"38e94469-b698-40d5-89e8-448d5f3133b4","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":178,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"3663e0c8-4e4f-4e76-ade1-544ce85fbc04","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":178,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"490f1909-4154-4788-8b92-6b10fd668c7f","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":178,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"9ac31907-9945-4641-b165-3ef7bc36106b","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":178,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"f80a64f1-3bec-4cc0-b579-6640d1f6a556","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":178,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"faf06e29-475d-4628-9ce2-5308ed4a3e09","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":178,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"5540b5b6-09c5-4479-8adb-dfd5f7e36a32","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":178,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"4654e41a-0ea1-4287-b551-dd9fcc00dfa9","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":178,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"ccfdfdee-618e-4801-a4c1-f30537a4eff6","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":178,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"d3bba35a-8c60-49af-a1da-925b8147954f","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":178,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"7e169b0a-c206-4dc2-9448-5fa5a481b53f","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":178,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"116a7a2c-a6ce-4d6f-b77d-c12b0295c60e","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":178,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"5f6ddc85-4ec7-4e98-b260-f8349f7a3696","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":178,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"c5ce5941-cfa7-4ea3-ba0a-e958ee26e93b","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":178,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"61078d24-e926-4342-a332-7466b1413c16","block_type":"box","text":"accounts and compliance constraints.","page_number":178,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"9003559c-bbb6-49ad-9042-b144f98920c9","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":178,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"98c13c18-85b5-46ac-a5f4-3a82de783e81","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":178,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"2fa8f731-3023-48bc-bb7c-f2bab1b5ab0e","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":178,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"40e91b3c-5fe1-43dd-8eb0-8b1a5896d1c7","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":178,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"2f647829-6a65-4897-b74e-ac71365499f8","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":178,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"c9086a72-ca76-495b-bd77-f5a681d4bedc","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":178,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"364e2a1e-6b7b-4184-a67c-4b04a027eb5d","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":178,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"8fe3c9ab-ee91-4680-97ca-95b846284ff9","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":178,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"c8e6460f-e7bb-48c3-9d48-e819f8362abe","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":178,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"09b2aea4-7f04-4db1-9bc1-d7f1f93be95a","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":178,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"c97d256d-8b47-496c-94e9-c5f6e0a58f80","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":178,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"c1ba1cd9-4039-4fed-9bbd-79e34f4efe22","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":178,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"7c29984c-f927-40bf-ad63-1ba7c0ef971f","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":178,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"4c9dc3af-15ac-4fd2-99f8-4d3440ca1529","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":178,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"1e1f6f58-98f3-4ab5-8ca0-857ce2e24f5b","block_type":"box","text":"clients may be used as well.","page_number":178,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"0b1b59f6-9c5f-4851-a697-1c5e9b7eb6f8","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":178,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"6b694c66-8f74-4ea1-864d-12d31f973415","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":178,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"2182b9c2-2c8d-4d14-ad32-2424dd22482a","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":178,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"986923e9-de82-44d1-bebf-f35646afa544","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":178,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"085c069a-4142-44db-8755-5ecef7437d8d","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":178,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"92c4db64-785f-4416-ab48-3f82fb32b58d","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":178,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"ebbab79b-4ee7-4d9e-977e-dcc215c0a6bb","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":178,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"56634f35-1ee5-4176-b079-02c3cbc84ba1","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":178,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"239d50b0-cd3f-4a08-ad4c-cb304054498e","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":178,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"d3d809a1-6e9b-418a-8815-0fb9171bd790","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":178,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"b83e3a30-4a77-4439-affc-8e534e8d135d","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":178,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"7ea96599-5d60-4a6e-aedf-07c20418a5de","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":178,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"0d5ff1f4-7e6c-4adb-9af2-be7ebc2cecba","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":178,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"2cf6f702-e30e-4545-91ab-1ec2b15a4418","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":178,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"7cc38099-fae5-48d1-8991-13e5bd036110","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":178,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"7939a7a3-2a39-493f-92f2-bd5fcafce9f6","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":178,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"270ad2af-722c-491f-98bd-c364591f581a","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":178,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"131d976c-5778-4d45-84c6-faeb93dff62e","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":178,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"f4e11e36-07d6-4059-afa7-26d3c2044787","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":178,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"fd251ad1-5144-4458-abc7-2e5ee933eba1","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":178,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"96b2a777-85c0-4a50-aa83-09a9268b436f","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":178,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"d808d93a-632c-4163-88af-67ccf9205073","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":178,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"4836dc13-42dd-4727-a61b-c07c3f96c01f","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":178,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"203408bb-aec5-41bc-afb4-1cac8474d18c","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":178,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"22451c04-2093-4464-a8c5-c00752679395","block_type":"box","text":"II-125","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"95ab7a49-707c-4508-b775-4d6f1c63b913","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49779707-bb18-49d4-b151-871533181676","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":179,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"01c6250f-efd1-433e-bec3-51c32648b8fc","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":179,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"32464e4c-0a0a-4f83-a7d7-3efcba9f31ad","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":179,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"25c83d57-f5a7-4789-98c9-d6651471816b","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":179,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"c85f3b2a-8da7-4030-ab18-d5fc257e78be","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":179,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"38cde43f-7234-4a94-add5-259da75af0b5","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":179,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"e5fcb9ba-a824-4d73-ab00-3ba80af932f4","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":179,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"a10f273e-5631-4b4b-91d5-07a282083e45","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":179,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"ffeda43a-2daa-4974-a845-50676d34fe44","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":179,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"a4f45e52-15b1-4d9b-ad47-10a941c508f6","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":179,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"939262e8-ea0d-4a87-83ba-ffb2b9d779be","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":179,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"171bfd78-2f78-422a-87de-1e9a990adf64","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":179,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"5429a343-141e-4e2e-8826-2ea2ee66eaae","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":179,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"83efa4da-8d6f-4bde-a242-7bf6e17d7350","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":179,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"5de6b12e-e621-49ba-81a6-4b5f65165b05","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":179,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"48a7294a-2173-4358-a88e-f2311529e1f7","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":179,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"4fae2cf3-6f3c-4d28-b252-d19b5ffaca26","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":179,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"eec823e3-f075-4e8f-9207-b5342643f11d","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":179,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"68f1ca23-66a6-4cb2-bbf7-caae4cee9220","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":179,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"3117b3b3-9f57-441a-91c6-ea5c48fd1736","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":179,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"2bd3e94a-61cb-4ac2-b1db-a496e989bf63","block_type":"box","text":"Portfolio Turnover","page_number":179,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"7629e912-5bd1-4cfd-b195-f35bf4fe2668","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":179,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"d836bd2d-1298-4691-96e8-fb51021ceda1","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":179,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"ec22aaf7-5cce-43a2-9556-cf1a5733f2b2","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":179,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"89ecef46-52be-45cd-b9e0-78ece7f82936","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":179,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"51e06f21-47d3-4a58-aacf-5accf3d084ec","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":179,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"abb18956-303c-47bf-9038-3ecac443a87f","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":179,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"b31a058a-ee3f-436b-8e02-dce3ec691a10","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":179,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"f8e15d2e-0767-4899-922f-f7ed4903f7fa","block_type":"box","text":"Dividends","page_number":179,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"dc8c5a18-9f78-412f-b490-8b25bb9d53bd","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":179,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"ed37b02e-d4db-4027-a72b-b3a1ddb3b296","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":179,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"a5bef5af-9002-4829-ab5d-eecef50eae81","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":179,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"25be18e5-ffa9-43ec-9fa8-2cc24c9a4a5d","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 cer tain","page_number":179,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"87558e69-6d08-40e8-8874-7fe105534b24","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":179,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"f2f59c24-735d-4e8e-b179-d7180efc6d65","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":179,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"e6162e71-256f-4aba-952a-c5e154e0425e","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":179,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"7bad3b43-4c8e-4d80-bf87-8754eea056c3","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":179,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"5a3b87e7-256d-4f95-95ad-c866832e6ceb","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":179,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"a305e152-731c-4dbb-a196-04f0d5217dd9","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":179,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"0ef56768-7172-4dfe-a55f-d478123f92bf","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":179,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"e5aeb1e2-8f81-4241-a5ca-b83627fd79bd","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":179,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"a550e1ba-f3e0-411f-b354-25efa9f3c371","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":179,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"fa5512df-26ca-4dfc-8992-796ae12afc4c","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":179,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"08b5bfc3-6f05-4a28-abd2-f105b214a0e5","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":179,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"d544cb69-1f84-4de4-9ad3-5e7af01cbf0f","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":179,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"ca928fef-e872-4e8b-8887-0ac81007cef9","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":179,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"bb13b78d-016f-4cce-a409-65d8b43d6b48","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":179,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"4036482d-a4c8-44e4-861e-29b18b912a33","block_type":"box","text":"Taxes","page_number":179,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"7a544d68-b4d0-4eb7-8e49-1a6fe18705c6","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":179,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"b4a81bf3-10bd-4461-8b74-91e13960a9ad","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":179,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"0fa39957-0eea-4075-8cfe-04f28f7e9f41","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":179,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"e7cf9bee-fa84-42c7-8bd3-1388d4d82cce","block_type":"box","text":"II-126","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f52936b1-dfc4-4cf7-985d-01e31fed3fa1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7afef6a8-45b1-4e8d-969d-7b482f778de8","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":180,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"fd7cf02f-f20c-43af-a8b8-449408aac10c","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":180,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"485089e5-4a8b-4946-bc96-f0fa7e149d8e","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":180,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"9cb5cb78-bc5e-4874-ad88-062fe86e54ce","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":180,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"9c59871c-0648-4ec2-ab26-07751e467b27","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":180,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"39185b09-8fe0-470c-8db0-9bda8d94f044","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":180,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"840bea4d-e857-4525-bbbe-0b242641e4c4","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":180,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"a53858ca-4e0f-40d6-b090-2b2a7c91bed8","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":180,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"a809dac9-f24e-4461-a179-515265242d2e","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":180,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"6b26bc08-9e60-4b2f-9922-c1cde2c0dc31","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":180,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"893f42a4-1f21-42fc-ab14-1f9cb700d509","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":180,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"0d88e8e1-a797-48cb-8b89-f6964d949504","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":180,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"c5de83f0-cd8e-49da-8698-072a734c04c1","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":180,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"8a8440ce-6c8f-4a90-b682-77a6e648f2b5","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":180,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"8a139720-0753-44f8-a4e5-cefe7b9aa7bd","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":180,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"76711627-b9dd-4b87-bcff-3ecb80a381d0","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":180,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"c3e51498-fa98-4210-9473-370b5462f589","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":180,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"2825210b-a43e-4f07-add9-c28bbd64884a","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":180,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"f260d998-ceba-4378-b4a2-7c599cfdc3be","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":180,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"757b2b47-60b3-4068-955b-425fb50677e8","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":180,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"f2215bb4-5113-45c5-9952-5b964036f6c8","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":180,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"71b90e4b-1b07-40c6-ae89-fd8bc519d614","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":180,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"b0b95524-2d6c-4dc3-b531-d5ff2f8d844a","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":180,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"fc0661c8-5ef1-440c-b950-5284455d7449","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":180,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"f7d3e57d-2b92-4b5d-872e-73a997e6cd18","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":180,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"5113c90b-24ad-44fd-b4f4-2ce339b54447","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":180,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"8f9a4856-3956-48f3-b128-d25a831161a4","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":180,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"a59d7e27-c978-4b47-a465-8ba53d81cdc1","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":180,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"8fa150d8-0279-40e6-bfbd-577c0cb5374a","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":180,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"f27f1fe0-d323-400f-aa92-540949b6288c","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":180,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"49c72858-8947-46b3-9bea-045d15e554a0","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":180,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"44c9ecc9-d6eb-4ec3-9c56-d717df7d6a7b","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":180,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"0c66488c-c4c6-4415-8010-819f6d59b462","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":180,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"e1cdcad0-110a-4746-bc2d-4f2aa80e8cc6","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":180,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"bfbefc13-d3e4-45fa-82cd-4e30024353d3","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":180,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"6f31e7b4-2a72-4fa7-a6c7-eeba70091198","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":180,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"cddf41db-95ba-48cf-b0c7-9c5b2729c8e6","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":180,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"2fad2b0e-6d4a-4a32-964d-f664dcc06dff","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":180,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"435389f5-7df8-4189-99fa-5dee34af2e78","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":180,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"b49ff401-2a66-47ce-9df0-35ea092a3b17","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":180,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"019e6d4d-0307-43bc-93f2-21f6497bfff3","block_type":"box","text":"limitation.","page_number":180,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"24c223f0-84be-4a39-bd7d-0bdbcb560d3c","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":180,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"a9f609db-31a4-4c54-9260-dcfffe8e5811","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":180,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"a3e07930-0052-4c50-aff5-64d7eb065c8c","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":180,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"bd6c554a-1702-4caf-b171-6b491b19d8ef","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":180,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"ea349573-a389-4c90-8cab-fc0a3e3bd208","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":180,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"742eee17-168d-42e2-b2a1-690b88905dca","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":180,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"861f3bf3-701c-4e02-84f4-eb62b2941361","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":180,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"63df3259-0b8a-41ef-beab-d62cd7218a7b","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":180,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"1accd42d-ad2f-494f-9117-c9610fa91cc2","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":180,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"7e5deb85-e7f9-4c43-a469-72abe11c8cae","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":180,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"bbd4c0b4-3090-4fed-b073-072ba2e70013","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":180,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"f5a77868-1a44-4ae6-bbcf-028abb5aa21c","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":180,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"30da11b5-b764-4259-baae-b6cec8ef3eef","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":180,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"43c179e3-00b7-48d6-9893-6c56367d3a48","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":180,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"0963089a-1532-429f-8339-c8da8807ac77","block_type":"box","text":"II-127","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4ea967aa-9b06-43bf-943c-d613c7361bb2","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fe641aa-240a-4a2f-98aa-eff28db6bb8a","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":181,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"bb32f3fb-878e-4a85-b10d-96e5919f1d20","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":181,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"587341d0-d36f-4f61-93f2-1b820eb83e54","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":181,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"6e147ec5-fdd3-4d51-8a5c-5212e54c8af4","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":181,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"81acc045-88da-436b-b6cb-6df3d0881a8a","block_type":"box","text":"constitute “qualified dividend income.”","page_number":181,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"f6a0bca4-e4d3-4480-bbf9-f2e9b6558748","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":181,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"eeaa979b-cf22-4348-a9df-8ae30df09ae0","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":181,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"c7f9155f-93c3-4f22-bf43-267bd62dd89f","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":181,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"b86b1857-3e8b-4903-b889-124db7348982","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":181,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"f0cd5a0b-4231-413f-b67f-f290c2715566","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":181,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"6491776c-3f1c-4016-8374-8bc795172404","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":181,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"a79a925d-5174-4d84-9952-0829cbf85665","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":181,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"6b5010cd-e71b-4ebe-b3e9-17067fbf7d01","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":181,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"a44b8502-8d66-4f16-9b62-2590dd71d3c0","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":181,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"de7f0a3b-6803-4bab-82f7-2c85db3cf918","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":181,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"f5c1eec2-8c10-42b0-990e-b4257ac3f0e5","block_type":"box","text":"against their taxes.","page_number":181,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"38ec7f60-4c4c-47c8-8a93-a2eb679f245d","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":181,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"7c444ae5-c02f-4a65-a7a3-7d5096402c85","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":181,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"24a127ef-2363-49f4-a282-7b3767563840","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":181,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"dc160fb0-a2e9-454a-8167-8e68c39e6b0a","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":181,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"c6bf1c15-2f2a-4344-8837-2987e729e2ed","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":181,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"93b7a63c-7663-4f06-a9f3-13e8a68ff7ac","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":181,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"cdada2e1-0356-46de-8088-122c89e001d1","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":181,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"a0c6fd51-1483-4a31-b0fa-7dc498961a80","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":181,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"ee018891-8adc-4d14-a6db-3b0cfa40f045","block_type":"box","text":"dividends received by the shareholder.","page_number":181,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"4bc3b77c-af92-48f2-8d8d-c367ebc02bb5","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":181,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"f7fc4996-5c07-4a46-a5d2-f90082b46435","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":181,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"fd621287-2c52-45b7-9198-4ba517d0e300","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":181,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"e2ae1948-1a9b-453d-9055-9c5f853a1f6f","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":181,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"c2f45f9a-3262-4b45-8564-a90ddac7e1a3","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":181,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"86e0de15-b420-4976-aab1-876e62db455e","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":181,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"29f9984b-c32f-48af-90bc-006a8a18eef9","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":181,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"cb2d60b5-bbfc-440c-93b9-ba826dd46f9a","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":181,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"46dba331-f04f-4511-b620-44ce4a31632f","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":181,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"370987b1-45fa-4748-8162-f08f92507f53","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":181,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"c75b4273-7549-40ec-a699-5947308aeed1","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":181,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"715468ac-6b30-4901-8f6b-fb47f99364c8","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":181,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"48debbb0-4881-4ccb-9b94-2a2c035d08b1","block_type":"box","text":"taxable year.","page_number":181,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"c2b84905-54c6-4b3d-bd1c-c910f88e187b","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":181,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"6235d4c5-ee30-43dd-9ecc-eed5db1a1a02","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":181,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"3ad991b0-acb3-4130-a756-49a4fc34cffb","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":181,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"2b0a14e0-341d-4785-a730-1926b7db771c","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":181,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"7de2fd11-688f-4522-a22a-2211cc4674a4","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":181,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"4039adc7-6022-4099-91a1-e77ff0bd6fc7","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":181,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"dc5b4ff7-b99b-4e38-97f3-5e2f26504628","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":181,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"d86f9469-18c7-477d-a58d-260bbdacfdb2","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":181,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"b7022955-f52a-4ce1-ac50-390908bc7f72","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":181,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"ecca506c-a877-4192-92d8-6060a1b050a8","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":181,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"4bf104c4-60e4-4787-8cb3-ff1b8fb9fcc2","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":181,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"dd004319-0b69-41c0-973f-adf52355e1ee","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":181,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"75729eb8-3798-438e-9e94-2a0e4654e684","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":181,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"91c06b26-f92a-4f55-8757-85764b56c447","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":181,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"0b155e06-8bb7-49f9-b56d-ded0e13ea7ce","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":181,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"b1226ddb-69ad-4f94-ac73-c6313be055db","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":181,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"9ee380b6-ab48-4cac-aa18-5e6bc848919e","block_type":"box","text":"II-128","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ab5f7b7-eaa8-4e83-8bf7-a649cc47a146","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba1ca6d1-30bf-4e58-be4d-4df442a7c951","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":182,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"ad28b4d7-8f15-4e09-aa4c-0a6bfb657a65","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":182,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"11de5e79-1289-4265-8467-944c18abf005","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":182,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"04a397b4-6f52-4d17-9dc7-f74b121aad9a","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":182,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"e0d44288-623c-41c3-9abc-5c2ddbcdc7cd","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":182,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"7c7bd6f1-fbe1-45b6-b6e3-c117474ae5b4","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":182,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"5027b2ad-cf2b-414c-a918-78e99f50e5bb","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":182,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"2e73148b-2574-4a68-a504-e62f1f7ed888","block_type":"box","text":"redemption of such shares.","page_number":182,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"7c4483a3-f9a6-459f-80ec-2c0cf4f9de54","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":182,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"ba5ef385-bcf4-4fd7-ab72-b2f00c5f71ae","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":182,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"19de7805-56af-486e-ae7d-be8cd2cd9f78","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":182,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"bcb1af42-ba53-4ed3-a83e-bb7c4ff8ae77","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":182,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"5b17cce2-60e6-404b-8a77-88017d3d93c4","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":182,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"fc2be4f6-5f77-41d7-89d1-6c36a7478d18","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":182,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"d415e402-8ee5-429f-9b0b-df1be3621ab0","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":182,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"e9f25845-c644-428f-a081-f7a2aa9cc6ae","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":182,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"a84f9e61-834e-4b6b-afd7-3f0e0a1394a8","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":182,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"f1214dbb-c9cd-43e7-bc06-41ea55fea542","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":182,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"ca6e6727-5e3f-4e90-bb27-09905750faf8","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":182,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"2635b358-44e0-4fe6-9411-9c7b53611297","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":182,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"f5118531-dee1-460f-a42e-f3f54f3537d5","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":182,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"ee52353d-8d19-401b-95d8-3ceb54b78535","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":182,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"6060e736-9841-4c57-a7f3-8b3fd1f51aa2","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":182,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"b19a4385-9dd4-4b15-93ea-eb63ad85a0d6","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":182,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"cfe16e44-d537-4f1d-9519-7d434cd82b47","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":182,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"c67e59df-8fc0-47e7-b09a-351499c44d8e","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":182,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"2b0f6052-c774-46e0-b831-0ccfbd83123d","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":182,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"d84f0bd1-db4e-46fc-9c67-1e074ef0e6e3","block_type":"box","text":"gains.","page_number":182,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"334d9dc6-44d2-42e2-8ad5-00dc6bd6b6cd","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":182,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"e7cca59e-0af4-47ae-9799-290f89926a25","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":182,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"c1494c67-28c2-4391-b368-3645878023c3","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":182,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"2b018618-5458-4ad4-82e3-c4fd8abb4a41","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":182,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"c8ce55f2-10b1-411f-96d2-a080b1de9ca5","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":182,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"0f6e5552-5b81-4eb9-a71d-29ecdb25b440","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":182,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"e154e16b-2ade-4f40-9344-6530fbf68056","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":182,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"9a781408-4dac-4fb4-8c91-0a8cef7d8f65","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":182,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"5431b9a9-e852-40e7-a503-6ed81c2b8f25","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":182,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"89b443df-6350-4730-bf0a-7f4abb040fc4","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":182,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"f5f97231-a281-447b-9f16-950e7ce7980e","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":182,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"df571c04-d8c9-496e-b4a4-d0d62279b81f","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":182,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"dc4feddf-5b8c-40a9-8b38-3722e4870fc2","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":182,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"a48fb5bb-aaf8-472c-b819-ecebb0513caf","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":182,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"050524d3-e350-41a9-a684-c04e9c0cd8d2","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":182,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"0c2bfc22-a5d1-440c-93d0-6542f819c26d","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":182,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"26916ed8-47db-44df-a29f-9926564b27a0","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":182,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"58551bd7-5caa-4b34-8977-9ccb712c793d","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":182,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"85389b3e-a3a4-4981-94ae-8255ad5bbc4a","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":182,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"339efb13-bd67-4fa0-b633-f6b0bce234fb","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":182,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"fead4dae-ea8b-4073-8a83-6f16103b63b1","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":182,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"2a3df673-1b71-4f9e-bc85-e75ae5fce2ac","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":182,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"72daf759-1ce2-4697-8f5f-9311f4e4353b","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":182,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"c5690b10-3a39-4358-adf3-6367146c7589","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":182,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"45259e79-cb28-4330-b48f-d20722d3a3b3","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":182,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"3832e07a-ea24-457c-a9c6-11edc9668a1d","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":182,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"817815e8-f535-4ff5-81cf-251b7c884fa1","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":182,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"cd7b8e86-d1f6-44b2-9e08-10d6d0814f68","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":182,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"d4585eb4-b119-42ee-a1b6-66d05ec358eb","block_type":"box","text":"II-129","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2fc442a8-1768-4d41-973a-432ff204f813","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"332083a2-e393-4471-a74b-3a2d916a2d0c","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":183,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"54b6dfc4-e2d0-4840-91a4-9c9fcd643b61","block_type":"box","text":"dividends under these rules.","page_number":183,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"ea81dc5d-fbd0-4401-bf96-938cdf824c76","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":183,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"c8d5a990-a996-467c-92df-b1ff559ad563","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":183,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"64d26d8e-f413-458a-8695-b93062705591","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":183,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"d636e24b-62b6-4c5d-8958-c2723746aa94","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":183,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"7adf08b4-28e4-4c63-8f1e-70b6ac70208c","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":183,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"e864583b-0234-4fd3-b290-d9e43f79b584","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":183,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"04e19c4c-f949-47ef-99f3-dc64ac72cb7f","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":183,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"b7794694-cf58-4d1c-9e5a-9d3b379a33a1","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":183,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"d9e674fe-4eec-44e9-abfb-95f2e05fc452","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":183,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"55109628-1047-4c01-a383-5ba5f00e8bf7","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":183,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"b1b0fb75-201f-4665-8ea8-81f7434f81c1","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":183,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"c2baaf30-55b0-4876-bc29-0b667857df33","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":183,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"4b6fd883-f5a5-4c98-a64e-1feab5e80150","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":183,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"456a71f1-17a8-4f8f-8f30-7db02852c90b","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":183,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"1dc27fae-4cf1-44c6-be00-7d7819d02e99","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":183,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"384ab407-298d-4abb-8c63-ed5644c2002c","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":183,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"d4fee252-7a4f-434c-aa99-34f8c1635dce","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":183,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"4b793be9-625b-4069-86b3-11175edbb084","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":183,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"074ded3e-3eb2-4709-b2f9-0271464ba2a7","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":183,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"f3de8707-89c8-4ced-991c-d6b3645700d3","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":183,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"96bd9cc8-4a9f-4f41-a7c8-94156895ea0a","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":183,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"2ae1193b-82ea-476b-917c-68870ec18dae","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":183,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"87bee287-7707-4c0e-b62b-0e0a181910fd","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":183,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"8266aeae-af4d-4ba8-9023-6f30309b2df8","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":183,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"6ffdcc55-26d5-4ba9-9c0c-7886157a043d","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":183,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"0a5a637c-bfe1-4f27-9d12-87a0fbf4118b","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":183,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"8a422731-cd41-40e4-9f67-53f010027387","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":183,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"d2767828-a26f-4bdf-856a-c745d58863e8","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":183,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"d44f6dde-15d4-4676-be66-b31433eb708f","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":183,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"2a54b868-d9e7-4d2b-bf10-d44987452f86","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":183,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"de6a594d-9a86-474d-9eba-27f60310c26f","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":183,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"4d7c0ba1-d55d-4be0-a382-5917c4b67918","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":183,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"52f76b8c-1d24-47c2-b205-36e20afaba09","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":183,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"07d8e67a-3b04-448e-9335-72055dff8ca5","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":183,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"8515cc71-949f-44bc-b3ac-186325129436","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":183,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"f3fad33d-86bd-4c23-be17-324b378aa7ab","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":183,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"99ca8b53-701f-4eba-b978-56212db95fcf","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":183,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"63396c34-9e6d-485c-86cc-bca359486b73","block_type":"box","text":"individual circumstances.","page_number":183,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"80e11867-f4be-4598-9fe0-ba203178717e","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":183,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"ad2b6658-a993-49af-931a-639712be1494","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":183,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"355a0ca8-5710-4873-8451-123cd8b49e14","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":183,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"a41b963b-e9cc-45ef-b395-b947540565c3","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":183,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"5dc15a7c-cacf-4fbc-898e-028b2233b538","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":183,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"e9c200d2-5bc4-4219-826f-f2af22255bf1","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":183,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"5938489d-8d7c-4a2b-a258-6ccb82600157","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":183,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"22de3417-0c85-4e68-94af-f28795f7cec1","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":183,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"487a529b-50a6-47d0-adc2-4d4b8ff60c7c","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":183,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"ce7bed13-b165-4c05-8ad9-c8bde95cdbc6","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":183,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"2516349b-06eb-4041-90a6-8b6cef4ff13b","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":183,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"92a36a02-3f4a-43a6-a79f-34fa687b4960","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":183,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"6482312a-c963-456a-a321-005524c3e8c9","block_type":"box","text":"investment oppor tunities.","page_number":183,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"7e08b67a-9bd0-4a86-9cb5-c8104343d384","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":183,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"c82ccd2b-9ba4-4ebe-b5a1-051d1d90ef46","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":183,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"887a9021-bec5-4265-aedd-1ef4e1b2c341","block_type":"box","text":"II-130","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ceeaa1c6-be8f-4619-82bf-e1ee803d06ec","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d34e8638-8518-46ce-b4c7-f3a7d81bebd6","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":184,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"16d661c4-63a2-4b94-a162-3aa3e3423b15","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":184,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"9d8a74da-19f2-4ff7-a2bd-7b0f9d6160a3","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":184,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"0d82bdc4-d806-46a3-877d-746f3096fb4e","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":184,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"1c3085ed-d107-40ad-a2e0-1db91ed28ec5","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":184,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"f0fe76ed-249e-4359-8698-93cbf68b1a30","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":184,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"d597e9a4-bf4a-4a86-baa9-18b57a686bd4","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":184,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"e0540e43-8d8d-4043-944c-fb150ceb05f9","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":184,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"1cf46e9d-b9f4-4503-9571-0f4ac9c510e2","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":184,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"da1cc603-84de-4c9c-9f01-ffe81118079b","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":184,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"6f165b56-a4cd-4adc-88ee-c690ce28148e","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":184,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"81602dad-d4cc-4e3a-8bc7-6513712cca8b","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":184,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"41f9167f-4795-4824-bba8-5eab5c372cba","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":184,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"4e2fcd6c-4913-4ce0-98f1-734e804ee861","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":184,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"12c74724-3a6a-4897-9924-f65f0066acd4","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":184,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"9a136427-e7ec-47a1-a3c1-ef923c982434","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":184,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"33ed8f36-2e58-49a3-a70f-8c4cf534f871","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":184,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"53cf391f-2074-477c-86b3-68137b3ccddd","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":184,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"566bb9a0-db38-4c87-a194-79d9d13f022d","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":184,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"0185dc5c-578f-45bc-9775-c8e19e31ce5b","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":184,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"2ecdc0f1-568c-46da-ab12-dd003b154f04","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":184,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"f1623177-853e-49fe-b36c-0ad4d414ebbc","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":184,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"099b6145-0855-412e-ad27-2f114844f080","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":184,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"b552d700-07c4-47c5-add1-c45a70ea6fd3","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":184,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"bbfe6571-eb39-4acd-9e67-c52266837cce","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":184,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"661fb485-dd66-4f04-b084-31f20df752ef","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":184,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"9a100d29-7c65-4a8a-bded-87eff9c7634a","block_type":"box","text":"positions in its por tfolio (","page_number":184,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"dbc15b6a-0f9b-430f-a4cb-604717205ba8","block_type":"box","text":"i.e.","page_number":184,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"b95e7ab8-5471-48d2-a616-ec10df3902a9","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":184,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"79c25fe5-098a-43bd-b2e6-34b3cd1ca133","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":184,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"1e837250-9b38-4ff7-93a5-fb57493bf29f","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":184,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"b816b851-115a-4416-bee5-88cf33aeb8c3","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":184,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"71f4c650-63de-4ea4-a7ca-ee83bf9e6087","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":184,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"855acb20-7b3c-4f2b-b619-4d5a07658262","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":184,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"6ba1264b-ffb0-4aa9-8329-5553cb256526","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":184,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"33da98c9-f4c0-4972-9fcd-8f9fdecd1f29","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":184,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"9ce49a5b-aef7-4f0d-b479-38945abaf4c3","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":184,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"d5532d52-e8d1-4b66-97b6-2973cfb894db","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":184,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"0378638e-929b-45e8-982a-530023f4b7a9","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":184,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"916061db-5620-4ba2-b7ed-3741ad7984e0","block_type":"box","text":"Fund were to invest