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You may","page_number":15,"box":{"x":70,"y":505,"width":835,"height":12}},{"id":"ed4a3b61-05b5-4316-9920-48b29c81067b","block_type":"box","text":"request a copy of the 2025 Annual Financial Statements at no charge by calling (800) 537-4942 between","page_number":15,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"97e72645-2a5e-4612-ace3-8b63c7b45b11","block_type":"box","text":"8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":15,"box":{"x":69,"y":536,"width":441,"height":12}},{"id":"0c6ab8af-58bb-48a0-96f4-789d7e849b36","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":558,"width":767,"height":12}},{"id":"5487a7ba-1594-478e-9783-8b342b362ff8","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":574,"width":796,"height":11}},{"id":"f6aed338-b2f0-4cb5-acb4-20d555fc1956","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":589,"width":837,"height":11}},{"id":"904107ca-2a23-4a7c-ad3c-b76924f185a8","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":604,"width":749,"height":11}},{"id":"b5924495-74c2-4287-9d5d-d1f5611784d2","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":619,"width":274,"height":12}},{"id":"4d670c8e-5874-47cb-baf0-fb2a1da370a2","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":647,"width":31,"height":8}},{"id":"8d36aabd-858d-4bc5-807c-8a9027407bcd","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":647,"width":82,"height":9}},{"id":"b3d19807-aaa0-47b9-8426-951cacf2999f","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":665,"width":137,"height":9}},{"id":"960570fd-3293-4b19-85b2-8cb3143d72e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BDVEX","page_number":15,"box":{"x":216,"y":665,"width":676,"height":9}},{"id":"1998da99-f51d-42cd-b8fb-1c28f4054f9e","block_type":"box","text":"BlackRock Fund Advisors — Manager","page_number":15,"box":{"x":256,"y":720,"width":468,"height":19}},{"id":"fc70b4c5-fdc5-4a3e-9add-bccbe93174be","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":743,"width":536,"height":17}},{"id":"869721d5-c9c1-46db-a1af-3f3f704fb863","block_type":"box","text":"The date of this Statement of Additional Information is April 28, 2026.","page_number":15,"box":{"x":223,"y":802,"width":531,"height":12}},{"id":"527da912-e2a8-408c-9725-92c41a8c9a26","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d0c4fc2-0824-458d-92e8-7127d0a03f77","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"4e0f7aff-1281-4804-b9a6-63651ceade42","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"01dd03a2-d06d-486a-9e3f-28ff2138eaf3","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"af6f378f-ca86-4104-af19-5df92548681c","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"25627239-4f27-43b8-b8cb-f15fec1e9a62","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"f0ee1ac9-ac72-4466-89bf-153f1d03e3a3","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-8","page_number":16,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"dd5260e0-345e-4228-9bd3-0e5aa78bd8bb","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"f1715f26-13e8-4512-ae04-737bd59eebee","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-20","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"e7bc1904-6110-4bd8-ad42-5df932076cb0","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":16,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"a2da4d09-59dd-4988-b6a0-7223d0365e35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":16,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"540d4f1f-8391-49ad-8531-f8b2a7e945fd","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"c9be0a5b-131d-446c-b35c-74c9ed3d6e36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"666aacf0-161a-4262-b4b3-7129f47e8298","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"508518fc-0315-4057-8dac-e4fc3d381669","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":16,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"8f627c11-f4c4-4c39-a4ff-8d0de91d18e5","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"86a7e102-6015-4f19-b2d0-a1d8a33b4042","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":16,"box":{"x":382,"y":223,"width":526,"height":9}},{"id":"0f2bfa61-5c7a-4bf7-a06e-3a06793e4bfc","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"6aa21dd6-ae07-448a-a994-67ac0ed2d07b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-28","page_number":16,"box":{"x":227,"y":239,"width":682,"height":9}},{"id":"70b5835d-2699-4c83-9fc6-903ed2023bbb","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"43c19f6d-e77c-4919-a858-d7a55902de1f","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":16,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"e2e44eba-39ee-40ee-891f-5faaf5f54955","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":16,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"bbb025a6-ce60-4817-a1a2-0c8338fb4df3","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"038c7a33-384f-45d3-a824-66ef4ee8e7f7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-81","page_number":16,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"4690147a-7aac-4e6b-8240-c796c8684c83","block_type":"box","text":"Selective Disclosure of Por tfolio Holdings . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"c2da4d0e-ad63-430c-9ae4-c54fccba181a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-84","page_number":16,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"e011ded1-a549-46f7-a0a5-175f73ee452f","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"c4a7e762-cdbe-4b03-ad9f-1f545530aa2e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-98","page_number":16,"box":{"x":211,"y":336,"width":698,"height":9}},{"id":"cca87bf6-ef2c-4a74-a53f-4867c73a56b7","block_type":"box","text":"Redemption of Shares . .","page_number":16,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"1437db0d-13e8-4a69-a09c-cfc826d14fe5","block_type":"box","text":"........................................................................... I","page_number":16,"box":{"x":252,"y":353,"width":619,"height":9}},{"id":"a9baab13-9d05-492f-9a53-a82f34361a27","block_type":"box","text":"I-115","page_number":16,"box":{"x":874,"y":353,"width":35,"height":9}},{"id":"db1483e5-06ea-42f9-bbb4-71ac1a9e1064","block_type":"box","text":"Shareholder Services . .","page_number":16,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"c56e2860-0d96-4eed-9715-489c42828c1a","block_type":"box","text":"............................................................................ I","page_number":16,"box":{"x":244,"y":369,"width":627,"height":9}},{"id":"bae22796-2d6f-4858-b393-8acf033ac5b7","block_type":"box","text":"I-118","page_number":16,"box":{"x":874,"y":369,"width":35,"height":9}},{"id":"26b6cd2d-fcfd-4948-8aac-fe9248cb14e4","block_type":"box","text":"Pricing of Shares","page_number":16,"box":{"x":69,"y":385,"width":119,"height":12}},{"id":"1e4c07a3-6225-4f69-aae9-d95dfb04be7e","block_type":"box","text":".................................................................................. I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"5de5b4d7-debe-4e94-943c-19df026c98a3","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"5e602203-fdcf-4f54-a610-ad4c73eb309d","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"3aa8292b-56d3-4467-b617-c0feafee247f","block_type":"box","text":".............................................................. I","page_number":16,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"6b2d2d11-0896-4c60-9764-48f336dfcccd","block_type":"box","text":"I-124","page_number":16,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"60559e1e-6fdf-4918-9c79-0c0e528cc83e","block_type":"box","text":"Dividends and Taxes . .","page_number":16,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"237eb028-0ca0-46d2-b220-b5ffb3bb147d","block_type":"box","text":"............................................................................. I","page_number":16,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"a9dd6b9e-5f7e-491f-b8a6-0b2a47158f8d","block_type":"box","text":"I-128","page_number":16,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"c5cebd4c-a19d-4d14-a952-e753af19ee52","block_type":"box","text":"Per formance Data","page_number":16,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"1695a078-7698-46a2-9c81-6fb04300da5d","block_type":"box","text":"................................................................................. I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"332752b3-bfa1-44e5-aa4d-fa92fc01f04e","block_type":"box","text":"I-136","page_number":16,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"5d0bf8c4-ff8a-47d1-b599-dc9170ec0e04","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"6a22c732-4f4a-48e3-b9ea-98851915c0b4","block_type":"box","text":"........................................... I","page_number":16,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"cb678b28-b908-492f-8ff3-9ca36ea6d60b","block_type":"box","text":"I-138","page_number":16,"box":{"x":874,"y":451,"width":35,"height":9}},{"id":"d9dfe8d3-ff91-4994-8417-d77049eb014c","block_type":"box","text":"General Information","page_number":16,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"7c0bd3b7-8369-4404-819f-1c370f0ae6d1","block_type":"box","text":"............................................................................... I","page_number":16,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"789f2ee8-fe72-4609-9d72-8dfe68af74b2","block_type":"box","text":"I-138","page_number":16,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"681662ad-7837-414b-9cea-9859c0e7a2b4","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":16,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"6e5bb611-2bb3-44ff-be30-79b902735f2f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"ff815281-07f6-4dbb-b5c1-579b5d6f758c","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"36f2b246-ed1e-4ff0-8ac7-349b2f46241b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"fb29a683-26f9-429b-9bfb-f3f986b3c372","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a135112a-d49a-426b-a62c-94c431814b55","block_type":"box","text":"PART I: INFORMATION ABOUT THE FUND","page_number":17,"box":{"x":340,"y":45,"width":298,"height":9}},{"id":"5c06cb8b-4217-4869-8976-2977e665c80d","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about BlackRock Diversified","page_number":17,"box":{"x":102,"y":67,"width":763,"height":11}},{"id":"23707352-641d-4048-86cc-04b5a4827189","block_type":"box","text":"Equity Alpha Fund (formerly known as BlackRock Diversified Equity Fund) (“the “Fund”), a series of BlackRock Funds","page_number":17,"box":{"x":70,"y":82,"width":824,"height":12}},{"id":"c75099f7-57bd-4e25-8162-87459e2ac101","block_type":"box","text":"III (the “Trust”). It includes information about the Trust’s Board of Trustees (the “Board”), the advisory and","page_number":17,"box":{"x":70,"y":98,"width":760,"height":11}},{"id":"587206ef-0dd4-44e5-88d5-e312c3ff63c3","block_type":"box","text":"management services provided to and the management fees applicable to the Fund and information about other fees","page_number":17,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"45cdecad-7e46-4ee6-975d-d403268f3e89","block_type":"box","text":"applicable to and services provided to the Fund. This Par t I of this SAI should be read in conjunction with the Fund’s","page_number":17,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"3a161ab1-eddd-4de0-b6a7-d68ca25c59f4","block_type":"box","text":"Prospectus and those por tions of Par t II of this SAI that per tain to the Fund.","page_number":17,"box":{"x":69,"y":143,"width":543,"height":11}},{"id":"08dea54e-04f4-4fb8-a2b2-e115e3a1926f","block_type":"box","text":"I. Investment Objective and Policies","page_number":17,"box":{"x":69,"y":173,"width":262,"height":11}},{"id":"fb1358bb-5d04-49e4-b464-8d65b32c602f","block_type":"box","text":"Please see the section “Details About the Fund — How The Fund Invests” in the Fund’s Prospectus for","page_number":17,"box":{"x":102,"y":196,"width":733,"height":11}},{"id":"0805e5c1-f17d-4c25-a531-0227b127f523","block_type":"box","text":"information about the Fund’s investment objective and policies. The Fund’s investment objective is non-fundamental,","page_number":17,"box":{"x":70,"y":211,"width":831,"height":11}},{"id":"a252b656-5227-418a-b036-15a92547ca62","block_type":"box","text":"which means it can be changed by the Board without shareholder approval. The Fund is classified as a diversified","page_number":17,"box":{"x":68,"y":226,"width":809,"height":11}},{"id":"48badeda-ff03-4fcb-991c-070bf2db1b24","block_type":"box","text":"open-end management investment company under the Investment Company Act of 1940, as amended (the","page_number":17,"box":{"x":69,"y":241,"width":761,"height":11}},{"id":"2ed75347-f2ab-4d5f-ada9-598b4ad81f4f","block_type":"box","text":"“Investment Company Act“). The Fund invests all of its assets in Diversified Equity Alpha Master Por tfolio (the","page_number":17,"box":{"x":70,"y":256,"width":782,"height":11}},{"id":"99a1e948-b31a-4577-83fe-33031b6d8554","block_type":"box","text":"“Master Por tfolio”) of Master Investment Por tfolio (“MIP”), which has substantially the same investment objective,","page_number":17,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"3ef33ea0-8fbf-4527-8cb7-daf6e9515685","block_type":"box","text":"policies and restrictions as the Fund.","page_number":17,"box":{"x":70,"y":287,"width":261,"height":10}},{"id":"9b961b58-37b2-4c16-90ae-595643dba410","block_type":"box","text":"The Fund is subject to Rule 35d-1 under the Investment Company Act and will not change its investment policies","page_number":17,"box":{"x":101,"y":309,"width":802,"height":11}},{"id":"265e15f9-6c08-44b4-89b3-d8665402c997","block_type":"box","text":"required by that rule without giving shareholders 60 days’ prior written notice.","page_number":17,"box":{"x":69,"y":324,"width":552,"height":12}},{"id":"f1453c90-3fba-4674-8feb-5f63d20c202e","block_type":"box","text":"Master/Feeder Structure","page_number":17,"box":{"x":102,"y":347,"width":177,"height":11}},{"id":"51019f9a-02f4-4772-8fa5-258c2e406159","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing all of its assets in the Master Por tfolio. In other","page_number":17,"box":{"x":101,"y":370,"width":798,"height":11}},{"id":"b4a84009-02b7-44b6-b005-b58dbeea02ad","block_type":"box","text":"words, the Fund is a “Feeder Fund” into the Master Por tfolio. The Trust’s Board of Trustees believes that neither the","page_number":17,"box":{"x":68,"y":385,"width":832,"height":10}},{"id":"19fabd67-a738-48ac-8591-d834886be74d","block_type":"box","text":"Fund nor its shareholders will be adversely affected by investing its assets in the Master Por tfolio. 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Due to","page_number":22,"box":{"x":69,"y":420,"width":823,"height":11}},{"id":"6c34df5e-0ade-42b5-b639-a97c344962e1","block_type":"box","text":"the Fund’s potential use of CFTC Derivatives above the prescribed levels, however, the Fund will be considered a","page_number":22,"box":{"x":68,"y":435,"width":803,"height":11}},{"id":"93bfe518-dbda-4553-8695-2b89a1a5d404","block_type":"box","text":"“commodity pool” under the Commodity Exchange Act. Accordingly, BlackRock has registered as a “commodity pool","page_number":22,"box":{"x":70,"y":450,"width":821,"height":12}},{"id":"5c6c995c-4bdb-42cc-9e75-6e67ebc63f57","block_type":"box","text":"operator” and is subject to CFTC regulation in respect of the Fund.","page_number":22,"box":{"x":69,"y":465,"width":472,"height":12}},{"id":"18cad4c0-2b0e-4ad1-b933-754f2ec568bb","block_type":"box","text":"II. 