otherwise.","page_number":184,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"94b5bfac-d2e4-428b-b944-c811ee0b14b6","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":184,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"99c7b9f6-6b11-430e-8b15-cd2877232580","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":184,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"98d10724-46ba-481c-a223-faa5a7dd3337","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":184,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"4fbb5c7f-8ea0-423d-9145-753db786b49d","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":184,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"7ac99618-5ed0-4cae-a80c-9e25624c59ec","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":184,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"c959718b-52ee-4653-a383-395c347da501","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":184,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"aa568c16-6f8c-4adb-8aa3-3b9d80b594d8","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":184,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"a4a62619-f424-4248-8d50-452453684c7f","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":184,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"24ad3396-e450-4571-a80a-62be4036aea0","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":184,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"891cf5bd-f8be-42d9-b5c6-7c44cadcef25","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":184,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"badd8323-ae02-4cbd-985f-c000db792c81","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":184,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"185ebd32-d0f1-46e9-aa85-5a45ed64edfb","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":184,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"a3e30c33-fef5-487f-8e2a-8141edb0e15b","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":184,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"4e2aff9b-db0c-4652-89ce-c6530f62b240","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":184,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"645a2c27-718f-4d9f-9a3f-b31eb2a08417","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":184,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"37992fca-9c3d-494c-ae2c-7eaa79fa0db8","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":184,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"555bf8a2-a377-4316-b32d-7243762d0d5a","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":184,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"9d46d3b9-f9bc-45b9-9ccf-bcdae102e7a1","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":184,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"12a54418-e46b-4f0b-a440-2000367940d1","block_type":"box","text":"II-131","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4aca474f-f3ce-4fe0-a022-20c1a9bb2851","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77384c1e-de0b-427a-9afe-db833af8c548","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":185,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"67c65924-9e33-425b-9f9f-3046d9844c1a","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":185,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"0dc528d0-218c-47a6-9d4f-65ecd72d6a65","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":185,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"2878f320-300e-4775-935f-660cdc4a085f","block_type":"box","text":"PFICs.","page_number":185,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"bcbce527-31e2-4291-a925-4be403a5ecb1","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":185,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"d843bd89-05c0-461e-9942-00975045a859","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":185,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"4ae5067f-5caf-4b69-a70d-947463b309e0","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":185,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"7fa503f2-c36e-448a-8f70-f091bf2aebcb","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":185,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"4aa2348a-1c53-410e-865a-8fda87f5229f","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":185,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"8f978b69-507a-44c5-a9ef-13e60d0a9c9e","block_type":"box","text":"difficult or impossible to obtain.","page_number":185,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"4cab12b3-a070-490b-b2ed-8aaa16c37f21","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":185,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"333073a5-4e58-4080-9d22-50ccd2ac73cd","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":185,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"46eec331-c7fd-490d-87c0-d2cf18e3a70b","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":185,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"3dfe251a-7e23-4c6f-9fa4-68d51c8f684a","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":185,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"fbddc9c4-cb2d-4e2a-b850-856518472a14","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":185,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"356eded2-42a3-409e-a3e2-edb20ef342f1","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":185,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"259d79f6-d00b-4ca3-a7cb-dd78d44a4cee","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":185,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"ddd9b34e-b206-42e9-b1db-91b04e1d20b2","block_type":"box","text":"Municipal Funds","page_number":185,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"5d5defbb-85ab-409a-a3d4-77e6c6bcac5a","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":185,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"b1c750fe-70a1-4724-adcf-f5677c0d23fa","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":185,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"c8fc4705-82da-4445-ae00-a581be66fe0a","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":185,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"d5e94ef5-7e0c-497e-8060-011d28db18b0","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":185,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"a84dcc61-6245-4016-9bc3-399900ef6655","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":185,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"e8943e40-8d6d-4e73-afb5-9807c6e1fa85","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":185,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"33d13745-8eff-4b51-9e2e-27b6d6ac1801","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":185,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"f02b196b-aef8-4f72-8e51-e5c6f85a46b4","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":185,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"3ccd5778-1cd7-49ff-92dc-740f7c6e713f","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":185,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"ba4881d9-a381-472c-9f2b-b0d1cfa8efc9","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":185,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"bc88fd2b-4422-45da-96f2-685e51e87e83","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":185,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"0dc08502-04fe-4aa2-aa91-3cff693961b2","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":185,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"94de8d74-5ab5-48d8-8a6f-b3368d3837de","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":185,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"038cd41f-02c7-4f24-9d90-d180c83298ee","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":185,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"20ea2f99-5493-4ded-91e8-a68e19949714","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":185,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"4845bd0d-aadf-4f25-8339-a5940efb1aa5","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":185,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"a0d44294-7c39-4da4-85ec-6c038a888ecc","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":185,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"66f3f243-71e0-4e3a-a401-4b84b23903e8","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":185,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"33765245-8a50-483a-9bf0-81dd2705cedc","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":185,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"5deec82b-04fa-4407-8229-9efd4141394e","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":185,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"4322962b-2fda-44b9-b15f-61c4c5f08e6a","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":185,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"2c539150-d5b0-40be-bfe7-0115f5fcb9c7","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":185,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"ce52682f-695f-4647-8a3f-e180cc39ab1c","block_type":"box","text":"constitute exempt-interest dividends.","page_number":185,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"2e784df3-b6d2-41eb-b334-abb19d5a2497","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":185,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"dea1358e-fa56-4e34-992b-840a14fcbe9d","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":185,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"f982aa09-a6c4-4f06-857b-f46b643cb06f","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":185,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"41e2dd44-7429-4de8-805b-d78b12a02e26","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":185,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"b1fd3b10-d71f-451f-be91-b5c03b08583d","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":185,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"c8745480-a544-4afa-9048-39abb92c44aa","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":185,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"55f7105f-b40d-442d-a272-ed95ceecd1cd","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":185,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"c5b7d29c-e55d-47d8-b827-e93a1518b71b","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":185,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"2c6f815f-2edf-49c5-be45-2b53832f2a85","block_type":"box","text":"income dividends received by shareholders.","page_number":185,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"373d10d5-48cd-4e33-8b72-61d0a79f28b5","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":185,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"9e1b9726-8742-460d-863e-a0f84dce8c7c","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":185,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"2ca20d3d-401e-48e0-bcf3-202239afc0bb","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":185,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"be763b82-7e7d-4b14-9628-6df771423c46","block_type":"box","text":"II-132","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6d768df9-5921-435b-9a21-63cb1b441868","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd31da44-c377-48f9-88e7-b6fbd6f2cd3f","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":186,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"3e919cc3-8f21-44fb-8999-0a5dc2f8388a","block_type":"box","text":"the accrued market discount.","page_number":186,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"6471ac64-1b63-4793-a9ca-7e746b68017a","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":186,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"916a327c-cac0-4a08-83b1-995a96de6bc3","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":186,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"dbb5d29e-d596-444e-b88a-dc20e4453c65","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":186,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"daa0c30f-214c-4e91-92a2-f6ef3c405fc7","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":186,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"df4ea4ed-d6e1-4b07-af5e-393983e3f9a5","block_type":"box","text":"e.g.","page_number":186,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"8c7fdafd-fcc1-4d9f-9319-9c5da0b9e2bf","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":186,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"de420844-395e-49ad-8f99-1a8ddb2005da","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":186,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"4d7c57a7-820f-456d-bd06-fbb4e9b58b2c","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":186,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"2628897d-0030-4a0a-a146-84839a00a13e","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":186,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"f88ca92d-2676-402b-99b2-148c446bedcf","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":186,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"444c659a-144b-4e7c-b9b8-02923547cb5b","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":186,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"5844feb0-271e-4bc4-a2e4-c3b859b05f11","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":186,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"ef43a0aa-dfbe-4604-9529-f05fdbb725ba","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":186,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"9bc5c3db-145a-46ac-bcea-5b9759e1837d","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":186,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"0e8c70c2-23dd-4537-b721-f3343cd87394","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income propor tionately, they","page_number":186,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"d6839dc2-cb57-423d-9cab-efd46a1e48ab","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":186,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"f73e0798-5009-4e45-93bc-b683009481ef","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":186,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"dabb2628-1f0f-45ca-b570-685a8ba1c432","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":186,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"b1f8271b-bef4-42bb-bd38-48f91e951f0a","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":186,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"8ddd4a0e-dba8-4da5-9656-012958a9b215","block_type":"box","text":"within each applicable state.","page_number":186,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"7d85f725-2abf-4082-9f2c-dc7d2985e10f","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":186,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"0c1f1fa0-ee6d-4e15-bdad-412a3d5bf66c","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":186,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"d8c1a731-0cd1-4242-b39f-161bd4794ac0","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":186,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"17e2e586-ce49-4e86-a401-f8d6ad8c9f7a","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":186,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"bc90b355-f85d-4389-b79c-6920e10b9cf4","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":186,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"095c4ec3-c386-41d8-b01d-a6b390397b5c","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":186,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"03032893-4a2d-4713-b676-d00a40d447f4","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":186,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"a1bbb46b-c315-4a5e-af01-fd76db8d69cd","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":186,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"acf01b0c-b13f-4e35-bdca-d648586cea40","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":186,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"704d4f1c-9dbe-49ea-9266-7c0a74b5c635","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":186,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"48b5eb77-2216-4e1d-990a-c7075898cda5","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":186,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"dd65266c-acde-4747-a749-6084feb0af33","block_type":"box","text":"exempt from state income tax.","page_number":186,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"9dc3eb21-360f-413a-85e4-bc4a40fd55ac","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":186,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"286172c9-fd51-48c6-8c9a-e5a8c1563a7a","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":186,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"b29514a8-9b10-4433-92b4-f42e04d2e725","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":186,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"2f9d9c16-8159-48e3-b1db-6e8ad9608fa1","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":186,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"b492d199-bd57-4fe4-b487-589a6bbc5bc8","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":186,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"3eacb89d-4a99-41b5-9da4-991295c37007","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":186,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"09308989-6256-42b1-b815-fc9758cab75f","block_type":"box","text":"decisions may have a retroactive effect.","page_number":186,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"b3588d58-80df-4bc1-9a9f-f5352ba99aa1","block_type":"box","text":"PERFORMANCE DATA","page_number":186,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"ddf27258-71eb-4477-bb92-fd7c3dc1402c","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":186,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"853138e2-d2ad-43f2-b2ad-3aaf340a674b","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":186,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"090f23c7-ff63-4aca-b061-ec247bd98251","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":186,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"d8899241-6eff-4796-855c-038b6951b80b","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":186,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"7de0502d-1776-4e98-8f91-1f60cfd77ff6","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":186,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"0ae880b8-8497-4b7c-863e-7cff76913af5","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":186,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"13b1bd14-2f63-4c6a-a918-47f0ee8fd9fa","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":186,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"c4064c9a-88e1-49ed-ab93-390038eb7414","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":186,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"65d26669-285c-4b5a-81bf-a2637dbcf244","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":186,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"b2380868-844e-4b6b-a475-90ca2b82df10","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":186,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"3e452617-9a89-4d1e-bf3e-5625cb013520","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":186,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"cd5a7335-a42a-4e21-b4cf-5bfc79e09a22","block_type":"box","text":"II-133","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f7ffdd14-dca3-4a19-a7b5-887385ae7c54","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a85a171-b0dc-4449-9879-7e159535ebb3","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":187,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"ee37f604-aba0-4350-84db-af4d25bba616","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":187,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"cc560141-ecf9-45af-8509-7142253aafcc","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":187,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"c8651fa2-5c00-4c7b-8380-36e7249eb0dc","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":187,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"845ca70d-12f4-4131-9792-0d3ddc93f04d","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":187,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"ff6e0bf0-be0f-4d6a-b889-999e33b83cd6","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":187,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"6fc3fed6-0d3a-4f2d-80de-849a14e56daa","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":187,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"feb15c34-0c09-424b-89e2-0562933f2647","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":187,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"3083c3b0-5c76-405b-91ea-befa806fee35","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":187,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"6ef3460b-d9c6-426b-9ab5-81c1e8e33bf2","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":187,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"3c49852b-c837-49d8-abdd-b2b1a42e7b6d","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":187,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"c9e5e916-3b95-4049-939b-51a9a8c66ff8","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":187,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"367ad269-e5d6-4e83-b261-14b1e689b9e0","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":187,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"514514b8-4eda-46d1-a47b-5df112f40e9a","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":187,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"44cf378a-7fe5-4755-b21d-c6ffcaf2d7e9","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":187,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"5244de20-e420-445c-b50f-62bcb10ee04a","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":187,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"7b1e9bd2-1270-435a-ae78-ae7a18ea3867","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":187,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"a546630d-43f0-4d0a-bccb-14496ad396c8","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":187,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"f027be0f-fe07-4934-a53f-556190ab1a40","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":187,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"89023057-6b9d-4269-8835-deed9ebd473e","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":187,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"b8a6d440-9470-4e4c-b388-c1a6a450ba2a","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":187,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"8c09f9b4-589e-4700-9515-6b19341bcad0","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":187,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"a5a69feb-b49b-4eed-bd8f-03560ae0a05a","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":187,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"d5b31d00-9570-4a50-b644-3faef899c868","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":187,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"462bdcb7-453b-4d43-a958-70cccd298e94","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":187,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"db1c97de-03e1-4cfd-9621-9308da27da9e","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":187,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"88eb52a7-3c68-4e79-b894-af9ccab0a270","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":187,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"605cbbd8-bac4-4afd-b85e-fa2d8245280d","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":187,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"1621f80f-bc14-4ee0-a32f-c2eaf95a9bea","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":187,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"48aac803-3b89-4362-88d1-0d1c5e0fcb3e","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":187,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"b5e85b34-1a68-4038-8887-d52a028feae6","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":187,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"d7fbad2e-3a24-4cb4-ac79-2a5e3c4f575a","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":187,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"dfbcd37a-a60e-4355-b888-d17242092248","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":187,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"dfd94f3a-0453-4802-b9e6-be730be41240","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":187,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"1176371c-0663-4025-9f22-a18316b453d9","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":187,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"f7ac78de-3b15-4347-ba52-25c55dd1ae1c","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":187,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"7a9df687-0a76-4cce-84b6-5522a6389055","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":187,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"01143480-616d-44b8-8590-ce71685d2661","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":187,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"75be90ba-a3ac-41ec-99bf-b9ebb9918e31","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":187,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"fa58b0c1-7660-4f8b-993e-1bb9a1fc399c","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":187,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"be0a0e7b-63d3-4f8e-b38a-eec1fee9cf4a","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":187,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"6987bda2-a608-4734-97d3-6bc0d10678b6","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":187,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"ef5f4246-f3ea-4cf2-aa91-f7b7791b2eb3","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":187,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"8a50c4d1-ecae-4cb9-ba86-b742d050d16d","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":187,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"f5443104-d12e-46ab-b987-f985fa6721c6","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":187,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"13d83574-7c33-4483-9277-4c352013bc36","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":187,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"e7697dbe-0f85-42b0-99ed-55cee6a9f702","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":187,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"1064997d-80ed-440c-b03b-59dea721eb85","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":187,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"4003afc7-3571-411d-931f-03f8094d0bab","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":187,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"981b710f-8db4-442e-bc0c-ce386463c449","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":187,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"122b3ef0-b2aa-4479-956e-43c188bd9be1","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":187,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"6e60810a-7fa6-4d29-abf4-91f93865f27d","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":187,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"84f726b1-ec76-4337-a600-58803142e5e0","block_type":"box","text":"less than their original cost.","page_number":187,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"2b70e80a-4d59-4f8e-ba9b-577f58b43928","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":187,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"23d4b6f9-d3d1-48cd-bb32-399e581351c6","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":187,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"5404eae0-0add-4cff-af9a-bbe0fd244b64","block_type":"box","text":"II-134","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5a1d51e8-11df-4fed-a26c-caa415c0c423","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"214f4fef-3ca3-40f2-9f08-1ffdd1d2af65","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":188,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"9597cb14-5010-4b6e-9d3f-45af54134258","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":188,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"95ac8a8e-32b7-4ab6-bbd1-74b71b214c3a","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":188,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"93209da6-4052-462b-83c3-5e3b76fcd998","block_type":"box","text":"lower amount of expenses is deducted.","page_number":188,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"46a46e7e-07fb-4dd8-aa73-e0f83188c371","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":188,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"ec560c91-29eb-4700-ba18-92493c10ce21","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":188,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"3015e8a2-d563-4f30-94e8-9cce1c06a016","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":188,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"b5614855-cf79-4a91-8b01-018c7a6a1705","block_type":"box","text":"Money Magazine, U.S.","page_number":188,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"f573c8f1-c966-482d-b826-1e12885dd2d0","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":188,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"0f94a468-20c6-4896-88b0-10e41ce3bb23","block_type":"box","text":"or other industry publications. When","page_number":188,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"33944dac-5f1f-4329-b165-52b8df82d19d","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":188,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"90bc219d-7c87-41ca-9383-3a1b28c59a9f","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":188,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"6409e583-bff0-4641-95eb-5de69031c3ce","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":188,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"101b6483-73be-45e5-bb38-f83ca52d35c4","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":188,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"5b7c4101-8111-4a58-ac50-fab08236cc89","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":188,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"044b0d71-44a1-4a41-aa23-03b7f761994c","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":188,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"2b1e60c2-212d-4f64-be1f-2f0e328fea5c","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":188,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"0a27b125-e0d6-45cf-8b25-3388e781a9c5","block_type":"box","text":"developed by Fund management.","page_number":188,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"91e744bf-c4d5-421f-b435-760f39e64d89","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":188,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"88d0d57e-8b80-42f4-98b4-d85ecf47aa44","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":188,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"94175028-c9a4-485b-b056-ae9310111c00","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":188,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"8877c414-2586-49b7-8dd1-fa8953f5bb22","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":188,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"0c4274f5-82a4-4090-b9de-2c4ab7704ceb","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":188,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"5cfc168c-bc19-4b47-8297-371a8a979bee","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":188,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"ee7e6f26-4031-4d27-89c9-6ade8478cf63","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":188,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"4d2d8230-9528-4251-8f20-4f814cf6ada5","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":188,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"29d52784-56dd-4499-b060-1d6c2dd88b92","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":188,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"241738e9-0b5b-406d-89fe-96b87851b387","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":188,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"8895b9d7-11e7-4d9d-bfef-f8213c77ba35","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":188,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"cc405d5c-5a4a-49a1-a89d-f0fb4e323411","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":188,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"bd3bf431-9f43-4582-8628-0098423563da","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":188,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"89c122cb-acdb-41ff-aabb-2ea785d14e8c","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":188,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"e35d715f-fc94-4302-aa76-f57553f3ba88","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":188,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"971ce850-c202-470b-9300-005704bf49b4","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":188,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"ce81d649-0abc-404e-86cb-606bab03916c","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":188,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"000431fb-ad31-424e-a045-7dc4a115811d","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":188,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"3f22752b-8eca-407d-be1e-9d310df5bc74","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":188,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"3c350bee-cc8e-47c9-8c08-a8da02520128","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":188,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"4379a5e3-1a3f-4ddd-9580-a72b8aeb5476","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":188,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"ae16145b-23c2-4ad7-ae23-9002991cac7a","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":188,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"7af576c6-2c59-476b-92c6-3a2729dfcadd","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":188,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"85d5cb08-9910-45f2-867e-6eb2b3211a80","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":188,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"b4fc2218-5c86-4c12-9ec3-bd1c9a45f65d","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":188,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"0c6e7b9a-bc1b-4d40-8cb2-8b1a9a2e7639","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":188,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"162d2957-a6e5-4211-a9e2-6693ac43065d","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":188,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"ac26a1a7-676d-42ac-993b-6364cb26f9e8","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":188,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"8b867963-2b28-4557-b1ef-209ec5d1736e","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":188,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"90ac6c1c-46cf-4ef7-a8ba-7f489a87825c","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":188,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"31f55cbf-09ae-4e10-8c12-ea4d84caf315","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":188,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"1653f177-2d8e-4cd9-b268-17d60902aaf7","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":188,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"528859c8-2f80-4594-946c-16b8fb831a83","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":188,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"a61197e3-ff84-4702-9ad7-e689722fc2f5","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":188,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"bafb8f7f-53b4-4be4-9f19-7831e4ed9a49","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":188,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"59d85d80-b5c6-4640-a25c-d80645b3ba52","block_type":"box","text":"II-135","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"63859946-fbe0-4d7c-aab8-3d4fc55ee3a8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e348f64-4ef0-496e-841d-39c32236e184","block_type":"box","text":"GENERAL INFORMATION","page_number":189,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"97186a83-e955-4a1b-9783-a7f9a1e63dca","block_type":"box","text":"Description of Shares","page_number":189,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"bddf11d9-76bb-4b1d-8503-1a8b05a12435","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":189,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"6ca5f157-89b5-42d4-be51-547ac8763b8d","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":189,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"b1c8e07e-9aaa-4e07-ab80-6c09a271e11d","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":189,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"df86e6e3-6f12-4eab-a324-352c04d0e0cf","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":189,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"afa21d41-2142-4984-b3d9-58d92b41b903","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":189,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"264631b4-9d15-4ff9-9fde-ad689ba97725","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":189,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"c4cc0827-d972-44dd-a579-9e68592b883c","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":189,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"687d42ab-2b0c-4dda-aee9-4bc67487a646","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":189,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"c2372c91-4fe8-48cd-9994-f416275c0708","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":189,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"84f916bb-d0ed-435a-b940-1060efaf8768","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":189,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"3712fa2d-e72c-4ac7-a907-3ac75a15b0f4","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":189,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"42f0fda6-d7e2-439a-8336-b7d9d479763d","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":189,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"10b07dcd-a85c-47a5-8bf5-39af801779f6","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":189,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"5b70d437-66d6-43f6-b5ac-8e52c71aa38c","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":189,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"aaf0375c-4892-4e0a-a617-ca2c5e9745d6","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":189,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"5999d4bc-719b-4c93-9085-c2164fcdcb40","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":189,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"8659ed31-de0d-4a6f-807d-7868313811a0","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":189,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"9102169a-2b24-4ee6-b210-105e05bb5d4b","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":189,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"b9399dca-763c-4c72-bbf1-2f4ae681cb08","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":189,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"946c6ea9-b322-4907-b4e0-5efc85079930","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":189,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"739a4d71-53e6-4929-9780-63543b50ba94","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":189,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"9fd5f72b-e8b5-4ae4-aa6f-117255f1bdd1","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":189,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"850a9179-2226-4743-aa83-b7e37d4d1926","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":189,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"b2220e2f-606f-49ac-934e-36dd76b92a3e","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":189,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"e007e825-7eb6-42a6-8138-8befd4272385","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":189,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"b136ba8e-af56-470e-b5ab-1232d552a737","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":189,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"17d477f6-4514-4556-abeb-282c33a2a1d2","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":189,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"c6143f89-ae97-4ce7-8f01-3cf9dafba6b2","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":189,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"8a80f4bb-e6b9-4a58-90bc-091cfafba0b7","block_type":"box","text":"Additional Information","page_number":189,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"56634cab-33dd-4d18-b28e-c64d07194990","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":189,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"12e25f0f-1dda-4a8f-a14c-caa653ef4d93","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":189,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"7f35f5db-189c-4379-adf8-6359f83f114e","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":189,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"57b8b2e1-4bef-4830-8582-f97dc32bc97f","block_type":"box","text":"such name to any other company.","page_number":189,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"b417f772-06a2-49a0-925c-e90b3743494d","block_type":"box","text":"II-136","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0dd3a602-d336-47ee-98a4-f4f19dde5bad","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6ae44b3-6ffb-4ceb-af4e-8c45959cf2ea","block_type":"box","text":"APPENDIX A","page_number":190,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"aaedb5cf-3c03-42f5-ad7c-568119693334","block_type":"box","text":"Description of Bond Ratings","page_number":190,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"8280e0ed-93c0-463b-a32c-3f2c5141a3e6","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":190,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"96a1041b-4f58-44a7-b1fc-6a4457e8cc4a","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":190,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"ffae5224-8c85-4f5f-9440-7c9605cc551c","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":190,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"35a4bae4-f89e-40a1-89aa-9107de6bb273","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":190,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"9827f3cb-507c-4753-afce-5652eec7ca2a","block_type":"box","text":"date.","page_number":190,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"f977e502-daaf-44ee-9d67-f8e9139abcb3","block_type":"box","text":"NRSROs may rate specific investments (","page_number":190,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"41df702b-c96e-46e5-a89c-bdb05a509e09","block_type":"box","text":"e.g.","page_number":190,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"aeb7ed3d-b611-45b5-aa7c-50ea06551476","block_type":"box","text":", bonds), issuers (","page_number":190,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"0cd615fc-8d5b-4438-84f4-b7cd87c09844","block_type":"box","text":"e.g.","page_number":190,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"b4e623d0-53e1-4d3f-af04-3373483dbea9","block_type":"box","text":", corporations, governments and financial","page_number":190,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"94e51a7e-fb76-417d-98e7-5274efbc4774","block_type":"box","text":"institutions) and/or programs (","page_number":190,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"de32f2c5-1794-440a-877a-1f237afd0baa","block_type":"box","text":"e.g.","page_number":190,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"f0ffb241-fbe5-43b8-830b-210268656be3","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":190,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"44937c0a-a9c2-48e4-ad09-5de404cd333a","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":190,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"5704dc51-0ebb-4e38-80c0-071cd168738a","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":190,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"0f04945d-8c19-4c42-b85f-0dfeb4ed0f13","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":190,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"70b9afab-440b-4534-9c6d-612214d25e6d","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":190,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"23a967a5-c920-4930-880b-01c3724594f6","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":190,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"ebc3f0f4-f928-424c-991a-ff1d1075d61b","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":190,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"98520f76-e0e0-4c01-9bad-5fab6690b973","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":190,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"f83980f4-b40f-4d45-8afb-c1cff5f09dce","block_type":"box","text":"security (","page_number":190,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"bbe69238-03be-4c91-8fcb-7e992e0d629a","block_type":"box","text":"e.g.","page_number":190,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"0f8e7757-b7f0-48e7-a7e8-f8d899fb3ebb","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":190,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"4910e3f1-cc03-4c7f-9c7a-723d7302e62c","block_type":"box","text":"highest of the multiple ratings.","page_number":190,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"d60a0462-b722-454b-9868-35eab3ebb997","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":190,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"8a167e5a-7a74-4d41-a6f4-5512c66d2f35","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":190,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"ea223925-2c54-498f-bf3d-f972fbde1c84","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":190,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"f8252843-dc0f-4252-bef6-570a4bc0e0eb","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":190,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"f07dfdbc-fd15-44af-b9d6-dac5d99f2b80","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":190,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"ac8f0fb6-1d0e-4fff-8d72-9f7f80e7fce7","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":190,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"71c5e83f-42f4-4003-b5ca-9831c7cedf89","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":190,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"b509c1d5-bc15-41c6-a192-1c40e0922248","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":190,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"476e0bb3-0e5b-4bcf-968e-adc7c48f0fc7","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":190,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"87745e8a-0145-4190-a477-c25cead3d7a7","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":190,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"32018d19-8cc9-4655-8711-c80dfd8ffc2a","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":190,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"d998837a-87d0-496f-9cb7-30f3f91ce045","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":190,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"0a6e7738-e0ca-4c62-9928-cf1f73c9904f","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":190,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"8187295a-ff49-4103-b12d-453fe0087588","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":190,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"c174a00c-782f-4f7a-b0db-18df6b11071e","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":190,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"af3cad26-f96e-427d-9d73-d5211a21e56e","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":190,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"e3c73f03-0a0b-4afe-800a-881e1a218e05","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":190,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"01c19ecb-d72d-4d27-8b09-a3a10ab6fa92","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":190,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"eaafb2e8-84bf-422f-9b78-c9a9865489bf","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":190,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"ae1b31b6-37f2-4543-b8e4-0f64f86e3873","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":190,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"06f8e109-cd39-4255-a1d4-1ec95e8f2d8a","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":190,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"ebc76ddb-962a-49a5-b0bd-6e048fba4d99","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":190,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"57dde071-f542-42b7-a6c9-e8699cb303b6","block_type":"box","text":"Fitch.","page_number":190,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"e3072d29-e97c-4eb2-a966-190083b5a8b0","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":190,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"b49b5622-0cc4-40df-81dc-db634bd901fc","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":190,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"0047adaa-dd5e-4923-a9c6-a09bca771845","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":190,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"07187e3e-1fe7-4c6a-b50c-cd801fa1e887","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":190,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"d8db58fe-1b1d-41e9-9d1f-498e42c22add","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":190,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"e0bb795e-9755-4fc4-8653-4e63d19369ea","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":190,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"83a2ab01-1cdc-4a72-9277-dd713005e7a6","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":190,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"d9271de9-609e-4ac4-9721-a00bdbf957b5","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":190,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"b4020aa0-4f5c-40dd-b057-7cc4dee488a4","block_type":"box","text":"sources of variation (","page_number":190,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"4dce67c4-bfa2-41cf-b284-9bca0374db25","block_type":"box","text":"e.g.","page_number":190,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"f390196f-dd28-44f7-aa72-5d7ca78e96fb","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":190,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"84f024a9-79ae-4db4-ad3f-0b8ce323c444","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":190,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"0843765d-63f7-477a-941c-6820dd3ce496","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":190,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"69565314-6b45-4cf8-95c0-117cfe628744","block_type":"box","text":"e.g.","page_number":190,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"a1202cea-0436-4363-b2fe-91f31a471fc0","block_type":"box","text":", equity indexed), absent an express","page_number":190,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"a6502f98-3dbc-497b-8ba0-875666df5fec","block_type":"box","text":"A-1","page_number":190,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1c175e1c-3eeb-446e-99cb-07d9a1a9fcc7","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"208ec635-2cfa-4a87-9fa1-87e034223113","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":191,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"e6cdb242-f1d3-434f-a9f9-e349e88bf903","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":191,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"25a803d4-8263-40c0-89dd-c0cec51d78dc","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":191,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"e44d7d5a-b7b1-48dd-8be8-b3deb8509e90","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":191,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"9279052e-5e88-4c53-b385-7a4d43b73b47","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":191,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"40bab18c-dcac-4ebd-ba45-542894011023","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":191,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"1b2326ae-d9e9-4f3f-9236-9dd6bc08d974","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":191,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"b314ed0e-98c1-4ca4-838e-62ff03ec6795","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":191,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"31bc0cd7-f124-420a-92c8-80cbcb56a992","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":191,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"2b0a3231-be8f-4f93-b156-1934df57ec7a","block_type":"box","text":"i.e.","page_number":191,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"39bf17c4-066a-4086-815e-80bca6699b3a","block_type":"box","text":", ratings on nonfinancial","page_number":191,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"d1dba07b-d563-4ddb-8eaa-44ec3716cf01","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":191,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"02500854-635d-473c-83eb-36bf2b82885d","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":191,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"5b2fd4c4-ae9d-44a4-abe2-2bea3f80c9a9","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":191,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"fcc97a64-3be1-468f-88f0-7c1bb4230bce","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":191,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"af8e4533-c90a-4dd2-9f0f-426307139f1d","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":191,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"3b2df9a0-72bc-4723-9841-a51b75a4f807","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":191,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"b3e36ee9-6f7a-4f19-b573-599930459385","block_type":"box","text":"of time.","page_number":191,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"a7f8b222-90ff-49f2-bf35-2aefc1c37d50","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":191,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"be2becc8-8262-444c-9d2e-a370fadf48ff","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":191,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"54baab4f-0f80-4e36-b05a-e4aa5c32ef5f","block_type":"box","text":"risk.","page_number":191,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"bc8605a4-e837-4394-b173-68c868371ff6","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":191,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"f7368efa-ec12-494c-8cf6-8f468010fb6e","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":191,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"e07e8ef1-5707-4fe4-ae12-4938786c3fe5","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":191,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"dd7d428f-08d2-4051-9f64-723fa98279ff","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":191,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"24d37481-1c01-4514-8ad5-b41b6728d32f","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":191,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"be2159cb-570c-4384-beda-dde7b545a200","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":191,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"b3fbae66-dee0-4070-920f-01aafdbfad2f","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":191,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"eb4b794e-f140-4a58-966d-b881505fad47","block_type":"box","text":"credit risk.","page_number":191,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"bfa35f7c-51a6-4ec1-b1ca-b309bf324ead","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":191,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"26cb9d80-34e5-4ff3-8cd4-e43b4c744669","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":191,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"133d8f80-4039-4c14-9854-9735861333e9","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":191,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"c4003fe2-b38c-4a7d-8da9-0266fe7fba39","block_type":"box","text":"of principal or interest.","page_number":191,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"2b889440-7fb7-4883-bf93-015c0133c867","block_type":"box","text":"Note:","page_number":191,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"07bc6344-9a44-4cec-9a29-138c59f784fb","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":191,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"efe59e0c-8cda-4eb7-a249-802f6f3075df","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":191,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"913bbf54-7c1b-487f-825a-b66393345808","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":191,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"cd906c5a-71bc-4d34-948e-445f472dca73","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":191,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"551cbc4b-8512-49f5-a3e4-4a2ac0505ec4","block_type":"box","text":"companies, and securities firms.","page_number":191,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"1ffe4ff2-83f5-4748-95ce-27418513f9bc","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":191,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"6097f72e-4d23-4e70-8c00-8a97236fbb2d","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":191,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"43a21d59-37f0-4837-9ac4-e5b5e762f342","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":191,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"011d81f4-ee30-43f3-b7d0-23a99c49f423","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":191,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"0ad6d01a-5d4e-4e91-9578-2560a3bda137","block_type":"box","text":"that security.","page_number":191,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"390f8fdc-0660-460e-afb1-68b7ee6569bd","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":191,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"21d33998-9727-45b0-b016-73742728531d","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":191,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"c8b5d821-d4a9-4015-9e7f-692a8ee6f674","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":191,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"b3e42a46-7db3-46fd-b196-bd0270845a2b","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":191,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"110d49cc-e8cd-4059-852c-7408eb803fc8","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":191,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"a0af93ec-59d2-427f-9eda-ba66d838e836","block_type":"box","text":"categories.","page_number":191,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"ff454c21-9fa8-416c-b168-2bda1dda8a54","block_type":"box","text":"A-2","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7b34d3d2-8e7d-4d2a-a2b9-757523987662","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8583364f-8678-45a6-ae93-6dab065ef48d","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":192,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"1fd4cde1-d2eb-4589-8eac-66a816526446","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":192,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"835b45e7-afd7-4d5c-9226-e2a0fba0cfd5","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":192,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"e5426ca1-165f-4e63-a113-cee64bce394f","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":192,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"707bd297-d339-4fe6-9c96-e5f4468fe571","block_type":"box","text":"an issuer’s self-liquidity.","page_number":192,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"1550ef68-9aa5-47a8-bc6b-b8e8dd6ae227","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":192,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"e15dcfa6-0279-4127-9173-1b82284062f0","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":192,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"8983697c-8306-43a5-a573-763813fd993a","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":192,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"2f10e3ce-76a9-4870-bf21-0db65f75e8b1","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":192,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"ef60a8ad-a3e3-45d8-95b6-a3e770895a1e","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":192,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"ae80f021-575c-4a38-9180-5d53453ed8f3","block_type":"box","text":"MIG Scale","page_number":192,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"7abb335e-efaf-4589-bcce-75ec3725e7ff","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":192,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"06301438-be55-4313-bf1c-783b95fb3a5b","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":192,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"c4a781f8-756a-4b12-a3b0-816fdbcf257a","block_type":"box","text":"refinancing.","page_number":192,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"e3ad80b8-cd0a-4226-85d8-9bed154c9bd2","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":192,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"b6d29379-5fa6-46c9-a972-27134156d0c3","block_type":"box","text":"large as in the preceding group.","page_number":192,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"b1971719-1b1e-4e33-bfe4-23cdb12f78ce","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":192,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"56ae7f07-32fd-48ec-a0e6-cb5c1a5197bf","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":192,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"ab840249-cf2e-48de-920f-25d40332c215","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":192,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"dd536f83-0e5d-458c-a315-ff208ff05299","block_type":"box","text":"lack sufficient margins of protection.","page_number":192,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"17a1c8c9-9454-4d83-bf70-7167d4ee5fa6","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":192,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"5a4ca9d7-2a5b-44d2-96c9-d24107dc9847","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":192,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"b1581d09-eae5-419a-97c5-de4988233618","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":192,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"4b6a2761-0120-41ed-897d-00431fff473c","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":192,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"1442b2b7-8eba-432c-b53e-7223a74d6024","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":192,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"add3c9b3-849c-4437-9d25-2649a348aec6","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":192,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"46b29041-c9d8-475d-ba75-52f6b5838b1f","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":192,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"6d6e26c9-12a1-48ef-964f-90cd6170f894","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":192,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"deba5c71-c5a8-468d-85f9-f76de5573bcc","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":192,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"4ca91384-591b-4de5-8f36-8b6a570b75ad","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":192,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"97a778d4-3cf0-40dd-87f0-2d5f7fac16ff","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":192,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"15d827ab-e95b-40d9-b1f0-5f9827321cc5","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":192,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"74016982-0842-4264-ad55-706f9d3d275e","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":192,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"1e527965-d007-4475-b5b2-0f10a2ae1198","block_type":"box","text":"VMIG Scale","page_number":192,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"7b8e786d-b13f-48ef-b9c9-b0de029beb31","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":192,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"80ce90e8-e515-4aed-95aa-226619fcc818","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":192,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"dd6b11e8-7849-4ffc-947b-c4e2e1370543","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":192,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"8b64f46c-5280-44e4-b5b2-9d90375f577e","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":192,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"33fb2619-b13c-41b5-b93f-1cd0dacc0125","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":192,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"65b25a92-4bfb-47a4-8e44-4b87f47a58da","block_type":"box","text":"payment of purchase price upon demand.","page_number":192,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"f34f069e-134f-44bb-85c2-8257b155048f","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":192,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"11ac962f-4f0f-4ebd-883f-923dae644a97","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":192,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"19a40ab8-5ac5-4688-aa4d-8ff722c281ef","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":192,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"4d60bea4-acda-46bc-aba5-4192cf60f38e","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":192,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"fb528156-d65c-4514-9309-df9f411cf4ec","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":192,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"83e4f949-0ebb-44f7-8625-b326d1fe77ad","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":192,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"01ed411d-5c71-4ffc-9e75-ec3d16515c93","block_type":"box","text":"price upon demand.","page_number":192,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"f3d4ce4f-236e-4089-bb29-266d2f570633","block_type":"box","text":"A-3","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"4e8b177c-be27-4f91-871a-47ba1e4e5284","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"131215fc-b6d4-4dd0-a535-114eb068b331","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":193,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"f74a23dd-64c1-42bb-9655-b6445895df50","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":193,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"ccd1a745-6950-4630-a96b-965e067b10d0","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":193,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"35e44bd9-c354-4a2c-94b1-107fe03a49e9","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":193,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"de7c9e7d-9dec-4a34-aa98-0963231d7588","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":193,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"35af1492-1d35-4b79-b893-c4f0d93eca5d","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":193,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"2a15b288-5e43-41ae-88cb-301117f5954f","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":193,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"c57876cd-ddb9-43e6-b7d2-1b92dd62caf2","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":193,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"c779ff95-0eff-4890-9b41-fbd945007bd4","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":193,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"dfa36605-a18e-4a98-aaf0-0a74437febee","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":193,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"a61083de-d2ef-488f-9ce3-a4be24bb6c0d","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":193,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"1d4064bb-6b93-4591-86bf-8873f29796ba","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":193,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"76ed77e5-6a3a-401b-9a26-fb6bdd441fa9","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":193,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"d5d6fa3f-0ec2-454f-84b7-d1d3a59df505","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":193,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"709e78b7-004d-438a-b8aa-9bec21b37074","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":193,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"94856ebd-acc2-45ad-b66d-d7d7e053d6bd","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"52e6ec37-d0b8-4cf7-983a-f1f041d1828c","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":193,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"26f19676-6a8c-40d4-a5af-eed78fca78b6","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":193,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"a0e08dcf-dec9-4554-ab4d-db223f8ba237","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"c2764922-3d89-4beb-b13c-dd75e107949e","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":193,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"e6a44f7b-e0fc-4aef-b4a8-6342ae026a3c","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"c122492f-4b16-4d03-be09-012ec52d4d83","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":193,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"4a8239da-4007-4202-9759-a048bd2e9281","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":193,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"b7611757-5ea4-495c-acce-383bcc6770fc","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":193,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"600f4caf-bf5d-4924-a501-e7e619e56157","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":193,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"a3d16b6a-c5cc-4d71-84aa-ef6ce91aa9e7","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":193,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"23f3d0b8-dea1-4a7f-97b2-67aa30bf870b","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":193,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"33415645-9f67-4ac1-90a3-12f483f512fc","block_type":"box","text":"obligations.)","page_number":193,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"ee7de50e-60ad-4bf0-9ea9-637eafe7f376","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":193,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"d17f3722-9a66-47a2-af87-739abeb67bb1","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":193,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"6b8d7f2e-182c-486e-a1b1-6a2fb9f741b6","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":193,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"0a380a2f-51c8-4781-bddc-e72cfbe7bb7d","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":193,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"0c940570-82ae-4d2c-8e37-84ef20cc237b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":193,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"3b9a2750-8a4c-47ff-9716-74ac54ee77c5","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":193,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"76916289-f7b3-4c8e-a373-98e678dabfb4","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":193,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"8b62396a-af0a-4a80-b289-0cd65087aecc","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":193,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"f1f14dfc-255b-4000-80e0-d908331114ee","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":193,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"3b00d75f-0f8a-4bbe-8e01-7741be98214c","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":193,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"11d00efa-aaf5-4b8a-9fb8-b15e47cf493a","block_type":"box","text":"financial commitments on the obligation.","page_number":193,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"1c33cfcb-8d52-4423-9d1f-7606c6613f40","block_type":"box","text":"BB,","page_number":193,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"fd51bd05-d399-42e8-b7d1-8f3a3cdd3da7","block_type":"box","text":"B,","page_number":193,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"08353089-3ea5-42c4-8431-3ab58d9245de","block_type":"box","text":"CCC,","page_number":193,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"ed78b12c-f3a4-422f-927d-e9b085499165","block_type":"box","text":"CC,","page_number":193,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"f3853060-c11f-416f-b036-592971d67e30","block_type":"box","text":"and C","page_number":193,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"82c9480a-e2de-436f-a9a0-6a246db20697","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":193,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"61d2a260-b4b2-4373-af27-1438915d9871","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":193,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"02bc8899-b0ff-420d-b40b-a8a47833e9bd","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":193,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"8d2e6f9d-5b89-452e-8b00-10a3c5b15018","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":193,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"2186155b-d706-4b17-ad9c-1058cda98a4a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":193,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"43915683-0b12-4acb-b724-a2de5523f84f","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":193,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"5899f70f-de08-4fd8-9d80-b307fba8e30b","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":193,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"1b1e6485-b1fc-4d07-b7b6-7433e09d09e5","block_type":"box","text":"on the obligation.","page_number":193,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"b81f83b9-7a9d-4ef6-a7a9-8f3f3a3f54d6","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":193,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"14c0793b-4cdc-4fa5-97ee-99605d8722c4","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":193,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"02969603-e269-4d93-8f8d-73c83504432b","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":193,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"3ca0ffa1-6e3e-4dd3-a924-3b108ed5adb9","block_type":"box","text":"financial commitments on the obligation.","page_number":193,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"87901acd-329f-42e1-bcd1-f355fe716aa5","block_type":"box","text":"A-4","page_number":193,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"b95dc9c1-4637-45d7-b06a-84957469cddc","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba583f14-9393-4bfd-933c-44a4d1e998e0","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":194,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"378ea8c2-2096-48b5-a087-4d946f272c19","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":194,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"bbc0ea7f-9e5e-495f-b19d-525e72fde4ca","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":194,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"e947cc5e-57c5-4a52-9366-bc7b35b5b8e2","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":194,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"2716dfdb-bd5c-487c-a7d4-b7d9d408a100","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":194,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"71b350c0-ec10-4a3c-b84d-ae54f992b39a","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":194,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"ed16b72f-997f-4eb7-9b21-57fe5e584cdb","block_type":"box","text":"anticipated time to default.","page_number":194,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"a293598c-bf0e-41e2-a1a4-e7617d4037d2","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":194,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"7d701bd3-9b3a-4d7e-a088-0ce0bce9bab2","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":194,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"4b473cf9-3807-49e1-a34b-1618b3c58086","block_type":"box","text":"higher.","page_number":194,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"43a05ee1-7339-4cf0-a39f-0b1e8f0e3b8c","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":194,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"ba69277c-8353-439b-b684-2405b88cdcbd","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":194,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"32e92108-4209-49ca-83e5-9bea9e880f2c","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":194,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"4b33d05f-6708-4833-91c3-a6e86a8a77c1","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":194,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"ee7be6ff-9225-4a8d-9628-45875b689095","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":194,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"98ef7880-4b92-4d9d-88f3-a3149c0faf3b","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":194,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"9a1a07fc-049b-47f1-b4d3-56d8e87c8dd8","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":194,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"2aa9fba5-1ae5-41cf-b5b7-d65fce923d16","block_type":"box","text":"restructuring.","page_number":194,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"a0406bb3-b345-4d79-ab8a-a19c940e1587","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":194,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"748873b6-0d20-4740-bf17-cadaf75c9c05","block_type":"box","text":"standing within the rating categories.","page_number":194,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"05e749c7-6433-4526-b53e-26d59a854a03","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":194,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"69478936-4bf2-4cb2-96b8-43bcb1cfc486","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":194,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"c433373e-e42b-4425-80f6-69048e55c8dc","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":194,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"64a3d801-0108-4415-90b3-4d2c20b05245","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":194,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"f45e19cd-8561-4a4b-9a51-42983049319b","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":194,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"398e4b88-178b-4a84-b5fd-39a568826131","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":194,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"b62095b7-0bbc-44d3-9698-8ea4fe0a8bf7","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":194,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"f087cf49-b217-44ba-98bc-6ac12a3d9a57","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":194,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"3f2f862f-b27b-4835-8c16-59dc00205b6d","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":194,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"6f171d0f-e0ba-41fe-a11e-895f25bbaf10","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":194,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"407d2545-a489-449f-80f3-ff386285cabe","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":194,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"c2be4c8b-8d69-46f5-ae6f-88985a707024","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":194,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"515121e9-6194-4f21-b44c-5115f1058e40","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":194,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"219fb71e-c6bd-4f7e-b952-3254a67af143","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":194,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"31b8bf87-2d4a-4a6e-822f-4e23d85a9f6c","block_type":"box","text":"financial commitments.","page_number":194,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"c1435a4e-9392-47c9-9269-42b9e749d6fb","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":194,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"235c2bdb-04e3-4f80-af42-ad573b1e0f44","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":194,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"b3347230-a2ef-447c-ac2a-03b46097b46e","block_type":"box","text":"commitments on the obligation.","page_number":194,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"025abd98-99ac-4487-94f6-ca5c59b1e156","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":194,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"0a9e45f3-c1ec-4344-8f3b-b86229543c54","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":194,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"32e5e886-ac29-4265-be90-c9001915a416","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":194,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"d8a1b03a-4cb6-4195-b1af-31c28c8a110f","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":194,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"62165a35-9ec9-421b-807b-eabb9d4671bc","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":194,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"8f118fb3-da8c-4482-8c08-4c0ba2b89298","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":194,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"97229680-198e-48b5-a0b7-9471d79243f7","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":194,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"ec8a428c-c530-4fae-a15a-38cb64926811","block_type":"box","text":"debt restructuring.","page_number":194,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"5e760d58-b5c3-4189-bfe6-517e6b0537f9","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":194,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"1ce7398d-5062-4c20-947c-ddbc29503017","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":194,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"8df34e77-0947-4407-921c-eeed48b30d12","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":194,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"ee9d1ad1-14b3-450e-a405-9efdd98f9529","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":194,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"a05cf6f5-53dc-473a-870b-6470ca238c88","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":194,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"db690089-3576-41f3-bf29-7f0cf91b7122","block_type":"box","text":"A-5","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1903eb7a-408c-42d2-9f33-7e1d1e3806fb","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bce71a2d-b997-4114-afc2-8ba4e6ddebb4","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"65362758-56fd-49c1-92ee-d9decd46e054","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":195,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"1c8e48b9-3ca3-479f-b9cb-a7a026efa15a","block_type":"box","text":"as a note; and","page_number":195,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"a50874b0-bcc4-4381-9328-e03f077409fb","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"a9306d04-463e-40a2-986d-9301b6a2ac32","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":195,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"3c8228a5-aa3e-48fa-94f3-cfa6814a0e9c","block_type":"box","text":"treated as a note.","page_number":195,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"e7e72647-86d8-4a92-bfbd-3dd74eb18178","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":195,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"c2f53506-81aa-478e-8d2c-3492f66a13c3","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":195,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"78912b6e-bab9-4e83-8dc4-787f2dab49ef","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":195,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"575fe185-ae72-4435-94d9-a5ab2b82ae50","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":195,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"7590acb0-36c1-4084-913d-b7126cd80741","block_type":"box","text":"economic changes over the term of the notes.","page_number":195,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"000bead7-81e4-46ff-8ade-e5f42b7564c5","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":195,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"3e06667e-3c29-467f-8e7a-852812c4aca1","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":195,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"347ae9de-f1c0-4492-bf12-54f67b09a957","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":195,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"85243ebe-53ae-442a-af29-c002bc8c2944","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":195,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"c7884108-2c34-4f93-aba8-14d0983c978c","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":195,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"a26f1d12-4746-4061-859f-701bb26d251e","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":195,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"8323faea-a5b1-4dfe-bf23-5dbf75fee9be","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":195,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"af03bfe3-4867-4b93-9ab5-fe5471676757","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":195,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"bed50b6c-88c3-4986-a610-cd448b3053fc","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":195,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"da0cbe53-9178-4a6b-b900-a8e5845e9fb4","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":195,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"04d15aee-200d-4e14-b9ed-915ef3f14534","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":195,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"100ca78a-717e-4a1d-a7b8-6ba07add329a","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":195,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"dc5b36fd-5666-4074-b386-fc4649d84492","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":195,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"9995c92d-f9f9-453f-bc4c-132992fb74ce","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":195,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"05f40175-2dd7-45de-97b2-ad42c33d49f7","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":195,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"d27bc6b2-2581-4901-8e26-019c64d8b576","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":195,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"33694642-323a-4556-8bc8-b45adc7dd0aa","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":195,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"61ea808a-e8b6-4c0a-9ed5-fa76b721e8b6","block_type":"box","text":"receivables or other financial assets.","page_number":195,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"9c3b779c-0802-4b48-b79b-ef1e20d8c884","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":195,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"060534f8-8f5a-41a5-98f0-4b66d4a87ba0","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":195,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"4d00ed69-2f40-4cb0-8024-aa12be5349d7","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":195,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"48d334e8-fb44-4ffe-b210-9d4aaa46310e","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":195,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"927e7128-2272-49c7-a4d7-a7d29d26aec4","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":195,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"673eb310-0b4b-4a36-baa9-4c96f274ba18","block_type":"box","text":"occurred.","page_number":195,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"80302aa9-c297-4775-aae1-6b37bcdd4115","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":195,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"986a0b9d-2c49-4810-8511-4d8508ea86a4","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":195,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"14814513-bbdb-446b-9280-69a80836b05e","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":195,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"e60158bd-04d2-4dc4-83a2-9888385ef7a4","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":195,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"5e82beb8-648f-44c7-b34e-4d6da9f4ff59","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":195,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"9e7b6e37-46ef-4384-8488-bab3f5a22c2b","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":195,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"e461622a-0ed7-452a-92fd-b9247e6c5ebf","block_type":"box","text":"rates.","page_number":195,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"129a0bbb-540b-4e32-be04-20c7892368c5","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":195,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"dfb3cae1-5469-4840-96d8-f0c19a680b36","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":195,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"b950bd1b-0836-4532-a7d9-ce4c973cf6e1","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":195,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"200b6c80-5df9-42f0-b31d-4b9d9c6054f7","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":195,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"09763039-d07d-45dd-bb88-4df98bbac6fe","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":195,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"5b1c76df-367e-4e0f-bb5e-76b8cb8f2eb2","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":195,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"47f48206-9d4e-4868-8bd3-75cae37ac157","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":195,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"ee907346-d565-4e2f-bd0f-a618c3c42170","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":195,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"4503b85b-7281-4dda-ae70-395f2b1e494e","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":195,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"bc705a5f-a659-454a-9ef1-a992a3d24db6","block_type":"box","text":"i.e.","page_number":195,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"a8c500e7-dbee-4350-8bf2-309cfd935ad1","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":195,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"fd313bf3-b8cd-4b1c-8625-609ce54717ed","block_type":"box","text":"the obligation’s documentation).","page_number":195,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"67a72fa3-1a18-4844-bc99-5195ee478c11","block_type":"box","text":"A-6","page_number":195,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2a5f3a4e-ee66-471e-9138-c6f43bcf591f","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29242f62-1323-4470-934c-2dc6aa4f3662","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":196,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"e6c02791-6a04-4e12-a86a-d01184e012ec","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":196,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"849f1562-dc88-4cf0-96da-9be25d9a9065","block_type":"box","text":"agents in the form of a rating letter.","page_number":196,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"efd8db56-1a59-4ac8-8928-9864cdcfc6bb","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":196,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"dcbb1161-e16e-4117-89bd-bbda29dadf11","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":196,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"1e9a3c31-122c-4826-a6ce-a87954d2a3e2","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":196,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"47ef2dd1-7b4a-4d48-a0c7-37edd7115387","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":196,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"2ca09643-3b50-45d1-b0b7-32041d4f3301","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":196,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"2e19cceb-8f10-4b28-b8c7-61b97be3342a","block_type":"box","text":"e.g.","page_number":196,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"7973eeb9-c2f3-4f9d-b5a2-c0d60ee9ad3a","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":196,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"c958f23b-f61f-4a78-b2aa-7658b1cbd6d4","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":196,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"4ac75473-c80e-473c-aca6-aafb09243645","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":196,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"0c84403f-3dc0-4588-b7bc-fddc41abcb36","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":196,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"c7ca76ea-0a5a-4a12-88f6-bc91fa10dc2d","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":196,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"8e8d3638-2ede-431d-8ca0-0a5a12f521b5","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":196,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"d0f8a7e1-48a3-4d0e-86fb-27250932e130","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":196,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"c4b857f8-3ee8-450d-831f-9a308df74ce1","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":196,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"723d07d7-1d37-44c4-b8e8-fb7921724c08","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":196,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"ecd22fd5-9943-41ba-b3b6-bec96661dd90","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":196,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"6f07d86d-4d8e-4c69-b5f5-6dc2abc4af0d","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":196,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"b61b07a6-fd77-4586-b871-69fcc07f7a48","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":196,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"6acc0403-143f-4c2a-89c8-550233a9ad7f","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":196,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"755e9e1d-318c-4d96-b67a-c645fb9cffab","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":196,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"11dd82b6-b54d-4fd4-93e0-876cf5118693","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":196,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"64358d90-4bde-4650-a4df-37d4e1a76bbe","block_type":"box","text":"Ratings.","page_number":196,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"b8c2f3ae-6b1b-4417-972d-d83cd893e9ed","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":196,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"03a5cefc-57f9-4576-b274-b1ac398fa4df","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":196,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"3910eeaf-949f-4451-b069-7a68c7cb3390","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":196,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"a2c50914-ae1a-4708-8222-ca1e9870a284","block_type":"box","text":"obligation ratings.","page_number":196,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"ab754799-2bc7-4ced-a7f2-a46057753d41","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":196,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"0fda7474-96ab-4274-ae5c-f704bc4b018e","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":196,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"2f2eea8b-b8d6-4ed8-8e75-348ef77d0f1f","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":196,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"e6fc283f-8228-4962-9cb0-8d7ddba55b5b","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":196,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"dfacf8cb-6746-4d13-ba51-5203d9261377","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":196,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"37a2b42c-e267-4c13-aca8-aca8e234d72d","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":196,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"525e9ce5-3982-420f-8e6c-bd45382f4fd6","block_type":"box","text":"to foreseeable events.","page_number":196,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"0af4da4b-dbc6-4d7a-8d8b-7a756a8a7758","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":196,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"7d1592c1-8536-4829-a77c-e494b5b0953c","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":196,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"a0ac5c5e-8deb-4efc-bb0d-fce951874359","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":196,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"b427b6ab-d03b-4964-9f1d-a330c4c4dfbc","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":196,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"de020011-670c-4c33-8cc6-c5992919e83b","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":196,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"92cba1d2-42c6-4ce4-b69b-3c24d2390138","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":196,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"2fc0465f-720f-4e18-b01b-948881c38f15","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":196,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"0b74d454-d3d1-4312-a966-53cf83eb9e39","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":196,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"57a06da3-ad87-4400-b16f-5da8e5a7b50a","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":196,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"187f7903-3f48-4f9a-ba1e-f1e0d41ae797","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":196,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"c9157e5f-e735-443e-818b-a5787c280473","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":196,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"2282be18-b014-4029-b29e-7968673e409a","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":196,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"e6b5eb6b-2080-4ac7-9b49-a31e7503cf8a","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":196,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"071f1549-69e9-488c-aac5-76af5680b18c","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":196,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"5918dd85-ffbd-4b22-90ff-175e4c2b2bb5","block_type":"box","text":"relative status within major rating categories.","page_number":196,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"b517715a-4433-4cb2-987e-8a5cd8a0104d","block_type":"box","text":"A-7","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b5ffe33b-03d0-4c7d-a9ff-3f72fc0e5220","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fe69cdc-17a6-4c72-9f21-da18657528a4","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":197,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"4d9f9c6e-6a69-4181-b914-3040407b65dc","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":197,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"481612fd-f433-4b32-87cf-253f9faba8b7","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":197,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"d90f3bfe-3013-4320-a563-aad03272e2ba","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":197,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"9d7a80e9-7b1d-4dd6-8835-6d8fee5826f5","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":197,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"360a3382-95ab-451c-a046-96b881890a59","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":197,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"3fb0abd8-5117-47fe-b2c7-f2938e2fe8de","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":197,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"18370c32-dc9b-4d39-a2da-da086ee9d506","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. 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Statements","page_number":198,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"b98e3267-4fce-4488-b009-d910b1bfc464","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":198,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"26ba1016-5c1a-4c70-a8fe-e66b705b05c9","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":198,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"85274ed1-db98-4f70-b594-ab7462ea8358","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":198,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"370a8d40-81ac-48f1-a191-f5cc1d40521a","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":198,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"77865b14-f98d-4c83-ab30-cb42e4815ddb","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":198,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"8415d7f3-ab25-445d-80e3-41acb7e55a2d","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":198,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"a0f50aa3-4d1c-459c-9fe5-9b368b1129f1","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":198,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"e15a884d-5560-42e3-a915-fb12ac809082","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":198,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"0ead1cff-43d6-40d5-b4e8-bf4f7e17c3e0","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":198,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"00fc1a00-218a-4efe-97b5-388429f3ebbd","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":198,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"d8ab8d9a-59f4-415c-8c32-5b11e66e333f","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":198,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"68dfe611-f068-413c-a982-91914368ae75","block_type":"box","text":"Conflicts Management","page_number":198,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"99ad9043-1674-4096-ae4a-e3c041d4a5f4","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":198,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"39d7893c-9298-45d7-83ca-5ce0d08fb6e3","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":198,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"bd7d2014-c7bd-4e93-8180-f657ca3d8aad","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":198,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"a59aa02e-01c8-4e95-b54f-0555a421ea04","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":198,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"1f17ada3-2dcd-42f5-ac07-c184ca6c636c","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":198,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"890780c0-fcf4-4604-ba1b-1a6f8295233c","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":198,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"b30c8f6b-db91-47ac-ab49-dec1f5f5b11b","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":198,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"05a112f9-c300-4360-ab9e-42dc9c4eea27","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":198,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"0272d283-8603-461e-9e6b-ff4e5e5b970c","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":198,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"af8d2618-df3c-46b7-ac30-13a42c666c91","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":198,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"a7ca114a-f75a-4939-9768-00c7d57af9cf","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":198,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"b77321d3-5d1c-45be-a9bf-dab73185dccc","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":198,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"037f65ed-6cbf-41c3-b06b-ec7e573ffbc1","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":198,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"f7654c67-cb92-4c59-9edc-77332d8192cf","block_type":"box","text":"connection with proxy voting.","page_number":198,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"1042237c-f0b4-49c1-a4b8-50390b7aab72","block_type":"box","text":"Reports to the Board","page_number":198,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"6b963fd3-abd8-4142-bf35-16c2ba19b54a","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":198,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"faa9731d-d2de-4b7c-9b78-47b1a913003b","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":198,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"68385d32-01a6-4360-9c61-0b69e14b48a0","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":198,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"1e5a291e-6b5e-4a6c-b432-24099d629d51","block_type":"box","text":"changes to conflicts management practices, that have not previously been repor ted.","page_number":198,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"97e9a866-143e-4564-868e-48981defa6da","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":198,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"7e807f2b-d194-476e-ac3c-93b962127c2e","block_type":"box","text":"BlackRock","page_number":198,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"6cd1bf2b-65f1-4115-b347-94059c5901f8","block_type":"box","text":"Public Page 1 of 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3","page_number":201,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"b1b8d8c8-0c84-4fcc-bf7a-03917411a168","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":201,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"79b507d6-bd4a-4749-8418-0fa2d98c2f18","block_type":"box","text":".................................................................... 4","page_number":201,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"3860b6b7-9bff-4813-91a5-883efbae527c","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":201,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"2635ebf8-003a-4613-bc07-bfc3df8da409","block_type":"box","text":"............................................. 4","page_number":201,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"5204310f-7d08-487f-90f1-b94b763e2249","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE 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. . . . . . . . 10","page_number":201,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"28abd35d-22f0-4d4f-8aa8-1cd65d5f0a22","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":201,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"61636563-c925-4576-af1f-c79e75bcd99a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":201,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"25ccf2a6-d801-43bf-ac95-a131114ce72b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":201,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"e2f815f5-c781-415a-946b-0c6cd2dec610","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":201,"box":{"x":283,"y":281,"width":621,"height":9}},{"id":"9bdea698-2971-4001-be02-c42a8a7c4bf6","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":201,"box":{"x":74,"y":297,"width":259,"height":9}},{"id":"5c13bb51-545d-4e82-ba43-caacb5ebfd05","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":201,"box":{"x":340,"y":297,"width":564,"height":9}},{"id":"0f084fb4-0f2d-4692-9c92-2ef635fdb6b1","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":201,"box":{"x":73,"y":314,"width":522,"height":10}},{"id":"6c60db23-e269-4531-baef-58f6a9d396f5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":201,"box":{"x":601,"y":314,"width":303,"height":9}},{"id":"bde1128f-5ec0-4bd9-a066-d4868051eaa6","block_type":"box","text":"KEY STAKEHOLDERS","page_number":201,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"7d6832e4-234b-41e4-8f6a-07c00c47547e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":201,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"0e14b948-66e2-47d7-96b7-114b487d8e47","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":201,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"363023e7-f9f9-4ae0-b311-b21d89b658a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":201,"box":{"x":528,"y":346,"width":376,"height":9}},{"id":"eb3e6b2a-f03c-4e7a-8fc7-989bf696eb01","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":201,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"4952b7c3-7690-49e8-aef8-42e731b58972","block_type":"box","text":". 