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The Fund has also adopted","page_number":22,"box":{"x":69,"y":579,"width":807,"height":11}},{"id":"20a48547-834d-4f94-9e3d-035313a62e18","block_type":"box","text":"cer tain non-fundamental investment restrictions, which may be changed by the Board of Trustees without shareholder","page_number":22,"box":{"x":69,"y":594,"width":839,"height":11}},{"id":"0a3a0912-be12-4234-87f3-1ec6636be39e","block_type":"box","text":"approval. None of the following fundamental or non-fundamental investment restrictions shall prevent the Fund from","page_number":22,"box":{"x":69,"y":609,"width":825,"height":11}},{"id":"54f77e10-d021-45e8-b3a4-0e59b13354a5","block_type":"box","text":"investing all of its assets in shares of another registered investment company with the same investment objective","page_number":22,"box":{"x":70,"y":624,"width":811,"height":11}},{"id":"ecd69632-7a9d-48ad-a5ee-ca100d3412bb","block_type":"box","text":"and fundamental policies (in a master/feeder structure). Set for th below are the Fund’s fundamental and non","page_number":22,"box":{"x":69,"y":639,"width":785,"height":11}},{"id":"a9f80749-f845-4c41-9b99-ac512a8475bb","block_type":"box","text":"fundamental restrictions. The Master Por tfolio has adopted investment restrictions that are substantially identical to","page_number":22,"box":{"x":68,"y":654,"width":831,"height":12}},{"id":"54251f01-72d2-4d5d-9035-c77dedf9cfa3","block_type":"box","text":"those set for th below, which are fundamental and non-fundamental, as applicable, policies of the Master Por tfolio.","page_number":22,"box":{"x":68,"y":669,"width":817,"height":11}},{"id":"be7c966a-3b57-428e-8010-b2f150fbb9e2","block_type":"box","text":"The Master Por tfolio’s fundamental policies may not be changed without the approval of the holders of a majority of","page_number":22,"box":{"x":68,"y":685,"width":827,"height":11}},{"id":"b4d04bdf-6eb1-4b12-a921-f1efd3ec3e74","block_type":"box","text":"the Master Por tfolio’s outstanding interests. Unless otherwise provided, all references below to the assets of a Fund","page_number":22,"box":{"x":68,"y":700,"width":836,"height":11}},{"id":"406e3a3d-c530-4308-b5fb-f9c40d02bfd1","block_type":"box","text":"are in terms of current market value.","page_number":22,"box":{"x":69,"y":715,"width":261,"height":9}},{"id":"593ed590-8be4-42b8-94b8-5a48ef592693","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":22,"box":{"x":102,"y":738,"width":485,"height":11}},{"id":"9fad903a-ff5b-431d-b31a-78b6b44c8e59","block_type":"box","text":"(1) Purchase the securities of issuers conducting their principal business activity in the same industry if,","page_number":22,"box":{"x":102,"y":760,"width":743,"height":12}},{"id":"0ea604a9-e312-4bd5-a635-5dc781d59f61","block_type":"box","text":"immediately after the purchase and as a result thereof, the value of the Fund’s investments in that industry would","page_number":22,"box":{"x":70,"y":775,"width":812,"height":11}},{"id":"7ed2bca6-4026-418d-a117-73171ac75512","block_type":"box","text":"exceed 25% of the current value of the Fund’s total assets, provided that this restriction does not limit the Fund’s:","page_number":22,"box":{"x":69,"y":790,"width":816,"height":11}},{"id":"bca72a5d-802f-4977-8ac2-a637cc9f4b49","block_type":"box","text":"(i) investments in securities of other investment companies, (ii) investments in securities issued or guaranteed by the","page_number":22,"box":{"x":69,"y":806,"width":838,"height":11}},{"id":"fdaab50f-0d32-4aa7-800d-fb009ac731c0","block_type":"box","text":"U.S. government, its agencies or instrumentalities, or (iii) investments in repurchase agreements.","page_number":22,"box":{"x":70,"y":821,"width":695,"height":11}},{"id":"775319d2-e35f-4eec-9233-d6d6706b6a1e","block_type":"box","text":"(2) Purchase securities of any issuer if, as a result, with respect to 75% of the Fund’s total assets, more than","page_number":22,"box":{"x":102,"y":843,"width":782,"height":12}},{"id":"567abe08-95c4-4410-b5bf-d2191ead820c","block_type":"box","text":"5% of the value of its total assets would be invested in the securities of any one issuer or the Fund’s ownership","page_number":22,"box":{"x":69,"y":858,"width":797,"height":12}},{"id":"70d8c307-3879-45c2-a3a5-ab0c1b430d01","block_type":"box","text":"would be more than 10% of the outstanding voting securities of such issuer, provided that this restriction does not","page_number":22,"box":{"x":68,"y":874,"width":817,"height":11}},{"id":"38c81a22-097a-4c4a-b54c-9e823ddf61c7","block_type":"box","text":"limit the Fund’s investments in securities issued or guaranteed by the U.S. government, its agencies and","page_number":22,"box":{"x":70,"y":889,"width":747,"height":11}},{"id":"87b02aa9-13fd-4a40-af77-cd28bc09a1fc","block_type":"box","text":"instrumentalities, or investments in securities of other investment companies.","page_number":22,"box":{"x":70,"y":904,"width":556,"height":11}},{"id":"57c0dea0-8ffb-4841-acb7-15a49caab33a","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"f38ca06f-8f24-44cd-a196-f1bff402f32d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2165303-8076-464c-8990-7b1416b70997","block_type":"box","text":"(3) Borrow money, except to the extent permitted under the Investment Company Act, including the rules,","page_number":23,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"fcb92a14-1035-447b-912f-595a1916ab1b","block_type":"box","text":"regulations and any orders obtained thereunder.","page_number":23,"box":{"x":69,"y":60,"width":341,"height":11}},{"id":"f407280d-cd7c-4296-9e27-5b467e6dcbcf","block_type":"box","text":"(4) Issue senior securities, except to the extent permitted under the Investment Company Act, including the","page_number":23,"box":{"x":102,"y":83,"width":765,"height":11}},{"id":"9d91e900-ade1-4a5e-8951-b29a61f8d78a","block_type":"box","text":"rules, regulations and any orders obtained thereunder.","page_number":23,"box":{"x":69,"y":98,"width":387,"height":11}},{"id":"65af311e-3ef3-4f5b-b1e7-1d9358dac294","block_type":"box","text":"(5) Make loans to other par ties, except to the extent permitted under the Investment Company Act, including the","page_number":23,"box":{"x":102,"y":120,"width":802,"height":12}},{"id":"c8740f63-3408-4145-976e-9af0d8641010","block_type":"box","text":"rules, regulations and any orders obtained thereunder. For the purposes of this limitation, entering into repurchase","page_number":23,"box":{"x":69,"y":135,"width":818,"height":12}},{"id":"55dc8d22-d358-48c1-b0af-5044c31d217e","block_type":"box","text":"agreements, lending securities and acquiring any debt securities are not deemed to be the making of loans.","page_number":23,"box":{"x":69,"y":150,"width":769,"height":12}},{"id":"070dbb41-1dbf-42a4-a0c6-476163ddfd4c","block_type":"box","text":"(6) Underwrite securities of other issuers, except to the extent that the purchase of permitted investments","page_number":23,"box":{"x":102,"y":173,"width":759,"height":11}},{"id":"fe580e2c-3743-4e09-a180-683130b14966","block_type":"box","text":"directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities in","page_number":23,"box":{"x":69,"y":188,"width":806,"height":11}},{"id":"9290aab5-1bb9-4330-a9b0-c239f03c2108","block_type":"box","text":"accordance with the Fund’s investment program may be deemed to be an underwriting; and provided fur ther, that the","page_number":23,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"e5a23421-9e40-43c6-8f6a-df84e1392744","block_type":"box","text":"purchase by the Fund of securities issued by an open-end management investment company, or a series thereof, with","page_number":23,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"a7f95b06-a122-4a06-bf11-a71e50de41ba","block_type":"box","text":"substantially the same investment objective, policies and restrictions as the Fund shall not constitute an underwriting","page_number":23,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"e56a444c-877a-498d-802b-495fc67e0f0a","block_type":"box","text":"for purposes of this paragraph.","page_number":23,"box":{"x":68,"y":249,"width":220,"height":11}},{"id":"19128266-a8c8-4b5a-83fb-5a0393c374f4","block_type":"box","text":"(7) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but","page_number":23,"box":{"x":102,"y":271,"width":793,"height":11}},{"id":"2bfab606-673c-4b9b-9d5d-86a5a9858c86","block_type":"box","text":"this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of","page_number":23,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"e03d5d19-65d8-4d8a-8b3c-4b5ac7fb4e32","block_type":"box","text":"companies engaged in the real estate business).","page_number":23,"box":{"x":69,"y":302,"width":347,"height":11}},{"id":"a2ef0faa-de08-4d68-99aa-57215872043b","block_type":"box","text":"(8) Purchase or sell commodities, provided that (i) currency will not be deemed to be a commodity for purposes","page_number":23,"box":{"x":102,"y":324,"width":792,"height":11}},{"id":"d25fe5d5-d6e0-4f70-9c15-87fef65daa7d","block_type":"box","text":"of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward contracts or","page_number":23,"box":{"x":69,"y":339,"width":810,"height":11}},{"id":"37b0a14d-a4ac-457f-9cad-9fdbc35d969f","block_type":"box","text":"options, (iii) this restriction does not limit the purchase or sale of securities or other instruments backed by","page_number":23,"box":{"x":69,"y":355,"width":767,"height":11}},{"id":"ba432fd9-1016-4bb9-ab6b-983ab59e805a","block_type":"box","text":"commodities or the purchase or sale of commodities acquired as a result of ownership of securities or other","page_number":23,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"a01841fd-cf02-4812-893b-d34312432ee1","block_type":"box","text":"instruments and (iv) this restriction does not limit the Fund from engaging in transactions in swaps and options on","page_number":23,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"3673e358-082a-4499-a542-700d9d9aaf29","block_type":"box","text":"swaps related to financial instruments, such as securities, securities indices and currencies.","page_number":23,"box":{"x":69,"y":400,"width":662,"height":11}},{"id":"fe2990a6-0e01-4f9c-96ac-317e4a0a5c45","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":23,"box":{"x":102,"y":423,"width":494,"height":11}},{"id":"4373a6ea-5d9f-40bc-ad33-4f075a9fd170","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":23,"box":{"x":101,"y":445,"width":799,"height":12}},{"id":"2d3124cc-dfe5-46c4-9476-1e1c34c044ab","block_type":"box","text":"subject to change without shareholder approval.","page_number":23,"box":{"x":69,"y":461,"width":341,"height":11}},{"id":"f5f1c18c-4d76-4000-a4a0-1ddd7ca2709b","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":23,"box":{"x":101,"y":483,"width":796,"height":11}},{"id":"47449671-e599-45ef-89f7-d782a984211b","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":23,"box":{"x":68,"y":498,"width":811,"height":11}},{"id":"05fcd9a0-5c9a-4f70-8888-308f49e85ab6","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":23,"box":{"x":68,"y":513,"width":833,"height":12}},{"id":"b848236d-3433-4513-8a06-3f17c02bdbca","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":23,"box":{"x":68,"y":528,"width":836,"height":12}},{"id":"f901921b-333e-4e4d-97f5-f553aac8cd7f","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":23,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"5841ba04-cc0e-4fac-b3df-6943c0b9313d","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":23,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"0cd78f71-5e0f-4fe6-bcec-a3e715d199d5","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":23,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"83058614-662c-4443-9418-1faad28a6077","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":23,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"deece56f-6637-4460-a5f6-9932343babc9","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":23,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"136f86dd-0e10-4cac-9660-e3a07a151007","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":23,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"31b2e2d3-a787-4aa9-a5b6-1561cb5c3d84","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":23,"box":{"x":67,"y":634,"width":829,"height":11}},{"id":"e26db60b-82c6-400b-aae0-03bc0c85fd8a","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":23,"box":{"x":69,"y":649,"width":805,"height":12}},{"id":"7d6680b9-d6c8-4d86-a346-11b44a7f3a85","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":23,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"224e80b9-ae8f-4f1f-b843-36d04aa97b85","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":23,"box":{"x":69,"y":680,"width":803,"height":11}},{"id":"a5f54093-19b0-4705-a6ae-076f64b25ff7","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":23,"box":{"x":70,"y":695,"width":807,"height":11}},{"id":"4e16e0b0-8113-4740-baa3-8cffdace40ac","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":23,"box":{"x":70,"y":710,"width":438,"height":11}},{"id":"e7923fe9-d17c-46c1-9885-75432e8e3f53","block_type":"box","text":"For purposes of the concentration policy, the Fund will look through to the por tfolio holdings of the underlying","page_number":23,"box":{"x":102,"y":732,"width":776,"height":12}},{"id":"45215cda-2d21-451b-b5b0-748cfbb0fc1b","block_type":"box","text":"funds in which it invests and will aggregate the holdings of the underlying funds (on a pro rata basis based on the","page_number":23,"box":{"x":68,"y":748,"width":810,"height":11}},{"id":"faa58adf-d3ca-4c6d-ae83-2e9a6c8f9bf6","block_type":"box","text":"Fund’s investment in each underlying fund) to determine concentration in a par ticular industry in accordance with the","page_number":23,"box":{"x":70,"y":763,"width":833,"height":11}},{"id":"2dc1d1b2-ea77-44be-a625-312c637ed9fe","block_type":"box","text":"concentration policy provided above. For the purposes of this policy, only those underlying funds that are par t of the","page_number":23,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"88d118d0-6968-4751-8e75-67a7d158a251","block_type":"box","text":"BlackRock family of funds will be aggregated; the Fund will not aggregate underlying fund holdings, if any, in","page_number":23,"box":{"x":70,"y":793,"width":764,"height":11}},{"id":"8d6d36a9-eb15-4147-837c-966f7b587cf8","block_type":"box","text":"underlying funds outside of the BlackRock family of funds.","page_number":23,"box":{"x":69,"y":808,"width":412,"height":11}},{"id":"9e8a3db4-8c90-45f9-8f4d-1dce81b6cd41","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (3) above, the Investment","page_number":23,"box":{"x":101,"y":831,"width":750,"height":11}},{"id":"b05d3f4d-7d4b-4050-82af-5d5b572abaa1","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":23,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"43d58b8a-6ac3-4588-9a96-2a9dafcb4b51","block_type":"box","text":"for any purpose, and to borrow up to 5%of the Fund’s total assets from banks or other lenders for