15","page_number":201,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"14f04ad7-6a89-43c9-a9cc-60b7306fe7ea","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0a45871d-4d32-4836-a796-3d7285d8359c","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"041adb68-5cd3-46c4-a204-5d8e54047ef3","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc548181-ad1a-4c0b-92da-686a76694827","block_type":"box","text":"OVERVIEW","page_number":202,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"a8e150d2-adbf-4a9c-928c-58b6ceb00a9b","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":202,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"086d9418-cd37-4b20-9230-914572b88b0a","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":202,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"95833fdf-4109-41c6-bc31-bb3c8d312341","block_type":"box","text":"issuers. BAIS works in par tnership with BlackRock’s investment teams, excluding index equity, providing exper tise on","page_number":202,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"e1e12c67-3279-46b2-953d-6955471ab581","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":202,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"882790d7-7651-453e-9811-a8bde06804d0","block_type":"box","text":"recommending, operationalizing and repor ting on voting decisions. The guidance informs BAIS’ voting","page_number":202,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"561714f8-a749-4f8a-8062-de0dbe04ec08","block_type":"box","text":"recommendations to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s","page_number":202,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"f330aff8-9512-4dbc-a438-f9e35e27f41c","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":202,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"3ad7b0b9-242b-4169-9892-969024186a3b","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":202,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"7cf2604c-0118-401a-897e-ccf9aac66283","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active por tfolio managers have discretion as to how they","page_number":202,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"2d7d3a26-21aa-49b8-ae57-23ad8626871c","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":202,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"d521fba6-d237-4a99-8d4c-679552be113f","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":202,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"5ced155a-0096-4790-8a1a-f8a2cde2dab6","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":202,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"2637e923-12a4-4aa6-bdae-47a82c15c571","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bc9bc0ab-00f6-4287-9ee8-fe735690042b","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"883a0de5-7b50-438a-97e6-4f7de1973e2a","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d825ec45-eabb-4830-8a07-cef8a2aab96c","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":203,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"0b705418-95b3-48c9-8066-a2178df69055","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":203,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"9152ea73-2a37-43a0-89b3-0ba06d36647a","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":203,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"ead1b9e5-2bb4-4797-8c03-a9db24d7d64d","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":203,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"1be486fa-ef70-41db-915c-4e233f94456f","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":203,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"bbe7318c-6160-47aa-b7e5-536b51b73793","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":203,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"4cc52b7e-d53c-486c-9ca5-f9ecd3dc62af","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":203,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"59f476ff-b6a7-4016-b90b-0a1dcb4ad8c6","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":203,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"e3a93da9-adaa-41ad-a296-280d13b54e0d","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":203,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"5bf545a0-36e5-4442-b6a3-2b07950e1a36","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":203,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"7931e0ec-b22f-4e9e-a38f-cc81f7db12f9","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":203,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"9f1bc8fa-1019-4165-ac3e-81ac376bce60","block_type":"box","text":"shareholder meetings.","page_number":203,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"22cea341-a484-47c8-8428-060d24184ed6","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":203,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"dd761eba-e101-4cb0-89c5-c2bf9fa13c89","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":203,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"29257b2d-0bfd-48d1-a8de-5552b04cf689","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk adjusted financial returns. Generally, por tfolio managers and","page_number":203,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"2756fdfc-d723-4fa0-a4c0-038d248fc241","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":203,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"27d6f238-0572-4478-9df6-fc0ba94ec0b5","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":203,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"c412b480-b0d7-4aed-9345-8db798e522f4","block_type":"box","text":"per formance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":203,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"a1c4b1a4-312b-458b-a1f7-4780128645aa","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally suppor tive of management teams that have a track","page_number":203,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"61d48ed7-0f87-4604-aecb-97ac16337c66","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":203,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"2fff3ff2-7266-4306-89f2-52c083a96cd3","block_type":"box","text":"on open dialogue and mutual respect.","page_number":203,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"a2b47326-6c0f-44b2-8312-35015e94917a","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":203,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"30cfbefd-5705-4b89-9e29-215009339fb2","block_type":"box","text":"the por tfolio manager has to make independent voting decisions aligned with their por tfolio objectives and","page_number":203,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"d691b2a6-7267-41cc-8b82-bd8dd70f8505","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity por tfolios in","page_number":203,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"ea8b8c63-7eb0-4988-a678-e11bbcab8a3c","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity por tfolio managers,","page_number":203,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"91525b27-b09b-4c39-ad07-9170ba7fcbf4","block_type":"box","text":"who may determine to vote differently based on their por tfolio investment objectives and strategy.","page_number":203,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"63193564-775f-42a3-8455-4adcce43464f","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":203,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"00b829d2-fed1-403a-a30f-ec644db8134b","block_type":"box","text":"board directors","page_number":203,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"4a188a9b-cdc3-4dee-9f4e-b5311deb8a5c","block_type":"box","text":"1","page_number":203,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"49bb08fe-1153-4035-9961-34844e13b52b","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":203,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"ab263b36-a6f7-4d2d-9960-8522a7fad427","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":203,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"b60528ad-af7a-47f3-ac55-1b10174ae405","block_type":"box","text":"governance that suppor t a company’s ability to manage material risks and oppor tunities and deliver financial returns","page_number":203,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"a1af3c01-372a-4443-b53f-37d0bdab53ca","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":203,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"a8265a59-6e8e-4932-992d-ef121605bd7b","block_type":"box","text":"markets or, par ticularly in markets without well-established norms, aspire to widely recognized international best","page_number":203,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"14661c68-e68e-40dd-a75a-3a690ba4129a","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":203,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"001afae5-6326-4d46-b1aa-4c1c14a57f52","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":203,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"922e5bbd-e7fb-4347-8dab-7e50585dcc86","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":203,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"a773701d-a5a7-478b-be80-cd36c4b28884","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":203,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"42b8d4da-afdf-4882-998c-6b5a9eda0869","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have cer tain fundamental rights, including the right to","page_number":203,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"e683291c-26b1-4ada-bc03-2790012c8a68","block_type":"box","text":"vote on proposals put for th by a company’s management or its shareholders. The voting rights attached to these","page_number":203,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"53ebb949-b327-4299-abdf-ac2c10625f9f","block_type":"box","text":"clients’ holdings are an impor tant mechanism for investors to express suppor t for, or concern about, a company’s","page_number":203,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"83233ed6-873b-4453-b89e-a1a2627d18d0","block_type":"box","text":"per formance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":203,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"a949ff56-edcc-4b9a-b452-03ebc70e8635","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":203,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"0f46e1f3-7588-4441-8f65-e96f8fa50fd3","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":203,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"97a70dbc-ebac-45f1-b334-b76e44338381","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":203,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"61c959b2-1691-4267-966d-2a3bd6c5c1d7","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":203,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"8110152f-b73d-43e9-8aba-700946f6beb9","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":203,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"1605a606-e67f-4dd6-8801-c6fb64acfef7","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":203,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"60b5621a-59f7-4e64-989a-69784d32c763","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":203,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"c0a5f0f1-2483-4fdf-bac7-c38ed4f4104e","block_type":"box","text":"stewardship responsibilities.","page_number":203,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"233e0d0c-5aa4-40ca-969d-a41a7c16beb3","block_type":"box","text":"1","page_number":203,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"b39a28ca-f3ee-466d-b52a-2085e6d24d9f","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":203,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"26ad91c9-563c-4397-a273-be7c92323ddc","block_type":"box","text":"boards and their members, where relevant.","page_number":203,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"bb2f5bcc-08ee-40d7-a85a-91bf66c7d911","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"33784b36-db30-44c5-bbb7-4871c1bfa6b3","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"080896eb-8991-49fd-8605-9d7b8682135c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f4109ff-7af1-4b85-b3e4-ab8adb19e35d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":204,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"8ee19416-7f96-4eb6-b1a4-fb22317034b7","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":204,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"34c7b075-0122-4f0c-b3fd-08bf1b2bc27a","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly those with sustainability objectives in","page_number":204,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"e02f51ef-d253-4561-9a2a-d354740b221a","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":204,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"00babeda-f7fd-4116-a577-5fcc8be18e2c","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":204,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"69911aff-a35d-4e16-8904-09e602f67d4a","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":204,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"0506175c-59aa-4427-a923-d7f5239127ee","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":204,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"5a08ffe4-b3f0-426b-8a19-18eccbf93567","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c7d2fd07-5927-4afa-bd5e-1b7f34e721a1","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"132bd392-14d5-41f8-aea8-4ea4e289db30","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa659ece-36ee-4f08-8be4-cc960525e491","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":205,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"f82ae786-ec89-4a28-a73b-0f8d1daf4532","block_type":"box","text":"Roles and responsibilities","page_number":205,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"da8a47d4-74f7-41ae-a8ec-02a5cd754736","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":205,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"bebc1dc0-b937-4109-ad80-36f903e856fd","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":205,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"0aa65a72-f439-4f20-a45f-2280817df57b","block_type":"box","text":"2","page_number":205,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c375dc6f-3d30-42eb-bff3-9e038b0e6bf6","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":205,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"4ce74399-1469-4e3c-8452-67ff2035eb81","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":205,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"98406910-b82f-4dca-be4a-c1ada5e2d876","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":205,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"da77cc03-536a-479e-a488-f6077b1e676e","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":205,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"3fdb3c0a-b994-4fc9-a086-3170be967de0","block_type":"box","text":"per formance over time.","page_number":205,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"0028f0a8-b3df-4022-876e-92240cf82160","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":205,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"840731b1-8147-4733-a3ea-9ce2bb3e70cd","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":205,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"469d3d0b-db08-4d90-ae30-ff404ae7f946","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":205,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"9249b278-ba09-4671-ace8-836fa5a27f0f","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the per formance of the CEO and","page_number":205,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"5966e8d8-960c-4657-8fc8-4054de09a018","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":205,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"c3ecf010-a933-46c0-ba34-966e4667a180","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":205,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"29a7babf-d1e1-432e-aa31-c14ac3911ad5","block_type":"box","text":"Composition and effectiveness","page_number":205,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"515626cf-13e3-4e4b-93bb-ebcd0c3b517d","block_type":"box","text":"Appointment process","page_number":205,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"32c62eb7-7c7c-4d7d-b216-cd244bf053ac","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":205,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"31424a57-12a2-4e06-9dad-724e84d701cc","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":205,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"e8b569c4-86a7-477e-a7e5-41b25809a51f","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":205,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"3b292c6e-e338-4b71-9aaf-dfd638169d95","block_type":"box","text":"e.g.","page_number":205,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"4f74505c-ea2a-43f3-8347-fda89702b839","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":205,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"e6feee5b-dee4-45ff-99d5-fa7f8013fc57","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":205,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"259b928d-dee3-47be-802d-bdf70997bb3c","block_type":"box","text":"e.g.","page_number":205,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"5973d185-b6c0-4322-be9b-3e45fbf48d0c","block_type":"box","text":", financial exper tise, industry track record). To inform the","page_number":205,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"710149e9-d757-4e64-9498-785703ae5ea5","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":205,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"6df4c9c6-6051-44e0-a354-614e5ed7e620","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":205,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"c8affc5b-d48a-4ffb-b745-0e8fc9b2a478","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":205,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"7a0699aa-63f7-4474-a90d-9a59484c225b","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":205,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"dc5a2f09-f99f-45a2-9f63-f207d33bb113","block_type":"box","text":"market requirements.","page_number":205,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"4be6102c-f3cb-4b31-8b1e-175dc5f7c189","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":205,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"927d6f5a-e244-4e4f-ab4d-a09b0a2f4df3","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":205,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"03d51a42-5f79-4b6c-90cb-19d316c74142","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":205,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"a9065adf-3066-4469-8ec2-ed6e2d060607","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to suppor t strong financial","page_number":205,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"4564003f-141f-48b8-9796-64e759fd6ed2","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":205,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"adf9be24-e0fa-4583-b310-70f55188d15a","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":205,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"ef8ef4a1-13ba-44ca-8e40-d58bc117fceb","block_type":"box","text":"Independence","page_number":205,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"e39c8430-5650-4d78-94ae-03d0ffcfa368","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":205,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"d8012958-d0cd-4c22-a7f3-f8e5e9d58f39","block_type":"box","text":"e.g.","page_number":205,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"a9d9ea23-e677-456b-8876-93b449587846","block_type":"box","text":", government or","page_number":205,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"c2e90043-637f-41bc-b41b-aae6197cf989","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":205,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"85737f70-a929-48fb-8c54-f4447bd6dea5","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":205,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"f6830dd9-1eab-4214-ba83-7ce79febee9d","block_type":"box","text":"influence.","page_number":205,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"372b780a-306c-4f05-a531-c79b483073fa","block_type":"box","text":"3","page_number":205,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"635c0e72-f418-4519-ae26-84900d9f32e6","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":205,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"7b7c05ff-7f95-4aa0-9ef5-37b4bb153fa9","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":205,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"fcb867bf-f420-4614-8bea-62532643f585","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":205,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"a9ca49d8-9c0e-49fa-9f8b-3056f37a5c45","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":205,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"981529a9-aa57-48ba-ae7d-07f626065bb2","block_type":"box","text":"composition if this is a perennial issue.","page_number":205,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"0a1d389a-ac5c-419f-a922-4ad1612c75e0","block_type":"box","text":"Independent board leadership","page_number":205,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"3d45cf19-9aca-4789-a991-725d12a1f4bf","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":205,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"348b6643-fc82-4721-9004-c4aa3d4de93d","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":205,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"aa3cfadc-b367-4124-ad1b-136806a8f85a","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":205,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"a6fcfe89-3a6d-4bfd-9161-5a1aff30adb1","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":205,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"7456fcb5-cfc5-44a7-80eb-b9837f04985b","block_type":"box","text":"2","page_number":205,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"96fecd5a-17ce-412c-8d54-7f71b03b5993","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":205,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"0baabaab-9fad-443f-9501-8e97b7e7e330","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":205,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"cb3de204-4300-41ce-a43f-78c3a6b6120a","block_type":"box","text":"3","page_number":205,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"a122638e-9a79-447e-b55c-984acd9a69b4","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":205,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"96e89953-09ca-4e71-bd35-8812e4311a8d","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":205,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"27f7d0c4-9729-4a79-8767-6429a160062a","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":205,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"8e69131d-e1f7-41ad-8c94-a90ccd8efdb6","block_type":"box","text":"or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests of the","page_number":205,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"0416bfbb-6e6e-40b6-b9da-35dd4429e1e9","block_type":"box","text":"company and shareholders.","page_number":205,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"6f64d8cf-a5e3-4cb0-aabf-d7895beb2570","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c2d3e4b0-29a5-4b7e-9ccc-0c047e8668b1","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2a299d89-9d0d-4b13-baac-215901089335","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9fd7317-34dc-41cd-90af-905b36814c4d","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":206,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"e9eb021a-9275-4d9a-a14f-6b0177e097e3","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":206,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"608b1a31-50a3-4ef7-9336-8340888166db","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":206,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"fea3b5b3-a55f-4728-a465-1ce25dd9a247","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their independent board leadership","page_number":206,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"69729e6f-e961-4ebb-83fc-cad7315ca7fa","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":206,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"c32a0ed3-2df4-419b-abc9-4d06435dd11a","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":206,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"1414c834-d632-4d0c-83f2-7f9c099487eb","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":206,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"6831fcf4-3854-4708-9a94-5950f1027dcc","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":206,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"05d609b8-416c-4f65-a2f3-1f835fdf00dc","block_type":"box","text":"Tenure and succession","page_number":206,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"08709861-0d0b-4cbd-88bd-bbef5a5a35c3","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":206,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"e915ce97-c973-42d1-8228-3973f7f80c4a","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":206,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"4f2a7f1d-920d-4e6d-9101-8a3f83c785dc","block_type":"box","text":"tenure par ticularly around the contributions of directors who have served for longer periods than provided for in local","page_number":206,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"99891223-aa3f-466d-9cdf-9c1a7194a980","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":206,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"4dd59110-f16c-4f1d-91bf-0d28de1b3318","block_type":"box","text":"management and involvement in past board decisions.","page_number":206,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"38d34723-ea67-42de-ba3d-8d4988ac088f","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":206,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"6dd589c9-79db-4106-becc-02d683642f73","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":206,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"8d060843-26d7-4703-a2ad-130b3e0f1a3c","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":206,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"c240641b-b5f2-4615-ba74-0f44a28a9aea","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":206,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"d5cc38a1-88fa-48fe-9ad8-bc8ceb60521e","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":206,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"a2e41b44-fef7-48ed-8961-7fd5fc650c8b","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":206,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"9651db83-9775-4cbf-b430-e06804cc40d2","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":206,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"43b5c8e2-b24f-4823-b817-cdb392bc54b1","block_type":"box","text":"Capacity","page_number":206,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"0137c5ed-9426-4dca-94a6-2e543e2d3337","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":206,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"9a89d34a-082c-4ec7-9ebe-3b10ec838232","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":206,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"d46d542d-e3c2-43ac-9012-7be7b3204c6f","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":206,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"a3b5bb18-7470-468c-94c8-4376b3595f0c","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":206,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"dfe7fc19-def6-439e-a6cc-c7a56ad7b27d","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":206,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"ddde2c91-778f-4f9e-89b3-5a84a65aa073","block_type":"box","text":"markets.","page_number":206,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"3265ae15-4910-446a-bdff-ff4362230d0e","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":206,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"9e90d281-a744-4d04-a5bf-910e592e59e0","block_type":"box","text":"their duties to the board and company.","page_number":206,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"aa844c84-c3a9-460e-a6d4-8b124fc4555f","block_type":"box","text":"Director elections","page_number":206,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"313a356a-c622-4741-a6f4-442f3a4065b4","block_type":"box","text":"In suppor t of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":206,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"e3ca3c2c-fa73-4ef8-b89d-8a3cb0e44452","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":206,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"5f2b8bac-6aa9-4538-a27e-9297a7e14f79","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":206,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"062b4bcc-cd18-4689-b7db-15debf684937","block_type":"box","text":"e.g.","page_number":206,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"25c67a4c-21c9-4bb3-b75e-b89ce9701402","block_type":"box","text":", a non-operating company such as closed-end","page_number":206,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"11b70804-9869-4aa1-b5d9-53e94d553779","block_type":"box","text":"funds.","page_number":206,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"25ec9555-d6a7-45a2-bf15-4b5fe95cb21c","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":206,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"ca047ddd-33ea-41bb-9c07-d0a0b5cfa42b","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":206,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"4baad63b-d7b3-4486-af8b-b3dece45a4ad","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not suppor t the election of directors whose names","page_number":206,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"dceaf330-c400-4b89-9e1a-9dd071d04a29","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":206,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"a14014fb-25bc-481d-aef6-bb4930aca9a5","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":206,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"546f83a2-3212-42b7-8652-3fa94b2f95b0","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":206,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"5db07ec1-21d4-4d7b-9044-40b4b6b6d999","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":206,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"83760cb9-adbb-480b-9a0d-8e8433c721e5","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":206,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"bf392791-204b-4911-9d6e-7879334c28fe","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":206,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"ac84fb30-c134-4a53-af11-1f1b42d504f5","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":206,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"346081af-556a-4059-bbad-b92da552fa15","block_type":"box","text":"Committees","page_number":206,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"2fd96268-840a-4098-9215-8ab372438ba6","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":206,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"dd6ae84f-5fe7-46bd-8377-305e540a085d","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":206,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"71843e5d-0b5d-4f3b-a66c-d687a59e09aa","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":206,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"012e1b57-b1a9-47e6-9b48-9fc00f0e348c","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":206,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"856ad1b0-f10c-47ca-b4f8-0c9d15039148","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":206,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"9d5c3c10-9621-46a4-8c65-0d895e415dea","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":206,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"8f2ecbd7-da09-4602-9e40-0db3bca92ecb","block_type":"box","text":"the structure, membership, propor tion of independent directors, and responsibilities of each committee. The","page_number":206,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"2b4322d0-6892-4e56-af20-b8afa8c7f424","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":206,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"7b923588-256f-49ee-9ff6-d4885a09f1ed","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"dd74f6aa-6947-466e-b0e9-aecd02b54a9c","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"148b6e76-1d26-46b2-8862-230af8ef332b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cd112af-d136-468c-89e5-690e5b38ac29","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"a263216d-4327-4695-8cc1-a9bdd5439372","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":207,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"906bd135-4760-4004-a5aa-76a91720d0b5","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":207,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"98612184-56db-4456-a09b-4fc546db6b76","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":207,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"012258be-f4f2-448b-ae35-c4df79b95276","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"93b89c1f-2aa9-4c47-9e74-bf1bacdae89b","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":207,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"f2fc0ef1-70f3-4514-a11e-7eedad1800da","block_type":"box","text":"including the periodic review of board per formance; responsible for succession planning for CEO and key board","page_number":207,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"05d201bc-0b22-4718-bf5c-e03db9f43b42","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":207,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"12dd8884-89c0-43d7-9be9-11cefd986a37","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":207,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"0c171145-31eb-4c30-bd90-cbe2ab826b8f","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"597f6af5-a6df-4f09-9b70-d098eb7997f5","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":207,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"402a1f71-901c-44bf-9aea-d6b98f355fac","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":207,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"28a25556-55fd-4fc3-a36e-e211ae3f3e38","block_type":"box","text":"firm-wide compensation policies.","page_number":207,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"18402eba-2c18-4ef0-813b-0d0cc5c597c2","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":207,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"2f35482d-8c9d-43d3-b61d-64838c2f40c7","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has under taken its responsibilities. We may vote","page_number":207,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"4fdc2f5b-47aa-40de-8e6e-d01bbbee6e31","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":207,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"d166e516-113c-4b16-8650-263d73c91800","block_type":"box","text":"committees.","page_number":207,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"93e12fa7-9b70-49bd-9a06-d5828c8a977b","block_type":"box","text":"Board and director evaluation","page_number":207,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"38095cd3-7927-4ee6-87f3-7479d2b64297","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":207,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"781ef4b3-5946-4aa0-88cd-8116f4a2c04a","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":207,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"b7c76d14-0fd1-4430-a03c-f7c8457d3396","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":207,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"546e05d3-458e-48be-85b8-80ea5976d58e","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":207,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"9f7d8019-f0ab-4d32-9a95-9bf64c25c21d","block_type":"box","text":"result.","page_number":207,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"af80704b-12c5-4b4a-816f-f7cdc6225ca5","block_type":"box","text":"Access to independent advice","page_number":207,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"2b258e36-6f4f-4ac6-9a57-5ce5a2e9c764","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":207,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"7f71cf7c-158a-440b-b9d5-73ad67b6a706","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":207,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"342de332-6f23-411e-87de-03871c6dd4ba","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":207,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"480c4925-f68c-4ceb-9f45-f18527d2475f","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":207,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"5c7a3fd7-1231-4693-a736-1126573b2bb4","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":207,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"cf55e923-340e-4c38-b778-99146bbc952d","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":207,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"8f088c51-3f3b-4697-b1b6-582e5cce17e9","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":207,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"04bf3d3d-0338-4ba7-804f-41d2310ce919","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":207,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"b1435c9e-2038-43bf-bbe9-8e4c3be770fd","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":207,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"6be5c119-bcca-433c-b082-76046e919138","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial per formance.","page_number":207,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"50d7f526-738b-4317-a2a4-df89224682aa","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":207,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"da33b38d-4121-4647-91be-1a84777b4104","block_type":"box","text":"per formance against shor t-term metrics, share-based incentives that reward per formance against long-term metrics,","page_number":207,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"514e7793-5e39-4d22-9b5b-5cbc26a61831","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":207,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"e7a879b3-675c-4288-acaf-78850f6d2826","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":207,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"fdabfc9d-f8f8-4bd5-afe6-aba6908246e0","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":207,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"48c61dfa-556c-4552-af60-8915fdce2151","block_type":"box","text":"motivate.","page_number":207,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"848b82ec-85f1-43f8-b584-ac4566749759","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":207,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"fecb59e8-6e61-40f8-9bd8-58af593a2651","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":207,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"4567be94-88ff-4bc8-8ad4-8b7c47dc0930","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":207,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"e8b75b42-541e-4e97-b41d-71ea32c2a193","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":207,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"fa33e7af-77c2-433d-952a-d4eda7f0decf","block_type":"box","text":"arrangements include:","page_number":207,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"94197392-70c6-4031-b480-6785821f296f","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"8199482e-67dc-4be3-a547-23d78979d287","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":207,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"c9432546-ab27-4293-b78c-11056aa1f6e4","block_type":"box","text":"the company’s size, sector and market.","page_number":207,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"79ff328e-849e-4ca7-93e2-f68d627a2011","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"fbb9ae62-1b71-4522-a831-f2c25559d576","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":207,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"2585ceb7-f1bc-4319-994e-a7575236f61e","block_type":"box","text":"strategic objectives.","page_number":207,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"9dfa082d-1a42-45f3-bf39-26e1528fbc85","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"703a34ba-e155-4b3d-a546-dcca77d1fb7c","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":207,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"e8f89f1b-f3c2-4f19-9ae1-6feeba5a75ad","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"f6942d25-7291-4fb8-8f9f-ee5dcf4817dc","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":207,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"299daded-bcfe-4146-a9e0-103c1f193154","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":207,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"5257e002-b47c-4dc9-85f6-49b7bd83d97e","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"bf81b5ca-7f82-40f6-88dd-4871f2f5b07e","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":207,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"5b6ed1e2-cd0e-48c6-b385-52ca2daf8c73","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"ce353f67-8ac4-4568-8787-7f8e441d2a22","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":207,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"e48a1015-0389-4d3c-8a7b-7143ee479925","block_type":"box","text":"transparently.","page_number":207,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"a35aaa77-edd0-4994-bb6e-9235fb639a89","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"ddd4a452-0963-4398-b304-5e239c85d173","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":207,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"917bf9fd-b048-4827-9b87-0e7d50d8ad7f","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":207,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"48d30e67-fc15-4029-b873-b56f364c781e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"68a0619e-57c9-49be-bf6d-360fa73e9331","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8805e4db-8c53-45e7-ad2e-b438a2e7a9ac","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aab5e6a3-9cdc-4bcb-b75d-a7edb7fef06d","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"2d7ee5f2-bf3d-4138-a886-23e5d94bb20e","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":208,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"6099f425-8e82-4bad-8a3c-5366b3cd2e5e","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"a6314e1b-5ef8-423a-9b22-b77866fba1e9","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":208,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"84c1dac1-07e0-4e1e-b466-fffd4eccd800","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":208,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"defcdc19-4d1c-4356-862c-c38b8e767625","block_type":"box","text":"misconduct.","page_number":208,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"ece04713-32a7-4df7-9e8c-55071426914d","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"7f257831-9095-40e4-8ba0-b260a1e63a67","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":208,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"b474e9aa-e59a-428a-8ba7-3df8e09615c4","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":208,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"2ccbbd3a-2681-472c-9e63-ffdd7b6114dc","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":208,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"7cba3ecb-eda1-4381-93d9-5e9de382ae5e","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":208,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"e8e2de05-2222-481e-9be2-3a71051f8a83","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":208,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"db1683e9-e8a4-4056-ba54-fae7c46a686d","block_type":"box","text":"committee, or the most senior independent director.","page_number":208,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"303bf077-d45e-4f54-85d7-df1c35e19842","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":208,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"9ab653d1-82b7-457b-9610-fa6b47de3cf7","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":208,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"8cfe213f-4440-4d16-9a3a-cc5f24289ef8","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":208,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"c981420a-1dda-4320-b8a9-a4c53d3d5df6","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":208,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"bd5c8e86-b466-4682-a7f7-2c91725e504c","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":208,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"ea4be62d-1546-4734-8082-39cf04c8eefa","block_type":"box","text":"CAPITAL STRUCTURE","page_number":208,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"b731db9f-1ac1-46e0-a5c4-a75befd7e570","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":208,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"210d751a-774c-4819-8f3e-2cd178e75f89","block_type":"box","text":"appropriate capital allocation and management in suppor t of long-term financial resilience.","page_number":208,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"56cf8274-d2ee-47d5-a063-6907b15d422c","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":208,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"fe0ffbfc-d10f-4302-be8d-9cef85c3d645","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":208,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"d5584353-f74f-43ae-bec7-6a14ac1b73ac","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":208,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"2445ab4a-5a94-4639-b0d8-633b494c8ff1","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":208,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"ad617155-b24f-403c-949e-9a3c4b35f007","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":208,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"b30440c4-2ea6-4289-8bb8-0e3880b55541","block_type":"box","text":"Share issuance","page_number":208,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"308a5522-261c-477d-9ab6-c26f092aa99d","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":208,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"378c4a04-066a-436a-89e8-f0bfc0f2162b","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":208,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"91d00cae-1b17-4682-ac1e-a46dbc7608bb","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":208,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"f2ca95bd-2a9b-4c74-af7a-1feab963b587","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":208,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"3e965bb3-1b1e-4021-9a3e-a4a97f436210","block_type":"box","text":"Share buybacks","page_number":208,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"8182ba9b-78f9-4660-8784-30cc9494027b","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":208,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"9177a6c3-e795-4818-b50b-828471223b9c","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":208,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"29664add-84ae-464b-a23e-8016fc45acde","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":208,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"c39daca0-48ea-464b-8b13-f6db4f40fdaf","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":208,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"f583733d-98e1-4882-8364-5b9d71127ce2","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":208,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"290718e1-4d84-441f-bfa4-2a9f64ce1a65","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":208,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"778ec62c-a03f-4851-adf8-ade7bd02cd9d","block_type":"box","text":"market environment.","page_number":208,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"180f416e-feb9-49d6-aebf-f6e7278f4426","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":208,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"4c667e36-c637-4d48-a9f3-01cc252f0c5a","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":208,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"bf8ab6eb-9df6-4afe-8ee8-b48acd545419","block_type":"box","text":"strategy.","page_number":208,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"77a8f562-1a91-4451-91ab-61d3c2a8ca7e","block_type":"box","text":"Dividends","page_number":208,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"dabe7bf9-4b32-4ecb-897f-6f4081817c45","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":208,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"d6856156-96c0-485b-b16b-a35bcc83fca9","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":208,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"0886d1e3-63eb-4d67-b653-020f0daeec8e","block_type":"box","text":"Differentiated voting rights","page_number":208,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"f8ba868d-6b0d-4802-ade5-5f554ba53efc","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":208,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"1aa419a9-73b4-4793-90d7-cef380f5e085","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":208,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"3317df9e-4fd5-4315-883b-ff8b50e2e594","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":208,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"e05b97b0-94de-4d7b-b824-7eefab862768","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":208,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"14d7841a-c2cb-4107-b14c-31bbcbf540c8","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":208,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"9c212f90-dd2a-485e-8c57-a7674639fea9","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":208,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"d382b62f-20c9-492d-9126-d92c2680dd6f","block_type":"box","text":"analyses of proposals.","page_number":208,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"7341547d-5285-475d-a562-de40d40831d2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1d5c7d72-c553-4956-ba1e-56b05415d6e1","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c1f00e44-640f-42d4-9646-711fdb084f69","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0968ead6-4a68-4ddb-b9f6-9ef47a576e14","block_type":"box","text":"Mergers and acquisitions","page_number":209,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"217c2c2f-fa9b-4a5e-83f7-67d15892b99d","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":209,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"e1eef10d-538c-4cff-865c-0c2d5bd002fd","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":209,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"dd6d24da-1363-499d-b0d1-65ea1e970e0d","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":209,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"39588057-5fc9-47f4-a77b-b44d9c225172","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":209,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"460361ef-c7af-4bd8-834c-cad7ae4eefb6","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":209,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"78bdc9e7-f92a-4f1c-a3d4-b48a05a6eb25","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":209,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"5b96bba4-bba5-46c2-8ec9-bf2cf5d612ac","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":209,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"3f5f1fb9-9e54-4a6f-b187-e9dfef8ce467","block_type":"box","text":"Anti-takeover defenses","page_number":209,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"24e52e3e-3214-44ea-a4fd-001ffa82bdd1","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":209,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"1e57bc2b-520f-4948-96f6-eff440b0bfb9","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":209,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"239dde92-f879-4593-97db-fb2f283cb507","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":209,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"eccb7697-fc8b-4d77-ae8a-d1d17a7ba627","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":209,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"1e9d13bf-7892-463b-9afa-af7130a03bc0","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":209,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"081b56e7-f69b-430c-8ea2-dcb1c0d09bed","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":209,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"d07e7391-310c-43cf-ac29-b42225fd0484","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":209,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"39d2aeb9-74c4-4e1b-971e-34fdf1172f65","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":209,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"279bf4bc-65e9-48c1-8f4d-3cab8f8a3f90","block_type":"box","text":"Shareholder activism","page_number":209,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"bad44fa5-3c26-4e9f-82de-0c2248591461","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":209,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"fb295615-d4ad-469c-bf7d-40a423081cb6","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":209,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"3e652d31-4987-4bba-bf3b-ca94a21b8da3","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":209,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"2ba9c6eb-e8ac-473b-8d7b-c157bbf02320","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":209,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"d168956e-c1be-4062-919b-319a5a337235","block_type":"box","text":"management’s plans; and the qualifications of each par ty’s candidates. We evaluate each contested situation by","page_number":209,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"7f8398b0-9a2f-4db0-a385-bcedc3484b0f","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":209,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"052136d6-eff3-4a40-92e7-cad93aeb01af","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":209,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"0bfa563b-c106-4ae9-bf23-6cbdc0665e57","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":209,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"b58f2a01-e852-4d30-954f-0e7ab5f0a0b1","block_type":"box","text":"skills and exper tise or have a poor track record of protecting shareholders’ interests.","page_number":209,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"d7b6c40d-1c5b-4f91-9f7c-50fbb2873c91","block_type":"box","text":"Significant shareholders and related party transactions","page_number":209,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"688447a1-7178-46e0-bb86-95afc60714f8","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":209,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"d4b850a3-e1f4-4d6e-9ad6-c20ba3a927d8","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":209,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"6aae36ec-4976-4d61-893e-42ad7a36b68b","block_type":"box","text":"Transactions with related par ties, such as significant shareholders or companies connected with the public","page_number":209,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"ff9abc65-0ad4-411b-9722-0fd1eb52a7f0","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":209,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"2eb2643e-8449-44d6-b907-829224a720b3","block_type":"box","text":"with a non-related par ty. Such transactions should be reviewed and approved by the independent members of the","page_number":209,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"20aa9c6b-7fd4-4ba4-947d-25af98f8266d","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":209,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"37980583-cd87-4d51-a14a-6b2530f7dc9f","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":209,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"4dd13070-5630-47f3-bb40-a05e87065e24","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":209,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"e9ca25b9-73b3-47ca-8255-13c6e6db3ada","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":209,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"4710e7a8-df4c-40f3-9bc5-50689a7085a3","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate repor ting and","page_number":209,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"0d7a3884-af22-4f82-a4be-e2d0b9766fe8","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":209,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"51e1df81-9e7a-482a-94e4-5594b8dc4d57","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors and other stakeholders","page_number":209,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"b96a2eaf-9828-4f9e-8a7a-55564e24c4e6","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":209,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"ce152664-97aa-4f1b-bd81-bf8d1a21dbeb","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":209,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"c7ae433e-dfb5-4ef0-b636-b4f43380b40d","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":209,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"498c4524-a2e7-4288-a5eb-aff2561db6dc","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":209,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"1e01a9f5-130e-472b-86a5-e500f17d6a8a","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":209,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"28d8caba-3f51-4eda-8acd-98de14d851a5","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":209,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"5e01f645-0af3-4bd6-8be9-3391b5763ec5","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":209,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"cb7c0226-68f5-4e04-8a8a-67c4105c945f","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":209,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"0c850ba9-216f-4fa4-befc-cd50c5873974","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":209,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"bac17c6b-66b0-467d-bb22-c3c5854dc533","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":209,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"a7c26f38-f1c2-4149-a364-eafa9aab70c4","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":209,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"9d31e0b0-e1fe-4f95-ac50-a1ca8441f4ba","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":209,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"59f9ed30-38c3-48ce-a164-79a8a53c1c6f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"962012ba-04f0-4901-8f94-2d30b7003e34","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2b7a8e24-d29b-4138-b292-abf917f576fc","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c37bd81a-3247-43fa-923b-30ea0c0e71fe","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":210,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"92893704-2e16-4a9f-9a94-c03b2facc7a1","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":210,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"9216c3c1-e4b4-4ea0-9e00-9ea5e97e1f45","block_type":"box","text":"Board, can be helpful to companies in preparing such repor ts.","page_number":210,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"73469949-8d61-4cc5-b743-6253a87ba47d","block_type":"box","text":"4","page_number":210,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"34e3bb0d-9f93-4aed-a906-e4701277ee82","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":210,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"1ddd756e-3735-4355-bf0e-d2972a6606e5","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":210,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"c2708f15-a433-437b-b341-4ee8bee82442","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":210,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"409c5a0f-b816-44aa-9771-cdda0d185a7e","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":210,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"f450bf42-165e-4d5f-9220-8136315fb0ea","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":210,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"2a9d337a-6b51-4f80-ac83-4f7cd56c330b","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":210,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"a2d4f7c6-60df-43c4-b69a-eeaa331df701","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":210,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"211a483c-902c-4436-a52d-ab72abc5b02d","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":210,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"b510b0a6-4d70-4d3f-89f3-152c2a5ab234","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":210,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"e6da558e-7267-4ced-aca0-c2a867fb26e6","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":210,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"a43b1323-fc66-4af6-8405-d54e438e2d5f","block_type":"box","text":"remained independent.","page_number":210,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"d6b3746f-e446-499e-b718-9542564e8168","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":210,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"380e7eef-0807-4058-a592-bc68e56692a1","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":210,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"48a6ef35-2043-4b07-a4ff-ee746aaa5f20","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the repor ting or","page_number":210,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"9a9457c3-891b-45f7-afc3-350720ea8d81","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the audit fee if we","page_number":210,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"4f727056-52a5-4795-b898-1533007d4cf9","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":210,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"63451219-9e33-42db-b042-c6de5bc84b14","block_type":"box","text":"financial repor ts and the board has not established reasonable remediation plans.","page_number":210,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"44d423ba-7b8f-43d3-ac01-367aa2ba7324","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":210,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"69b95f87-e0e2-446f-a2be-4b8786a9d174","block_type":"box","text":"General shareholder meetings","page_number":210,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"01baf71d-2d87-4287-926e-48def439535a","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":210,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"7150964b-e04a-493b-b1e8-a312dee7cc53","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":210,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"1b69ef64-2575-492a-bb0d-9ca375309513","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":210,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"1a5e49a5-5c0d-4217-9c0b-94aa1e7d069e","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":210,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"55203bb1-252d-442b-920f-2f362674cc92","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":210,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"8533bf55-eb38-4f22-a464-9619b53f0c8a","block_type":"box","text":"an in-person meeting.","page_number":210,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"4d815157-1080-494b-b07c-12716decb4c7","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":210,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"f2e340d0-de55-46d0-ab75-be6706ad7e2a","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":210,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"3f4fcb9c-903d-4b1e-80ae-bce802e27bfa","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":210,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"32233334-0fc4-4bbc-858b-32736b8aa6db","block_type":"box","text":"par ticipation.","page_number":210,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"01664fe2-b5cc-4ad1-b6d4-1ec34292e3b5","block_type":"box","text":"Bylaw amendments","page_number":210,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"1cd39d32-7b5d-4171-9bff-6c32f44b557c","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":210,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"57d65248-fe15-412b-8795-f0322d182e70","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":210,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"c9252d2c-cfce-4f6d-b6ee-46c3c6aae07a","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":210,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"544149e3-bb26-48b7-9aa5-07fe3161956e","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":210,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"64855cf2-2185-4505-ab21-ac7413685d81","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":210,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"da9be5d3-14be-4c00-b3ae-d603bb0ac9ee","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"66e10cb1-506b-45e9-80ec-21e947d39354","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":210,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"cb6125c9-9984-4a2f-89d5-bf609495ca98","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":210,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"20fe7a33-1e66-45c2-879e-fa6b6dc271d4","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"ea5bc503-50db-4d81-a319-ac4368d8367d","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":210,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"802b21f4-42a9-4c36-a69f-804ac9ecbf86","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":210,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"2250ba0d-4a71-4a8c-be46-a288b17fce43","block_type":"box","text":"nomination process.","page_number":210,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"68622ac9-d9b8-4ff1-95b7-f7a8bf366452","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":210,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"d0de57b9-215f-4aa2-a37e-5994286c9d45","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":210,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"e4208379-4248-401d-a49e-6c4c67869b75","block_type":"box","text":"4","page_number":210,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"c2616602-16a7-4eb7-a129-38eb5a11b249","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":210,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"7a7ba4ff-4d69-4a2b-971f-65018dcc44aa","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":210,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"e8c0994b-613e-4c65-95d1-070473a56b2c","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the","page_number":210,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"441681ee-07aa-4b8e-ad7f-412b3d782daf","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":210,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"5ce4b0b0-1082-447f-950a-bdf1cbadbba3","block_type":"box","text":"climate-related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in","page_number":210,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"3445e27f-d2b1-418a-a724-1e47e25e9832","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":210,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"a8e7de31-5392-443c-a6ea-8523ab7bc4ad","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"453f0ee0-fa81-4a72-a4d0-35c328afd8be","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c49667e8-bf92-460c-82f6-d73b15d5b935","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"deffb9d5-deb8-4607-b028-c3cdf4be5789","block_type":"box","text":"Change of domicile","page_number":211,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"98ff9e03-f064-49f8-a9f8-38d0dae422b8","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":211,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"7cdc55a7-41d7-40b2-87b2-b3e2bad53d7b","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":211,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"7877c475-3c07-4c91-82a1-d206c013a226","block_type":"box","text":"immaterial.","page_number":211,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"f0f3d8d7-d66a-4b0f-b5ce-b1f37849c0ed","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":211,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"d54c5bcb-f45a-452e-92d4-74e871f71f3c","block_type":"box","text":"with our clients’ financial interests.","page_number":211,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"3c36c627-230a-4286-ab53-0a855356cbc5","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":211,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"84987c62-f3c8-4a59-b806-2bb14765aa2a","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":211,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"865e0b9c-05aa-4bf7-ba10-ed72d436a183","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":211,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"810a6518-bb93-4d55-a287-0e72e497c858","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":211,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"e53c199a-ad80-46a7-ad33-fb7ac51bb95e","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":211,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"65d10393-5ed7-4749-ab6f-909313843f28","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":211,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"e54ba284-8148-48e9-b8ba-156b724df9b1","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":211,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"737645eb-9967-492f-8be3-c140f84343fc","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":211,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"c18f70e9-10bb-479d-8a57-6bffaec40454","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":211,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"3f4a8f25-9d8e-4dcf-864e-98905ececf4e","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":211,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"891c89b4-ce25-42fd-a60b-149e0c2b7112","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":211,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"ee62197c-222b-461e-9208-d25f90233a7c","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":211,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"af77696b-578d-4361-96b6-230e155f6be3","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":211,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"9aceefba-95ec-48eb-a5aa-9e5b2422caa9","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":211,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"8b6ba026-0ee0-4e33-a1fb-3203d38aca51","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":211,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"6a3ee46b-bd5d-423e-9254-9774fb4d96ad","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":211,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"85b1fcd7-8d6d-4d2c-b30d-8af1e972d485","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":211,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"c20d6b44-2875-4446-b4d7-de4669c0f523","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":211,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"9d03dc1f-bf23-4744-bdd4-8127535ab693","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":211,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"07986225-9fbf-4b6a-a94c-5885420136c6","block_type":"box","text":"interests. We generally do not suppor t shareholder proposals that are legally binding on the company, seek to alter a","page_number":211,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"8b54c1fc-679f-4c57-abd7-c9aa4482ffaf","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":211,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"35546562-43f5-4f61-8442-c7fb6358ccde","block_type":"box","text":"returns.","page_number":211,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"e959aac4-c170-458c-8ef2-8c971cb55659","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":211,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"c966a833-27f2-4c6b-abee-4ef2d6c7dc7c","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":211,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"f241e5d4-2a98-4570-8645-f597949a894e","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put for th by others.","page_number":211,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"f1922e13-50ca-4b26-a940-714e7f381997","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":211,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"dab421a5-2108-4c0f-969d-77c6a3e8d327","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":211,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"7ed2d528-142c-4222-aed8-f2d5fb450c85","block_type":"box","text":"process is consistent with their public statements on policy matters impor tant to the company’s long-term strategy.","page_number":211,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"dbf60572-75c6-46cd-8a14-d67b6dfb2a01","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":211,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"831ff577-fb74-4b46-b858-ad8a121d3b6a","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":211,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"c185f86c-3999-4dff-8fb8-918ae7f542c9","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":211,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"f5cc9b48-5477-4108-a410-d2cbb1a6f656","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":211,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"1faaad89-c237-455a-b86b-6f9e46ab1fbf","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":211,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"40da8d93-54ee-4953-9a03-40b6850223ed","block_type":"box","text":"are active members and any engagements under taken by trade associations on behalf of members.","page_number":211,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"f8c9ebe6-6bcc-49b2-80fa-3817940df7a6","block_type":"box","text":"Generally, this is an engagement matter, although we may suppor t a relevant shareholder proposal, or vote","page_number":211,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"ddfdd0bd-4780-4e85-a6e4-bfdb2adc6030","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":211,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"5ef850bc-0f7b-4d8b-a44c-339e3d39ab4a","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":211,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"215d7c53-6459-4c87-8ece-73ff8431489f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"06a47d0b-8f72-4db8-a90c-c0a55ca087a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"49f0a822-e8b5-43b0-b258-11031576755b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38af5cff-688f-42be-be9f-ecf364045501","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":212,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"e784fe00-7247-49ee-a8d9-64d918638e2e","block_type":"box","text":"We seek to understand how companies manage the risks and oppor tunities inherent in their business","page_number":212,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"30db6d04-7d50-43f4-8d13-402d9c7feeee","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":212,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"26360d4d-3e99-42ed-9529-2f3a7b9c842f","block_type":"box","text":"5","page_number":212,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"078137f6-0c06-47ce-824e-ec87313033cd","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":212,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"3813f494-9e9e-48aa-9cce-ca382e0c5d48","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":212,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"b89e1a84-137b-4b34-87b3-dbe2e7c1067c","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":212,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"de6df43c-cb87-4d8e-8e27-35c2333f5c52","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":212,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"fd5e456d-c8a1-4a01-a461-04f0e6e1c77c","block_type":"box","text":"regulatory requirements.","page_number":212,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"66888fff-67d2-4fcd-887b-406ef13c9789","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":212,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"4dad5999-fb3a-41e2-aff2-9bca5c0b46d7","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":212,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"85a6e001-55f2-43b4-85fd-3342f5200900","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":212,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"96ad7dbb-7ed5-4bf6-a1a0-e4791ea3ec6a","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":212,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"0e20611d-2853-44e5-a379-053bcc8aea09","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":212,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"baf62c9a-2f4b-44c3-9847-ae67c4ddf8d3","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":212,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"ef34f19b-934a-46fa-82e1-c0d5e1d070fc","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":212,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"58d1704f-6d7f-47e2-a07e-d5c73a071b44","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":212,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"8babf03e-d4d9-427e-8c88-e0e5dd8668c4","block_type":"box","text":"returns.","page_number":212,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"6f74e4a2-944d-4539-a26d-f9df1d7a8119","block_type":"box","text":"KEY STAKEHOLDERS","page_number":212,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"01a3bd9a-4d2e-49b0-b1d0-c31ce7eff862","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":212,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"9c9f88bb-2697-4815-a309-b03c1afdaf10","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":212,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"b512b82f-cf7f-46a9-b9fc-64dc38655005","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":212,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"c21f75e0-8dc4-4c37-974a-458a7ad4e93c","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":212,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"5b5b61d5-32ab-464a-86ea-73c2cf12ad96","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":212,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"5bbc2c15-6647-4a4f-9618-8eb0ee4de299","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":212,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"102e7c41-c718-4afd-8615-bf2e6099ea2f","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":212,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"ec6c53e5-34c4-4ce5-a4f0-d9b9995fa7ab","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":212,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"1f3daecc-397d-40c1-9f0f-14a65ae63d07","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":212,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"ab9acfdd-27cd-4150-b120-05d4feae5739","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":212,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"58114ab2-229e-43ca-9f38-b60be10f0fa3","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":212,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"7b661541-482d-48e8-b90b-90eed3bc2d31","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":212,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"3ce366db-4ceb-4044-8362-2fcd09f66cea","block_type":"box","text":"i.e.","page_number":212,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"a7acb760-3b2c-464e-a539-6068b9db6256","block_type":"box","text":", one in which global","page_number":212,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"f0981fa9-955a-4ed9-8cf4-5b03db2f93b7","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":212,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"47b58921-8810-496d-a350-113774596ffc","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":212,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"757c8a51-3fb4-4909-8c71-8cf0995ea24c","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":212,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"f0a4ee85-618d-4675-b036-5534e3263a47","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":212,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"9ed3e688-3c62-4ec3-b576-f96c106ccef0","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":212,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"ef5ca90a-4ee7-4e70-b730-296997cee180","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":212,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"6c5d57e5-6d22-4c56-99c1-55e3c6e8c413","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":212,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"80e612d1-fc86-41e3-ad9a-39206f9cd669","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":212,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"19c0cca2-9fc1-4687-9acd-87b5815bf888","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":212,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"423d4934-d7c9-4276-a8c0-3471c737e0ff","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk repor ting standard issued by the International Sustainability","page_number":212,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"12c18f51-6859-478a-9de2-6aed68340116","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such repor ting.","page_number":212,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"6f6edc78-805c-4c86-8cf6-e3db3cf47d1f","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":212,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"70d20045-f7aa-4a5a-b345-d6270d1a9c3b","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":212,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"a7f33b7a-e6df-4899-9c09-f522018d883f","block_type":"box","text":"material climate-related risks. We may recommend suppor ting shareholder proposals seeking information relevant to","page_number":212,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"39fd371a-d9b3-403a-8ce5-90bb6591ffe9","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":212,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"0bd30924-5984-4e9e-b901-110c334aeb85","block_type":"box","text":"5","page_number":212,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"9dd32f38-03b0-4e40-88a2-d734b0466739","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":212,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"f355823d-2c67-444c-8029-f464da9aca75","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":212,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"68818ef8-2021-413d-a44c-c1af2d7fb293","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":212,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"d4e23642-7762-486b-8c90-56b843780f3e","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":212,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"aa229c40-ea99-40f1-bb91-af80b875a257","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":212,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"dea2b770-2c1d-4af1-8baa-4044ee80b102","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":212,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"7fee7fab-6830-4cd4-9cee-9d99e6998bd8","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":212,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"419ee89a-0fab-4efc-8a69-3a44ebae15ef","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":212,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"ea5ffd1c-d260-4bc7-b7e0-19b0df6151ac","block_type":"box","text":"sound governance framework.","page_number":212,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"f9ed660f-e6bf-4a4a-a2b1-f9e37804dcd4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"352bf731-0982-4b92-8388-5c65dbf03b47","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4cfae122-100e-48fe-b2df-60c5540fdd6e","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01af6b32-39df-459c-928c-ee4888ef1b78","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active por tfolio","page_number":213,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"dad1fe32-f78d-42f7-9044-476c6bfc0bd9","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":213,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"13940781-c760-4a0f-863b-1c9fb5b5b668","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"068eac21-55cb-4e15-a56e-e61b516b0b7a","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"18f06b16-6b87-49f8-b379-1a51bfc28708","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"baf3e839-0a6e-48d4-bff4-4d908b206915","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":214,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"e11d55c4-c90f-4b95-9245-83dff7582b1d","block_type":"box","text":"Oversight","page_number":214,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"7a0c1ef5-dcaf-4340-beee-8bf175d4c3b8","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":214,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"f495197b-80a1-4b9a-83d4-4ef43740dafb","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":214,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"fcc3f4e8-349a-4457-aa6d-3a634f209e1b","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":214,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"0e9057d7-618a-4bc5-8398-ae85d9a4acaa","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":214,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"7d52cbbe-7d81-4f7f-ad13-538ec4a5a3bd","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":214,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"e9c3b012-9f0e-4bb5-b53f-b6f38aa95a73","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":214,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"f75ed0c3-8dde-403e-bd72-b41f447344ba","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":214,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"82a7ca8a-34f6-4834-9cdd-2700d56737f1","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":214,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"7ffebffa-7055-4ef0-afc2-62d916aff327","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":214,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"db137b4e-b0eb-49c9-8383-0bed435c4679","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":214,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"6ad84622-1b07-48e1-93f2-3fe16bf775bd","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":214,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"f9de2e19-62ac-402e-aba6-96a43d637b9a","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the por tfolio managers with holdings in the","page_number":214,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"1018de8e-66bf-4a5d-b41a-567642a5d255","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":214,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"53e6484b-8a2f-4dd6-9a23-84e4f3f056f9","block_type":"box","text":"Guidelines proposed by BAIS as par t of its annual review.","page_number":214,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"ffbf7da8-01ae-4609-a2a3-d6fcfc6f4722","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":214,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"a90c3ecd-1c49-407c-8635-fd84a01b0c59","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":214,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"7c90e6e9-7c12-4d6e-8072-5e498d22d1f6","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":214,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"bb1cd96a-e3f8-45ca-8607-2d2e51f6b01d","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":214,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"a41c0117-62f5-48c7-a63b-4cd9abab960f","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":214,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"09b88b3d-9787-4705-ac16-2165ad836509","block_type":"box","text":"third-par ty vote services providers” below).","page_number":214,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"b283958c-d682-40be-a1fc-e760ecccb1a8","block_type":"box","text":"Voting guidelines and vote execution","page_number":214,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"54b39227-1e37-4b07-a666-a164baf1310f","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":214,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"5d7273bc-8d51-4153-bbea-d998f357071b","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":214,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"6230397c-76d5-40ba-a226-2499bdd4d625","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":214,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"24b3ab93-cb09-4769-a17a-044825fcd101","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":214,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"cef907bd-89b3-4a0c-b33b-81f25a31baa8","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":214,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"60108077-8f33-4b1b-8165-6fd577b7701b","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":214,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"53bc67cd-acfa-463e-8bf1-94af90b6b48b","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":214,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"4cc3aa74-7fea-4c62-8b96-3c573b24b79f","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":214,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"24323826-832e-4abf-b1e0-a8f932552a76","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":214,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"3c97eb7e-91ad-4613-8398-5dec9ff92f07","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":214,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"f5e98da5-c502-46cf-9110-eb882ed44bab","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":214,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"a4e35ed6-1c12-42ed-b346-4bf32fab0e8a","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":214,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"43db1cf7-3232-4cb2-8ada-8b99c4029f93","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":214,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"9dcceb8a-052b-4c1b-9ae5-cc90ef01da3c","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":214,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"14301717-14dd-4f83-9955-0979678dd5a7","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":214,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"2f93442c-0b88-4870-9c54-738ba9b1601f","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":214,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"8d179fe4-4a2a-4a76-a3b1-84734e740f0b","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":214,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"e201473c-7d7e-43fb-9e2b-dccd6abf023d","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":214,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"44a89b4e-5567-49cf-a2f2-e36fc65af6ed","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":214,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"afab65f2-9cf4-4527-9130-e1565f71e553","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":214,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"f28067b2-26ab-4516-a6d8-110e3506da8c","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":214,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"fe04016a-1fb4-4895-b71c-c0a21f46af2b","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":214,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"1ecc6ffa-d7e1-4d84-a804-e862186c7bb1","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":214,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"16db8adc-7aa6-4a73-967a-4d6dd2581ce3","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":214,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"be095c59-dcc9-4377-afe4-0b903da44124","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":214,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"50553599-7e69-4bd9-b7ae-5a373b5d2180","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":214,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"aa968007-48a5-4131-b41d-f5cb88be7d93","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":214,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"32675820-0a07-4531-bc6e-52b990dfd0f2","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":214,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"f84a37aa-3685-47ed-9ff6-17353abd7a1e","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":214,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"aa7606e1-bab7-418b-abfd-f5b57ac58e3a","block_type":"box","text":"Voting Choice","page_number":214,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"92c358ce-b7fe-432a-9dd2-424ffdee757e","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":214,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"01e334f4-f24c-4744-9f40-12fef90e19ea","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":214,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"b89804f8-bc6f-4f5e-8f86-a619d89d5ca0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e45f1df6-8a4d-4671-8912-596bfd2c1ff5","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1148dfdd-895f-49a5-8a2a-d2eef11115f6","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39c46be6-bdeb-4a87-acd9-48f7931a4166","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":215,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"b5291def-7c88-4bd1-945e-d9c85472c4f3","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. 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BlackRock does not disclose client information, including a","page_number":215,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"16c3d67a-494d-4df1-a496-dca202f5b3cf","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":215,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"955b6571-4f83-4e59-95bd-51ade42e23ff","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":215,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"a33cf9a6-b5f9-4d27-b73b-7564bb12f8c4","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":215,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"8421daf2-7aa9-4696-b1a8-b88ebf1ae4f7","block_type":"box","text":"votes, as well as voting infrastructure. 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Such influence might stem from any relationship between the investee company (or any shareholder","page_number":215,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"4e7af1bf-6da3-40a0-8000-9037d05b4f09","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":215,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"1110d792-bdf2-4ffb-936a-bbacaa925548","block_type":"box","text":"BlackRock employees. 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BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":216,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"2a4b8224-593f-4f2a-a74f-77433a3d2ccf","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":216,"box":{"x":102,"y":59,"width":777,"height":12}},{"id":"36acce0b-8520-443d-95cb-7384d93a89b7","block_type":"box","text":"outcome(s) over time for the economic value of the company. 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All other trademarks are those of their respective owners.","page_number":217,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"3dd76997-a74d-4fa2-9316-85b3aacf5846","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cea8794a-04ab-48fe-b617-c6f3220e4267","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"06b8ec33-fda0-4359-adae-bcc7a01fa09c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c565d15-5ac3-4dc2-8086-8ae36c38a86c","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":218,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"ac2f4739-1875-4188-bc46-6b335bd4204f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Funds","page_number":218,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"9bfa0652-82f0-4be0-8088-9ffed7fde5e0","block_type":"box","text":"□","page_number":218,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"d167ca99-5e03-4c70-ae78-1b93978a9ce5","block_type":"box","text":"Other","page_number":218,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"d0e09736-ce99-4956-a870-a66292678dec","block_type":"box","text":"Objective and Scope","page_number":218,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"64d483d7-7e11-4b14-acfd-03dd6f8bfa01","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":218,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"f0dde157-a358-41c9-8756-d012aeebce66","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":218,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"a61103de-fb12-4e6f-8195-bb03334d867c","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":218,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"73b81a0a-8ab2-422e-978f-a16c6bc222ab","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":218,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"b78b1bdd-d7cd-4d34-af40-b1ac8e63d272","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":218,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"3598e536-3bad-41ad-af10-33029d89e2d4","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":218,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"3c17f2d8-7662-4693-8974-4ff439bd31a3","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":218,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"f1832de4-d558-47c0-8211-ebfae4375e8d","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":218,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"404900df-bf36-4ebc-937b-f059b6ceaa5b","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":218,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"01e70d53-b762-4145-9a83-10c163d12098","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":218,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"3b5a9394-b55a-49df-ba44-c29f722166b4","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":222,"box":{"x":70,"y":216,"width":823,"height":11}},{"id":"c56a3e05-d70d-4d43-b2a7-8ea8a1cb6fd9","block_type":"box","text":"our voting decisions.","page_number":222,"box":{"x":102,"y":231,"width":145,"height":11}},{"id":"2cf1715c-66c8-4b79-b18d-5ea392d83fc0","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have","page_number":222,"box":{"x":69,"y":251,"width":783,"height":12}},{"id":"efb388ef-bca0-494e-9ab9-393d6425db27","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":222,"box":{"x":101,"y":267,"width":284,"height":11}},{"id":"416bc33d-2dc0-48eb-a106-5920bb65b4d2","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our","page_number":222,"box":{"x":69,"y":287,"width":795,"height":11}},{"id":"ee085a87-a03b-4321-9e85-6d0845d3933b","block_type":"box","text":"clients’ investments.","page_number":222,"box":{"x":101,"y":302,"width":147,"height":9}},{"id":"5bfd0b9e-272d-441d-a874-158d3c82207c","block_type":"box","text":"4. Repor ting on our activities to inform clients about our stewardship effor ts on their behalf through a range of","page_number":222,"box":{"x":69,"y":322,"width":803,"height":11}},{"id":"cd3cb458-5b91-4fae-a0c2-3ea247b2bf5a","block_type":"box","text":"publications and direct repor ting.","page_number":222,"box":{"x":102,"y":337,"width":234,"height":11}},{"id":"4a9085bb-907b-4527-83cd-974501353db3","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":222,"box":{"x":321,"y":367,"width":337,"height":9}},{"id":"5151f3b8-eff9-4c90-8cf8-c69b0316bc41","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term","page_number":222,"box":{"x":102,"y":390,"width":786,"height":11}},{"id":"fd92fb4f-2c4b-45e8-b910-83c58de8ff06","block_type":"box","text":"financial value creation. Research indicates that high-per forming companies will effectively evaluate and address","page_number":222,"box":{"x":68,"y":405,"width":806,"height":11}},{"id":"a1a5899b-eb88-4f5e-b33c-ac86c185da9a","block_type":"box","text":"risks and oppor tunities relevant to their businesses, which suppor ts durable, long-term financial value creation.","page_number":222,"box":{"x":69,"y":420,"width":795,"height":11}},{"id":"d03c0ef8-b977-491d-bbd7-b1cc46becef1","block_type":"box","text":"2","page_number":222,"box":{"x":866,"y":420,"width":4,"height":5}},{"id":"771b75c4-cd91-4f02-bc09-827930cac4e0","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":222,"box":{"x":102,"y":443,"width":802,"height":11}},{"id":"dffc1ca9-f3f6-4551-9573-63d1a881cfb1","block_type":"box","text":"minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation.","page_number":222,"box":{"x":69,"y":458,"width":819,"height":11}},{"id":"ab7c3f49-2a96-4caa-baa8-b48e7af9c920","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":222,"box":{"x":69,"y":473,"width":833,"height":11}},{"id":"d7ba9664-bc7b-4a1e-842d-618d5b14cbc2","block_type":"box","text":"managing material risks and capitalizing on oppor tunities to help protect and enhance the company’s ability to deliver","page_number":222,"box":{"x":69,"y":488,"width":840,"height":11}},{"id":"5b422fa9-6540-4d50-835b-e901384dab5f","block_type":"box","text":"long-term financial returns. We aim to take a globally consistent approach, while recognizing the unique markets and","page_number":222,"box":{"x":70,"y":503,"width":829,"height":12}},{"id":"347d059d-e4e8-4d0d-848e-e906f103f989","block_type":"box","text":"sectors in which companies operate.","page_number":222,"box":{"x":69,"y":519,"width":260,"height":10}},{"id":"7c76a711-21c7-4d11-b98e-5bfc12522a78","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":222,"box":{"x":403,"y":549,"width":172,"height":9}},{"id":"fb73125e-44ff-4c9d-ad02-1c9ebdccf5a3","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish cer tain fundamental rights attached to","page_number":222,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"5a9315db-12e2-4403-9ef8-59f75b576e03","block_type":"box","text":"shareholding. Shareholders should have the right to:","page_number":222,"box":{"x":69,"y":586,"width":373,"height":12}},{"id":"75c1afb7-4cb1-4b36-b961-5a6322c2b945","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":609,"width":6,"height":5}},{"id":"1626b7ba-5aab-43e2-8b37-5968c92c4941","block_type":"box","text":"Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate char ter","page_number":222,"box":{"x":102,"y":606,"width":805,"height":11}},{"id":"5776e5e7-e00b-4e84-a5ce-1e66d4ef9275","block_type":"box","text":"or by-laws.","page_number":222,"box":{"x":102,"y":622,"width":72,"height":11}},{"id":"eb4c9005-6a16-4ddf-8ae3-1d845bed2936","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":645,"width":6,"height":4}},{"id":"ec9af193-d620-434e-a0c8-d41394ad019e","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":222,"box":{"x":101,"y":642,"width":789,"height":11}},{"id":"79c186f4-ce41-4712-a976-9d3f075b5428","block_type":"box","text":"changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income","page_number":222,"box":{"x":101,"y":657,"width":779,"height":11}},{"id":"9179f191-60fb-4b18-8d6a-d1766c5caccb","block_type":"box","text":"and capital structure.","page_number":222,"box":{"x":102,"y":672,"width":150,"height":11}},{"id":"7332d2f4-1b4d-4511-9e84-28855b5f2f37","block_type":"box","text":"•","page_number":222,"box":{"x":69,"y":695,"width":6,"height":5}},{"id":"e3a9b812-3a4f-4e32-8612-3340c80b0ece","block_type":"box","text":"Access sufficient and timely information on material governance, strategic, and business matters to make","page_number":222,"box":{"x":101,"y":692,"width":757,"height":11}},{"id":"02cdd9a8-79c7-4691-9637-3c9ce44570b7","block_type":"box","text":"informed decisions.","page_number":222,"box":{"x":102,"y":707,"width":138,"height":9}},{"id":"af1dede1-f64f-4c78-9b9c-e6bf4166ab01","block_type":"box","text":"1","page_number":222,"box":{"x":69,"y":737,"width":4,"height":4}},{"id":"11170f2b-132d-4066-8e81-c5655a74bc8f","block_type":"box","text":"BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality","page_number":222,"box":{"x":79,"y":737,"width":808,"height":11}},{"id":"42cbaf84-a02b-4c76-af47-b1c8081e3576","block_type":"box","text":"based approach and are focused solely on advancing clients’ financial interests. BIS’ Benchmark Policies –","page_number":222,"box":{"x":69,"y":752,"width":765,"height":11}},{"id":"0f78c1ee-ef86-4a7d-89f7-4a07d880c3aa","block_type":"box","text":"comprised of the BIS Global Principles, regional voting guidelines, and engagement priorities – apply to clients’","page_number":222,"box":{"x":69,"y":767,"width":788,"height":11}},{"id":"0924d529-8c3a-4ab2-b9b4-c224388b03cf","block_type":"box","text":"assets invested through index strategies and provide guidance on our position on common corporate governance","page_number":222,"box":{"x":69,"y":782,"width":805,"height":11}},{"id":"d809175e-3aaa-4a04-967b-e6fa0f2036f1","block_type":"box","text":"matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which","page_number":222,"box":{"x":69,"y":797,"width":768,"height":11}},{"id":"40d87322-f3d5-4dcc-9bf1-a3585d718ead","block_type":"box","text":"companies operate. BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique","page_number":222,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"e94cd2c5-663e-4973-8c6a-74032e109bbe","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":222,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"8d4024bf-9f53-4904-8c57-0bd763ae2a3f","block_type":"box","text":"2","page_number":222,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"e406b6af-36d4-4a1a-b090-a120c57a54c6","block_type":"box","text":"PwC, “The 3 things all high-per forming companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":222,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"aa62c0e0-89e0-45a5-8ff7-7d41e9341878","block_type":"box","text":"High-Per forming Companies Apar t”, March 2024.","page_number":222,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"b6cad1f8-05b5-4b12-94fb-9d23e155c711","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b3307d08-2fde-4f4e-ac8c-162f4410ff23","block_type":"box","text":"Global Principles | 3","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b816fea4-88f8-44de-98e8-3cdef6689f01","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"957e1bfa-1e28-43c5-a907-fd08d5dc338f","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":223,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"63a633ed-5231-404f-b1de-ef08037ffa34","block_type":"box","text":"voting rights should be propor tionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":223,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"498e4c4d-a655-4e60-bbab-67fb2fd982c6","block_type":"box","text":"this balance.","page_number":223,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"aa37c157-2f04-40ac-aa9b-741b3989fcd7","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":223,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"a6089f29-568e-4a5e-a92d-3c99c7b805fd","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":223,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"fd2f131c-005f-4c9d-a4cb-c71dfca72a52","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":223,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"f2de3a55-e4eb-4754-8ff9-35087a178de0","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":223,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"5e81eb5d-823f-4960-b3ae-65e98f5a991a","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":223,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"f295e8a6-9f5d-463f-b810-a2e3411d39b7","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":223,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"b3b14a41-756b-448a-84a2-8148655dbff0","block_type":"box","text":"management or its shareholders. Voting is an impor tant mechanism for investors to express suppor t for, or concern","page_number":223,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"b754b028-c7d7-4bd8-a42a-437e26903ad3","block_type":"box","text":"about, a company’s per formance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":223,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"7c200387-9d41-4453-9964-6295fc2b2266","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":223,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"e7856a34-008a-4e4d-8718-f6b7120c2091","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":223,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"ac89e669-bb77-4153-bd10-bf93c8d65a82","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":223,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"4be73e4e-185c-43ba-8109-4c8395a83634","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":223,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"ee45682a-17cf-4092-ad5e-b735ce2bebac","block_type":"box","text":"engagement with boards and management teams, third-par ty research, and comparisons against a company’s","page_number":223,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"a3c97132-bb46-4acc-80f0-a94486561f27","block_type":"box","text":"industry peers.","page_number":223,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"cfee32ea-a65f-49c9-8c77-0b8248e3caf6","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":223,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"7fa43fd5-a57f-48a1-abfe-e3847cd81b19","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":223,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"e41c77a1-f8bb-4b12-97ee-9e1d31d97889","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":223,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"7e87e8e5-601e-4556-a903-a122ee891c8b","block_type":"box","text":"oppor tunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":223,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"d97e4a38-8f4f-4366-b89e-cc6f3ac8e93d","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":223,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"33bbb568-6f5c-4c5e-b60a-753f96e42039","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":223,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"0e4dfe39-a1e8-4257-bf78-db26ac14f779","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and oppor tunity set, and management’s plan to deliver","page_number":223,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"c05d1b87-7736-4122-a219-041d1e1e90dc","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":223,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"e735129a-8c1e-4533-88fc-f1b1e69ecc17","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":223,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"47f2e53b-7219-4ddc-b888-6173261bb57a","block_type":"box","text":"drivers of long-term financial per formance.","page_number":223,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"10625caa-e010-4327-9a11-16f0168fcec4","block_type":"box","text":"Generally, we suppor t the vote recommendations of the board of directors and management. In case of","page_number":223,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"46c6dfd4-a246-449e-8ff2-734ac9bb9089","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":223,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"5198847c-9364-4786-9e96-c6f609cd1317","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":223,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"9d560c1a-ffe8-4352-b6d4-a8fa28582491","block_type":"box","text":"forms: we might not suppor t the election of directors or other management proposals, or we might not suppor t","page_number":223,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"9cc7f881-0381-4823-9241-7ecf7c1d3679","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":223,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"e594e8ef-8ed5-4385-85b2-bd6925e15ab2","block_type":"box","text":"KEY THEMES","page_number":223,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"18671cd7-c649-47c8-a6ae-474ca84c375b","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":223,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"6c1ee0ec-6e1c-43b9-b4ba-fe76e1ee09c9","block_type":"box","text":"there are cer tain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":223,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"17fc781f-6dfe-4359-be25-c3e8fe82d5ce","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":223,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"68b1bb8d-a90c-448b-a38d-8851d6348805","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":223,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"0cf7cd5e-a5a0-47b4-925b-c86569e05ca0","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":223,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"9e147509-1396-420d-bf47-9cede32ebce7","block_type":"box","text":"their domestic market,","page_number":223,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"7a88b50b-1714-43cf-9ef4-d6f118d27d88","block_type":"box","text":"3","page_number":223,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"eb3a1225-4f5e-4b7c-ad54-0337767c8e51","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better suppor ts durable, long","page_number":223,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"f545b0fa-7bf0-4ade-9317-0a5e7ef7956f","block_type":"box","text":"term financial value creation.","page_number":223,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"da8b7e5c-5a42-46c5-ab3c-ab09b3e1b0ef","block_type":"box","text":"These Principles cover seven key subjects:","page_number":223,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"d06317fd-5a0d-45e0-a16d-2b5707350e1b","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"d27206a8-bfe3-4858-a93d-ec36746ad7b8","block_type":"box","text":"Boards and directors","page_number":223,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"81b24560-38bc-4a32-ae89-7fdac3a9c599","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"c2a28311-b335-46f5-816f-b155591b4957","block_type":"box","text":"Auditors and audit-related issues","page_number":223,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"318dfeea-1898-410b-8653-c2ca04ba6531","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"ff1c9380-287f-4943-adc3-187877690a5e","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":223,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"2191c729-c139-4b7a-8adb-075556806d20","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"a971af45-c976-4f12-8450-b4a17cb7193e","block_type":"box","text":"Executive compensation","page_number":223,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"04fd2ba7-2e68-4dcf-800f-6a45b81f0bac","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"26923165-f5fa-44a4-9d9b-d38d5710ef36","block_type":"box","text":"Material sustainability-related risks and oppor tunities","page_number":223,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"aedccf32-7a26-4d67-9268-778317c9a8a9","block_type":"box","text":"3","page_number":223,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"571d4a9d-26a2-43d4-b1a9-a065abd69afe","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":223,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"c4252a3a-b37a-4bbb-98bb-02cd9c6c8e3a","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":223,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"ca1c2c5c-f215-4bf0-8a63-8b90e97e3d2b","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":223,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"7eabb2e1-20c2-4e13-bf61-2373cd87a688","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b7182c04-423f-4218-baec-517fb97d0f7a","block_type":"box","text":"Global Principles | 4","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"5e78fe91-d77e-4f2b-b02f-8f19d690242e","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a55568e-387f-4922-b2ad-fd83a0a745c3","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"692c2bd3-1bba-4c06-90eb-668a57c388c0","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":224,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"89d2ecc9-929c-4e2a-9722-abd3e517aeea","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"61bc6953-a4fe-4d50-b74d-ce5ea0d014c2","block_type":"box","text":"Shareholder proposals","page_number":224,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"d9349c10-1aa2-41f6-95b2-1b5a73092129","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":224,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"91ce0657-d875-4c58-8794-61cf1609cfd8","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":224,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"f328d152-2ee0-4eea-86eb-360d4b60a535","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":224,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"6c3d7ee4-a8c9-4b35-bec0-c54ac919f7e1","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or oppor tunity.","page_number":224,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"30ce39d0-77eb-420c-898e-cf8f074d9a11","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":224,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"a8655fb3-5088-4d85-be47-4e3e616de9bf","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":224,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"2111b670-775d-4a68-bfea-8106169966b2","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":224,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"4adcaed0-8d85-4da9-9f99-cdd539034650","block_type":"box","text":"environment within which a company is operating.","page_number":224,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"aeb163ac-bb18-47c9-93f0-4f6f4ade1aaa","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":224,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"14b5d9b3-47a9-4909-84ee-e2c4223c613a","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":224,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"9f73d8bc-1a96-4266-a1a1-61f1c9b7bba8","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":224,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"8f90f95d-f937-41cb-8b29-493b38e8351f","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":224,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"fac063d8-a9ec-4597-8018-98960dcc524f","block_type":"box","text":"oversight and contributing to the most impor tant management decisions that suppor t long-term financial","page_number":224,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"dba2787d-8728-45b1-83be-7fd07f8e3728","block_type":"box","text":"per formance. As par t of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":224,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"f824fd69-9335-4711-bee5-aec7cc871b5b","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship effor ts","page_number":224,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"2a0f122c-34a1-4072-aacf-46993744bdaa","block_type":"box","text":"have always star ted with the per formance of the board of directors, and why we see engagement with, and the","page_number":224,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"58660826-3f7f-4429-88e1-fd64aa2f1240","block_type":"box","text":"election of, directors as one of our most impor tant responsibilities. We engage, as necessary, with members of