temporary","page_number":23,"box":{"x":68,"y":861,"width":776,"height":11}},{"id":"ea8b07b9-5818-4609-84d4-9fccf3c263df","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":23,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"dfb42147-407d-4b93-85a9-839423fef0d9","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":23,"box":{"x":68,"y":891,"width":825,"height":12}},{"id":"97dfcd68-cb5b-4008-b9a9-1e30bfcf0f98","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":23,"box":{"x":69,"y":906,"width":777,"height":12}},{"id":"28b31317-6ac1-4b68-a8c5-ab30de0d8e86","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"24273ca7-33a7-4655-bb6a-1ae724f661fb","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40cda76e-fca1-4244-9872-107e9bd3605f","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":24,"box":{"x":69,"y":45,"width":776,"height":11}},{"id":"eb820cb1-d34f-4a4a-9d8f-51dd5f6e3501","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":24,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"e008702a-8c44-4847-897e-48d7a2f4090b","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":24,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"2c5b83b5-2955-4aaf-9574-73881cfe5855","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":24,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"c4a08c66-c880-47df-a268-bb91fb723b40","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":24,"box":{"x":68,"y":105,"width":802,"height":11}},{"id":"582b5d58-7570-42f6-8c9a-98d439c81318","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":24,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"4aa2a206-8bc5-4960-8890-ea06f1cda2e9","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":24,"box":{"x":69,"y":135,"width":807,"height":12}},{"id":"7bfffb65-094d-49aa-90c0-78b4f04e2438","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":24,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"5ebfb16a-b7a3-4518-a508-d5045e0c4ba2","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":24,"box":{"x":69,"y":166,"width":835,"height":11}},{"id":"5d41785c-3402-4005-9436-a954f8c60a09","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":24,"box":{"x":69,"y":181,"width":643,"height":11}},{"id":"047c9907-00b6-4a0b-8daa-7ab6ac99a4da","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (6) above, the Investment Company","page_number":24,"box":{"x":101,"y":203,"width":788,"height":12}},{"id":"cc1455aa-bcef-42f8-9678-854ccb6c9965","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":24,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"444c2854-f63b-48ce-a5fa-d89e184d50f8","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have underwriting","page_number":24,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"cf652942-f9f2-4b74-872e-e8c17b5893c6","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":24,"box":{"x":69,"y":249,"width":811,"height":11}},{"id":"17382aad-744c-4202-8284-ae34c2feb0ee","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":24,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"a6ba8d1f-054c-4a3f-8172-b3b40ee2afb5","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":24,"box":{"x":68,"y":279,"width":818,"height":11}},{"id":"32d70393-a761-4588-8f99-d578c6250d37","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":24,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"027175f8-b04c-4c2f-bad5-8458d5374ec7","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":24,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"71416dc4-0b40-4d14-8500-5150a6f9b90f","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":24,"box":{"x":68,"y":324,"width":799,"height":12}},{"id":"df3fe284-abae-47c4-ad4c-41bc38d913de","block_type":"box","text":"business of underwriting, the policy in (6) above will be interpreted not to prevent the Fund from engaging in","page_number":24,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"1c79fe93-057f-4fd9-8085-e7169590b041","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":24,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"0eb582d7-9094-493c-94d2-08363a1a6c36","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":24,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"bc7199f1-2092-4a83-93bd-451ec97739ae","block_type":"box","text":"extent permitted by applicable law.","page_number":24,"box":{"x":69,"y":385,"width":245,"height":11}},{"id":"ac3ae336-eb7a-43ee-8b1f-b3aee7386e7a","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (5) above, the Investment Company Act","page_number":24,"box":{"x":101,"y":407,"width":778,"height":12}},{"id":"365096a2-625f-41a0-8b92-f576ce6e06e7","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":24,"box":{"x":69,"y":423,"width":756,"height":11}},{"id":"ec05ec8d-89ab-469a-a3c8-43d690fa9430","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":24,"box":{"x":70,"y":438,"width":807,"height":11}},{"id":"5ab83510-7d62-4b6a-93c6-b811cc154e6d","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":24,"box":{"x":69,"y":453,"width":784,"height":11}},{"id":"acbbc6e8-8835-4f84-8ec4-7d5c85ff0c66","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":24,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"faf03908-ca36-49fb-9e0c-fe3edc56199f","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":24,"box":{"x":70,"y":483,"width":803,"height":11}},{"id":"ba3fdbdd-af69-4cdc-ba39-8882c204330b","block_type":"box","text":"loans.","page_number":24,"box":{"x":70,"y":498,"width":40,"height":9}},{"id":"4a0ba78c-e99f-4a90-b3ca-dc1a36098851","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by vote of a majority of the Trustees of","page_number":24,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"cc5c155f-3673-43c5-a75e-a0a5ee279db9","block_type":"box","text":"the Board without shareholder approval, the Fund may not:","page_number":24,"box":{"x":68,"y":536,"width":418,"height":11}},{"id":"b3bcc54f-f8fd-4194-bea5-77e8ac66e996","block_type":"box","text":"(1) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":24,"box":{"x":102,"y":559,"width":748,"height":11}},{"id":"713bf90f-c374-4510-a88a-822ab1200d07","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":24,"box":{"x":69,"y":574,"width":759,"height":11}},{"id":"71cfc84a-a73d-4e7b-abc5-6913132338f0","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":24,"box":{"x":70,"y":589,"width":829,"height":11}},{"id":"d071cb94-37b4-42a5-a0f6-84d943384f54","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":24,"box":{"x":70,"y":604,"width":808,"height":11}},{"id":"da6ea77f-3ca1-4ef5-903b-c5bbc315ab9a","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":24,"box":{"x":69,"y":619,"width":763,"height":11}},{"id":"8da25a51-79be-4d8f-b628-6fe57bc64ea0","block_type":"box","text":"(2) Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":24,"box":{"x":102,"y":642,"width":771,"height":11}},{"id":"4635592d-3b40-4d15-81ce-50768334279d","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":24,"box":{"x":69,"y":657,"width":741,"height":11}},{"id":"a9cc1f63-6167-423a-9a52-98609b8cdef9","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":24,"box":{"x":102,"y":680,"width":744,"height":10}},{"id":"9159d4f3-da44-45f5-b3e6-6063458ac5f7","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":24,"box":{"x":69,"y":695,"width":791,"height":11}},{"id":"2dbb506c-1b90-4751-949f-b3992cb41e57","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":24,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"c911f7a8-9d57-4cfe-8121-ad40ffa20818","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BFA determines that it is practicable to","page_number":24,"box":{"x":70,"y":725,"width":835,"height":11}},{"id":"b15e15fc-34f3-4910-a70d-f4958e661160","block_type":"box","text":"sell or close out the investment without undue market or tax consequences.","page_number":24,"box":{"x":69,"y":740,"width":541,"height":11}},{"id":"c50e048d-00b5-4e66-8756-a978d749a37c","block_type":"box","text":"III. Information on Trustees and Officers","page_number":24,"box":{"x":69,"y":770,"width":290,"height":9}},{"id":"7dfd1b56-6ef8-4f01-84d5-ebf02913cfb0","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":24,"box":{"x":101,"y":793,"width":789,"height":11}},{"id":"a51ff91f-63d7-4047-8d7a-3e84effcea24","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":24,"box":{"x":68,"y":808,"width":779,"height":11}},{"id":"268744d0-3eb1-4315-9d5c-b4b23436589e","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":24,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"2189360b-bd7b-402f-9e64-ad3899e13e1b","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":24,"box":{"x":70,"y":838,"width":793,"height":11}},{"id":"3b1e8de1-46c7-4945-b97f-822520fc94a9","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"84daca77-256d-4087-8d2b-a520ad8cd5ac","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":24,"box":{"x":68,"y":869,"width":837,"height":11}},{"id":"af255d05-be7b-4c05-9e58-d0c9f5ebdb16","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":70,"y":884,"width":335,"height":11}},{"id":"ae2a1572-9155-4a99-9ef8-79c5cc365996","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"3349c5e1-bfc6-4fb0-8738-fb86586a2b8d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb952d9b-abcd-4d4f-9ac9-222f8af19ad7","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":25,"box":{"x":101,"y":45,"width":769,"height":11}},{"id":"841a4fce-2886-4d4f-ae8f-fbfea87b2ab4","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":25,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"507b2698-ec7a-4172-985f-cded52984337","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":25,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"cce42692-d7b6-4106-8960-c63dc72a8c6e","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":25,"box":{"x":69,"y":90,"width":835,"height":11}},{"id":"9fa28536-bba3-467e-832d-2f56a34e3899","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":25,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"1ec13b02-258c-4171-bf05-adf39c4c938e","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":25,"box":{"x":68,"y":120,"width":789,"height":12}},{"id":"8d3cff84-9685-4bb1-aa9d-2661913f0979","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":25,"box":{"x":69,"y":135,"width":810,"height":11}},{"id":"d0044a3a-9359-4e88-97b5-53d4d3b891a9","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":25,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"126c1e22-b6ab-41f7-8335-695814dd0439","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":25,"box":{"x":70,"y":166,"width":794,"height":11}},{"id":"674ef6ab-0f5e-44b7-82bc-73b9820d209f","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":25,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"41e0b67e-5e00-4a2f-b604-cb4d97c5fafa","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":25,"box":{"x":69,"y":196,"width":831,"height":11}},{"id":"f5e84111-8027-4f86-b71d-c4a210355bca","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":25,"box":{"x":70,"y":211,"width":811,"height":11}},{"id":"cef7babb-22e4-464a-87d8-6340befe3a17","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":25,"box":{"x":68,"y":226,"width":809,"height":11}},{"id":"7b4fdea0-7dbe-4111-80e9-2d1e5b404a25","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":25,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"6cebe1be-0957-407c-ad26-ea4f1b76b3d6","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":25,"box":{"x":69,"y":256,"width":441,"height":12}},{"id":"057fed89-1c5e-4fbb-9cbf-0f94f0ed9051","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":25,"box":{"x":101,"y":279,"width":777,"height":11}},{"id":"637e3491-99dc-43a6-9ba7-661c98fc1db5","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":25,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"a5bb65c4-61af-4f60-bd3c-78d97e0fe554","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":25,"box":{"x":68,"y":309,"width":820,"height":11}},{"id":"1668c6d9-8ddc-425a-9106-a6fdbf61e069","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":25,"box":{"x":70,"y":324,"width":812,"height":12}},{"id":"5534ac27-d3a1-4128-9e84-05480d6f82c4","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":25,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"710219bb-e026-4493-83b1-3c2219561d34","block_type":"box","text":"the operations of the Fund.","page_number":25,"box":{"x":68,"y":355,"width":192,"height":11}},{"id":"3a93e727-35fc-4cd9-82b2-ccfe7a45e310","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":25,"box":{"x":102,"y":377,"width":785,"height":12}},{"id":"17fe65c4-2e09-4830-be56-aeaad167cdaf","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":25,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"a52db240-41e6-483b-aa53-0d9c6652a829","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":25,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"296271d3-b4fd-4e92-be5c-a5552dfd4130","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":25,"box":{"x":68,"y":423,"width":820,"height":11}},{"id":"a406f5fb-0dcb-42f2-b082-49eabf38a553","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":25,"box":{"x":70,"y":438,"width":811,"height":11}},{"id":"4f9a6cdb-721e-4a70-a0d3-e9ebc8debe54","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":25,"box":{"x":70,"y":453,"width":767,"height":11}},{"id":"4f1d3adb-6fec-4fa4-bde6-17030763488f","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":25,"box":{"x":69,"y":468,"width":815,"height":11}},{"id":"3d3c07a5-d9ea-46f5-9c55-5c75e250e76d","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":25,"box":{"x":70,"y":483,"width":803,"height":11}},{"id":"5fc90172-8f2d-43ba-96d5-5b9f081ea31e","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":25,"box":{"x":69,"y":498,"width":840,"height":11}},{"id":"7f9aed5d-ea71-427c-b957-af153b3f8165","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":25,"box":{"x":69,"y":513,"width":812,"height":11}},{"id":"c9a80790-f181-437a-92d6-90e06bb227ac","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":25,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"dbb79170-ba81-4ee0-a1f1-de595d6a1654","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":25,"box":{"x":69,"y":543,"width":812,"height":11}},{"id":"7556fb44-09c2-4184-8b79-c93dcde22496","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":25,"box":{"x":68,"y":559,"width":818,"height":11}},{"id":"f718d6e2-f148-4a3b-b672-646a798d4653","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":25,"box":{"x":70,"y":574,"width":759,"height":11}},{"id":"0f33072a-a627-4539-ad3a-1f8d526ad599","block_type":"box","text":"per forming their oversight responsibilities.","page_number":25,"box":{"x":70,"y":589,"width":299,"height":11}},{"id":"95cf34f8-7f50-4cd7-a619-0763d603e1f7","block_type":"box","text":"Audit