the","page_number":224,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"77aa44cc-7552-4d10-b08a-ebe93698ea8c","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":224,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"40be1d54-a2dc-4c56-a4e7-76ef19b18be7","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":224,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"f61f1a6a-4ca6-4205-9690-b87b535a5d38","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":224,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"edbf5021-895a-45d6-a336-8e61dd240fd2","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":224,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"598ca4ed-7571-4e9c-8c94-eb489c7e48ca","block_type":"box","text":"governance mechanisms to suppor t its oversight of the company’s strategy and operations consistent with the long","page_number":224,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"71352883-612d-4238-8934-be78c366c108","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":224,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"4070929f-10a6-446d-b3c8-89d646df4424","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":224,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"d3038d6b-d43d-4cf1-ba76-70f952f12acc","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":224,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"d5b105d6-4403-483f-9177-1c714c7c6b8f","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":224,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"a532640a-b3ba-4c11-8f46-c007994d019e","block_type":"box","text":"managing, and mitigating such risks.","page_number":224,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"772cb724-26d3-4f54-9fa2-e98e6fc79465","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":224,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"82ec9935-b6a8-4bec-8644-2a86483d8d29","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":224,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"9c1e6184-696c-4003-861d-4ee33b0a6ebb","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":224,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"cbbae3a1-002c-418a-b9a4-cd556f46c954","block_type":"box","text":"reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these mechanisms in","page_number":224,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"6771f0e1-c36c-4213-94d4-fabae8826984","block_type":"box","text":"overseeing the management of business risks and oppor tunities and the fulfillment of the company’s strategy.","page_number":224,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"4e2fa29d-a6f3-40d2-b9e0-d70719958ecf","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":224,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"5470ce37-550f-497b-bf3c-b5287f363c53","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":224,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"94a8a3ee-9da4-452b-a3da-67e303000927","block_type":"box","text":"assessment, have par ticular responsibility for the issues. We assess director per formance on a case-by-case basis","page_number":224,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"8b353332-ebd6-4ead-b23e-cbc30b5c2db6","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":224,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"afa1816b-edd8-4670-9d50-c6fd9f86cfff","block_type":"box","text":"suppor t durable, long-term financial value creation, and per formance. Set out below are factors we may take into","page_number":224,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"21a7687e-5bc7-4014-aab7-19e9b30e609f","block_type":"box","text":"consideration.","page_number":224,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"7ee7fd9d-e2e5-4d56-8442-d9fbf4991b76","block_type":"box","text":"Regular accountability through director elections","page_number":224,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"4a918f0b-9104-4016-ab76-6e7cc94eee34","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":224,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"92279a74-8d0b-478f-af50-7ebd1f7b537d","block_type":"box","text":"regular basis, ideally annually.","page_number":224,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"3c72856c-e517-452f-9c88-5e7247408350","block_type":"box","text":"4","page_number":224,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"c6e8450f-62cc-4695-ae7e-dc390a48eee4","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for board","page_number":224,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"7c451472-0b5e-4a77-8916-0d7ff8206286","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":224,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"ac0ce9ec-82d7-46d5-847c-27480f17df1a","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":224,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"0b724c3d-577e-4830-981a-d643332d80c1","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a propor tion of directors being put forward for","page_number":224,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"b88e19f0-c46f-42e8-8618-c335e71531dc","block_type":"box","text":"election at each annual general meeting.","page_number":224,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"9c65f6d8-0d27-42a3-a78e-7c6bf2906241","block_type":"box","text":"4","page_number":224,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"81ee89ff-e207-447e-b922-021064a9580c","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":224,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"4776b384-c824-4ae0-96a6-36851b67dd58","block_type":"box","text":"market regulation or voluntary best practice.","page_number":224,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"caf6dd63-9989-48b7-a1e0-e5e13792d7b5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3ffa3a66-acb0-4be6-bcf2-bafe2e070cae","block_type":"box","text":"Global Principles | 5","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"da413af9-fbd2-4dca-b885-ff1b161778b5","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfff551e-7521-4ac8-a4cc-cafb1762de08","block_type":"box","text":"Effective board composition","page_number":225,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"6781ec58-8c2c-40df-a4ad-931df999b285","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":225,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"7943b910-76c6-4116-bb3d-02efde48754c","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":225,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"ea609831-e06d-43f6-a39f-8818e9aad4f8","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":225,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"5e8edade-0c39-41fa-a142-4679ec1a2be4","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":225,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"3a13d3d8-fcd0-457e-b3fb-35570981a5c8","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":225,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"697a26d3-1428-4008-b00e-463f1989d955","block_type":"box","text":"recently.","page_number":225,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"5ba38b93-8733-478d-9dc8-09e7b2fc7638","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":225,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"e3a7726b-9b71-461e-9b22-87a1010c49b1","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":225,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"8c8b8a0b-f954-4ef9-a250-2144c11a1fab","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":225,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"5c9c2b11-7fd4-48ba-85d1-3805933aa07f","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":225,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"b6fd9a6a-5ba7-40bc-bd1d-9945822158ac","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":225,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"aecc707f-a976-4d98-8c9a-23e10989ebba","block_type":"box","text":"Director independence – from management, significant shareholders, or other related par ties – is a central tenet","page_number":225,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"780aaa24-6be4-4890-a19a-1e6f7f733caa","block_type":"box","text":"of sound corporate governance across markets.","page_number":225,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"ab5d79f5-41c3-49e4-885e-0c8cce552138","block_type":"box","text":"5","page_number":225,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"2aa974a7-a22e-43a9-a7bc-e3715610de6a","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":225,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"9cb74ad0-a23d-4b26-8d5b-b3a0fdc03bd4","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":225,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"58378440-46cb-4739-a493-eb7e572be543","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":225,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"83f39035-ae56-4b9d-8578-7ccf06425470","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":225,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"c3cf30df-9314-4b61-9819-ca419abc20b0","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":225,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"f09e532a-264d-4de1-b20a-b4cd2b9a78bf","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"0df07345-224b-4ce8-9e9b-19ef0caa9855","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":225,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"2c991ec6-6f9e-4a63-a6fe-73d42ae29145","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"a5f5298d-3d08-4dc7-9ba0-1b1063e94fdc","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":225,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"d0ffce70-9287-4ed3-a2b7-4b2be953710d","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"209e6678-ac0e-4374-9d9f-7a5e0ce2c720","block_type":"box","text":"Interlocking directorships","page_number":225,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"fd4747c1-a093-4d0e-90a1-72076aced209","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"a3b89356-f019-4e50-96c7-af0874c9c7e2","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":225,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"3de3b143-dc1b-48d1-a3f5-fdbd19a296b7","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":225,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"b36ee146-0cc0-4b3e-83af-e533e1f11fbd","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":225,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"5690ea8c-91a9-4769-afb8-3dbf6eb156be","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":225,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"8691a4c8-7e41-41b7-9e7f-9aa78a8fa7a0","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":225,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"2a061909-829a-4393-93d0-3d9673db4962","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":225,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"b53c83d3-df82-4a2f-9638-742d7b0b5643","block_type":"box","text":"the board, and encouraging independent director par ticipation in board deliberations. The lead independent director","page_number":225,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"b5cd0ec3-724c-4eb8-b078-8c99feee8f80","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":225,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"2ea11bfa-0dc3-4cc3-812f-b27151bf86f1","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":225,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"545d9e72-390c-410e-b3a2-7f7c91caa3d3","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":225,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"f0dc0d95-5c0d-45d7-b578-cb54a4813dc8","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":225,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"e865886b-db00-43a8-b788-995eeb602146","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":225,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"b6ae8454-4bdd-4f58-b44c-fb338bfb7b2f","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":225,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"0c6aa464-586e-480c-8a5a-8a1e8a248e60","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":225,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"76dd0a65-6094-4808-83e2-52d65de3f0db","block_type":"box","text":"transaction, par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":225,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"412d0bad-9bd6-4771-9877-7e3c47efcb16","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":225,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"95cb5c84-bd76-4d1d-b361-a6867fab8e90","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":225,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"08ddd5e4-075e-44fc-a60c-517f4c732a21","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":225,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"ce07fa7d-1308-49e2-9622-b60038f64639","block_type":"box","text":"and exper tise of the board, as well as the par ticular skill sets of individual directors, aligns with the company’s long","page_number":225,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"1d3fe826-aa12-40fb-9bb6-7d3996b61041","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":225,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"e001a775-f720-4613-9298-8fc8e9e0110d","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":225,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"43267ad7-afee-435d-b07a-9e110fc3e11d","block_type":"box","text":"board discussions.","page_number":225,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"b458ff1a-283a-4bd3-aacc-04e224ee2317","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":225,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"fbf2d693-772a-40df-be06-40d326691ed5","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":225,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"4f628690-db62-4b5c-bf40-8979a1bea643","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":225,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"21b93594-506a-4364-a249-db7616b309ab","block_type":"box","text":"5","page_number":225,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"b25bb300-9d3f-4c9b-8267-7b470c247741","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Repor ting","page_number":225,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"df4d48be-ae4e-4fbc-a6e8-0a66baf9246c","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":225,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"2bb25124-b6f8-4ac9-b535-65431ebb67ba","block_type":"box","text":"Principles for US Listed Companies.”","page_number":225,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"24682ef4-f2c5-4f04-8a6a-ab0b9763e833","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4f47feeb-ecc7-4415-8c4e-d72ff0915fc6","block_type":"box","text":"Global Principles | 6","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d7de2ee3-df6e-41f5-b13b-3ce109e795f3","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"437a0c79-1a9d-4569-8394-174cc0f585f3","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":226,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"79899cb7-8ba4-4a6e-be48-fdf0e29584ca","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":226,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"5e895331-ac4d-45c8-8332-147051923947","block_type":"box","text":"composition suppor ts the company’s governance practices.","page_number":226,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"42bda247-9575-4529-90d5-f485aa891569","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":226,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"851f508b-2dda-4612-940b-d2a2c7036154","block_type":"box","text":"companies, par ticularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":226,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"dd159866-c455-4a4e-a258-bf17dc704cfc","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":226,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"cd456b13-b91e-4398-ae40-296544047fc0","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":226,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"91fac50e-d1f8-4491-af02-b578492b562d","block_type":"box","text":"6","page_number":226,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"0602dbb9-99ad-4c5a-a70d-a3b9376a3fee","block_type":"box","text":"Sufficient capacity","page_number":226,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"1c08183e-0691-4239-8e82-f641dc101a59","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":226,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"1b6d5d8a-bdb9-4823-94a1-c54373c02bba","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":226,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"4567e028-aa9f-4a8a-bf86-21b8223820e7","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":226,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"02424cff-8091-4b43-a631-7e8f1cacdd83","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":226,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"45471fd1-b6ee-415e-abcd-a88311826ceb","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":226,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"7b757a05-034c-4fda-b518-9a4fa6cdd461","block_type":"box","text":"BlackRock recognizes the critical impor tance of financial statements, which should provide a true and fair picture","page_number":226,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"22e82ea1-6a69-4ae5-9bdd-70a3ea1f488d","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":226,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"ac952461-e0eb-4f00-ba1d-7378f6b92c60","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":226,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"a77aaea8-4d7a-4688-a25b-db224f27b30a","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":226,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"f27da555-ac1a-40a4-8b83-792da78fb5fd","block_type":"box","text":"under market-specific accounting rules, is of paramount impor tance to BlackRock. Investors increasingly recognize","page_number":226,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"ede895dc-b181-47e8-ab28-3e44b10ed80b","block_type":"box","text":"that a broader range of risks and oppor tunities have the potential to materially impact financial per formance. Over","page_number":226,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"43accad8-e94f-4e21-8d20-3426bbfde620","block_type":"box","text":"time, we anticipate investors and other users of company repor ting will increasingly seek to understand and","page_number":226,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"7020c540-369e-4def-b948-2d2c8f8d23bb","block_type":"box","text":"scrutinize the assumptions underlying financial statements, par ticularly those that per tain to the impact of the","page_number":226,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"a07f3a03-2ffd-4f68-8441-0a0868e55544","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":226,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"ac23ff30-f295-4f89-abf8-9a63011de087","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Repor ting","page_number":226,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"8bb1bb80-2474-450d-92cc-11ef4cf9e698","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":226,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"6fa57bc8-aa79-4883-8a8c-d174dd5f1c70","block_type":"box","text":"their guidance to companies.","page_number":226,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"f628301d-a5b3-43af-97c0-755079a3b148","block_type":"box","text":"7","page_number":226,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"6912a62e-8bc2-41f0-9cf6-13b24e09d4d9","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial repor ting system by","page_number":226,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"00de395a-45bd-4187-a2be-16ad855350ce","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":226,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"f18869e6-1a1f-4e0e-86bc-80dc94fe5787","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":226,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"a243de52-047e-4e9f-a2ce-f5bf54be441e","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":226,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"3019d52b-9c2d-484a-8d6a-09f5026bbdd4","block_type":"box","text":"8","page_number":226,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"5c7c0868-808e-4a71-8d2b-5f2ad91703e7","block_type":"box","text":"In our view, effective audit committee","page_number":226,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"32ab7d50-c09e-4255-9e78-9912541171ed","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an impor tant level","page_number":226,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"ff3f63a6-4083-4d4c-8c02-2be10114ff08","block_type":"box","text":"of reassurance to shareholders.","page_number":226,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"b89b19a5-9fdd-439c-acdb-a49d8821637e","block_type":"box","text":"Audit committees or equivalent should have clearly ar ticulated char ters that set out their responsibilities and","page_number":226,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"f4ab10a6-013a-4fab-8e23-ceb1ed9364bb","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":226,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"2ddeb204-7170-477b-b8a6-c8b3d1895e41","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":226,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"790b030d-7e63-42cd-8ebb-ae0e3929d9a0","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":226,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"dde08d57-73c3-47f2-86d4-478c6f26d2f3","block_type":"box","text":"relevant exper tise to monitor and oversee the audit process and related activities.","page_number":226,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"78f0dfe2-37dc-44ad-af5f-aded1e8cb95b","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":226,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"d647f1c4-413a-43a4-a309-79689d385c26","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":226,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"78777211-0585-4a73-af71-e1b1a895978c","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":226,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"8b52a12c-1ae2-4990-903b-266d70ea9220","block_type":"box","text":"or internal audit function.","page_number":226,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"4eba5176-8163-411a-ab8a-24c86ff8e102","block_type":"box","text":"6","page_number":226,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"03b9e9cf-d418-4040-a970-024390e2bdf7","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":226,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"d9ee6723-1fa6-4ab5-beb1-32aafb5621cc","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":226,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"1b363391-854b-4a0f-8a9c-bdcf1bbb922e","block_type":"box","text":"7","page_number":226,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"ca7e7fe8-5296-49ce-95a5-5f06ca78f0cf","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":226,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"be121362-e5c7-4e09-a8da-25d2950b6d8f","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":226,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"6e75e96d-d996-4f4d-a30a-55b4f5ee3371","block_type":"box","text":"August 2023.","page_number":226,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"0b74613e-4d45-4266-b794-d8554da11f33","block_type":"box","text":"8","page_number":226,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"260a7bc3-657b-4f3b-9cf2-7f2c680c5934","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":226,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"22d793a6-134b-46d0-be39-7cbbfe63c3ec","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":226,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"25f6f027-02bc-424f-a652-f8e5e35c8cb8","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":226,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"4e2fa08f-50ac-42de-a229-439e2a8b246e","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":226,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"e9e0b88a-a811-4af0-be98-78e605f8d435","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":226,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"64bb7797-42f8-463a-9d49-2f0b2aa27a68","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cb2b42e8-83f9-46b9-bc8b-3b1af7a21bf9","block_type":"box","text":"Global Principles | 7","page_number":226,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"b5bd86a7-13f4-481d-85aa-0aa4ed3e03c9","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35930a39-3b79-4b66-836e-e8f14f0f85a7","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":227,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"a49c0a4a-203b-4467-bb9d-feccf5e0dc1b","block_type":"box","text":"check on management. To that end, it is impor tant that auditors are, and are seen to be, independent. Where an","page_number":227,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"814ea9cf-3ad4-4058-9103-16dd181d2f04","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":227,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"4a0bb17b-9a75-4599-913b-f154a85d3f66","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":227,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"b6779828-485a-4477-8f40-85ed0c69a956","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":227,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"522c16b2-d7be-426c-967b-ff9c67806e13","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":227,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"9b2e95aa-1226-47f8-a8e1-403e8f1c2edf","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":227,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"f9fb0a63-db34-425c-8565-344192388d1f","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":227,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"cedc8e7c-ee7b-416f-82d8-77e730911369","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":227,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"7013786b-2507-4481-94a2-bc745564b516","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":227,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"5aaeb3f1-1ecc-4988-a8db-2ab1302461dc","block_type":"box","text":"adequately managing risk.","page_number":227,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"670422f2-3625-466c-95aa-e351f70ae4a8","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":227,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"06ac3ba3-85f8-4cbc-a79c-c8e8c7a31149","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":227,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"23234c06-dfa6-4db6-b63e-a587f4e10e39","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":227,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"cdab362c-62f4-42aa-b877-4513d4004e4a","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":227,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"ef3414d2-c03d-4e94-9083-25a6635f928d","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":227,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"f7071954-3e70-47db-b009-910a041b4370","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":227,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"8fb847af-9962-4d95-9dcd-9d359cee73cc","block_type":"box","text":"and voting rights should match economic exposure,","page_number":227,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"e55c0dcb-214c-4608-bf45-da29b77bf2c6","block_type":"box","text":"i.e.","page_number":227,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"da9177b4-63f2-44ab-89d1-1cc84a1b198f","block_type":"box","text":"one share, one vote.","page_number":227,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"ff61d9a5-fa1c-4b80-9428-495c7a4c2c34","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":227,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"08ddef00-e109-4052-8c67-ad7c4bdeb6d9","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":227,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"faea9be3-c337-4ece-a433-28463ae8acc9","block_type":"box","text":"propor tionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":227,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"e3e776e7-84dc-486f-863e-74a52d368e4c","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in cer tain markets,","page_number":227,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"49e6cca0-2227-4c37-bab2-de69a1f01287","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":227,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"4b8e1b7f-122a-4aac-9fe1-9a9d0949a414","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":227,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"99aa5416-6604-425a-adf8-ce244f72a336","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":227,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"6ad9e423-83f7-45cf-9e4e-b0a377758591","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":227,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"8032839d-c6b0-432f-813b-b1e47ae7aded","block_type":"box","text":"should give unaffiliated shareholders the oppor tunity to affirm the current structure or establish mechanisms to end","page_number":227,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a2d275dc-4fff-49b1-8834-06413e79c9e5","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":227,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"8d90b015-0b34-42d8-806e-9aa91c259c05","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":227,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"ff4677a7-3b52-462e-a195-21c01272a350","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":227,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"0df7bccc-2732-4173-8b4c-57bd1897684e","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":227,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"69ba4f71-1e7d-4a09-b823-36e8b5a60ffc","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":227,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"57f1318e-2108-412c-abb7-b62f41f4d4d8","block_type":"box","text":"transactions have the unanimous suppor t of the board and have been negotiated at arm’s length. We may seek","page_number":227,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"b58b2a3c-8a25-4b89-adae-68d1000af13b","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":227,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"6f28e42e-877b-4afd-85f7-b5db3a881989","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":227,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"74c2acb8-2177-42a3-b594-6670728e7bb2","block_type":"box","text":"involves related par ties, the recommendation to suppor t should come from the independent directors, a best","page_number":227,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"5efd2771-2c56-42ae-99dc-16b0f351187e","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":227,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"15389a91-2fad-4037-8276-92127edfba25","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted par ties.","page_number":227,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"6c87fd02-9bfa-4cc1-97b6-9fcafc74f577","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":227,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"a7542dc3-a606-4960-8977-c729f47f40f0","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":227,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"4d91630a-ee2d-44d3-83c2-41d4b1465e8f","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":227,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"444af790-2469-48f8-9fa9-1109924dd41f","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":227,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"310fb62a-19f2-4498-9ff1-6beb0e2b3387","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":227,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"3801c264-09bb-4b43-a50a-c4eb94b51ce3","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":227,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"e8396db3-0406-4fc6-9f7d-e77139cbac3e","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":227,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"2fb7f152-9f45-4164-9025-226adb916267","block_type":"box","text":"In most markets, one of the most impor tant roles for a company’s board of directors is to put in place a","page_number":227,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"316175a4-de9d-4723-a6b8-3cd6dc7f9d71","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":227,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"d3cead43-b6a3-46d5-8f44-1876c1d77af9","block_type":"box","text":"impor tant tool used by companies to suppor t long-term financial value creation. In our experience, well-structured","page_number":227,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"c00f74ce-f8b4-4af3-aa5e-cb873e3f93c1","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":227,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"0064f891-831b-4cde-95eb-13ba4dd4acb0","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":227,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"a458cd40-a994-4794-a84e-27a644a840c8","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial per formance.","page_number":227,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"7b5dca71-221f-4907-aa64-3a023a4a3c7f","block_type":"box","text":"Per formance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":227,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"e0fa402c-34c6-4ae8-ae2f-9f0fbfb8fb55","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6c59463a-c85c-4f16-bdd9-cd654e02adc5","block_type":"box","text":"Global Principles | 8","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"45d107d5-4d23-4c08-898a-8c260e19f464","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab83f5fd-4023-4750-9cb0-594c1033f6cb","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":228,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"9b8b0b57-26d4-4bb5-b639-4f93d24cd89d","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":228,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"bbc71837-9619-4634-b5db-a69d77d35aa5","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":228,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"07b9a94d-3d6a-4c76-a114-ccc9df9c3dc3","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":228,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"adc9c327-7348-40a8-944e-d03d77ccd534","block_type":"box","text":"period of years.","page_number":228,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"0cfdd2aa-5b17-4717-9cde-4cc6ee2eb43e","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":228,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"d2c1888e-dd50-480d-87b7-7440f1451894","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":228,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"be60146e-fb72-49fd-848b-486608e37445","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":228,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"ce687c8f-3796-471f-b8c8-ecf9966dd13a","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":228,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"1eb4d96f-6453-4030-92df-96d52635eafb","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":228,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"b2604f46-fb15-49c0-b905-6f5905e2c7fd","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":228,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"7b680173-7d15-43c7-8251-f6af15bd1e63","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":228,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"d791318b-3149-4f51-9956-e76f1de97208","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":228,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"6fc462f0-5699-4f19-a164-aafd04d89a75","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":228,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"8fe553fa-7f71-4698-a9d8-0657feafbb1c","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":228,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"5f99f12c-ad2a-46b8-b26a-213009dd938e","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":228,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"d8c1b4dc-b47f-4fc0-91ee-04b4272d40b1","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":228,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"3bc08fed-5e4a-4c05-b480-c87c713743ed","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outper formance. We encourage companies to","page_number":228,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"e485a924-b4b5-4d24-ba00-8f013bede2bc","block_type":"box","text":"clearly explain how compensation outcomes have rewarded per formance.","page_number":228,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"06ce6dab-5f50-4e2e-b3a7-d884ab9ff50a","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":228,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"0eab4fe0-d206-4adb-b740-6dce17ddef16","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":228,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"9929516d-2fae-4e86-adef-0e6a0ba159fd","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":228,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"a50091a1-5f03-443a-b1b0-ea3644da714c","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":228,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"0a25b778-4b00-47a2-a650-92fada27c19f","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":228,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"686bad4d-adf5-44d5-95e2-d8bf60e901bb","block_type":"box","text":"restatement of past results.","page_number":228,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"146698c2-dec8-4e5a-bdda-8a1433073628","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":228,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"4dc1f5ae-22f1-4520-b0d9-bac0c75bc420","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":228,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"a739d99f-e565-4880-845b-b8003f545b6b","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":228,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"afc11bd5-e7dc-4ba8-81bd-f6184853be34","block_type":"box","text":"whom they are charged with overseeing.","page_number":228,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"86fcf44a-6eba-4230-9bb5-199dfb26f1d0","block_type":"box","text":"BIS may convey concerns through not suppor ting management’s proposals to approve compensation, where they","page_number":228,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"46f35eda-946a-4519-9395-7627637b7104","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":228,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"b9450bad-d7a2-4777-aae0-d37a2dcc1fa1","block_type":"box","text":"for poor compensation practices or structures.","page_number":228,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"2e478f1c-1645-48b4-9275-3726147bda27","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":228,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"3fe756ce-cb5e-4af9-8c2b-43b5d20bf2ab","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":228,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"37595e50-259b-462c-b78b-2a0de1effe4c","block_type":"box","text":"risks and oppor tunities relevant to their businesses.","page_number":228,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"51e41e40-65fe-4740-af58-4f28ab8b1fc7","block_type":"box","text":"9","page_number":228,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"f371855d-97e3-4217-bced-189dc43d4f3a","block_type":"box","text":"As with all risks and oppor tunities in a company’s business","page_number":228,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"65315cbf-aa57-4d5e-b809-89d784279e19","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":228,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"95cb483f-1689-4a4a-baf5-03fa9a241f66","block_type":"box","text":"governance framework that suppor ts durable, long-term financial value creation.","page_number":228,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"08f0d8a0-bf25-4e52-bfbd-70191b83c7c0","block_type":"box","text":"9","page_number":228,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"8df62030-cd94-42aa-8017-11310f68cd0b","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":228,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"fd201f07-8971-47bc-ab71-7b81bdac77e3","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":228,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"d183c75d-bfac-4ff0-af9b-19801b62f6a3","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":228,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"92181ae0-57f0-4028-a6b0-f7237d98b75f","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":228,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"9797e712-6de5-4a8a-8ce2-23e79a0b0d20","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":228,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"32b60154-7ace-49e0-b626-8d2ff4be4527","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"13f3912a-b5be-4eba-b3a6-683c34031787","block_type":"box","text":"Global Principles | 9","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"591992a3-e858-4910-9176-ca255463f34b","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"550dbb82-b3b9-428c-a99f-af6eb9fade04","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":229,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"97f9ce68-30bd-4e0a-91fd-0dd3e609ebbd","block_type":"box","text":"material sustainability-related risks and oppor tunities. We find it helpful when companies’ disclosures demonstrate","page_number":229,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"ed53aa0a-9a7d-48d8-bacc-e5bf2d354259","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and oppor tunities into","page_number":229,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"76e6ad35-9ebd-47f3-84d3-067c8ab9d02a","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":229,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"ae82d47f-78d1-439c-ae0b-1a06032a8022","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":229,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"6b693a99-fdeb-4b4d-8df3-ac6752eb0d91","block_type":"box","text":"10","page_number":229,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"24fb11bc-2d29-458a-b861-d44d16dfa284","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":229,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"cb35b673-980a-4214-a7ba-154df73ead46","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":229,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"f5de8ff9-7dce-4858-8b9b-929dd914e326","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":229,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"428eec96-a363-47d0-922d-1de79ba190a0","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in repor ting aligned with the ISSB standards","page_number":229,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"2b9aa391-5dd1-400e-a1e5-2077ac1f3ec3","block_type":"box","text":"over several years. We also recognize that some companies may repor t using different standards, which may be","page_number":229,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"3638ad1e-a34b-4936-980b-59ff73ee35d2","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":229,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"6d6e6177-d169-44c0-bd89-96ee991e2497","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":229,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"d55c223b-4ff0-4ddc-9730-7e781b1ab2e8","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":229,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"2bda20ad-8fa8-4d7a-ad68-fc8a934dafd2","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":229,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"49dcd5f6-7dc6-4640-a031-21c3da9ceb71","block_type":"box","text":"and repor ting may not line up with financial repor ting cycles and companies may require additional time after their","page_number":229,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"860dddae-1e50-4b7d-b72d-7c0183fa8d93","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and repor t this data to investors. That said, while we do not prescribe","page_number":229,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"ff89b346-fce0-46cc-a7a7-f2b589632370","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":229,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"0f4fe7d0-fdb3-46c8-84d5-07421a4f48d6","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":229,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"bacce70c-277c-43aa-8ea3-b69cfd6b6685","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":229,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"3c473ff7-f597-483e-a01c-9b7e5ee7f9f5","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":229,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"93b49a4d-cc02-4e72-b40d-0dd2aad135dc","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":229,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"fe5d5358-c4cf-4019-94c1-696719e55913","block_type":"box","text":"Development. Fur ther, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":229,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"05b672e0-9ce6-4422-b5a9-3e69106a193b","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":229,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"ce67b17b-8a66-4f59-9186-6e83b5d74e51","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":229,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"b4c029f0-b069-4549-8df2-ec2b91667456","block_type":"box","text":"adopted, the industry initiatives in which they par ticipate, any peer group benchmarking under taken, and any","page_number":229,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"565205d0-03e9-45b4-bcf3-2202dfb5e83c","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":229,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"58204cbb-e063-43fb-bd1a-d9893b8bb285","block_type":"box","text":"10","page_number":229,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"d382c2b3-ed65-4aaa-a81a-5bbf19dab4a0","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":229,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"6c829635-35d8-4d21-bde9-f0380d6c7b43","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":229,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"b09cb388-d275-4217-ba85-69a03b58d395","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the entity.","page_number":229,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"2ee1dfa3-ce41-47b1-ae76-10f32cec447b","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":229,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"4e0ed36b-ec69-4149-b1c9-4b4a2ab806be","block_type":"box","text":"related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in making","page_number":229,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"2f401c40-c4ee-4eb5-948c-99a3c733f49f","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":229,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"446fe8b0-33f3-4b36-8a39-f6971cedde1e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"61363584-7d3b-49ea-a1e4-1579c483ab0e","block_type":"box","text":"Global Principles | 10","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"903b3fb5-892d-42d7-a5fc-b53552b6b2a5","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b19b4897-a00e-498a-b588-6cd5011ee363","block_type":"box","text":"Climate and nature-related risk","page_number":230,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"f9201372-a6e6-4877-a9a0-dd8c1abf69d3","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":230,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"0bfaf1f9-b6ba-43cd-a8ea-5e3b831257fd","block_type":"box","text":"11","page_number":230,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"a523e99d-2373-4359-b55c-3c1f568f6fbd","block_type":"box","text":"Our","page_number":230,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"657cb305-b4fe-4cd7-b90c-f25351270633","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":230,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"588e717e-46d2-4284-8ca7-094521ea01cd","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":230,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"1c337036-5acd-469b-876c-ef1899979ccc","block_type":"box","text":"companies.","page_number":230,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"88e8963d-867c-4d6d-a154-47a2c65da950","block_type":"box","text":"12","page_number":230,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"186a04db-7a3f-4e89-8d46-5694eb5c25b2","block_type":"box","text":"Yet the path to a low-carbon economy is uncer tain and uneven, with different par ts of the economy","page_number":230,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"069ed8c3-ddb3-43d9-9e4d-31d903f70ff8","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":230,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"de462a31-468a-419f-ae25-f57eb062a484","block_type":"box","text":"related risk and oppor tunity on their businesses and operating environments. Many companies are assessing how to","page_number":230,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"3c30abe6-f170-4277-82fb-00cbc987497c","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":230,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"59a82ea2-9fa3-4d11-9a9d-1a989759c81b","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":230,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"bb661254-75c1-4312-aa69-301a2b1e1236","block_type":"box","text":"and sector, how they intend to deliver long-term financial per formance through the transition to a low-carbon","page_number":230,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"5d328231-d932-4dbe-8375-0fe880ac151f","block_type":"box","text":"economy, including where available, their transition plan.","page_number":230,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"35a917b5-b608-445e-a789-42bd091d7431","block_type":"box","text":"13","page_number":230,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"3332a8f7-e5f1-4212-bf7f-cdff502e2847","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":230,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"f0a7e652-5c36-46c0-90f1-56cddc69cc01","block_type":"box","text":"assess company-specific climate-related risks and oppor tunities, and inform investment decisions.","page_number":230,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"6412cb72-af60-4e5f-876b-57379a850e50","block_type":"box","text":"14","page_number":230,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"9651c055-5ebc-40e3-8cc5-38522ed9add5","block_type":"box","text":"Such","page_number":230,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"4737787c-ec3b-42ac-92ea-683177d4e5ef","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":230,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"d998ff72-a1de-4052-89ba-a8f749f0dbf4","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":230,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"0eccf19d-9718-4406-8e89-4380d45bef9b","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":230,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"c5e2b977-a0cb-472a-bebf-f69227bc5aed","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":230,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"8588857f-f615-45b5-8a5d-11161efca415","block_type":"box","text":"as best practice in the market.","page_number":230,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"1aa39fcd-9830-41dc-acdb-e519a0e4b0ac","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":230,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"de448bc9-3f88-4360-9b5b-84cb4c8e1391","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and oppor tunities for, their","page_number":230,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"6604c84a-f7c7-49af-96bc-f4ec8eb51b33","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":230,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"9dc7915f-4626-4c5e-a920-f113533aaf75","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":230,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"4475d41f-67ea-4850-8d7f-9805bdbe5db3","block_type":"box","text":"recently reaffirmed by G20 members as par t of the 2024 Leader’s Declaration.","page_number":230,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"f49ab113-7fec-4ff9-9758-a851345f107d","block_type":"box","text":"15","page_number":230,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"0abdd9b4-ae10-4439-8d1d-8d0dfb221b8b","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting shor t-, medium- and long-term","page_number":230,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"d6a2163d-0789-48e3-8e71-24a641d7b1bc","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":230,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"9b9ca933-459a-4f48-9a4b-1f9509fde9f4","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":230,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"1123e6c3-f56b-4c9c-bf81-f1824fec46bb","block_type":"box","text":"interests of their investors.","page_number":230,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"4ff869c4-d431-4cda-94d5-d5bd1745970a","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":230,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"6cf6de88-990e-44c4-88b5-9787dfa7883a","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":230,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"590cefa0-2f32-4d76-8728-6f3cc33bbc3f","block_type":"box","text":"11","page_number":230,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"7666678d-fe48-41cc-9e00-6d70750d54ca","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment oppor tunity”, 2023.","page_number":230,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"412ef7b0-f2ba-4db5-8fd0-3e554533eb03","block_type":"box","text":"12","page_number":230,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"7a6e862d-4e08-4b72-979d-0f441d10b195","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":230,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"6b3fe497-3418-4f05-b7e6-ef949eee3a3c","block_type":"box","text":"13","page_number":230,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"069f662e-e645-4866-b2b5-69b38c95c6a5","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":230,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"ca875361-af9b-4e6d-974d-f95447e65bf5","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":230,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"0517d4d2-2a1d-42eb-a96a-8967f88e2df8","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":230,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"b0b53794-8767-49e7-bc5a-500261a5f6aa","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":230,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"0d1e0421-3f43-4ec1-a249-9d230f7495dc","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":230,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"e4ad917d-a222-43fe-8a50-f9e89595032b","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":230,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"0b802447-73ca-48fd-bb21-c201309266eb","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":230,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"111fca34-0aa8-4c1d-98e2-f125c4d948cb","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":230,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"ab19e158-5faa-40c3-bd38-e49ebe3eb87a","block_type":"box","text":"approach to managing financially material business relevant risks and oppor tunities – including climate-related risks","page_number":230,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"8526b50d-5870-4f78-ba39-32f0974f7d28","block_type":"box","text":"– to deliver long-term financial per formance, which allows investors to make more informed decisions. While","page_number":230,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"ec5f81f8-b2b4-475c-9d6e-904da982f3fc","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":230,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"14359ca7-3bc9-4b65-9cad-1bfcc8803d91","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":230,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"378b5a47-30f6-496e-9426-bce13fab2036","block_type":"box","text":"actions and resource implications.","page_number":230,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"b2887623-d938-479e-bc55-68b0b36ad862","block_type":"box","text":"14","page_number":230,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"5e7bd4af-f9c8-4fc3-9d68-bf9d5d4f7222","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":230,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"4d806660-312d-4c48-a4c6-4aec4ee30711","block_type":"box","text":"companies may phase in repor ting aligned with the ISSB standards over several years, depending on local","page_number":230,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"8b1892d2-2b6d-4721-8698-7bd30616f982","block_type":"box","text":"requirements. We also recognize and respect that some companies may repor t using