Committee.","page_number":25,"box":{"x":101,"y":612,"width":122,"height":9}},{"id":"e04b93b6-e704-45c4-8199-559bc8c583f4","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":25,"box":{"x":229,"y":612,"width":673,"height":11}},{"id":"ccce66a8-1c92-49c3-9c39-8e1e22ad7b1c","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":25,"box":{"x":68,"y":627,"width":814,"height":11}},{"id":"fcb36ea1-758a-4101-8b97-96a66f76b18e","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":25,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"efd8573b-1c81-48fb-a339-bb0a52f78ef4","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":25,"box":{"x":69,"y":657,"width":753,"height":11}},{"id":"6d51efb4-8a9d-41aa-ba49-f950fd342a72","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":25,"box":{"x":70,"y":672,"width":797,"height":11}},{"id":"31ede269-5d59-427d-865f-9fdd7a0ad3dc","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":25,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"3c203721-f740-4ede-8bc7-4e32eb168e7d","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":25,"box":{"x":70,"y":702,"width":807,"height":12}},{"id":"7c8010b0-d5e4-4114-ab3f-ca667f74fb44","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":25,"box":{"x":68,"y":717,"width":781,"height":11}},{"id":"5a3d8e42-e95b-4762-bf29-49577437495a","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":25,"box":{"x":69,"y":733,"width":834,"height":11}},{"id":"3d05e676-e1fe-4c97-8783-21aeb618b298","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":25,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"3892cfed-4b07-41fe-acf8-18695625ad1d","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":25,"box":{"x":69,"y":763,"width":825,"height":11}},{"id":"cd1cc139-a498-4e7d-a765-1a5569af1e01","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":25,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"e9877257-0003-4f0d-bdac-b366e986a052","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":25,"box":{"x":70,"y":793,"width":815,"height":11}},{"id":"837c8645-5d80-4a34-9556-2dc8b3a50a9f","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":25,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"dda5c01f-f532-43c3-95be-d54c058b8e47","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":25,"box":{"x":69,"y":823,"width":815,"height":12}},{"id":"5867965b-d71e-4a2a-871f-d1822f3e91a3","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":25,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"adc53e7e-6f93-450f-b113-4f5563e6eb77","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":25,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"db216491-25ce-4b11-a78a-8515a6c7b0d7","block_type":"box","text":"During the twelve months ended December 31, 2025, the Audit Committee met four times.","page_number":25,"box":{"x":70,"y":869,"width":648,"height":11}},{"id":"e20b1b18-d1e5-4730-8bb3-a485f24a7628","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":102,"y":891,"width":286,"height":12}},{"id":"b0404478-6764-4881-8da2-be5e5e6ba36c","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":25,"box":{"x":394,"y":891,"width":464,"height":12}},{"id":"e553b051-b3d6-44c6-82fc-2598ccde3018","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":25,"box":{"x":70,"y":906,"width":833,"height":12}},{"id":"ced11631-6431-461b-aca7-1fdebd66af5e","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1296279c-627f-4c5f-9819-05e83561e1d7","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"018be727-5c1c-49d5-b10b-c0884bbc2688","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":26,"box":{"x":69,"y":45,"width":769,"height":11}},{"id":"ed62408e-af66-40c4-accd-4f69d1f7d2b9","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":26,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"75431357-6dd6-4e36-88b9-bea7ca1c08c3","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":26,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"e93b2be8-7fd1-4ba7-b9a8-0ee7a9c42a99","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":26,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"30f84425-8d21-4847-a3cf-922999f5656d","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":26,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"765b8a02-2080-4b14-9a73-e92aa5d2049f","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":26,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"0f3554cd-95cf-4b20-a6c4-d9540a5daad1","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":26,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"001986f0-6194-4854-89d3-c6306f0c53ad","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":26,"box":{"x":70,"y":150,"width":835,"height":11}},{"id":"1b6e1417-d0de-402d-a767-8b8900c05ec8","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":26,"box":{"x":68,"y":166,"width":815,"height":11}},{"id":"f83274c9-2c32-4821-8b95-087cc7c50845","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":26,"box":{"x":68,"y":181,"width":841,"height":11}},{"id":"9448a307-a116-46cb-8f64-658ed1a9fc2e","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Fund shareholders who wish to recommend a","page_number":26,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"859c32f5-f1cf-4409-999d-621faacaab99","block_type":"box","text":"nominee should send nominations to the Secretary of the Trust that include biographical information and set for th","page_number":26,"box":{"x":69,"y":211,"width":815,"height":11}},{"id":"f3d4712d-56b4-4ab8-bbda-97cb76c2906d","block_type":"box","text":"the qualifications of the proposed nominee. The Board has adopted a written char ter for the Governance Committee.","page_number":26,"box":{"x":68,"y":226,"width":833,"height":11}},{"id":"5eb8d4e9-fb9a-40cb-83d8-6968ab4b903a","block_type":"box","text":"During the twelve months ended December 31, 2025, the Governance Committee met eleven times.","page_number":26,"box":{"x":70,"y":241,"width":715,"height":11}},{"id":"cd01a0b1-3fe7-4129-b712-7f351cc9e1c7","block_type":"box","text":"Compliance Committee.","page_number":26,"box":{"x":102,"y":264,"width":168,"height":11}},{"id":"13d04d8b-b674-43f0-a185-207ba4374caa","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":26,"box":{"x":276,"y":264,"width":629,"height":11}},{"id":"a49d36dc-50f9-4215-9fd3-97dcf9884016","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":26,"box":{"x":68,"y":279,"width":789,"height":11}},{"id":"ace641ad-b360-449a-af48-92b8d1a11970","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":26,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"7eba689b-96e3-4cb5-959a-dc80b9858927","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BFA and any","page_number":26,"box":{"x":69,"y":309,"width":809,"height":11}},{"id":"dba21102-6fb7-4a48-a5e1-a5fce4f6e4e8","block_type":"box","text":"sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":26,"box":{"x":69,"y":324,"width":789,"height":11}},{"id":"3574b6f1-367d-4732-afeb-cfbdd59f1319","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":26,"box":{"x":68,"y":339,"width":819,"height":11}},{"id":"581017af-01fb-4a7e-92d9-7d8c69e98af1","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":26,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"aacf86b5-870f-4ff2-bde7-dc4dec674144","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":26,"box":{"x":69,"y":370,"width":798,"height":11}},{"id":"5de04aeb-1ee4-473d-8be1-8c4eb25078fc","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":26,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"e27a288c-e2c4-4440-82b6-a21e25611847","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":26,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"07ea93af-63c8-413c-aefa-91b9d587cb71","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":26,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"08ed9018-5cab-4262-9d80-66d39a8d95d0","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":26,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"3ebb3da5-0a7d-423a-8416-8ef63bebbb61","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the twelve months ended","page_number":26,"box":{"x":68,"y":445,"width":751,"height":12}},{"id":"cd0c1762-cf18-455b-84f0-7ec1009a2be1","block_type":"box","text":"December 31, 2025, the Compliance Committee met four times.","page_number":26,"box":{"x":70,"y":460,"width":460,"height":11}},{"id":"a560d3ad-0f90-492c-81e9-0bab0231e58c","block_type":"box","text":"Per formance Oversight Committee.","page_number":26,"box":{"x":102,"y":483,"width":248,"height":11}},{"id":"ae4c7cef-ec5d-4674-8779-320fc66ceb65","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":26,"box":{"x":356,"y":483,"width":531,"height":11}},{"id":"7ec5884e-ca16-483d-9103-977e42053514","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":26,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"ad2df759-43c1-4704-8195-d5ee9cdfdac6","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":26,"box":{"x":68,"y":513,"width":808,"height":12}},{"id":"05b5c1d0-c894-4a9f-987e-ac1f82c69617","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":26,"box":{"x":70,"y":528,"width":769,"height":12}},{"id":"afe0921e-4473-463d-98a9-3e9eeddae0e4","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":26,"box":{"x":70,"y":543,"width":775,"height":12}},{"id":"6004a2cf-05e7-4e57-814b-446cef7e8352","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":26,"box":{"x":69,"y":559,"width":782,"height":11}},{"id":"37c63345-24c6-4784-b013-ca8cf3448ea6","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":26,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"9b68a997-e078-4c46-9a09-665f813568e8","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":26,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"77a41e44-5649-4d63-9122-be3540c3767b","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":26,"box":{"x":69,"y":604,"width":803,"height":11}},{"id":"2a4406b0-bb39-4525-97e8-226e3389539c","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":26,"box":{"x":69,"y":619,"width":827,"height":11}},{"id":"1c7cb778-6682-49fb-9d47-8d2b34cc691d","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":26,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"367f178a-e93b-4bde-9569-0aa48fa33a28","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":26,"box":{"x":69,"y":649,"width":757,"height":12}},{"id":"11de8646-e0a4-43af-a9d4-23d5deca63fa","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":26,"box":{"x":70,"y":664,"width":835,"height":12}},{"id":"7b2f773e-3221-4679-94a6-c738c14de44e","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":26,"box":{"x":68,"y":680,"width":800,"height":11}},{"id":"2134eb91-8efa-4762-a6c2-18da67a8bb71","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":26,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"bcd604bd-6b7d-4ac4-9581-5766f33a9b2e","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the twelve","page_number":26,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"24d675f3-2f66-4f0c-9baf-3fa3b137ef19","block_type":"box","text":"months ended December 31, 2025, the Per formance Oversight Committee met five times.","page_number":26,"box":{"x":69,"y":725,"width":645,"height":11}},{"id":"3099e727-ef4c-4e25-8462-ca513b1c2658","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":26,"box":{"x":101,"y":748,"width":186,"height":11}},{"id":"318fbc03-e7df-4c1d-bdc0-dfd625dba2d0","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":26,"box":{"x":293,"y":748,"width":598,"height":11}},{"id":"5c57dd94-9e75-4bd7-a273-d8f57dbf9c9e","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":26,"box":{"x":70,"y":763,"width":817,"height":11}},{"id":"b1f3caac-e0ad-4cc2-b6ab-588863bd5da3","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":26,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"bc639dc9-84c3-423f-b4c8-dc88d3bb4f46","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":26,"box":{"x":69,"y":793,"width":788,"height":11}},{"id":"119c814c-f810-4189-807a-9a2d45183886","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":26,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"e0b390fd-e4b6-4324-9ace-6fb3d4c3b6d4","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":26,"box":{"x":68,"y":823,"width":816,"height":12}},{"id":"2914dfd7-ff70-4c69-b230-80474c242e50","block_type":"box","text":"the twelve months ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":838,"width":649,"height":11}},{"id":"47a47f25-f6a2-427f-9e8a-d256ac83bae0","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":861,"width":771,"height":11}},{"id":"9171b1f1-7de2-4176-9eb9-4420f677ded0","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"536e6984-7761-4389-bd75-e827e7a75f37","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":26,"box":{"x":69,"y":891,"width":830,"height":11}},{"id":"ff7f8053-0cac-4cfa-9b7f-97a641f3a746","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":26,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"2d01ca11-36bd-4022-bf65-6532894de844","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"54d7d7d5-833d-44f4-b404-fd1a2d44242a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d05f3666-58be-4154-81de-da1ddbe0e60f","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":27,"box":{"x":70,"y":45,"width":807,"height":11}},{"id":"ff99cdbf-4f0c-48c4-8176-b79570d14a7a","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":27,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"03bcdf41-fecc-4fa5-aa6b-40c40a169aff","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":27,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"fc2149bc-6c0f-4b83-8755-7e9814c419d8","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":27,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"7d189b1d-4591-4ad1-afc8-5167aa4a4fb7","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":27,"box":{"x":68,"y":105,"width":829,"height":11}},{"id":"922f8e15-1d86-4182-b004-70909590d35f","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":27,"box":{"x":69,"y":120,"width":823,"height":11}},{"id":"69dd921a-7c83-46d3-96ed-d6e280c258b4","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":27,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"9e18924f-788b-4bcb-9c31-38aef1ce3b2b","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":27,"box":{"x":69,"y":150,"width":473,"height":12}},{"id":"e381d547-77fa-43c8-950c-46bb4085a69c","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":27,"box":{"x":102,"y":173,"width":792,"height":11}},{"id":"e5c1fd9f-2a9f-4cd4-a0aa-bd4522837bcf","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":27,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"406f1df4-342a-4476-a62d-46ea31fe5a28","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":27,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"9e38b28d-a0bf-4527-9e45-5923d4f538f2","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":27,"box":{"x":70,"y":218,"width":759,"height":12}},{"id":"95fc3c6d-c8da-4268-b7cf-f62e2efed329","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":27,"box":{"x":70,"y":234,"width":685,"height":11}},{"id":"653e43e4-fd33-4f08-bea5-2d650d36a8cf","block_type":"box","text":"ad hoc","page_number":27,"box":{"x":762,"y":234,"width":47,"height":9}},{"id":"640f14a6-cedc-41ea-94a5-5f275da03f1b","block_type":"box","text":"committees","page_number":27,"box":{"x":814,"y":234,"width":82,"height":9}},{"id":"6f81b863-1bc1-4f38-83ef-feffa6d97038","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":27,"box":{"x":68,"y":249,"width":395,"height":11}},{"id":"35457a32-21f7-46da-947e-1aa91ee75016","block_type":"box","text":"Trustees Elect.","page_number":27,"box":{"x":103,"y":272,"width":103,"height":8}},{"id":"8aceb6ae-d890-4b23-9c69-186cccbdfe59","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":27,"box":{"x":213,"y":271,"width":634,"height":12}},{"id":"c0d62c0e-7b72-4d0d-8955-72b6f23b90a3","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the","page_number":27,"box":{"x":69,"y":286,"width":811,"height":12}},{"id":"b350c870-eeba-43a1-b100-223f9c0377e2","block_type":"box","text":"time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the","page_number":27,"box":{"x":68,"y":302,"width":826,"height":11}},{"id":"83ac8fb8-6717-4e62-8cc9-6c8c4a221f12","block_type":"box","text":"Independent Trustees in the per formance of their duties to the Trust and is expected to serve in that capacity until","page_number":27,"box":{"x":70,"y":317,"width":816,"height":11}},{"id":"d4f73c2d-a4ac-4d79-9818-02d08cc84d9a","block_type":"box","text":"July 1, 