different local standards, which","page_number":230,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"d5f9d139-09d6-4583-99c6-9a7af451bae7","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":230,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"3432f45b-a131-4fcc-acd8-1f83ee61bf68","block_type":"box","text":"disclose their rationale for repor ting in line with the specific disclosure framework chosen and highlight the metrics","page_number":230,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"f2f7e9e5-6c58-4d70-b958-223ea2e9c3bb","block_type":"box","text":"that are industry- or company-specific.","page_number":230,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"b06c09c7-982a-4520-9173-4d3efb285ffc","block_type":"box","text":"15","page_number":230,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"a552e934-f055-432c-b174-ad0f2e91873e","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as par t of the Leader’s","page_number":230,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"adce25b5-721b-499c-ad6a-633492b2acc2","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":230,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"c121aa04-22d6-4922-84e5-9136c83b759d","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":230,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"172d3878-3542-4880-ac1a-9c3348ee1faa","block_type":"box","text":"about two-thirds of the world population.","page_number":230,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"e99fea95-9074-46a5-92b3-4dc498f1a0a9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f03283a1-8617-4272-9117-203946103de4","block_type":"box","text":"Global Principles | 11","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"aa7ade73-4bc5-492e-a0f0-0f0bf850f8c3","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2750c88-5eaf-46dc-aeed-c6c6996292dc","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":231,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"f524f99a-60f9-4669-9040-6ad0b5bf43d1","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":231,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"382dfc7e-22c0-47de-8c42-af38e9b077c3","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":231,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"beed6d44-49e5-4620-8945-7b2c9281e942","block_type":"box","text":"climate-related risks and oppor tunities.","page_number":231,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"be1c7cdf-3384-40c0-98f5-da15ab5156c0","block_type":"box","text":"In addition to climate-related risks and oppor tunities, the management of nature-related factors is increasingly a","page_number":231,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"5dfd3317-03bf-4076-b9e3-0b98f1abd3cf","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, par ticularly","page_number":231,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"1d806a76-05b5-4115-914b-6b0a14b18620","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":231,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"a63c1bef-5f76-4fec-8656-2dce598cbe3a","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":231,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"3b53c6a5-20ac-4d77-a43b-7b7eacd426cf","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":231,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"8cd6bd6b-76e3-4fea-84e9-34ff21730501","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":231,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"2b0b88b0-ab06-40f0-a195-017f6843b1a6","block_type":"box","text":"our view of how a company is managing material nature-related risks and oppor tunities. We rely on company","page_number":231,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"bfd39783-e300-4a5e-bc7c-9a3c605c2900","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":231,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"c95e9e28-01f5-4ea2-bd39-8d600213100f","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":231,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"27bf538e-bfee-46d8-8815-9344eb17ceb1","block_type":"box","text":"16","page_number":231,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"e8bc42da-6193-4cd4-9052-cb73231f2f67","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":231,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"51f54588-9ad6-408b-875b-908d03668e5e","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":231,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"ef4228e3-18ec-4280-a2c0-5d383b091708","block_type":"box","text":"par ties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":231,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"b753f662-9e29-428c-a516-bc1ea7055b24","block_type":"box","text":"based on what is material to their business and long-term financial per formance. For many companies, key","page_number":231,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"6a24ae49-7681-4f65-9964-c803ff706840","block_type":"box","text":"stakeholders include employees, business par tners (such as suppliers and distributors), clients and consumers,","page_number":231,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"fc7ea55d-caa7-46c1-8206-d82d0f3676b4","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":231,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"972f3eba-5f5f-4711-ac7c-e5e19d40fbd1","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":231,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"9f8a98a3-c373-4049-99c1-d9f1aa2279b6","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":231,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"9f6fa30b-8919-4db8-bd9e-a63a71309a91","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":231,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"a14702cc-52ea-4c33-98ad-0cc838cbdd8b","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":231,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"e6cc7e23-63f8-4ff1-b7da-1d4cf7d7936f","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":231,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"19936dd2-6ebc-410c-ba50-361b6dfdf2f6","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":231,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"0be85e36-8262-48ef-b826-3f08a62aa07e","block_type":"box","text":"Companies should ar ticulate how they address material adverse impacts that could arise from their business","page_number":231,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"2c1cfca7-0200-4b79-bc42-619780a90704","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":231,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"2ee2e1fc-04b4-474d-9ef4-1c9e0e8494c9","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":231,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"adbb618f-df09-4714-a66c-09b2bc10761c","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":231,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"1d762b22-130d-43b0-a592-08ece37ee136","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":231,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"5c9c9f79-fb92-4ba8-ba08-58e714d431c4","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":231,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"b96126c3-1f28-4a29-b9c4-7e4d1f0e3b89","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial per formance and","page_number":231,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"da1083c0-f25e-41e1-ad8a-1571370b9df1","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":231,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"7ce6b21d-f2cc-42fd-9a3f-2a59e190dd6f","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The repor ting and disclosure","page_number":231,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"1b08d9db-6140-406e-839c-eef68d8ddb39","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":231,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"b90e523a-d85c-4949-8647-d5cef097d32f","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":231,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"ae987b09-18b1-4400-bd47-5fa5cbb61931","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":231,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"67e9d220-e965-4b6b-b49b-f0da61536b3f","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":231,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"bb071902-9f74-4dd2-8804-6b506a788608","block_type":"box","text":"16","page_number":231,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"ab69f304-7b77-4944-b5b7-3ebcb9eb3865","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":231,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"89610631-7ecd-4ad3-91a1-c5222232ab87","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":231,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"710b5bab-cd8c-4556-b563-db7c93d7584f","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":231,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"d4d5100b-0d51-4ec4-9d21-b4f3134a9d1f","block_type":"box","text":"companies. We recognize that some companies may repor t using different standards, which may be required by","page_number":231,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"72b6e1aa-f926-4393-945c-9dbc483d112c","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned repor ting is not a voting issue.","page_number":231,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"e1ade77d-b950-4de0-b3b4-dd6a31cbdd6c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9d489092-fe4b-42cb-a46f-a902bc752fc4","block_type":"box","text":"Global Principles | 12","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"53e89f28-dab1-4dc3-b3ca-7cba82d5b6a1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a07a71c-1f2c-4b4e-97d5-0a1de9a3864a","block_type":"box","text":"Corporate form","page_number":232,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"373255a4-854f-434c-8f0f-4c69b1f7db52","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":232,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"c876774a-7d2f-41a9-aa86-9c740d048431","block_type":"box","text":"the company’s purpose and business model.","page_number":232,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"ff743316-142d-461a-b0a5-4fce3ed2972c","block_type":"box","text":"17","page_number":232,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"38613b23-aa6f-4504-b570-38adf2a8596b","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":232,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"673b0a2c-11fa-491b-90ec-ce4f7a475f83","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":232,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"0905e7ef-953e-46cb-84f3-44a0520a6e4c","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholder proponents proposing","page_number":232,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"ae7e2059-7275-4913-9b3d-35a9b3c76a53","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":232,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"cef4e529-8537-4d27-831c-8d9b243d8999","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":232,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"35899f2f-5aac-4a5b-a107-0c0df59a5b19","block_type":"box","text":"suppor t management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":232,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"b9bc7e9e-2a2f-4f74-9915-cfd63ab70d62","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":232,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"f7ebf968-1d11-4f22-aad4-ef8ff1b51de7","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":232,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"d84d1242-726d-4bf9-9d52-8cd591b0ad11","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":232,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"efdefdc1-40c6-4a07-a935-3293fac5205f","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":232,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"36132093-f731-4f30-9d1f-c90f55847cdd","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":232,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"ede83895-7690-47dc-852b-ec7e6da1d4b1","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":232,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"40976fb0-6a49-4b28-a560-398a521a7343","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":232,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"a608f6bc-e4a8-4ffb-b648-be35e3f817c6","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":232,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"98922b7e-ebc3-4880-8364-d56377de62a1","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put for th by","page_number":232,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"3ca54630-df3a-4832-b08e-73eca5a66abb","block_type":"box","text":"others.","page_number":232,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"d0d1381d-1e3c-403d-8bf8-8a03aec08537","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":232,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"b00eec83-fa2b-4db8-977d-5c6f9e316ba1","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":232,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"5d52ac09-bad3-4211-a2a4-a6e6b1ad8409","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":232,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"bd7c9e7b-ee5b-4e74-a99f-4a4ac3470a1a","block_type":"box","text":"may impact a company’s long-term per formance. We look for consistency between the specific request formally made","page_number":232,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"32e9fff6-3c16-4001-b204-6fecc7273de4","block_type":"box","text":"in the proposal, the suppor ting documentation, and the proponents’ other communications on the issues. We also","page_number":232,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"c4850b15-98f1-4303-bee3-cdbb1cec8f67","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":232,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"cc400a47-ca95-46a8-a4fb-c16157c007df","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":232,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"806d3557-f106-4aa7-838f-97e1aeea4cc2","block_type":"box","text":"of their peers.","page_number":232,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"f9974334-5e26-421c-b7e4-a791f85a9e75","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":232,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"b19cb84f-ea11-4047-a233-2b286b7bf539","block_type":"box","text":"submitted or advised on the proposal.","page_number":232,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"e53de61b-9fa6-46e2-ad84-caad61d82074","block_type":"box","text":"We would not suppor t proposals that we believe would result in over-reaching into the basic business decisions","page_number":232,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"697bbd47-0aa2-4997-a049-f0b74c2b9564","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":232,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"1cab47c0-46fb-4c07-b1a2-113f827b8143","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":232,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"9746e17b-a7cf-43d4-a8b5-71c016d74f0b","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":232,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"61d6c847-2210-4bcd-9a4a-879f8ae48122","block_type":"box","text":"BIS is likely to suppor t shareholder proposals that request disclosures that help us, as long-term investors on","page_number":232,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"b018f31a-c4e5-4efe-a002-76c47259c0b9","block_type":"box","text":"behalf of our clients, better understand the material risks and oppor tunities companies face and how they are","page_number":232,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"56e4062d-ad73-4135-bfdb-a13f030f5b6e","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":232,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"147acf40-0d1e-4d76-808a-22f127ad2b0c","block_type":"box","text":"suppor t shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":232,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"a60c3954-ccfa-4742-be67-365fa875f839","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":232,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"64b91eae-bdb0-495d-b19f-266b96e3ab84","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Fur ther, the proponent’s","page_number":232,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"a02a5180-637f-47f3-8fe2-6fa83290e0b3","block_type":"box","text":"suppor ting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":232,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"439b6814-13f3-4427-87fd-ba26cc1cdb35","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the suppor ting statements – we must vote yes or no on","page_number":232,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"ab2421eb-525a-4d23-8f81-a157e57f21b8","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily","page_number":232,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"ab9ed18f-ddf3-485a-8822-9ff18bf9afc7","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We","page_number":232,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"43337e77-a113-4a6f-8e5c-7dcf3d0cf924","block_type":"box","text":"may suppor t a proposal for different reasons from those put for th by the proponent, when we believe that, overall, it","page_number":232,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"a1b33464-cb3b-409a-b2e9-3a7bb23edb25","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for suppor ting","page_number":232,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"91ab8371-b257-4943-8e5b-6e7216ec957b","block_type":"box","text":"such proposals.","page_number":232,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"825d3d67-546a-4669-9761-3ca4c5f1d78d","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":232,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"992d7f15-4fc5-4170-8ea5-b35218dde1a6","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also suppor t","page_number":232,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"8be57ac2-1711-4380-b27e-e48e7593d75e","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate effor ts to address a","page_number":232,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"c272743f-18f1-454d-89d1-380cd817a39b","block_type":"box","text":"material risk.","page_number":232,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"f40e5ffa-f247-4de0-a24b-e3cf25fdc1a7","block_type":"box","text":"17","page_number":232,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"69862159-8f78-46ae-bd33-2f74ef809ffa","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":232,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"34d22c95-4816-4bcf-a5b9-6686c846baba","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"296f404f-a8ea-494e-be3e-950ebb7c83fb","block_type":"box","text":"Global Principles | 13","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c3fb214d-7e16-4ef7-91d1-64f80c7f8946","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f8d34f9-2102-4913-952c-2aa596449876","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":233,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"ff512d13-a00a-4ffb-b640-0a0b63b3dfef","block_type":"box","text":"Oversight","page_number":233,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"41e30abe-e926-4ac3-97f8-90001cae097e","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":233,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"323d8fef-b3ca-48b7-8ad9-f367b48e4bd4","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":233,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"ce4ddb64-e256-4bb7-9d9b-5e21f338b35d","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":233,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"2d327239-ad73-4f6c-bead-a13d06ee3069","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":233,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"50dcb466-bab9-41b6-b831-d9c92ee11557","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":233,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"dea21aeb-92c8-4599-b868-4231c1922fa5","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":233,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"3fac1180-fbd6-4002-abcb-16bcc88e786c","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":233,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"7286b2a6-c193-4ea1-b2ca-c66be02437b4","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":233,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"edaff4a9-c112-47e5-9aa6-a7f054cdd8bb","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":233,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"15ea1e73-afe1-4e84-a286-dd7f741d2a19","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":233,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"cd28e040-07c3-471e-a942-06af820827d7","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":233,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"21faf265-c692-4107-a802-e0c00dec4954","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":233,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"e9a0d996-9274-49f9-81cb-028b8a704abe","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic repor ts regarding the votes cast by BIS, as well","page_number":233,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"4266e5bb-1e66-480c-810e-e002646aff1a","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":233,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"22dd261f-8679-4354-bda9-16607a7b4eb7","block_type":"box","text":"Committee reviews these repor ts in an oversight capacity as informed by the Guidelines.","page_number":233,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"48173fd4-67cd-4fde-8e4b-8f9abacabb31","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":233,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"97913cc6-555f-417d-a133-60a7c783ee91","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":233,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"5a0d6050-57f9-465d-8e0d-f4a85c6ea31a","block_type":"box","text":"on corporate governance issues and par ticipates in industry discussions to contribute to and keep abreast of","page_number":233,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"7812d227-b29a-4aca-9c7b-e1e84dd10c69","block_type":"box","text":"impor tant developments in the corporate governance field. BIS may utilize third par ties for cer tain of the foregoing","page_number":233,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"bc6c474b-066c-414e-aefb-b2a57ed4fe4d","block_type":"box","text":"activities and per forms oversight of those third par ties. BIS may discuss complicated or par ticularly controversial","page_number":233,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"d50442b6-f3d6-4d3e-b568-b778cf47be29","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":233,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"2d7d888f-31fb-4ff5-8d02-a6eae51ac211","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":233,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"d1328720-24ca-4d2f-b773-6f3f5ab3e918","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":233,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"f6891754-90a8-4b13-ba43-9e41041204ab","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":233,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"31bb04d4-8d58-4cc8-a580-4d65d6988536","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":233,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"c282f67a-115d-48bd-a237-05f83e07f2b3","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":233,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"d425bbfe-a0ca-4208-b6a9-c2554e7452b8","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":233,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"fa2b9192-2e06-4c1f-9e6a-dd1d1583bd00","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":233,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"71550b25-6cf7-4bf8-9bd5-738415da0352","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":233,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"34105cf7-9fb3-4b34-9815-060878c72572","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":233,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"b29a7153-460d-4e2c-b132-1b4d6288e531","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":233,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"e4d56efd-dd26-4da9-9c2c-7d27b81a2b3e","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":233,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"ffcd9790-4bad-4feb-9b49-066d77dc16e8","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":233,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"a62e2728-582c-49b2-89ce-84f181fb25d9","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":233,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"de18ee2f-cf86-4a92-a6e3-2501f0adb4a0","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":233,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"15bff011-2dad-4ae6-b090-7d94c4f38e86","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":233,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"5a05200f-c022-4d19-a35e-3027ad27b0ff","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":233,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"3cddf653-9b1b-420c-8e01-db9e6e6511d8","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":233,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"2763c200-daae-4093-9508-a4d4b0702d94","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":233,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"d070093c-74ed-4e70-885b-246bf1af8666","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":233,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"0f87694b-a7c3-418d-9095-22f7d4911289","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":233,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"68f53a19-6d40-45f6-bcda-9521a854078b","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":233,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"852157ad-fe3e-49f1-a95f-9659d065e58c","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":233,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"e85152b1-64c0-4c4f-b657-49bdf11a0b9f","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":233,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"10fe129e-2e23-4712-aed1-58867343ba7c","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":233,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"49a3fc47-b51c-4cc0-9f97-299f8238591f","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":233,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"cf4e9116-27c5-4be9-91a0-070d4ed7d2e0","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":233,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"d34e24ca-9577-4557-bc6d-bf097530659d","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":233,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"68779a52-286e-4aaf-8627-1f10e7837305","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":233,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"cc7a12b2-52ab-475b-89f8-5980a5375010","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":233,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"478345fc-dcf1-44ca-9c38-28368ed84c20","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"90c8a0af-eaa6-484e-9da3-bf6493f2cd06","block_type":"box","text":"Global Principles | 14","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"41e99f07-1831-42ea-b52c-0adabfc0be87","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5b98994-12e4-4c17-a530-f9f4efff830d","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is","page_number":234,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"b33140eb-2a8b-4c3d-93b4-67a4adb55cb7","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":234,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"a6789129-ad83-4d7c-88ae-9afa896872d6","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":234,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"740be63d-f22f-47d1-8140-96fa136b0fdb","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":234,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"5abbc7e7-e204-4252-b2b4-e354fcf76d6e","block_type":"box","text":"VOTING CHOICE","page_number":234,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"afca0a1e-0d6a-4e25-872d-9fd428f9be02","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":234,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"255f8815-d4dd-4b81-affa-f4c271e1b654","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":234,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"d06b080c-918e-4598-bd0f-c8cc5931d51b","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":234,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"4006a4e1-fc4b-4134-90a5-739959873c86","block_type":"box","text":"UK, Ireland, and Canada that utilize cer tain equity index investment strategies, as well as eligible clients in cer tain","page_number":234,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"2ce2357d-530b-4a25-bc3b-21203214b61d","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":234,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"6749c423-5d16-4bb0-b9f3-9cec17039565","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":234,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"0c122d9e-6070-487b-995c-62019e999adf","block_type":"box","text":"regardless of their investment strategies.","page_number":234,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"9a6500ce-66eb-415a-8804-d26be136962b","block_type":"box","text":"18","page_number":234,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"048d9248-4f1d-47fc-9c05-a2126e824127","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":234,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"d6d15aef-9d1b-4c34-bdef-1fc8a16508c5","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":234,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"f0fde872-2029-443a-8612-126a64e7980c","block_type":"box","text":"19","page_number":234,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"5d2cb690-1fab-4a08-84dc-ef6b32521f6f","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":234,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"c98eebf1-6eca-4bc2-a636-c7b634042e16","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":234,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"7860a241-1293-4cc8-8a61-a026ce9f4acf","block_type":"box","text":"third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":234,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"52163fff-35e9-468f-ac40-d3d1ef3ea752","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":234,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"0996459c-5041-4851-a005-8cf45ea145e7","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":234,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"960078c9-821c-4957-ae8c-85913b96bfef","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":234,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"3a80388b-1406-4d5d-8a75-9fcdfac0f3ad","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":234,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"bf0b272e-96ca-48c2-a468-b6bc5f486898","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent 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the","page_number":234,"box":{"x":102,"y":612,"width":785,"height":11}},{"id":"7ae09e7b-6e9a-405b-9185-d6b3584365ec","block_type":"box","text":"following:","page_number":234,"box":{"x":68,"y":627,"width":66,"height":11}},{"id":"1be2358b-a178-4fff-9341-92317187b0ea","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":650,"width":6,"height":4}},{"id":"f7cca2b9-748a-4085-8f47-0609c9f46431","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":234,"box":{"x":101,"y":647,"width":732,"height":11}},{"id":"b2fc7d59-e5fd-4b22-b8a5-6ad39881704d","block_type":"box","text":"companies in which BlackRock invests on their 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In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":234,"box":{"x":102,"y":697,"width":802,"height":12}},{"id":"a7f67979-a196-487e-9c4a-994c82c8e4eb","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":234,"box":{"x":101,"y":713,"width":794,"height":11}},{"id":"6e57705e-8375-44e6-b28f-456dee3715db","block_type":"box","text":"relationship with such par ties. Clients or business par tners are not given special treatment or differentiated","page_number":234,"box":{"x":102,"y":727,"width":770,"height":12}},{"id":"96a4dd35-fbb5-4d37-98cb-55036dcd3647","block_type":"box","text":"access to BIS. 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BlackRock can then use its proxy voting infrastructure to cast","page_number":234,"box":{"x":70,"y":878,"width":838,"height":11}},{"id":"7ca566d8-441d-4088-9255-2dab469d1d41","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":234,"box":{"x":68,"y":893,"width":354,"height":11}},{"id":"da70bc47-4ae2-42d0-9911-3c4e8cbbc36e","block_type":"box","text":"19","page_number":234,"box":{"x":69,"y":911,"width":9,"height":4}},{"id":"861e6990-793a-4408-9357-34dad8c1347d","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":234,"box":{"x":84,"y":911,"width":415,"height":11}},{"id":"06c7c783-98c8-4137-ba90-28e752eda166","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0db18fdb-f821-447f-9bec-849af94586b6","block_type":"box","text":"Global Principles | 15","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"78d5c484-5aa7-402b-aeb3-5eb2940c1e4c","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94dabcf3-ece2-4dce-9de1-8f7450940730","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"54dafcab-bbf3-44e7-afcd-d882b875e0d4","block_type":"box","text":"Determined to engage, in cer tain instances, an independent third-par ty voting service provider to make proxy","page_number":235,"box":{"x":102,"y":45,"width":777,"height":11}},{"id":"692e68dd-070b-40a0-ba4a-af9d0f7b5f24","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":235,"box":{"x":101,"y":60,"width":763,"height":11}},{"id":"c5dab588-27ef-481c-a145-c1a5f2af585b","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. 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BlackRock may also use an independent third-par ty voting service provider to make proxy voting","page_number":235,"box":{"x":102,"y":136,"width":797,"height":11}},{"id":"5e371e41-d6c1-48cc-8d19-1cca53719c86","block_type":"box","text":"recommendations for:","page_number":235,"box":{"x":102,"y":150,"width":154,"height":9}},{"id":"afc1b4d3-2e72-4d20-b0ba-6ef033abee59","block_type":"box","text":"•","page_number":235,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"0bf0a787-e5f0-4999-9d09-bc8012ef856f","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":235,"box":{"x":135,"y":171,"width":570,"height":11}},{"id":"aa94ea9e-5596-4792-a110-e5162dfffc3d","block_type":"box","text":"•","page_number":235,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"1c28561a-07b5-4846-9999-e2b2ac4c607a","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":235,"box":{"x":135,"y":191,"width":748,"height":11}},{"id":"0018cd2d-adda-45e1-8b74-d091d4c71c3c","block_type":"box","text":"the board of directors","page_number":235,"box":{"x":134,"y":206,"width":153,"height":9}},{"id":"354e7b29-5519-4986-84e3-41612c7bfe13","block_type":"box","text":"•","page_number":235,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"22b3b193-6653-4e93-a392-85d4b72e4244","block_type":"box","text":"public companies that are the subject of cer tain transactions involving BlackRock Funds","page_number":235,"box":{"x":135,"y":226,"width":626,"height":11}},{"id":"2e39c7a3-ee6d-47d0-a4b4-613d890539bd","block_type":"box","text":"•","page_number":235,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"4eafa59d-53a5-472d-94ec-3af096832b8c","block_type":"box","text":"public companies that are joint venture par tners with BlackRock, and","page_number":235,"box":{"x":135,"y":246,"width":490,"height":11}},{"id":"73415f06-16bc-412a-bf67-8b627b4d860c","block_type":"box","text":"•","page_number":235,"box":{"x":102,"y":269,"width":6,"height":5}},{"id":"36532df2-f8b5-42ff-8743-7047c4624dd5","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":235,"box":{"x":135,"y":267,"width":740,"height":11}},{"id":"7e38cdd9-edeb-4682-afe4-01c92d94d676","block_type":"box","text":"par ty voting service provider","page_number":235,"box":{"x":135,"y":282,"width":200,"height":11}},{"id":"fcf1d721-5090-4f2b-b733-5c0ff5cccb88","block_type":"box","text":"In selecting an independent third-par ty voting service provider, we assess several characteristics, including but","page_number":235,"box":{"x":102,"y":304,"width":790,"height":11}},{"id":"d41cc13d-a75c-408f-91b6-80413ec96f4f","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":235,"box":{"x":69,"y":320,"width":834,"height":10}},{"id":"883973d7-9ae1-421c-aeca-1daf00f1de21","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":235,"box":{"x":69,"y":334,"width":806,"height":12}},{"id":"08f30981-bc47-4d3c-a20f-084ba47409e5","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":235,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"e0773306-cbd5-4d2e-be75-8732140fb8b4","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":235,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"3e1466be-d96f-4f39-9b82-cdcd87f8ba96","block_type":"box","text":"service provider. The Global Committee appoints and reviews the per formance of the independent third-par ty voting","page_number":235,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"588a2bd0-1b28-423f-a496-fdee123c3bcf","block_type":"box","text":"service providers, generally on an annual basis.","page_number":235,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"e3367ad5-c38b-4d2e-be3e-d0d0e649f160","block_type":"box","text":"SECURITIES LENDING","page_number":235,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"903e042e-46e5-4b33-bedc-f9078620a187","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":235,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"d7172823-5fbb-4d58-9279-2f9a5b54c66e","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":235,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"3f557304-665a-4960-a315-a9c52493b190","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":235,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"9fc35bdc-04b9-4020-a19b-1565d37247b4","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":235,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"968cc664-a750-437d-902c-df7c80deda78","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":235,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"7112ddd7-6ac1-4845-927b-7b547b961ae8","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":235,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"c7eea7ab-0550-4391-b219-2763df530f95","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":235,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"2d8e6139-2233-4155-ad96-f02b24349dc8","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":235,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"a39c349b-0e05-469e-8fcc-fc6343294149","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":235,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"fa444eb9-c56e-4a41-b361-a1f6bbc913b7","block_type":"box","text":"of recall consideration).","page_number":235,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"8ac05dc0-d469-4b07-a80b-52bf854dc75e","block_type":"box","text":"20","page_number":235,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"0bbdbada-e623-4216-9c58-074fc068befa","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":235,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"866970c1-2204-4576-a42d-377d70260544","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":235,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"c598064d-f61b-4e28-83e9-c8eda8e4bf27","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":235,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"6f30c3e6-d4b4-46a9-98b9-144b76caf2b8","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in cer tain instances,","page_number":235,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"b69810f0-18c5-4fdd-a7b8-f214f216b626","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":235,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"487a6515-376c-4f67-91ae-1f26abb627d9","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":235,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"1fe608f9-f8ea-4383-9df0-28aad7c672e5","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":235,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"7d8d2685-443b-4418-982d-6a96d139cd09","block_type":"box","text":"and may modify it as necessary.","page_number":235,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"943e9f44-2950-4d78-8307-2dfa0f41fb8e","block_type":"box","text":"20","page_number":235,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"8aa5fb63-3e02-4c7d-af5f-babc93ba44d3","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":235,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"fac8119c-85f4-45ea-a3fd-88964b48ffcf","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":235,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"32f0d584-7e07-4b83-a79c-3e64c8c01af7","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":235,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"1873c259-b9f6-49b7-b2af-07427d133d91","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":235,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"1699dcc6-3126-4be3-8d49-6e7fb43aa664","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":235,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"48d704ce-9b38-4c84-8a15-b493e3c6dd3d","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":235,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"6194b116-2129-4240-9365-a591f02222bc","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":235,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"e6ccc571-0bd7-4592-90a7-422b8b6c9dfb","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":235,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"6f0b1ebd-ada6-4cbb-8b01-6982bcb6b826","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8f939028-10a2-4b13-b255-39d88cabc137","block_type":"box","text":"Global Principles | 16","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1514a373-fc8a-4abb-bc99-cce526a9f20f","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c24b51bc-8fb0-458c-9d2b-9224cb296422","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":236,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"26917776-2c28-4298-b3e1-1684194ab06b","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":236,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"c962ddef-e470-4cbd-b54a-d25ebd34aa53","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":236,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"348fcb07-38bc-49dc-8bd3-912e7c165acf","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":236,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"50f73a73-87ad-4788-bae8-389bfdbd0408","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":236,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"362e5c6e-7a52-4e36-8394-6c17879a61dd","block_type":"box","text":"and emerging key themes.","page_number":236,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"02f5a543-a33d-45c4-a10d-6fd27c613ebc","block_type":"box","text":"At a more granular level, on a quar terly basis, we publish our vote record for each company that held a","page_number":236,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"56d8df46-edf5-4e2e-9a48-410d51ea4d36","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":236,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"4531c47c-d6a3-4e23-815d-1f6eb5a79811","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":236,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"8860af34-5942-4a9f-a0de-23fa6f7eb67d","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":236,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"2c2c41fd-c7a8-44a9-901b-965b70e3e789","block_type":"box","text":"explaining our vote on key proposals. We also publish a quar terly list of all companies with which we engaged and the","page_number":236,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"3751c5c1-0921-456e-a74a-5041caaf632f","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":236,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"cb04f62c-82a8-430f-8fe2-3cd56a526809","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":236,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"2abe0bda-32e8-49b2-b78e-b63a44770ac1","block_type":"box","text":"business practices that suppor t durable, long-term financial value creation by companies.","page_number":236,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"8fd3bfb9-b0df-4d71-acbe-e4ce922bb229","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"51b78d5e-3cfa-493a-ad93-1b03ea42481c","block_type":"box","text":"Global Principles | 17","page_number":236,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"56b482a6-6699-4613-97ce-e563aea5c2f3","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"380800f2-e8bf-468a-a427-777f7dcfb63c","block_type":"box","text":"Want to know more?","page_number":237,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"7072bf65-9d27-4f82-8fb7-f56cbcb42458","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":237,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"d2cbc3d2-c75b-44a4-bc73-2a67f4125739","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":237,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"3ba50c88-e39e-42d6-bdf0-32651b1553a3","block_type":"box","text":"principal.","page_number":237,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"d86b126a-0c10-4a2e-bf25-535de3b15f44","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":237,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"b7cab956-7aeb-4b54-b18e-054289f59d2a","block_type":"box","text":"©","page_number":237,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"39c588a1-d95e-411e-8e37-6f8f03487225","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":237,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"174caa61-5b6a-428a-bd6f-f535ac53a684","block_type":"box","text":"BLACKROCK","page_number":237,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"9afc4412-e459-4bec-b4a0-cc6c40ee350a","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":237,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"3c7a51ab-289e-40f6-95f3-829c3a08b906","block_type":"box","text":"United States and elsewhere. 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We consider it one of our","page_number":239,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"a62ab9d1-ea46-457e-a1ab-9b31ee32b3e2","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":239,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"4df61430-f261-4afc-a984-d3ec3d1259da","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":239,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"8af1c37d-fd3f-49d9-9e3b-432a15a03666","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":239,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"b800ed02-480c-41cc-970c-80174d45f536","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship effor ts,","page_number":239,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"0acb938b-57e4-48c5-be42-8f4a1dc773a1","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":239,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"f7b0a092-f744-49cb-bb83-b3b0f86f7494","block_type":"box","text":"1.","page_number":239,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"eb8ae1ed-ce32-41e9-bbd3-a9808519f568","block_type":"box","text":"Engaging with companies","page_number":239,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"776e5aa1-8f20-4884-a983-35cda5f6ba94","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":239,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"f8043360-4377-484f-ad15-f404dc59e95e","block_type":"box","text":"our voting decisions.","page_number":239,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"e215ae92-3ac8-46e1-8a2a-58ac1ec46844","block_type":"box","text":"2.","page_number":239,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"565ff45c-3eb5-4328-8bf9-b497c2cef38c","block_type":"box","text":"Voting at shareholder meetings","page_number":239,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"430b24f3-590e-4b4f-a1bb-ab36a3f1417e","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":239,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"5ddad30f-43de-4ffa-997f-699dd7ee9bb4","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":239,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"8a6bbf07-01c6-45a6-aa99-1062b348ea0f","block_type":"box","text":"3.","page_number":239,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"8d3f4402-5fee-4984-9f74-9be4b3cc989a","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":239,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"27e0a270-c51c-49a0-a3e5-7a3e69208607","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":239,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"d19e486e-cc63-4c5a-b246-d10916080f95","block_type":"box","text":"clients’ investments.","page_number":239,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"a133d301-212f-43a1-a5f0-93e3e42190eb","block_type":"box","text":"4.","page_number":239,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"e640c59c-593a-466d-8012-1711ffa2ad95","block_type":"box","text":"Reporting on our activities","page_number":239,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"82f7fee5-13d8-42a8-b5c6-a42c20c6ef63","block_type":"box","text":"to inform clients about our stewardship effor ts on their behalf through a range of","page_number":239,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"c446e40b-df1e-4c3e-a62a-98c2d212315d","block_type":"box","text":"publications and direct repor ting.","page_number":239,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"6179d804-27fe-4a56-9ff6-4de938e2b3b7","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":239,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"aa35f3a7-e4cd-4b3d-adba-8d21af56fb06","block_type":"box","text":"2","page_number":239,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"2ee21020-691f-4b5b-abd1-5cff995cf3d1","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique and varied","page_number":239,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"8fa2b4c2-352d-403f-94a0-60bf6e677133","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":239,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"6e8670a6-a215-40a2-be64-b8ddd70c8ec0","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":239,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"764ab90e-5bb9-41cf-9541-f6f0509e64d1","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":239,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"9b4edd92-a521-4f9b-94ca-172a6a1f62aa","block_type":"box","text":"financial oppor tunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":239,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"99f1c8d9-2567-4903-857b-ca2b0d6431f0","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":239,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"d7bcd3f6-7446-4ace-a824-72ec78ac9279","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":239,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"4bd9d9dd-cdde-492c-b1b4-46dc6f6ee373","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":239,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"b1bcf25b-c978-4cee-bdc1-aa600902af55","block_type":"box","text":"clients believe, will shape financial oppor tunities in the transition to a low-carbon economy. A survey of 200","page_number":239,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"cae1a9a6-9485-49de-8a3f-fe9ef8a63abc","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":239,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"fbb41afa-2a51-4324-9d52-fdd3a5b5513c","block_type":"box","text":"have set some kind of transition investment objective for their por tfolios.","page_number":239,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"93d97d81-d823-45f5-b5de-3db55ab6d967","block_type":"box","text":"3","page_number":239,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"6541f981-da0f-4104-9181-1669b0d56333","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":239,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"a889129d-6307-453f-805e-ee8c829436f8","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":239,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"4ea81f45-6de4-4498-9f78-f03ea6e38538","block_type":"box","text":"4","page_number":239,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"343faaef-65af-4848-86f0-36b5102f195b","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":239,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"7191d634-38f0-4da6-85fb-5bb85956ca2b","block_type":"box","text":"leadership to suppor t our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":239,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"5b98f3fd-6ec9-46b4-a522-ac7b6489f31f","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":239,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"ccaa1d97-8a91-4083-89d3-5a5aad326fe6","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":239,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"d968cae2-8281-42f7-a86b-ba6e538f2ed3","block_type":"box","text":"1","page_number":239,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"524cffcf-f964-4c8e-a791-836c2155d554","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":239,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"125df112-056b-43d8-a1a0-444e4dcac049","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":239,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"aac3f24d-6b5b-48e6-9a6f-a82c53ff2034","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":239,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"c8904719-abef-4264-9b4f-b5948e898852","block_type":"box","text":"commitment to offer clients choice.","page_number":239,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"afaf60e1-4690-44ed-9e7f-cbf81dbe5ad3","block_type":"box","text":"2","page_number":239,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"431df89c-7a0f-4008-9071-d416379ffd9d","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":239,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"1f9f9890-1910-41e3-9af4-38be465920a5","block_type":"box","text":"appendix 1.","page_number":239,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"2e409e04-3a42-482c-928f-6308120f624a","block_type":"box","text":"3","page_number":239,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"bd4b35b4-6357-4f9e-b3e2-636aa2d86509","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":239,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"b6678e26-3e5f-429d-900c-9990aa0194a3","block_type":"box","text":"independent third-par ty research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":239,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"0a68b5cf-cb5d-45ba-b548-63b03e8d63ed","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":239,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"73585ec8-5652-49a8-9a8b-3abc6f6294eb","block_type":"box","text":"4","page_number":239,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"207b6918-a6db-4f1e-8e2c-97c2b3edc7ec","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":239,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"9786cc2b-a5c7-4444-92bb-e843755c8db5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0d507ce8-ed3a-45a5-8634-1e23307a8f01","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":239,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"a2863213-3a00-4c9d-86be-62c1845521b1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6838c600-4882-4d3b-a366-2e9e51feec7f","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":240,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"e5baaf29-d9bf-4b78-a876-c108cb357d35","block_type":"box","text":"5","page_number":240,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"cdefb0bc-a892-438b-bb66-e41713b239cf","block_type":"box","text":"and are focused on matters","page_number":240,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"74f290fc-88ef-499a-95fd-19046bc18183","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":240,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"99ab067d-1f6d-4f10-b483-36ab80bf6319","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":240,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"7fa19025-c9e4-4819-928c-b5a6d0b80144","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":240,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"49afd03e-a3bd-4ccc-8573-9b131a2c517d","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":240,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"b211a7b1-9a07-4817-bccb-73b00a840b67","block_type":"box","text":"oppor tunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":240,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"4ab0c6ab-3e1f-4195-aad7-c28291744eee","block_type":"box","text":"Agreement,","page_number":240,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"7d2cce99-ad08-41a3-8a78-62b1f99b817e","block_type":"box","text":"6","page_number":240,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"b0679f18-0037-41bb-a6d4-3a4831de1de2","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":240,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"ab383342-2e91-49bc-8cf3-b50651101de7","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":240,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"2f7a2450-69cf-4db8-97d0-0b8326808f30","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":240,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"bc7eb549-665b-433b-bf4f-45091c16c3f3","block_type":"box","text":"based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":240,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"46bc464c-05e9-422e-b883-2af81899ea91","block_type":"box","text":"7","page_number":240,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"33801214-f0ab-4cac-9ef1-54b99b5a2d2d","block_type":"box","text":"We estimate these companies","page_number":240,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"0d7d08f8-7b1a-448f-aa70-b07517152b90","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":240,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"40cefbd8-18de-421d-9356-13129e460ec6","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":240,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"7c9ff253-1ada-42f7-b8e0-07d3401f2b28","block_type":"box","text":"apply.","page_number":240,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"9508c112-34bb-48d3-813a-940af008cb5c","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":240,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"b5ffe467-53ea-4d46-aaa0-d9b4cc5659bf","block_type":"box","text":"benchmark policies.","page_number":240,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"e1726910-8a2c-46de-b7ee-517a6d18b27a","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":240,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"31ae48c1-dcf6-4d3d-9ba0-798e8f549dba","block_type":"box","text":"objective, BIS will continue to under take our stewardship responsibilities in line with our benchmark policies, with a","page_number":240,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"d5c2b359-4e2f-4124-9378-248ddd314d8f","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":240,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"6b393871-f13e-4de7-a591-609b2691ab9f","block_type":"box","text":"risks and oppor tunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":240,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"e8e3b61c-c451-4793-be21-91e9ad66dbc7","block_type":"box","text":"financial returns.","page_number":240,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"26b5adfb-fa11-48f0-a73f-bf0d5d635891","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":240,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"48ef8d83-dcb8-48d7-bdf8-79b14933246e","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":240,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"a8af5f0e-7c44-444d-87bf-4e02552c06be","block_type":"box","text":"5","page_number":240,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"f04d2ac8-9b6d-4e55-b710-05b350951d6e","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":240,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"6dffc9b8-587d-4dab-979c-5373e6f2b00a","block_type":"box","text":"effor ts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":240,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"54a2cd8f-c3f3-486e-9f9d-452b8bdc7458","block_type":"box","text":"They are anchored in our Global Principles, which set out cer tain globally applicable fundamental elements of","page_number":240,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"06bb6f37-f3a4-4c1c-8a8c-afdd52e00736","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":240,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"490c9691-56c4-485a-9e38-bff1b13d46af","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":240,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"cab57919-9810-40c1-9241-cbe25d8fe269","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":240,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"eaca38a4-29ac-44c8-a494-5ff382f55f67","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":240,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"acbb261a-aa73-40ab-84b4-418d10caca87","block_type":"box","text":"are relevant, as these can be a source of material business risk or oppor tunity. The BIS policies are applied on a","page_number":240,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"44c2c0ca-2ebd-4c86-ae0e-50074472c9eb","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":240,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"fc663420-bd34-4614-81cd-8d475393c082","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":240,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"29fb8ab0-34c3-43e4-955c-8edd0bf30d3d","block_type":"box","text":"6","page_number":240,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"6c580e18-d29a-48dd-b414-8840fb181bc0","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":240,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"fa61fee3-dccb-48fb-a81e-b17c4e698a3b","block_type":"box","text":"7","page_number":240,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"fa2a8684-e5b5-42ad-8436-0c97ec28d04a","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":240,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"18cb82f3-1c70-44e2-b277-870c3e8c51a6","block_type":"box","text":"their operations, providing key inputs or goods and services that suppor t real world decarbonization, or pivoting their","page_number":240,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"0f05d848-ef81-4a3f-ba44-4c80976fdaea","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":240,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"a739079f-a268-4466-abc3-34638af3e893","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dd986072-fd14-4b74-aa54-fb1d93f344f6","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":240,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"e5cd2358-d2bf-4543-8212-347f28d02803","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"925c410d-b8b8-4499-a1f0-b602166a89b4","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":241,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"75c2116a-53cd-49b7-9f11-34e526a52722","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":241,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"329c84cb-0b75-4ace-b28c-e8f92ec1ec94","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":241,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"fb13c25c-718e-4d10-b7ab-906cc4933750","block_type":"box","text":"moving at uneven speeds across sectors and regions. 