2026.","page_number":27,"box":{"x":69,"y":332,"width":92,"height":11}},{"id":"11431f4a-6714-4b68-b052-79c369b9dc02","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":27,"box":{"x":101,"y":355,"width":751,"height":11}},{"id":"4a58c818-739f-422d-927e-2e34d61d5c87","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":27,"box":{"x":69,"y":370,"width":492,"height":11}},{"id":"0d6cd489-0298-4fa3-a182-f286e30c1115","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":398,"width":409,"height":9}},{"id":"41ad1b06-1ff9-4ead-88f8-f9fe81e93e34","block_type":"box","text":"Independent Trustees","page_number":27,"box":{"x":70,"y":415,"width":154,"height":10}},{"id":"2918caa9-2bfb-4cfa-85ef-a91353126daf","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":27,"box":{"x":69,"y":429,"width":781,"height":12}},{"id":"aabbbfee-ebb0-4b90-b3fa-2b4ddf1673a4","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":27,"box":{"x":265,"y":445,"width":604,"height":11}},{"id":"289d55de-9861-4925-85df-036e67b1cc1b","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":27,"box":{"x":265,"y":460,"width":623,"height":11}},{"id":"8281d86e-add2-4aee-9fb4-3080c3e083ce","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":27,"box":{"x":265,"y":475,"width":637,"height":11}},{"id":"aaa4c899-3f99-42ee-a9ed-6a98e0f324fa","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":27,"box":{"x":265,"y":490,"width":631,"height":11}},{"id":"47c7678c-e4b0-4f93-ae0a-2cecb9e7f393","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":27,"box":{"x":264,"y":505,"width":626,"height":11}},{"id":"fcd95832-68be-45bc-a090-9f075d5c0113","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":27,"box":{"x":265,"y":520,"width":639,"height":11}},{"id":"538dcc58-2823-4eb4-bd94-e6658879c286","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":27,"box":{"x":264,"y":535,"width":637,"height":11}},{"id":"b5022e89-f776-4f9a-b88c-978b43856475","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":27,"box":{"x":265,"y":551,"width":586,"height":11}},{"id":"b7456368-e594-4d70-8097-a290d0aaa76d","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":27,"box":{"x":265,"y":566,"width":640,"height":11}},{"id":"fef4c294-df2c-408a-9cd1-0fece8b53df9","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":27,"box":{"x":265,"y":581,"width":389,"height":11}},{"id":"b4630194-f3b0-442c-9064-f7f09e91c4c9","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":27,"box":{"x":69,"y":603,"width":806,"height":12}},{"id":"674ccc62-bce4-47af-9f0c-301d7e39e0da","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":27,"box":{"x":265,"y":618,"width":604,"height":12}},{"id":"24d8b62d-b865-4924-9b6f-801e5c1b0d79","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":27,"box":{"x":265,"y":634,"width":632,"height":11}},{"id":"633c48cd-9347-4fb3-b1ee-5f4f901fe540","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":27,"box":{"x":265,"y":649,"width":562,"height":9}},{"id":"6de16507-f080-4281-be8c-b534be4ae34d","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":27,"box":{"x":265,"y":664,"width":616,"height":10}},{"id":"4a7d4ae5-0cce-46e4-88ec-3955a185318d","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":27,"box":{"x":264,"y":679,"width":591,"height":11}},{"id":"26b8fb0b-e368-4e1e-9795-534a1f7ec4fc","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":27,"box":{"x":265,"y":694,"width":641,"height":11}},{"id":"109e6900-f9db-4586-8025-d1316d0d9307","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":27,"box":{"x":264,"y":709,"width":638,"height":11}},{"id":"6126b8f2-8284-453f-b34a-787b71485a07","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":27,"box":{"x":265,"y":724,"width":584,"height":11}},{"id":"62627d15-ecc4-4651-b998-1aa8b61d61a4","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":27,"box":{"x":265,"y":739,"width":630,"height":12}},{"id":"4c8f1d6f-b7e8-43b9-aa80-1822e3775718","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":27,"box":{"x":265,"y":755,"width":634,"height":11}},{"id":"589a8613-ecf7-4dc8-a8f4-821fcce15b50","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":27,"box":{"x":265,"y":770,"width":599,"height":11}},{"id":"7506854d-454d-41a6-a49e-75e4fa6b3725","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":785,"width":407,"height":11}},{"id":"c2c8163b-e7f5-4362-89aa-b0fc93671373","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":27,"box":{"x":69,"y":807,"width":837,"height":12}},{"id":"5c789999-1e4e-4337-958c-2034f7791d5a","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":27,"box":{"x":265,"y":823,"width":638,"height":11}},{"id":"cbdcd471-dda2-4d38-b272-0dcd0e4cf9d8","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":27,"box":{"x":265,"y":838,"width":642,"height":11}},{"id":"a21af570-691f-4fb7-90ac-a4412173df57","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":27,"box":{"x":265,"y":852,"width":601,"height":12}},{"id":"8d2f254e-feef-4d78-9037-e58f21c9eee1","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":868,"width":595,"height":11}},{"id":"f152d542-20f2-4ebd-a92c-7197fcc10bc1","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":883,"width":323,"height":11}},{"id":"165cc78a-83d3-49f8-8ae5-05fb8973d2a3","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"70c8e8c6-334a-40b6-9a22-8ae64d99b8c5","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f4ec031-8cb9-4143-bdc6-4b4aade5be87","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"bfd5e6d6-91e4-4da3-a59f-5f35b8577c94","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":65,"width":798,"height":12}},{"id":"661ae41c-c15e-43d6-b13e-801506dca145","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":28,"box":{"x":265,"y":81,"width":631,"height":11}},{"id":"6caf5986-d3d0-4a5b-9d33-8594e23f89ba","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":28,"box":{"x":265,"y":96,"width":633,"height":11}},{"id":"d2389257-7a05-47ee-88b0-fd0dea4422dd","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":28,"box":{"x":265,"y":111,"width":628,"height":11}},{"id":"c91b0c02-1445-402b-b25c-cb474168038c","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":28,"box":{"x":265,"y":126,"width":596,"height":11}},{"id":"e7e45166-a478-4b2c-8f25-d7bd9df76a56","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":28,"box":{"x":265,"y":141,"width":616,"height":11}},{"id":"ad1efccf-3a47-4808-96a6-d669bfe92c1d","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":28,"box":{"x":264,"y":156,"width":368,"height":11}},{"id":"e3f9daf6-dc39-46d8-9dec-18977ee80252","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":28,"box":{"x":70,"y":179,"width":806,"height":11}},{"id":"75d14ff9-7a6d-4733-a1b6-728f9abff2ef","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":28,"box":{"x":264,"y":194,"width":584,"height":11}},{"id":"52fce561-d3b9-4080-8190-88cf1dced000","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":28,"box":{"x":265,"y":209,"width":622,"height":11}},{"id":"2ba9a68e-3e2f-4014-8d0a-d1c457715d78","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":28,"box":{"x":265,"y":224,"width":638,"height":11}},{"id":"64497be2-741d-4fc0-aa57-02ca9b2f11e9","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":28,"box":{"x":265,"y":239,"width":570,"height":12}},{"id":"7f9a1e36-c370-4aa4-8ba0-3b197df05c43","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":28,"box":{"x":265,"y":254,"width":642,"height":12}},{"id":"ab4c1d06-661b-4e7e-9a93-9c37cd0ddf9b","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":28,"box":{"x":265,"y":270,"width":626,"height":11}},{"id":"9e166db1-60dd-4803-afbf-81a03e436367","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":28,"box":{"x":265,"y":285,"width":630,"height":11}},{"id":"7a3d97ac-4382-47f9-ae15-910fd783d3a6","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":28,"box":{"x":265,"y":300,"width":602,"height":11}},{"id":"bb4b32bb-a0dc-4328-894f-e3318b147aa9","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":28,"box":{"x":264,"y":315,"width":643,"height":11}},{"id":"8bd41f3b-f043-4ea4-853c-87265394e536","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":28,"box":{"x":264,"y":330,"width":639,"height":11}},{"id":"52b8a71a-e5d5-462d-8709-470ac8013484","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":28,"box":{"x":264,"y":345,"width":641,"height":11}},{"id":"ca6ba723-8d52-4015-91a1-feb70540ea5e","block_type":"box","text":"applicable Commission rules.","page_number":28,"box":{"x":265,"y":360,"width":208,"height":11}},{"id":"e12c40b8-cb17-4858-96f1-a6d0239f5500","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":28,"box":{"x":69,"y":383,"width":769,"height":11}},{"id":"f8f5f4f1-9baa-4179-9dae-99ad769255a3","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":28,"box":{"x":265,"y":398,"width":621,"height":11}},{"id":"36b6f942-e43d-463a-b6fe-e9142a820366","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":28,"box":{"x":265,"y":413,"width":599,"height":11}},{"id":"84e4126a-63aa-4b66-ba61-859fa06b03bf","block_type":"box","text":"Managers, L.P. (”MLIM“) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":28,"box":{"x":265,"y":428,"width":641,"height":12}},{"id":"9307f35f-faa2-4cf9-93e3-481196adfdb7","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":28,"box":{"x":264,"y":443,"width":602,"height":12}},{"id":"c8f6f024-4ee5-4e6a-8cda-0501e9ba82b6","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":28,"box":{"x":264,"y":459,"width":617,"height":11}},{"id":"977b3e41-e0a0-446c-92ae-fd1a76cb5310","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":28,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"f978a989-b950-40b3-96e6-1273af627141","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":28,"box":{"x":264,"y":489,"width":628,"height":11}},{"id":"5a825b84-9695-4b82-901a-9fbce6c640ef","block_type":"box","text":"ar ticles and books on these topics.","page_number":28,"box":{"x":265,"y":504,"width":251,"height":11}},{"id":"6e499b69-01f2-4c6c-9cc6-5cfe167281e3","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":28,"box":{"x":70,"y":526,"width":764,"height":12}},{"id":"f967b01d-2b4d-4248-8625-d55aa66a3f1f","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":28,"box":{"x":265,"y":542,"width":642,"height":11}},{"id":"8338260f-8919-4183-af09-28c144839332","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":28,"box":{"x":264,"y":557,"width":593,"height":11}},{"id":"e8fb08a3-ed04-4107-8028-aa5819d49b5b","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":28,"box":{"x":265,"y":572,"width":603,"height":11}},{"id":"486e578b-81f0-4829-8ef2-1a251e145f55","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":28,"box":{"x":265,"y":587,"width":629,"height":11}},{"id":"e796dc5e-d2bb-4f6c-a0bf-ae47a230c5f7","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"445cccc1-84fc-4982-980d-a7e0463b2e99","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8af825b-6c52-49fe-9b4d-9690631e21b9","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"86b8d627-99c3-4c57-8e7b-b768e0e6efea","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":29,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"903ffd48-9e2d-4846-b7c2-a0cc6b4d05f0","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":29,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"6da98b60-61b4-4fea-96cf-3493eb701405","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":29,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"9abe9b37-d15f-429c-83fd-4a370a47401c","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":29,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"b3c30542-e4b9-4987-b2f4-1c75be1e6559","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":29,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"0b27d954-4d36-4eab-8d44-31fa14c7d385","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":29,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"ec60d4c0-e698-4c6d-b425-d59d10452692","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":29,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"854d691c-2ee8-4d91-a6c2-cefdcf79094f","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":29,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"8a45114a-19ef-4458-9a3c-34b948007f37","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":29,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"6bfc2e67-7897-44f0-9cf0-ef6555f8cdac","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":29,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"cff872e8-3ea5-4d89-8ad0-f4f5a6963dbb","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":29,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"ce182ed7-4529-4813-bbe7-02753b65e6f9","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":29,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"8f63d4cb-03f9-4062-8b1c-e3333e3a41b0","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":29,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"3b08e17b-d167-4072-8963-7917418fc6d6","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":29,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"d982342c-4451-42ba-a6f4-352ec0570dbe","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":29,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"0f588652-68fe-4b0d-a4a0-e24a2fe71c7b","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":29,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"6292aa35-25f1-4a06-9234-f6ed768e781b","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":29,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"2ae7d834-9524-4bef-a6b7-167b33598d56","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":29,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"d12adf6b-2e3e-44f1-ae62-38feb130c4d1","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":29,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"5a994427-88ec-451a-8248-664026af0d88","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":29,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"514b0d99-2105-445c-9822-acd690130b4c","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":29,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"f7ab6ead-b354-434a-9833-3c13d3a513c5","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":29,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"dd4fa935-364f-46ac-9e55-0b95c4c41361","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":29,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"8229a4ad-492f-4ee3-8d01-9fea0309bffc","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":29,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"bd3b4a17-7b77-4dbf-a83c-2e3f0771fd3e","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":29,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"91faf4da-63fa-48e5-8fba-013a28c41f8a","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":29,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"ddedd6bc-7728-48f1-a9ce-ad278b90edd0","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":29,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"a02e8324-108b-4135-af41-691698b743bf","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":29,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"6a30064b-36cb-43ad-8991-e6eec8a263ae","block_type":"box","text":"various private and non-profit