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We have heard from cer tain clients that they see the low-carbon transition as a series of shifts","page_number":241,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"e3723dba-f01d-4847-8b43-ba277fa359c9","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":241,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"b0269186-12da-4076-8dc6-49aa698ba898","block_type":"box","text":"oppor tunities and a wider range of financial and competitive outcomes for companies.","page_number":241,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"0bb1b36d-0dae-4e29-bb22-4d5de0be0876","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":241,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"b3b6f9aa-8065-4605-a7e0-403015f17dc2","block_type":"box","text":"risks and oppor tunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":241,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"6cc61061-9ce3-4734-9023-a0e9769b54f5","block_type":"box","text":"by Aladdin","page_number":241,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"3d2d4d80-bf8a-4d9a-a3b1-7e99b6396e00","block_type":"box","text":"®","page_number":241,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"2ffe8d0f-ce5f-427f-ba96-c2e9aebe8598","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":241,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"4791510d-f7e5-4545-a026-f6175723a982","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":241,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"5d3b2417-635c-405f-8016-ea22fb8e2746","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":241,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"db8beccd-fd45-4e47-845c-f509ba199595","block_type":"box","text":"BlackRock’s por tfolio managers and other exper ts.","page_number":241,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"03b380bd-00e9-4724-98e5-90ef4b106cb4","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":241,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"67703b0a-4e33-4447-a244-2435cc37732c","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":241,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"58ca67d7-8b72-4a3f-bfc0-5ad756fc8d11","block_type":"box","text":"®","page_number":241,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"90c67d58-dd48-45bc-ae38-94e9da13554a","block_type":"box","text":"Climate,","page_number":241,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"0a6f93ee-0d9a-47f6-b163-820c25fa8da0","block_type":"box","text":"8","page_number":241,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"ed45d3c4-afad-4aec-9d38-3084700df00c","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":241,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"10719e7e-f648-41f0-8483-935bfebe8756","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":241,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"c26f8149-bcf4-4140-afa8-b9988a5c13c0","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":241,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"b1368e77-480b-4760-abbc-463dfc25f180","block_type":"box","text":"increasing number of jurisdictions.","page_number":241,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"f150e666-196a-4c65-87f7-2926a47daa6a","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":241,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"93eb7395-6087-4c1a-ad8d-364b54506a71","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":241,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"9150b2b5-8259-4a01-b2e9-d19777ce2c5e","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"31c5260a-85a7-4be4-b0ea-582200ecd654","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":241,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"a31c6497-3d93-4311-b80f-27c750b03025","block_type":"box","text":"This includes","page_number":241,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"70252e7c-6f5e-4e32-adb9-713b0d252108","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":241,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"730bf51d-6e3b-4855-9d6f-a9da7c4ef8e0","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":241,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"0c5eeb13-4c05-449f-8384-2d6f5b3552fc","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"28039eb0-62a8-4ee8-910a-8bd549bf4d93","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":241,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"8fcba21f-9ea7-4852-b390-8870658f026f","block_type":"box","text":"across sectors and markets:","page_number":241,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"6c6c567d-eccd-429a-9126-2a62c2886840","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":241,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"f7ae8b2e-25aa-4152-9394-00c36e0fe989","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":241,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"11b0eac2-9d5e-4463-8237-6cf3e8381532","block_type":"box","text":"other factors. Fur ther, we recognize that these factors are uncer tain and dynamic, which will require that we","page_number":241,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"61cce373-759d-4efd-bbc5-c3185ee67b0e","block_type":"box","text":"evolve our approach as necessary.","page_number":241,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"bfe0270e-875e-4be4-b0c6-652c2738cc5a","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"24e9eb52-c5ef-4e8f-bf90-a789d6d27401","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":241,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"235bd86c-574d-42a0-abd0-e43957998192","block_type":"box","text":"their key stakeholders:","page_number":241,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"25bfbaa2-bec3-49d8-8506-5397c2cfdd4d","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":241,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"6d9a7570-14da-4591-bebc-0b54dc369aed","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":241,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"f9be35ef-2c96-49d5-9b94-bc9cf0444a91","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":241,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"da6627a2-b839-4d87-a56d-211a7f81a8d3","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Fur ther, we consider the","page_number":241,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"dcac67ee-644b-4ac8-a64e-48c1ac2da148","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":241,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"6cf88142-b25d-4037-9989-9a7acf306a02","block_type":"box","text":"does not.","page_number":241,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"af385c13-f8fd-45e3-813c-8a12f9bccb4d","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"b0bcb693-c689-4255-a253-caf57f361878","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":241,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"6e248372-3c05-4cf9-972e-f7cbf5866ea3","block_type":"box","text":"limitations:","page_number":241,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"d4ad7dd1-3b12-463c-be4c-fd4b88a55d19","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":241,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"6bdb25fc-291d-4a06-aafe-7e6e07904ca0","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":241,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"390716ee-237b-4564-804b-e4819edaef28","block_type":"box","text":"include relevant data and narrative.","page_number":241,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"ab982023-d794-4a62-849f-dc158264566c","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"9b070f21-371d-4c53-adcc-3bdd8dd042cb","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":241,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"92a0a81e-6361-4445-a8f8-a29e0390f38c","block_type":"box","text":"The boards and executive","page_number":241,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"51889ef3-222f-46d5-b9d3-f2cd40eee65c","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":241,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"2d7f349c-24c5-4540-9a9b-a75f6b4620aa","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":241,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"7c1945c5-88e9-493b-99e6-1e85f967a6fa","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":241,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"4a6476bb-d50f-4143-a291-a90abbd824ba","block_type":"box","text":"8","page_number":241,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"eca1114f-3062-4de1-ba36-4e0db9174f61","block_type":"box","text":"Aladdin","page_number":241,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"ee68e8df-764c-4362-b224-acc1d92fbdd3","block_type":"box","text":"®","page_number":241,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"8e0ceb1e-7cea-461c-815f-2b59c2c3c031","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":241,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"6d802e92-7639-4fa3-b284-538cef21e647","block_type":"box","text":"analytics. Aladdin","page_number":241,"box":{"x":69,"y":810,"width":123,"height":11}},{"id":"6b8eb39c-3e81-47e1-906e-09d0e1846eb7","block_type":"box","text":"®","page_number":241,"box":{"x":193,"y":810,"width":6,"height":4}},{"id":"b3c3b388-bfe6-467b-8ea2-ff347ec4ce33","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":241,"box":{"x":205,"y":810,"width":418,"height":11}},{"id":"efa1a552-0d15-48e5-8973-70eb02d3bc6c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8fc96cf0-f471-4187-a486-aac6c57ec302","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 4","page_number":241,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"56bca557-0e18-468c-84e5-fe3ae77d2fe9","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14f03b9b-c4a5-4e88-ad43-8246f772e65c","block_type":"box","text":"VOTING GUIDELINES","page_number":242,"box":{"x":411,"y":45,"width":150,"height":9}},{"id":"12cebdbf-d2eb-4be1-91ad-5cfde78eec07","block_type":"box","text":"9","page_number":242,"box":{"x":562,"y":45,"width":4,"height":4}},{"id":"4f0afc1b-6c02-4c5d-b71c-078f1feb9baf","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look","page_number":242,"box":{"x":102,"y":67,"width":792,"height":12}},{"id":"b03a244e-3dd5-4d99-a9b7-6e452332e008","block_type":"box","text":"to companies to demonstrate the following:","page_number":242,"box":{"x":68,"y":82,"width":309,"height":12}},{"id":"33e0fe4b-0cb8-4370-aeef-c31e40be3dd8","block_type":"box","text":"Corporate Disclosures","page_number":242,"box":{"x":69,"y":113,"width":160,"height":11}},{"id":"8677c30d-8e7a-45ad-98f8-16b01eb5da1b","block_type":"box","text":"10","page_number":242,"box":{"x":230,"y":113,"width":9,"height":5}},{"id":"d60ccd2e-8fdc-4c67-a6a1-ef85e339b29c","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":242,"box":{"x":102,"y":135,"width":805,"height":12}},{"id":"78d42d71-53d1-489a-82a2-df11fb06791b","block_type":"box","text":"determine the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general","page_number":242,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"b198eebd-1099-41cc-aee3-ae4bca75ba23","block_type":"box","text":"point, we would expect companies that have disclosed their aim to par ticipate in the transition to a low-carbon","page_number":242,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"5692c735-3560-4a65-8fd2-a8151b3143a4","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":242,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"402add8a-0fc6-44b2-a66a-f89ed1262e52","block_type":"box","text":"appropriate, which may include:","page_number":242,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"c6f79fb7-0a40-4aea-a793-c3ff906b8042","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":242,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"23bea0e7-d059-481e-9008-ffbee659824c","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":242,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"9965bf30-117d-4161-b105-80f71f74decd","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":242,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"5d1bf655-c692-405d-8106-120ed7cb0451","block_type":"box","text":"milestones to assess their progress.","page_number":242,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"daa31ab4-a995-44cd-9218-8f37ed9d47e7","block_type":"box","text":"(2) low-carbon transition-related repor ting consistent with the standards developed by the International Sustainability","page_number":242,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"5df861f8-8c02-4621-8489-5707f5435207","block_type":"box","text":"Standards Board (ISSB).","page_number":242,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"491bf67c-612d-4916-8549-a9d7b3f60edd","block_type":"box","text":"11","page_number":242,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"96c1a969-d2aa-4f43-aec0-391384db20b5","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability repor ting and IFRS S2","page_number":242,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"e18d2186-45d8-40f4-8c4e-61736417909b","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":242,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"50cef234-c10f-4c14-9618-f57cf9535d37","block_type":"box","text":"significant climate- and low-carbon transition-related risks and oppor tunities. As audit and assurance standards","page_number":242,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"820cb820-7d88-4d58-a520-1c1afca3ab9f","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":242,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"16a1a3bd-64ee-4e9c-8ac3-267dc94d1bb4","block_type":"box","text":"independent, third-par ty assurance.","page_number":242,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"ae4c9619-e0f6-4a3f-9573-bc56258373ee","block_type":"box","text":"9","page_number":242,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"ab498c5d-87ae-40e2-ba04-3fe7e80f2096","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":242,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"5e9fc7cf-f73b-47cd-b8a9-91844e9c3208","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":242,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"248520c4-bbcf-477d-bb00-66423bd6944d","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":242,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"92cb8a16-7082-484d-a482-a8e68be5d608","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":242,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"06444fe2-c683-4c50-8db3-5c8a91c75a28","block_type":"box","text":"10","page_number":242,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"5c10d7ca-cf1f-4bf6-b80c-5918b64bb940","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":242,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"124e0b81-2d91-48a0-b506-425f12765090","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":242,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"5407c615-c4e6-4544-8cae-357ed4f96113","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":242,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"ec1bafb4-b329-4fd4-a68a-ecb1da06d132","block_type":"box","text":"11","page_number":242,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"508cde6f-7356-4a2d-9bbb-01724f081208","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Repor ting","page_number":242,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"a45c5cc2-629b-4487-803a-87c08d74361e","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability repor ting for corporates","page_number":242,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"db2e1b42-03c6-44e7-b2b4-416be97a4618","block_type":"box","text":"and investors to suppor t more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":242,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"e5ab5310-a400-432b-a4e2-4da786577175","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":242,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"d3ab0537-ed6e-4040-aa89-690331d59f5c","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":242,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"f9d52d68-470a-4772-80e6-7243a3c2bcb0","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":242,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"0357b95f-be09-4d47-9a58-7607b98b91db","block_type":"box","text":"their repor ting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":242,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"08f4108b-1252-4666-bb44-4e0913801e28","block_type":"box","text":"already committed to doing so.","page_number":242,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"a3df920a-eb62-4a55-83dd-2ced2f3e5699","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0e1cbdae-76b5-497a-8f06-099c5b5b54fb","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":242,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"d2c22fdc-c9c4-4c00-bc30-3a83af8bb7c8","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9e11f65-f1d0-42b8-a9d9-784d246b04a9","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":243,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"5526f303-bc46-4ef5-b8ef-a4bd1e52e20e","block_type":"box","text":"12 13","page_number":243,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"cfa00056-67b7-4b24-8dcd-5172a9d0a4d1","block_type":"box","text":"In addition, we look to companies to disclose","page_number":243,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"7538a812-7618-47e9-b7cb-3e087e3d9f68","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":243,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"a363d85e-6c3a-4582-b3b7-f45680818641","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":243,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"998ff435-599e-43c9-86b4-b1cb87e800da","block_type":"box","text":"these would be provided on a ‘best effor ts’ basis given the methodological challenges these currently present","page_number":243,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"2198fa5f-efcf-4306-b460-1a45d7667bf2","block_type":"box","text":"for repor ters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":243,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"7e50511f-ce53-4d77-80f9-cc284147acda","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":243,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"e38e94e6-81e7-4bff-95c1-d48e54ded664","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":243,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"2f4af9f2-75d0-4193-a7c1-50ebcb6f6dc9","block_type":"box","text":"14","page_number":243,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"c6ff4c2d-0a0a-4055-b871-1e440a3d76bb","block_type":"box","text":"However, we recognize that","page_number":243,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"559f3349-0026-4970-add2-869c70badd08","block_type":"box","text":"companies have varying ability to influence the emissions across the different par ts of their value chain and it is","page_number":243,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"1b7e11fc-8f32-4646-a2f7-e4496b5e1afb","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":243,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"b36f1cf7-71f8-497f-9700-5de010d6b172","block_type":"box","text":"Transition plans","page_number":243,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"70103cd8-519a-4809-8bfa-b3ebb2c4864e","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":243,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"cc214721-d173-4e74-b2db-0b0d92eed147","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":243,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"43a0bbba-0a3b-4bdd-a50c-358c75c43076","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":243,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"4011306d-4606-4b95-8885-8502d1b6de22","block_type":"box","text":"appendix 1).","page_number":243,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"b1e3ff3c-e8ba-4def-be60-5d5c097ec799","block_type":"box","text":"We note the work being under taken in a number of jurisdictions on establishing a common approach in a market","page_number":243,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"71eeaadd-1fb6-4bd1-847b-00e6ce191e20","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":243,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"987f69d3-c148-4085-96ac-c079b25479c1","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":243,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"8a66a8c0-f964-4ccf-a780-96ff2f2b21ec","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":243,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"6b155856-f191-47ce-ac71-24f8fa546ad2","block_type":"box","text":"Boards and directors","page_number":243,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"fa8643ac-73cb-432a-a589-7f5a4feb6de3","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":243,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"64803e46-8f32-4dbd-a903-e0d7b97eb767","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":243,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"e46cb2a7-fcff-45a8-9c9d-f1574c67399d","block_type":"box","text":"transition strategy.","page_number":243,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"da015084-19e0-4c8f-8072-94828f4d1b51","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":243,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"f9b73934-d1d7-4c99-ae2f-1f3ea72a62a9","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"b9aa30d0-f581-4141-bb6a-e9d34ef4c218","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":243,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"eeec7071-496e-4132-b3cb-110132d70eff","block_type":"box","text":"oppor tunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":243,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"0298ee59-d710-4d79-b87c-380443552e03","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":243,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"087b3613-4176-4e9a-a632-2c3b142a1f27","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"84e4e7f1-ec7c-4f6a-bf83-f0a08ca54e4d","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":243,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"7ba70863-c2e4-4d6c-b32d-307d25eca4ed","block_type":"box","text":"accountability for delivery by senior executives.","page_number":243,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"902781e6-e890-4a01-a0da-318184296a1a","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"1eddc104-f257-4f4f-a17f-61dbf053590f","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":243,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"8c954ca2-9177-4028-a350-f76dde6f18f2","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":243,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"ab8682e1-7d48-4ae5-9941-0b20fa9425e0","block_type":"box","text":"transition strategy.","page_number":243,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"e65c730d-23e5-4121-a78c-8bb4bcaec8ca","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"939cd569-29eb-41d8-9ba6-7d991faff094","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":243,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"b60beeb6-32f8-428a-bacb-8d609a0d4084","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":243,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"41d76c67-49e6-4774-9ee9-9f23d44494e0","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"fed1b877-69fc-4305-ac50-6ad9bd4c8afb","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":243,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"116ef457-78cb-4311-9bbb-3c8026d11092","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":243,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"6bab15f3-71d5-404a-b7b5-a0588b4df3f5","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":243,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"f88f9a16-15f5-4ad4-b5a3-73a21457b32b","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"6bb688a8-8c7f-45df-9d22-a09b7c94b44d","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":243,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"614aa7e8-10d9-4a24-ba81-e17df91410b4","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":243,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"a9998067-8154-46a0-aec0-7766e35fd8c3","block_type":"box","text":"12","page_number":243,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"e09053bb-3b6a-4dbb-87e8-d301e29f4813","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":243,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"c22514d7-9e92-4408-975c-98e08ece74d1","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":243,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"2857acb7-66ec-40b7-94b5-cf4c032db131","block_type":"box","text":"13","page_number":243,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"71ac2a43-d729-416e-a533-0eacfde8c7af","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":243,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"bf445959-b8ff-4b15-9103-b1b00e96454f","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":243,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"62732403-4fd5-40e0-bd56-a88f73be798b","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":243,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"6b51aa2a-6a4c-4c6c-bdad-dd5988243e52","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":243,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"249a6b21-0332-416d-a617-b30ff76fbd36","block_type":"box","text":"14","page_number":243,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"a5ce4dbc-9062-4c3d-9e61-96c7dd078f6f","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":243,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"14a3dc70-06b8-4c1f-b534-64d4298b3c20","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":243,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"e3414d26-71c1-40b5-89ec-ddc484932517","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":243,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"1ffa9071-f973-46ea-918f-5a3a4fea7d46","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":243,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"b850b917-235f-4e17-b1fa-bcb6846c6790","block_type":"box","text":"business models.","page_number":243,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"2df85e20-dd29-4292-bcb0-ea0bd41d6bce","block_type":"box","text":"BlackRock Investment Stewardship","page_number":243,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2f547167-696f-43f4-8390-9f7e3209bca0","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":243,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"90ef763e-114f-4e76-8cda-ffe804daf14d","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ae1543b-a098-4f84-9a0f-82240dce8733","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4ebe9802-2fbd-4823-9450-e7a3bea9378e","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":244,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"e4e990aa-4231-4428-b718-b610d018f900","block_type":"box","text":"15","page_number":244,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"98c2d4a2-f7cf-420f-bbce-21776daa02c7","block_type":"box","text":"and disclosing these where it is confident in the","page_number":244,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"dc645415-ba24-4f5c-8355-28a3181f089c","block_type":"box","text":"data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":244,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"7520e8fb-6b08-4229-941a-2b8d7226013b","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":244,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"8bfe71c8-875e-4b9a-a2f5-80733d29994e","block_type":"box","text":"with the different constituents in their value chain.","page_number":244,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"ab7b83eb-7acc-4afb-bc94-0cef6430ed9d","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"6d07138c-5809-46f3-a03f-179372860995","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":244,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"55bcaaab-f236-49db-bf7a-678f0c546f13","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":244,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"407a4ba4-eca6-42c3-ac88-7a09207b70bc","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":244,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"5e2636fa-b947-414a-806b-27052d2c504b","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":244,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"d31dabd2-45c0-41e7-b3db-6a2e07cf5cb4","block_type":"box","text":"In implementing these guidelines, BIS will generally suppor t non-executive directors standing for election where,","page_number":244,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"f919c9c1-1703-4f29-b39d-f10cc8f02d31","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":244,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"e26d9895-b21f-427d-b14f-beb2ca4c706b","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":244,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"56acf613-8aec-4e8b-aa2f-30bae06f5fae","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":244,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"2f0cfc2c-9146-40b2-8416-edf792b32876","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":244,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"0f2af621-716e-4628-959f-ea4276ed2247","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":244,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"c42045d1-8991-45cc-9b32-7450ef09aeb2","block_type":"box","text":"executive chair of the board. In cer tain markets, we may withhold suppor t for the discharge of the supervisory board","page_number":244,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"0103878c-ba7c-46be-b9a2-ef542d0fa6ef","block_type":"box","text":"or equivalent.","page_number":244,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"8ad47349-5b31-4045-ab55-9ebf47e67280","block_type":"box","text":"Where we have not suppor ted director elections over climate concerns in a prior year, and the company has not","page_number":244,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"7252c438-a3db-4b99-84c1-ee2f027854ef","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":244,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"453d675a-c71e-4129-9554-49260db9ea34","block_type":"box","text":"16","page_number":244,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"ba3fb381-3dd3-427f-b0e0-51e5bbfe365a","block_type":"box","text":"by","page_number":244,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"6438542e-9970-412a-8e59-c68f2b85dc23","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":244,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"d8fd94cc-b4b2-4fcf-94c9-ec92cdb3b29b","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":244,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"e35d0002-4925-4b76-aed4-94848ca57b0f","block_type":"box","text":"In cer tain markets, company management may submit proposals asking shareholders to approve their climate","page_number":244,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"67fe725e-4849-4eb3-83eb-9ccd809931c9","block_type":"box","text":"action plans or progress repor ts, sometimes known as “Say on Climate.” BIS will generally suppor t management’s","page_number":244,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"8b40bfb8-e20b-450a-88e6-d4a1b3d109cc","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":244,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"f44a110b-ec00-4ddb-a595-0a13292c4766","block_type":"box","text":"transition. Similarly, we will generally suppor t management’s proposal on a progress repor t if the company has","page_number":244,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"e77a4515-c82c-4bb0-b584-c46429655f30","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":244,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"a8fd3e81-7e5c-4c5b-8f06-80ce22c4cb47","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":244,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"53964caa-4c64-45c8-9145-a2e263406268","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":244,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"8c01bd23-1ec6-4817-8fbc-f7444fd75604","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":244,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"0dfc2a81-56b5-4f47-876e-64b8e3d433ec","block_type":"box","text":"stated low-carbon transition strategy and targets. We may suppor t shareholder proposals that, for example, ask a","page_number":244,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"6a5c5e72-1961-456a-88ad-a1406076441b","block_type":"box","text":"company to:","page_number":244,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"76f0d400-fd3f-4ccb-9ee2-8c4de4e7f229","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"295f5f38-f512-4866-83ac-1f154acb8390","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":244,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"9fc3e405-7717-4cc1-9d4e-1d7b872e811a","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":244,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"d60107bb-4b2f-4eee-a9ae-832749277b9c","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"10a56d2b-b874-4df0-b003-c16d85d6f674","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":244,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"7d00e614-d4f9-4e6a-b6d6-3b9e575277b3","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":244,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"e83e6ac2-c2d8-43b5-81b6-6a61f46ce44a","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"674eddc9-315e-414e-8a13-9de5aaac39c2","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":244,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"2c51f868-e54a-4b7e-8fd2-4dd042f8a882","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"7d8b0506-5cdc-4b36-a7b5-4941a582d743","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":244,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"a707a8d5-8190-4acf-9170-7348fabf7798","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":244,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"edd7a54e-3441-4541-8300-e7c2a3cdaf51","block_type":"box","text":"We would not suppor t shareholder proposals that seek to constrain board or management decision-making or","page_number":244,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"d0af39d8-7587-49c8-8d10-e2b6b3c6676b","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s ar ticles of","page_number":244,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"254e6b53-1886-4b7b-8c94-1c2fd987e7bc","block_type":"box","text":"association or char ter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":244,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"785d5c09-9bcd-4d3b-89b2-453d3c42efc3","block_type":"box","text":"15","page_number":244,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"b8b03773-ac98-4fe1-8bcd-8e337d4f10e3","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":244,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"1d060153-2c57-4d7f-82e1-bdb793ba8224","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":244,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"e0ad1390-cff1-43b3-82d8-244426eee488","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":244,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"9cd8fa09-845d-4fae-ae59-1848c53699ed","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":244,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"3e080f31-4f0c-4e3d-b7cc-635b65646aba","block_type":"box","text":"16","page_number":244,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"a597da5c-7c43-446f-ad15-6af7c9a87145","block_type":"box","text":"While BIS may escalate voting by not suppor ting additional management proposals, principally director elections,","page_number":244,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"0ef6128d-8a5e-40fb-a34a-336a5ef9fc85","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":244,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"9fd9ed18-765f-48b5-abda-ad974b8619b9","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":244,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"263ac74e-5024-4035-b26c-b166814a3723","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":244,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"216db1ae-5bde-4280-a17d-a910442d8ec0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0ca2e0e5-52f0-4ab3-bc5e-27c9828b0a21","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":244,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"a66d6c00-ee71-4169-8327-a678e2a08418","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5312275-0b7e-4ba3-91a3-195112967a8f","block_type":"box","text":"RELATED MATTERS","page_number":245,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"36355d76-1e89-4f43-90bc-73afe288c8f4","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":245,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"c56d97ce-b570-4dfb-a765-9967f7ed0566","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":245,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"abcafbc8-af74-408b-b856-985870708ac3","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":245,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"6aa78ed0-3d33-4f2e-98e4-0a117cfca524","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":245,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"73b19fe1-e4b4-4968-888a-9f32c1e0ca67","block_type":"box","text":"Executive compensation","page_number":245,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"039a7c45-5dbd-4edf-959f-7c7f2d2d43eb","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":245,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"165924c8-00f7-4610-b66e-624a9e06ea7f","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":245,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"8ff33544-4c53-49df-9f2f-beae836e19eb","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":245,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"0a31a8cb-2a42-41a5-a955-29d4e6167876","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":245,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"f27050c5-27c3-4b6d-a6af-9d15fee69871","block_type":"box","text":"Auditors and audit-related issues","page_number":245,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"50c069c2-5e5e-421b-a1c7-dc16135a5982","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, BIS is","page_number":245,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"f5d071da-5602-4c1c-a870-606009c0de74","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":245,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"072c2826-7a9a-4671-8e63-7169e6c928d1","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":245,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"fb4e1e34-38de-4bef-8840-41d90dd6a4cd","block_type":"box","text":"audit repor t. We note that work is being under taken to develop audit and assurance standards in relation to climate","page_number":245,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"260c2c99-2c10-4124-adb9-3daeb8af8df0","block_type":"box","text":"and transition repor ting, which may impact the future repor ting requirements of companies. We note that assurance","page_number":245,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"132cf457-4d71-4a99-a6a5-ae2eeeec1802","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":245,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"6a69c9c1-7873-465d-b851-e5a7beeacd56","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":245,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"783a0b49-901c-4e67-87bf-ee0694a89425","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":245,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"123e6e6d-e5cf-4b5e-9fb2-321e68faf755","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":245,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"b4acc4db-3c5e-422b-b37b-b87b5c44b839","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":245,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"a6ec4c50-8bb1-482c-a359-9b53ddb7dd8e","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":245,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"22234004-a42e-48b8-9374-a65425e307fa","block_type":"box","text":"shareholder activism.","page_number":245,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"932da759-e3c4-48bd-9b82-616b3edde53a","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":245,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"ae286f28-8037-44f9-9425-2549a2ffb68f","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":245,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"820beb4d-24ee-4941-8a59-5c84dc92ca1e","block_type":"box","text":"related risks and oppor tunities that may be relevant to a company’s business model and long-term per formance.","page_number":245,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"0b81c5bd-8ec0-4df2-bb31-a85155255596","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":245,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"bd9fb5a2-d972-4511-b0f2-a60b5cbc04bf","block_type":"box","text":"17","page_number":245,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"0ad5ab8d-4061-42ec-957d-66b536649861","block_type":"box","text":"In the context of","page_number":245,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"bf272da4-6188-4054-b6f1-1cec4856ab3a","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":245,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"3c8dfd51-1963-4df9-b4bc-19b479f0661b","block_type":"box","text":"e.g.","page_number":245,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"c9a08a1a-9035-464e-a395-ff69c5e447fe","block_type":"box","text":",","page_number":245,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"4b11898a-0205-41eb-93c0-a8df12d08944","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":245,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"15e497b5-87ea-4563-96a4-68615289f9e1","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":245,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"092498cf-9120-4658-b94f-6b2658e12fe2","block_type":"box","text":"oppor tunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":245,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"41d46fc8-c02e-4805-957a-b799ff253417","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":245,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"ac88257a-e821-4720-9043-3ba606937860","block_type":"box","text":"17","page_number":245,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"c9801105-6ed1-42f5-b111-20e0837011db","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":245,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"3ef03c4b-4971-4c39-b05f-1de0ad2ad15c","block_type":"box","text":"capital management and human rights.","page_number":245,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"68f4c7ff-8ebd-4de7-b076-0a0992f2bfec","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"24d4786f-cf66-467b-a9d1-9480c10a3311","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":245,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"88abde13-d1d3-4805-a99b-889562f728f1","block_type":"box","text":"BNM1026U-6032956-19204433","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18a60767-37ee-48cc-a8fc-c80bb44d6141","block_type":"box","text":"Appendix 1","page_number":246,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"70e75505-f3ad-4f98-9195-d71b9822f2d0","block_type":"box","text":"Terminology","page_number":246,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"25b14e41-e953-4e93-8126-f31d254e383e","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":246,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"536424b0-90ce-4f28-bded-164b50b2763f","block_type":"box","text":"Climate risk:","page_number":246,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"281c63e2-4b37-4eda-a83d-ae83f975b38a","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":246,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"9d939266-1f4a-41b6-9585-78e3613d7bbe","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":246,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"22c96e04-118f-4b6d-bd79-e0fcc2291e61","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":246,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"a2c6f45f-41ec-4212-8b8c-fb43542d04e0","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":246,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"753e3f50-8c4d-4bf5-aac7-eab9dcbee38b","block_type":"box","text":"The global economic shift toward lower","page_number":246,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"ed82f584-0c1f-4c44-ac76-7119527ff48e","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":246,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"4c328538-a13f-478b-92aa-ac0afb6073f7","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":246,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"44592d34-53b8-4043-a0e4-0f0e49c59e2f","block_type":"box","text":"change (","page_number":246,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"12137511-0b4e-4f8a-9014-9d253acaf9bd","block_type":"box","text":"e.g.","page_number":246,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"e064b7ce-6bfb-45a7-ba0a-8c83979f58d8","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":246,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"cb18339e-1f10-4457-82e9-247ffe84b743","block_type":"box","text":"Decarbonization:","page_number":246,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"16d3e7b4-8d13-4c27-b9a7-7575e8303b1c","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":246,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"122326f4-cc99-45b3-b8ca-98a27cccdbfa","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":246,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"7cf8eaf8-c3e6-493f-b1f9-98cd62cc507b","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":246,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"5cf70704-be3d-41a5-aa6e-470b621ed072","block_type":"box","text":"e.g.","page_number":246,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"0903e6ba-b5e2-4f4f-a09e-759e3f9c6039","block_type":"box","text":", methane.","page_number":246,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"c81c25c5-9ca9-4b20-bf40-7745ba11f4ee","block_type":"box","text":"Climate-related risks and opportunities:","page_number":246,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"4842c22d-a811-4c5c-9a00-8e5f02de6397","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":246,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"84e33dce-e183-42d5-a544-0a2e4d52de8a","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":246,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"991c5b65-a69a-4e92-8375-d309113bda41","block_type":"box","text":"to physical climate change.","page_number":246,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"6f029f64-8595-4639-8507-86404a6e334b","block_type":"box","text":"Climate-related transition plan:","page_number":246,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"3b7fe29b-08bd-4cd0-bc1e-4c65b31578a6","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":246,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"a56f89a2-95d3-43ca-9bd8-669b9fe1b1c7","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":246,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"5bd5e80c-48b3-436a-b269-380188480983","block_type":"box","text":"greenhouse gas emissions.”","page_number":246,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"2a8be047-d2df-42ab-961d-cd5711d55e76","block_type":"box","text":"18","page_number":246,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"1244d035-9456-4330-ac66-35e6094e8f1b","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":246,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"b3314437-ff5f-4ce2-8c03-11371596e922","block_type":"box","text":"Targets that “","page_number":246,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"baa8122e-b600-47b8-9f6f-f92137578d59","block_type":"box","text":"are in line with what the latest climate science","page_number":246,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"8e85b5d4-4558-476d-8be5-59ea5b9293d4","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":246,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"15cf2821-e39b-453a-b240-ec4d015749af","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":246,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"1ea1d279-2f3d-4bf5-818e-8fc92f85d336","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":246,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"effa7f11-4ee2-4c84-8278-a4bb4d03467f","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":246,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"732f6e59-8b38-4fdb-9c10-e2997f802fa8","block_type":"box","text":"19","page_number":246,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"fb106199-2017-4e71-8ce9-f7502a61fd53","block_type":"box","text":"18","page_number":246,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"fbdc5dc2-09d9-43ed-b798-42c5ae517ad2","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":246,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"603d13b8-4b52-4575-ad56-d4a39709a3b4","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":246,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"8e62eaed-da3f-4bfe-9046-3c12c029e4d4","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":246,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"4b2c89b0-e580-4c09-a6d1-85a0cf0a00aa","block_type":"box","text":"19","page_number":246,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"a1247ca7-4279-47e0-a7a1-7d600293e2c3","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). 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