boards.","page_number":29,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"91ae2ef7-91d1-4909-9a22-325762ece5a0","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":29,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"8c9fe98e-7586-49aa-aaa1-c40a01ee413c","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":29,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"ea32cf87-e3d7-4bcb-b766-ffc5667dc1d4","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":29,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"b07907c0-1930-4561-9e42-8d251c5f69e1","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":29,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"7fa61214-53a2-4d40-9bed-83219cd0e28a","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":29,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"4dfbd09f-9abb-46e8-8468-2cbc4368ae4b","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":29,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"7f2cdae8-30e6-4ec9-86c9-ebdc85c677a1","block_type":"box","text":"Commission rules.","page_number":29,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"8cd0a709-af8c-4ed0-a1c3-3be5c7abc719","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":29,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"4542256b-a046-4073-9736-8f5d181f7aef","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":29,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"bcc36754-0ce5-4a8c-a58c-1396369c270a","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":29,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"39146728-efed-471a-bdc2-e5633485f4d1","block_type":"box","text":"shor t non-U.S. equity investments, and was an owner and General Par tner of Neon Liber ty","page_number":29,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"41ca8cb0-5206-4502-a6e6-65c22b1fb929","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/shor t equities in","page_number":29,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"f50ae315-3c7b-4d5d-be7e-93258a04ac40","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":29,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"7de913f4-8485-4179-9073-96a6a0131cf7","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":29,"box":{"x":265,"y":723,"width":614,"height":11}},{"id":"d7226a2e-5d72-4a51-a7a7-b3ca5fe57410","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":29,"box":{"x":264,"y":738,"width":641,"height":11}},{"id":"eeca2617-58b2-444f-9fea-d6eb23190551","block_type":"box","text":"applicable Commission rules.","page_number":29,"box":{"x":265,"y":753,"width":208,"height":11}},{"id":"00b18b32-86e2-4bb8-88a8-7820711247b4","block_type":"box","text":"Trustees Elect","page_number":29,"box":{"x":70,"y":776,"width":101,"height":9}},{"id":"5fe0e246-0569-49e8-be6d-d2e69263e7a8","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":29,"box":{"x":69,"y":791,"width":777,"height":11}},{"id":"a1e3114b-66a7-464b-bd0a-68aec0837ac7","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":29,"box":{"x":265,"y":806,"width":613,"height":12}},{"id":"0026138b-6b99-4ac4-aba9-1c0208ca9e4f","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":29,"box":{"x":265,"y":821,"width":563,"height":12}},{"id":"bbe31d4d-6bad-412b-89fc-3aa4bfcca050","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":29,"box":{"x":265,"y":837,"width":607,"height":11}},{"id":"999af760-575b-4dd4-9cf2-2cb3721be9af","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":29,"box":{"x":265,"y":852,"width":638,"height":11}},{"id":"510db097-d24f-4ed0-b300-f65436eb73c5","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":29,"box":{"x":265,"y":867,"width":626,"height":11}},{"id":"5563051e-b36b-4b79-93af-e0a5cef32b59","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":29,"box":{"x":265,"y":882,"width":563,"height":11}},{"id":"ef605ab1-c618-4f85-b9ec-098f68160e73","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"a967c96e-0890-4e8a-a0fa-815b9c720528","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c5d651c-b4b7-4b46-9927-48df04575186","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":30,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"ec990d33-f515-4dae-9c2e-f1306284534b","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":30,"box":{"x":70,"y":65,"width":833,"height":12}},{"id":"8cf12e26-d4a5-4ba3-aa58-b21e5ae9cfe3","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":30,"box":{"x":265,"y":81,"width":638,"height":11}},{"id":"7fa40850-8eeb-4514-8233-7a3d2f836378","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":30,"box":{"x":265,"y":96,"width":608,"height":11}},{"id":"0db456cb-cad0-4720-91d0-f36dd4258b4a","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":30,"box":{"x":264,"y":111,"width":645,"height":10}},{"id":"d8b932a5-ce81-4ac1-8424-fc74770c5ffe","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":30,"box":{"x":264,"y":126,"width":639,"height":9}},{"id":"b9ce1749-f3d0-40c4-9d87-ca13a70d36ee","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":30,"box":{"x":264,"y":141,"width":573,"height":11}},{"id":"37823233-bbdf-470c-9f38-2e3bbd0fb325","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":30,"box":{"x":265,"y":156,"width":625,"height":11}},{"id":"99ea841a-d312-4824-aba9-eecad7b2092e","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":30,"box":{"x":265,"y":171,"width":610,"height":12}},{"id":"800bc2ef-9cc4-4737-b710-dc6195da738d","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":30,"box":{"x":265,"y":186,"width":642,"height":12}},{"id":"38406655-8fb6-489d-81d4-e0ca65bde8db","block_type":"box","text":"and fiduciary governance.","page_number":30,"box":{"x":265,"y":201,"width":181,"height":12}},{"id":"7444f3cc-504a-40ae-adf0-07672c7520b6","block_type":"box","text":"Interested Trustees","page_number":30,"box":{"x":70,"y":224,"width":138,"height":9}},{"id":"b7dfd7af-717a-462d-9594-d7fd593df306","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":30,"box":{"x":70,"y":239,"width":823,"height":11}},{"id":"c511bc03-d4e1-48a1-9ad6-af4388ffdcf4","block_type":"box","text":"years of experience in finance and asset management. In par ticular, Mr. Fairbairn’s","page_number":30,"box":{"x":264,"y":254,"width":593,"height":12}},{"id":"960967cd-80b0-4e4f-81c6-e0ffadf21d40","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":30,"box":{"x":265,"y":269,"width":629,"height":12}},{"id":"4320bccb-23d9-4b87-8920-edb398464889","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":30,"box":{"x":265,"y":285,"width":639,"height":11}},{"id":"aec40951-cf0a-4878-8073-cbf5f556f06f","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":30,"box":{"x":265,"y":300,"width":617,"height":11}},{"id":"26da4b7f-efbc-4795-9214-531889f06f06","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":30,"box":{"x":264,"y":315,"width":634,"height":11}},{"id":"8380e449-701f-4977-af93-92416db60578","block_type":"box","text":"a Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":30,"box":{"x":265,"y":330,"width":637,"height":10}},{"id":"afb146bb-98b0-4681-ac49-e5e86bccbc24","block_type":"box","text":"and iShares","page_number":30,"box":{"x":265,"y":345,"width":84,"height":9}},{"id":"ace40a52-4fd7-46e6-b8d9-58106fbad1fe","block_type":"box","text":"®","page_number":30,"box":{"x":350,"y":346,"width":6,"height":4}},{"id":"3129e228-fd20-4cd6-ab73-db64dce18a2c","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":30,"box":{"x":362,"y":345,"width":478,"height":11}},{"id":"b758b0ce-edd8-41e0-90dc-2e9a70f85ae1","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":30,"box":{"x":265,"y":360,"width":585,"height":12}},{"id":"75bfa386-4600-42c9-babf-839d5adf766d","block_type":"box","text":"Strategic Par tner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":30,"box":{"x":265,"y":375,"width":620,"height":12}},{"id":"08073403-4cb4-4561-92d9-1174d4abfab8","block_type":"box","text":"serves as a board member for the funds in the BlackRock Multi-Asset Complex.","page_number":30,"box":{"x":265,"y":390,"width":565,"height":11}},{"id":"7a667aed-6dae-49ac-ae58-637477686963","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":30,"box":{"x":69,"y":413,"width":821,"height":11}},{"id":"a32f1949-93ab-437f-8996-081d6fbbd655","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":30,"box":{"x":264,"y":428,"width":595,"height":12}},{"id":"5486f684-39b3-4505-b1f1-941ef3054c7f","block_type":"box","text":"President and Chief Executive Officer of the Fund provides him with a strong","page_number":30,"box":{"x":265,"y":443,"width":542,"height":12}},{"id":"81495155-e442-45c7-8308-b1b30bbc7266","block_type":"box","text":"understanding of the Fund, its operations, and the business and regulatory issues facing","page_number":30,"box":{"x":265,"y":458,"width":634,"height":12}},{"id":"6c652901-55d7-45cc-b1a8-212735327e34","block_type":"box","text":"the Fund. Mr. Perlowski’s prior position as Managing Director and Chief Operating Officer","page_number":30,"box":{"x":264,"y":474,"width":633,"height":11}},{"id":"2a8ebb20-9466-4c64-be0a-7444b9e8032c","block_type":"box","text":"of the Global Product Group at Goldman Sachs Asset Management, and his former","page_number":30,"box":{"x":265,"y":489,"width":589,"height":11}},{"id":"cd6146b3-a7d0-4b49-9f67-26fb0ec81141","block_type":"box","text":"service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and","page_number":30,"box":{"x":265,"y":504,"width":629,"height":9}},{"id":"34f4dd99-2a05-4375-a9cc-ce54043d366e","block_type":"box","text":"as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of","page_number":30,"box":{"x":265,"y":519,"width":629,"height":11}},{"id":"eb3a1ee7-d7ff-41e7-a390-ef4fd4f80089","block_type":"box","text":"his experience with the management practices of other financial companies. 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Opatrny","page_number":35,"box":{"x":79,"y":329,"width":129,"height":11}},{"id":"b2aea796-121c-4122-9329-5eaef9955e71","block_type":"box","text":"..............................................","page_number":35,"box":{"x":213,"y":336,"width":369,"height":2}},{"id":"2c3dfa41-3191-4d43-ad27-1cccdb21b2fb","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":659,"y":328,"width":235,"height":11}},{"id":"157bb24b-2000-41e8-8b9a-c79afe8a58f9","block_type":"box","text":"Lori Richards . . .","page_number":35,"box":{"x":79,"y":344,"width":120,"height":9}},{"id":"72cb4a06-226e-4f67-ac1b-19dfe239db1f","block_type":"box","text":"...............................................","page_number":35,"box":{"x":205,"y":351,"width":377,"height":2}},{"id":"34e5a9cb-d743-4320-b77e-c9c80cf8f7a3","block_type":"box","text":"None None","page_number":35,"box":{"x":659,"y":344,"width":199,"height":9}},{"id":"282462dd-5e8e-4e8d-8c5b-eb4831666852","block_type":"box","text":"Mark Stalnecker","page_number":35,"box":{"x":79,"y":359,"width":115,"height":9}},{"id":"f88872ab-f358-4124-8c56-89e182ab37d9","block_type":"box","text":"................................................","page_number":35,"box":{"x":197,"y":366,"width":385,"height":2}},{"id":"ab03879b-7aec-4aeb-b354-97d4795a3fb0","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":659,"y":358,"width":235,"height":11}},{"id":"46be314f-7caa-44ac-8fdc-c01c18103120","block_type":"box","text":"Kenneth L. Urish","page_number":35,"box":{"x":79,"y":374,"width":117,"height":9}},{"id":"96b51071-70d1-4647-85ec-259133277bec","block_type":"box","text":"...............................................","page_number":35,"box":{"x":205,"y":382,"width":377,"height":1}},{"id":"0206be59-bb52-4cf1-82d6-0138645d4804","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":659,"y":373,"width":235,"height":12}},{"id":"c5a15d03-f42f-403a-8892-029d056c0f97","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":79,"y":389,"width":503,"height":9}},{"id":"4b92f879-d49b-445a-b720-f2372dd7b4cf","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":659,"y":389,"width":235,"height":11}},{"id":"48add855-a3b1-4414-ba5b-3e04cfc0bb6c","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":405,"width":138,"height":8}},{"id":"ea4f98b3-b044-402b-b61c-7880b4ceae20","block_type":"box","text":"Rober t Fairbairn","page_number":35,"box":{"x":79,"y":420,"width":113,"height":8}},{"id":"24966385-f725-4b71-8972-147dac503fba","block_type":"box","text":"................................................","page_number":35,"box":{"x":197,"y":427,"width":385,"height":1}},{"id":"4c4f26ac-3312-4aa7-9167-b4ee6adcab98","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":659,"y":419,"width":235,"height":11}},{"id":"80558080-130c-4648-9ac0-864679f3c52a","block_type":"box","text":"John M. Perlowski","page_number":35,"box":{"x":78,"y":435,"width":127,"height":9}},{"id":"0ec9e876-06be-4c91-a0a4-cc89d8e9c1e2","block_type":"box","text":"..............................................","page_number":35,"box":{"x":213,"y":442,"width":369,"height":1}},{"id":"8f9c9a41-7c2c-498e-8a0a-4a93cffac7f6","block_type":"box","text":"None Over $100,000","page_number":35,"box":{"x":659,"y":434,"width":235,"height":11}},{"id":"e8b3b8f8-51b3-4272-8cfc-d37691bb0e77","block_type":"box","text":"As of April 2, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned an","page_number":35,"box":{"x":101,"y":458,"width":792,"height":12}},{"id":"18e100f3-1f33-4de2-88be-4acfbabbb5e6","block_type":"box","text":"aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025, none of the","page_number":35,"box":{"x":69,"y":474,"width":837,"height":11}},{"id":"a039af29-62de-40ef-965b-7eefc8e46c98","block_type":"box","text":"Independent Trustees of the Trust or their immediate family members owned beneficially or of record any securities of","page_number":35,"box":{"x":70,"y":489,"width":840,"height":11}},{"id":"eb1fa249-34e8-44eb-86ac-01a3b915596a","block_type":"box","text":"the Fund’s investment adviser, sub-advisers, principal underwriter, or any person directly or indirectly controlling,","page_number":35,"box":{"x":68,"y":504,"width":800,"height":11}},{"id":"6e2e5947-f7b0-43d7-ad00-c43a053475a8","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":35,"box":{"x":69,"y":519,"width":412,"height":11}},{"id":"1eff2164-4140-4434-a4d4-332caf845254","block_type":"box","text":"Compensation of Trustees","page_number":35,"box":{"x":69,"y":549,"width":190,"height":11}},{"id":"6bc26cc5-4a67-41b8-bb01-ee529297289a","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":35,"box":{"x":102,"y":571,"width":791,"height":12}},{"id":"099dd1ca-df21-4055-992c-ff5c5e0702fc","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":35,"box":{"x":68,"y":587,"width":810,"height":11}},{"id":"b98bd48b-4293-4b4b-a1f5-5f172b637fbb","block_type":"box","text":"including the Fund, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":35,"box":{"x":70,"y":601,"width":837,"height":12}},{"id":"6903ae49-03b1-45e9-bdca-fc043aa24466","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":35,"box":{"x":69,"y":617,"width":807,"height":12}},{"id":"e14826e6-d898-426a-b1af-e4b9722d8208","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":35,"box":{"x":69,"y":632,"width":791,"height":12}},{"id":"ab9a549a-e4e3-4bee-af39-45905035f54e","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":35,"box":{"x":68,"y":647,"width":786,"height":12}},{"id":"742b1b8a-ba3c-4f4a-9283-94a2b1d8de76","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":35,"box":{"x":69,"y":663,"width":769,"height":11}},{"id":"3a307876-df90-4d48-8830-a04831dfae78","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":35,"box":{"x":69,"y":678,"width":778,"height":11}},{"id":"227b8bd9-2871-4cfd-9ba7-c3235d7cdd2f","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":35,"box":{"x":69,"y":692,"width":689,"height":12}},{"id":"3209454b-bf18-4c90-a99e-369ae91467a1","block_type":"box","text":"Each Trustee Elect currently serves as a consultant to the Independent Trustees in the per formance of the","page_number":35,"box":{"x":102,"y":715,"width":761,"height":12}},{"id":"e3ee8e34-19cf-4439-91bf-e63f809174fe","block_type":"box","text":"Independent Trustees’ duties to the Trust and is paid compensation at the same rate as the compensation paid to","page_number":35,"box":{"x":70,"y":731,"width":816,"height":11}},{"id":"aa95d73b-3729-4160-8f85-918c45963087","block_type":"box","text":"any Independent Trustees who are not the Chair of the Board or a Chair of a Committee. This compensation","page_number":35,"box":{"x":69,"y":746,"width":768,"height":11}},{"id":"184cd0ca-d5e2-4d0d-a6ab-05f113e9cc49","block_type":"box","text":"arrangement will continue until July 1, 2026, when each Trustee Elect is expected to begin serving as an","page_number":35,"box":{"x":69,"y":761,"width":746,"height":11}},{"id":"b400acf4-cf6b-4eb0-ae7f-b0db1ae7588b","block_type":"box","text":"Independent Trustee and will be compensated in a manner similar to other Independent Trustees.","page_number":35,"box":{"x":70,"y":776,"width":695,"height":11}},{"id":"8a4dbf97-96ca-411d-9259-0020ede02dae","block_type":"box","text":"The following table sets for th the compensation MIP paid to the Trustees, on behalf of the Master Por tfolio, for","page_number":35,"box":{"x":101,"y":799,"width":792,"height":11}},{"id":"9a921a7e-66f9-474e-a352-ba36fbc3b1be","block_type":"box","text":"the fiscal year ended December 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised","page_number":35,"box":{"x":68,"y":814,"width":813,"height":11}},{"id":"bb0461b5-7006-4427-84cc-c6efcbf0fe0c","block_type":"box","text":"Funds for the calendar year ended December 31, 2025.","page_number":35,"box":{"x":70,"y":829,"width":396,"height":11}},{"id":"2db67459-694a-4ecd-bf4b-fdc4319d88d0","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"4e324bd9-533c-408d-a534-54f04bd7e308","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"336e3cb2-5208-4660-ad75-19a94d6d6b23","block_type":"box","text":"Name","page_number":36,"box":{"x":69,"y":89,"width":32,"height":7}},{"id":"06717e45-5819-4a40-b949-e22f1756fc16","block_type":"box","text":"Compensation from","page_number":36,"box":{"x":484,"y":79,"width":113,"height":9}},{"id":"efdebe84-480f-42e2-9766-c0c44e23eeb6","block_type":"box","text":"the Master Portfolio","page_number":36,"box":{"x":481,"y":89,"width":118,"height":7}},{"id":"8deef90b-b171-436c-aa17-a497b1fb5bca","block_type":"box","text":"Estimated Annual","page_number":36,"box":{"x":630,"y":69,"width":101,"height":7}},{"id":"9da5f8ce-a88a-49c9-8f78-7ade8d617e66","block_type":"box","text":"Benefits upon","page_number":36,"box":{"x":641,"y":79,"width":79,"height":9}},{"id":"5dbb87bf-e74c-4462-9c27-3d6b5f4141f3","block_type":"box","text":"Retirement","page_number":36,"box":{"x":648,"y":89,"width":65,"height":7}},{"id":"13ae94a3-014b-4d65-a743-2096a76ba4c9","block_type":"box","text":"Aggregate Compensation","page_number":36,"box":{"x":761,"y":49,"width":148,"height":9}},{"id":"40dd635b-3ce5-4774-88df-3805f66a757e","block_type":"box","text":"from the Master","page_number":36,"box":{"x":788,"y":59,"width":95,"height":7}},{"id":"f13bcbec-06c0-415e-9951-7d3c0fd073d3","block_type":"box","text":"Portfolio and","page_number":36,"box":{"x":799,"y":69,"width":73,"height":7}},{"id":"a5e39a0c-0119-411d-bbf5-40f529c8d61c","block_type":"box","text":"Other BlackRock","page_number":36,"box":{"x":785,"y":79,"width":102,"height":7}},{"id":"2af09128-06eb-4d34-9963-0403c657de45","block_type":"box","text":"Advised Funds","page_number":36,"box":{"x":791,"y":89,"width":84,"height":7}},{"id":"93ccdb41-1f6f-4efc-9faf-8ee6bbd4e08f","block_type":"box","text":"1","page_number":36,"box":{"x":876,"y":89,"width":3,"height":4}},{"id":"e22d70dc-b0be-4aae-9232-2279a08d12d7","block_type":"box","text":"Independent Trustees","page_number":36,"box":{"x":70,"y":107,"width":154,"height":11}},{"id":"dcf6d6fe-dc8d-4d58-a86f-829d4acfecdb","block_type":"box","text":"Christopher J. Ailman","page_number":36,"box":{"x":79,"y":122,"width":149,"height":11}},{"id":"cda1a422-514e-457a-899b-819ec6bfe2e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . $2,144","page_number":36,"box":{"x":237,"y":121,"width":330,"height":12}},{"id":"f1cb187b-88a3-4a38-8196-a6a5aa915cc3","block_type":"box","text":"None $445,000","page_number":36,"box":{"x":663,"y":121,"width":208,"height":12}},{"id":"aa197f8f-7cd4-4d3e-b75b-982cff9b46ea","block_type":"box","text":"Susan J. Car ter","page_number":36,"box":{"x":79,"y":137,"width":110,"height":9}},{"id":"93934ad4-1bc1-4a7a-8746-cad01af7887b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,144","page_number":36,"box":{"x":196,"y":137,"width":371,"height":11}},{"id":"3836298a-bf1c-4b11-9a7f-fdb6e250c611","block_type":"box","text":"None $445,000","page_number":36,"box":{"x":663,"y":137,"width":208,"height":11}},{"id":"7866d66b-860e-4cb9-b845-e77aa3818c7c","block_type":"box","text":"Collette Chilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,144","page_number":36,"box":{"x":79,"y":152,"width":488,"height":11}},{"id":"8231c1dc-7833-4efa-b8c2-cb73273d24e1","block_type":"box","text":"None $445,000","page_number":36,"box":{"x":663,"y":152,"width":208,"height":11}},{"id":"c4b980cb-bc03-4ea0-a4bb-bb3d3500d26b","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,206","page_number":36,"box":{"x":79,"y":167,"width":487,"height":12}},{"id":"0145fa03-4b75-432b-bab8-67b60377f5dc","block_type":"box","text":"None $467,500","page_number":36,"box":{"x":663,"y":167,"width":208,"height":11}},{"id":"1a1eb5af-6f9a-4f71-82fd-70b6f54586e8","block_type":"box","text":"Henry R. Keizer","page_number":36,"box":{"x":79,"y":183,"width":109,"height":11}},{"id":"dc81de64-cd57-4f53-a876-ca5dd683fd74","block_type":"box","text":"2","page_number":36,"box":{"x":189,"y":183,"width":4,"height":4}},{"id":"a37d7f22-e5fb-4fd0-b75f-2ade040010a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,341","page_number":36,"box":{"x":196,"y":182,"width":371,"height":11}},{"id":"74928eeb-5553-4b67-8a96-9b0c61ab37e0","block_type":"box","text":"None $490,000","page_number":36,"box":{"x":663,"y":182,"width":208,"height":11}},{"id":"3617b9ea-8cc3-4830-94e2-c526af1b8ddd","block_type":"box","text":"Cynthia A. Montgomery","page_number":36,"box":{"x":79,"y":198,"width":164,"height":11}},{"id":"b345dbfb-1d24-45f9-9569-1e8f7f06b8fe","block_type":"box","text":"3","page_number":36,"box":{"x":244,"y":198,"width":4,"height":5}},{"id":"e31a3d8c-e3f3-4a94-ba57-d9ab81701633","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $2,341","page_number":36,"box":{"x":253,"y":197,"width":314,"height":11}},{"id":"85983147-d80f-4099-a8af-239059ea6968","block_type":"box","text":"None $490,000","page_number":36,"box":{"x":663,"y":197,"width":208,"height":11}},{"id":"2ae60d37-4959-4b37-9c09-742b5ade843e","block_type":"box","text":"Donald C. Opatrny","page_number":36,"box":{"x":79,"y":213,"width":129,"height":11}},{"id":"fe4b154b-4aa6-406c-8e68-7945c445b89b","block_type":"box","text":"4","page_number":36,"box":{"x":208,"y":213,"width":4,"height":5}},{"id":"c1e4debf-2ec7-4cbd-b773-0eb8e11f7a09","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,341","page_number":36,"box":{"x":220,"y":212,"width":347,"height":11}},{"id":"fbc28e9e-95a6-498f-baa0-bdb4f0a4d07d","block_type":"box","text":"None $490,000","page_number":36,"box":{"x":663,"y":212,"width":208,"height":11}},{"id":"c0da63d7-5348-413d-92ff-b35725672645","block_type":"box","text":"Lori Richards","page_number":36,"box":{"x":79,"y":228,"width":91,"height":9}},{"id":"1bd955b5-5868-443f-97ea-9a4ac36eb653","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,144","page_number":36,"box":{"x":180,"y":227,"width":387,"height":11}},{"id":"3d70da9a-af72-41c1-80df-189bf0941090","block_type":"box","text":"None $445,000","page_number":36,"box":{"x":663,"y":227,"width":208,"height":11}},{"id":"99c1db99-347a-4783-a993-f11fed831a26","block_type":"box","text":"Mark Stalnecker","page_number":36,"box":{"x":79,"y":243,"width":115,"height":9}},{"id":"6dae1e62-0ab3-4d0f-8336-fba9d51d01b3","block_type":"box","text":"5","page_number":36,"box":{"x":195,"y":244,"width":4,"height":4}},{"id":"41dc87c9-38eb-4862-b34a-1dfc8f9b69d7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,801","page_number":36,"box":{"x":204,"y":242,"width":363,"height":12}},{"id":"c0182796-1e81-4aad-9fbf-899559a73c11","block_type":"box","text":"None $595,000","page_number":36,"box":{"x":663,"y":242,"width":208,"height":12}},{"id":"9d167bb7-3c24-4e4e-a429-0767913f310a","block_type":"box","text":"Kenneth L. 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$1,042,847","page_number":37,"box":{"x":70,"y":724,"width":834,"height":12}},{"id":"e8a86e48-c370-476e-ba13-4bfec702c8e2","block_type":"box","text":"1","page_number":37,"box":{"x":905,"y":725,"width":4,"height":5}},{"id":"f63a4079-0be3-4ac9-97f0-ffe9f0960e7e","block_type":"box","text":"1","page_number":37,"box":{"x":69,"y":750,"width":3,"height":3}},{"id":"d2fa92f9-ea80-477b-b5db-5e52b7ba5ea8","block_type":"box","text":"The Fund commenced operations on September 19, 2023.","page_number":37,"box":{"x":76,"y":749,"width":333,"height":9}},{"id":"1f12a7f9-d4f0-4693-bae0-6be99840519e","block_type":"box","text":"Administration Arrangements","page_number":37,"box":{"x":68,"y":778,"width":214,"height":11}},{"id":"62050e21-ca5d-40e5-99f5-a48d32e239dd","block_type":"box","text":"The Trust has engaged BlackRock Advisors, LLC (“BAL”) to provide cer tain administration services to the Fund.","page_number":37,"box":{"x":101,"y":801,"width":791,"height":11}},{"id":"3cbb1afd-71b9-4a42-a4fc-f72e10696de4","block_type":"box","text":"Pursuant to an Administration Agreement with the Trust, BAL and its affiliates provide as administration services,","page_number":37,"box":{"x":69,"y":816,"width":808,"height":11}},{"id":"6199d578-7694-4bc8-87fc-d34000c69107","block_type":"box","text":"among other things: supervision of the administrative operation of the Trust and the Fund, provision of management","page_number":37,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"f594ff3f-f002-4467-8ec0-2878f6edc7b2","block_type":"box","text":"repor ting and treasury administration services, financial repor ting, legal and tax services, and preparation of proxy","page_number":37,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"5ad73ed4-bfb3-4f48-989d-14fac0811d10","block_type":"box","text":"statements and shareholder repor ts for the Fund. BAL and its affiliates also furnish office space and cer tain facilities","page_number":37,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"61a1a9ef-f60c-430c-abfd-a2e82b0e0c52","block_type":"box","text":"required for conducting the business of the Trust together with all other administrative services that are not being","page_number":37,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"9c3efae1-cfaa-4f56-9640-38d126b4976a","block_type":"box","text":"furnished by BFA. BAL and its affiliates also pay the compensation of the Trust’s Trustees who are not Independent","page_number":37,"box":{"x":68,"y":891,"width":825,"height":11}},{"id":"1eb21429-42e7-490e-bd60-42d7d471ce24","block_type":"box","text":"Trustees and of officers and employees who are affiliated with the Trust. For providing such services, BAL is entitled","page_number":37,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"8fb30c6b-0351-4670-8e0c-93e76582c1c4","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"73b139d7-1252-41da-b1d5-cc899dca7d57","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbe6313a-4374-4bfd-86e7-0492f4d88607","block_type":"box","text":"to a monthly fee at an annual rate of 0.25% of the Fund’s average daily net assets. BAL is entitled to receive an","page_number":38,"box":{"x":68,"y":45,"width":799,"height":11}},{"id":"49e33921-74e6-4eb9-a216-9c952c7241fd","block_type":"box","text":"annual administrative fee of 0.10% of the Master Por tfolio’s average daily net assets for providing administration","page_number":38,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"d45ff781-a815-4def-9b09-e755b1189048","block_type":"box","text":"services. BAL has contractually agreed to waive the Master Por tfolio’s administration fees through June 30, 2027.","page_number":38,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"af29231a-f624-463d-87f2-4ccb982ef08a","block_type":"box","text":"In addition, BAL has agreed to bear all costs of the Fund’s and the Trust’s operations, but not including","page_number":38,"box":{"x":102,"y":98,"width":737,"height":11}},{"id":"073d61e6-2031-4cf8-bf16-3988d9ef4f33","block_type":"box","text":"brokerage expenses, advisory fees, any 12b-1 fees, cer tain fees and expenses related to the Trust’s Independent","page_number":38,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"b39f46a6-59b4-4e82-b971-07ea4a57c7a5","block_type":"box","text":"Trustees and their counsel, auditing fees, litigation expenses, taxes and extraordinary expenses.","page_number":38,"box":{"x":68,"y":128,"width":690,"height":11}},{"id":"38a5d685-1134-43ea-a95d-1f8eeaa0fec7","block_type":"box","text":"The fees and expenses of the trustees who are not “interested persons” of the Trust and MIP as defined in the","page_number":38,"box":{"x":101,"y":150,"width":794,"height":11}},{"id":"bcc81f13-8d15-40cb-94e0-2773b6287d4f","block_type":"box","text":"Investment Company Act (the “Independent Trustees”), counsel to the Independent Trustees and the independent","page_number":38,"box":{"x":70,"y":166,"width":812,"height":11}},{"id":"6aa718a4-cd13-407b-8461-23dcc1501d65","block_type":"box","text":"registered public accounting firm that provides audit services in connection with the Fund and the Master Por tfolio","page_number":38,"box":{"x":69,"y":181,"width":815,"height":11}},{"id":"d9c39f18-ab41-494a-879c-ff7dadce4094","block_type":"box","text":"(collectively referred to as the “Independent Expenses”) are paid directly by the Fund and the Master Por tfolio. BFA","page_number":38,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"a8c2f063-36f8-4663-9ece-036f4b347738","block_type":"box","text":"and BAL have contractually under taken, through June 30, 2027, to reimburse or provide an offsetting credit to the","page_number":38,"box":{"x":69,"y":211,"width":815,"height":11}},{"id":"0081fbe8-0108-4423-b529-a9261cbdcc8f","block_type":"box","text":"Fund for such Independent Expenses. Such contractual arrangement may be terminated upon 90 days’ notice by a","page_number":38,"box":{"x":70,"y":226,"width":815,"height":11}},{"id":"6b307b66-9246-4512-a8ad-4af1f57c0dda","block_type":"box","text":"majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":38,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"61614b9b-9df9-4cae-b60d-53d6d303517c","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust, on behalf of the Fund, to","page_number":38,"box":{"x":101,"y":264,"width":798,"height":11}},{"id":"82850ff9-4687-41e9-b8c4-3e753a822e75","block_type":"box","text":"BAL and the amounts waived and/or reimbursed, for the periods shown:","page_number":38,"box":{"x":70,"y":279,"width":512,"height":11}},{"id":"71587234-0c82-49fb-90da-013f7f1ec228","block_type":"box","text":"Fees Paid to","page_number":38,"box":{"x":542,"y":307,"width":72,"height":7}},{"id":"68cd48ca-6373-4ab0-aded-773247ce6370","block_type":"box","text":"the Administrator","page_number":38,"box":{"x":527,"y":317,"width":102,"height":7}},{"id":"e97aa570-577a-465a-8487-c01839d79643","block_type":"box","text":"Fees Waived by","page_number":38,"box":{"x":665,"y":307,"width":90,"height":9}},{"id":"34701dcb-ee8d-4c87-ada1-6ede3017018d","block_type":"box","text":"the Administrator","page_number":38,"box":{"x":659,"y":317,"width":102,"height":7}},{"id":"136a821f-9c08-4284-955f-bd483e82e266","block_type":"box","text":"Fees Reimbursed","page_number":38,"box":{"x":800,"y":307,"width":99,"height":7}},{"id":"77392f84-32cd-4177-8780-250ef975a45d","block_type":"box","text":"by the Administrator","page_number":38,"box":{"x":791,"y":317,"width":118,"height":9}},{"id":"d04495b0-0bbe-489b-b8ae-73015f67f346","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . $2,788,579 $11,505 $0","page_number":38,"box":{"x":70,"y":334,"width":789,"height":12}},{"id":"2f82a4ec-f074-41c3-b616-b505ffc3e923","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . $2,119,414 $10,636 $0","page_number":38,"box":{"x":70,"y":349,"width":789,"height":12}},{"id":"05a06465-6e49-46ee-bb5e-9321c77d768f","block_type":"box","text":"Fiscal Period September 19, 2023","page_number":38,"box":{"x":70,"y":365,"width":244,"height":11}},{"id":"175f2829-4598-4cae-bdc5-7ed5f7e141f6","block_type":"box","text":"1","page_number":38,"box":{"x":315,"y":366,"width":4,"height":4}},{"id":"28728c9d-fc86-4c0d-a302-f8323b90bdd5","block_type":"box","text":"to December 31, 2023 . $ 240,287 $11,767 $0","page_number":38,"box":{"x":325,"y":365,"width":534,"height":11}},{"id":"31cf4004-3fd7-43e1-ab17-8c3ddd0f26c5","block_type":"box","text":"1","page_number":38,"box":{"x":69,"y":390,"width":3,"height":3}},{"id":"df7bec84-b3ba-4061-be4e-0b56b33f60aa","block_type":"box","text":"Commencement of operations.","page_number":38,"box":{"x":76,"y":390,"width":173,"height":8}},{"id":"d3324fd2-08f5-4177-a174-da2a383be7d0","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":38,"box":{"x":69,"y":418,"width":335,"height":11}},{"id":"61a42ddd-cff5-41bc-ba67-5a575fa518fd","block_type":"box","text":"Philip Green, Michael Pensky, CFA and Daniel Felder, CFA are the por tfolio managers and are jointly and primarily","page_number":38,"box":{"x":102,"y":441,"width":803,"height":11}},{"id":"4727a4e2-ca70-4cb1-a546-065cd1f4656e","block_type":"box","text":"responsible for the day-to-day management of the Master Por tfolio’s por 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Managed","page_number":38,"box":{"x":363,"y":567,"width":211,"height":9}},{"id":"ec2c1e9c-d0c1-414a-965a-0a2410427744","block_type":"box","text":"and Assets by Account Type","page_number":38,"box":{"x":386,"y":578,"width":165,"height":8}},{"id":"40b7034f-18f5-4a70-906a-5bbfa6075806","block_type":"box","text":"Number of Other Accounts and Assets","page_number":38,"box":{"x":656,"y":567,"width":222,"height":8}},{"id":"eb20ac6f-9de6-4da7-9985-0c12c6102266","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":38,"box":{"x":634,"y":577,"width":265,"height":9}},{"id":"4eedc232-66f9-4ebc-bc3f-4ad2bee68d2c","block_type":"box","text":"Name of Portfolio 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Overview","page_number":38,"box":{"x":69,"y":731,"width":304,"height":12}},{"id":"01de0760-798a-4d34-b605-114582a3d53f","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":38,"box":{"x":101,"y":754,"width":700,"height":11}},{"id":"6773ecb4-d338-4364-8d2f-f87730f2cb98","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":38,"box":{"x":102,"y":777,"width":774,"height":11}},{"id":"38cefc1a-d438-4372-990b-1ce28df1dca1","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":38,"box":{"x":70,"y":792,"width":837,"height":11}},{"id":"c867cd6e-b3f6-4c76-a073-f625e94a6074","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":38,"box":{"x":69,"y":807,"width":823,"height":11}},{"id":"b9caabbf-dfb2-408e-b8c3-aa6513b78114","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":38,"box":{"x":69,"y":822,"width":799,"height":11}},{"id":"df4223ec-5b95-43ad-a411-0db2546af895","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":38,"box":{"x":70,"y":837,"width":670,"height":11}},{"id":"934dacac-3c6c-46ff-802b-cd13ef587cfa","block_type":"box","text":"Base Compensation.","page_number":38,"box":{"x":102,"y":860,"width":148,"height":11}},{"id":"f4d780f5-78f6-4f6d-85e2-758714ba70ce","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":38,"box":{"x":257,"y":860,"width":640,"height":11}},{"id":"97e64a11-e433-415d-a6ae-3688cc41e64f","block_type":"box","text":"firm.","page_number":38,"box":{"x":68,"y":875,"width":32,"height":9}},{"id":"724747d7-cfee-4d33-9033-ba180629d77c","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"16c2370b-9df3-438c-836f-634cec5a95a6","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f91f35df-d456-443f-83d7-cc993cf6daf7","block_type":"box","text":"Discretionary Incentive Compensation","page_number":39,"box":{"x":69,"y":45,"width":277,"height":11}},{"id":"fd8999bb-2a73-4978-8722-f094b3d591ce","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":39,"box":{"x":102,"y":67,"width":281,"height":11}},{"id":"e2e4624e-8c25-4249-8ae0-53bb02228690","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":39,"box":{"x":391,"y":67,"width":432,"height":11}},{"id":"033d7b29-1e15-4cf6-9aec-c25a05a1084e","block_type":"box","text":"components: the commercial per formance of BlackRock, Inc., the commercial per formance of the por tfolio","page_number":39,"box":{"x":69,"y":82,"width":762,"height":11}},{"id":"5bf68e9f-1efa-4362-808e-7bb536eb99e0","block_type":"box","text":"manager’s group, client investment per formance relative to predetermined benchmarks for which the por tfolio","page_number":39,"box":{"x":69,"y":98,"width":785,"height":11}},{"id":"da4c1c6c-7113-4e52-9d69-4607d00754b5","block_type":"box","text":"manager’s group is responsible, and the individual’s contribution to the overall per formance of these por tfolios and","page_number":39,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"1abd30d5-c1e9-458a-ac65-89aa034304ce","block_type":"box","text":"BlackRock. Commercial and investment per formance is generally assessed over trailing 1-,3-, and 5-year periods. The","page_number":39,"box":{"x":70,"y":128,"width":838,"height":11}},{"id":"36d24fdc-ade7-44b6-8441-4062cb762636","block_type":"box","text":"relative benchmarks for these por tfolio managers are:","page_number":39,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"fb54c6f9-c2b7-4eea-9d8d-552ee9578e79","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":69,"y":171,"width":105,"height":9}},{"id":"be82e6f4-6ac2-4ab0-af70-442d84f1303b","block_type":"box","text":"Benchmarks","page_number":39,"box":{"x":702,"y":171,"width":72,"height":7}},{"id":"746f7722-fa77-40f7-a6ec-a0a3e5ae95c8","block_type":"box","text":"Philip Green . . .","page_number":39,"box":{"x":69,"y":189,"width":108,"height":11}},{"id":"975274a5-182b-4a27-9c41-b817acc46060","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A combination of market-","page_number":39,"box":{"x":183,"y":189,"width":561,"height":9}},{"id":"95c6028c-5f71-43a6-b6b5-fd23d35bbd6f","block_type":"box","text":"based indices (Russell","page_number":39,"box":{"x":745,"y":189,"width":159,"height":11}},{"id":"d0c1f22d-ae8c-441c-ab62-10718a0715d1","block_type":"box","text":"1000, MSCI All Country World Index, ICE BofA","page_number":39,"box":{"x":567,"y":203,"width":326,"height":12}},{"id":"096970b7-86e1-4043-bf8f-82267460e1b0","block_type":"box","text":"3-Month US T Bill), cer tain custom indices and","page_number":39,"box":{"x":567,"y":218,"width":330,"height":11}},{"id":"66e3c4e8-0780-41db-8d60-12098f797788","block_type":"box","text":"Daniel Felder, CFA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":232,"width":465,"height":11}},{"id":"69f2b0b1-1a65-40c1-bb59-fe99a3afa41f","block_type":"box","text":"cer tain fund industry peer groups.","page_number":39,"box":{"x":567,"y":232,"width":241,"height":12}},{"id":"e6d94d37-aa56-479e-95eb-5bca658bcb3e","block_type":"box","text":"Michael Pensky, CFA","page_number":39,"box":{"x":70,"y":248,"width":144,"height":11}},{"id":"72211346-b0e6-4ca6-98f3-b8fa5d09c966","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A combination of market-","page_number":39,"box":{"x":224,"y":247,"width":520,"height":9}},{"id":"b83bd8bf-689a-4c5f-94a5-534dd7cda4bd","block_type":"box","text":"based indices (MSCI","page_number":39,"box":{"x":745,"y":248,"width":144,"height":10}},{"id":"4cc98e76-e0c9-4a0a-be68-27c357272856","block_type":"box","text":"EAFE, Russell 3000, Bloomberg U.S. Aggregate","page_number":39,"box":{"x":568,"y":262,"width":336,"height":11}},{"id":"ca07a8ec-65ca-48a0-91de-21a4784b0870","block_type":"box","text":"Bond Index, ICE BofA 3-Month US T Bill), cer tain","page_number":39,"box":{"x":567,"y":276,"width":342,"height":11}},{"id":"2a893f5b-ecd4-4e51-b654-2f00cc390d43","block_type":"box","text":"customized indices and cer tain fund industry","page_number":39,"box":{"x":567,"y":291,"width":320,"height":11}},{"id":"b15cac3f-db6e-4a92-ae07-731644edf8ae","block_type":"box","text":"peer groups.","page_number":39,"box":{"x":567,"y":307,"width":88,"height":10}},{"id":"a948601c-4b29-48aa-8ee1-a9e935e5a215","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":39,"box":{"x":102,"y":329,"width":389,"height":11}},{"id":"a86519af-4f5f-442d-8cb9-1fa60a7e3a8d","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":39,"box":{"x":499,"y":330,"width":383,"height":11}},{"id":"6862c89d-3fd3-463d-853b-497a81271992","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":39,"box":{"x":70,"y":344,"width":815,"height":12}},{"id":"efe7c28c-eddb-4f68-b867-cdc80d0cb70d","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":39,"box":{"x":68,"y":360,"width":522,"height":11}},{"id":"34e1dc0b-9d96-458a-ab2f-cd737bd7095f","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":39,"box":{"x":102,"y":382,"width":760,"height":12}},{"id":"fe135de9-51d4-4c4b-ae94-fbb4a92ac53b","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":39,"box":{"x":69,"y":397,"width":795,"height":12}},{"id":"c428feae-382d-4cbc-bda3-18f9f2be0f14","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":39,"box":{"x":69,"y":412,"width":805,"height":12}},{"id":"ed991fc1-0b37-4dea-84be-bef407733709","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":39,"box":{"x":69,"y":428,"width":822,"height":11}},{"id":"774c3713-37f0-464c-8bed-7e941f3268dc","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":39,"box":{"x":68,"y":443,"width":839,"height":11}},{"id":"3b2a346f-8bf2-4b0e-9778-de367fe0c6b2","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":39,"box":{"x":69,"y":458,"width":802,"height":11}},{"id":"897d4f11-739f-44e7-afc5-ab9ec7dbee37","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":39,"box":{"x":70,"y":473,"width":820,"height":11}},{"id":"1bcfb348-8509-4f9b-884c-ec5d9a945432","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":39,"box":{"x":70,"y":488,"width":801,"height":11}},{"id":"5cf73022-6528-4405-b4f2-e6bba06d1e0a","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":39,"box":{"x":70,"y":503,"width":831,"height":11}},{"id":"7c777b68-3876-4165-a533-1e9ce7c0391b","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":39,"box":{"x":69,"y":518,"width":479,"height":12}},{"id":"99cffd81-7a74-4d19-a460-0bce66766b59","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":39,"box":{"x":102,"y":541,"width":785,"height":11}},{"id":"06d76432-d6d9-4d1d-a2e6-1866e494e611","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":39,"box":{"x":68,"y":556,"width":836,"height":11}},{"id":"1260564c-e578-468b-b3d2-c7cc769f39fe","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":39,"box":{"x":68,"y":571,"width":821,"height":12}},{"id":"daac2846-ebb9-4f23-adf1-d2a09422fdb2","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":39,"box":{"x":69,"y":586,"width":829,"height":12}},{"id":"a0d8e2e4-b24c-48f4-9b1a-f4d134ecdbe7","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":39,"box":{"x":70,"y":601,"width":835,"height":12}},{"id":"839a4b6f-2678-4b9c-9af5-6a26cd7eabf8","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":39,"box":{"x":69,"y":617,"width":414,"height":11}},{"id":"43bea2d0-1e47-4414-92db-eb7f7f8cda9d","block_type":"box","text":"Other Compensation Benefits.","page_number":39,"box":{"x":101,"y":639,"width":218,"height":11}},{"id":"55e58080-26c2-4bb3-a135-5c97a4944b32","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":39,"box":{"x":327,"y":639,"width":552,"height":11}},{"id":"e0934b25-9e6d-43e9-9bb6-c71ad6cf0bf1","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":39,"box":{"x":69,"y":654,"width":582,"height":12}},{"id":"7c0bb87e-e528-42b0-9c58-31e99e3b97fd","block_type":"box","text":"Incentive Savings Plans","page_number":39,"box":{"x":102,"y":677,"width":167,"height":11}},{"id":"12db0750-5818-45cd-8bdf-32da126f3557","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":39,"box":{"x":274,"y":677,"width":614,"height":11}},{"id":"9df39560-5d4c-4f47-aa4a-9e5c691cdde7","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":39,"box":{"x":69,"y":692,"width":831,"height":11}},{"id":"6be5f808-06ee-4157-91db-73ade38c26fa","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":39,"box":{"x":70,"y":707,"width":785,"height":11}},{"id":"b9523a96-b1b0-4d5a-be76-88fe1a2cdbb9","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":39,"box":{"x":69,"y":722,"width":830,"height":12}},{"id":"975b5d58-65ac-486c-9bb1-43ab94fa5aa7","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":39,"box":{"x":69,"y":738,"width":799,"height":11}},{"id":"a1898dcf-9354-4ad8-8b9b-1331d8c392c2","block_type":"box","text":"($350,000 for 2025, $360,000 for 2026). The RSP offers a range of investment options, including registered","page_number":39,"box":{"x":69,"y":752,"width":785,"height":12}},{"id":"7083deb1-6954-4b02-b003-5a6a6d872202","block_type":"box","text":"investment companies and collective investment funds managed by the firm. BlackRock contributions follow the","page_number":39,"box":{"x":70,"y":768,"width":795,"height":11}},{"id":"eaa6e7b9-ea17-4b7f-9c94-083de609d6aa","block_type":"box","text":"investment direction set by par ticipants for their own contributions or, absent par ticipant investment direction, are","page_number":39,"box":{"x":70,"y":783,"width":813,"height":11}},{"id":"17ad2fd6-5a0c-4d87-aa93-f5957666cb17","block_type":"box","text":"invested into a target date fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65.","page_number":39,"box":{"x":70,"y":798,"width":837,"height":11}},{"id":"5796d148-044f-4aca-a145-eda222e17907","block_type":"box","text":"The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock","page_number":39,"box":{"x":68,"y":813,"width":819,"height":9}},{"id":"f468fea4-25b6-4026-b0ad-3ff24ef9ce76","block_type":"box","text":"on the purchase date. Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock","page_number":39,"box":{"x":69,"y":828,"width":828,"height":11}},{"id":"8262ae9d-ab8d-4e14-b51f-a7564d977e6d","block_type":"box","text":"or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible por tfolio","page_number":39,"box":{"x":69,"y":843,"width":769,"height":12}},{"id":"2288d1ca-6ea0-418e-a404-317d2ec32839","block_type":"box","text":"managers are eligible to par ticipate in these plans.","page_number":39,"box":{"x":69,"y":859,"width":363,"height":11}},{"id":"d93f5ca9-0f7e-4bbe-b38b-dc552055ac4f","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"771808fd-df74-404f-9e9f-0e89c59f99c6","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6197117e-ad7c-41b2-a2ed-258ed1367ef2","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":40,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"5c7a593a-ff5f-4fe4-96f8-1028890081f7","block_type":"box","text":"As of December 31, 2025, the Fund most recently completed fiscal year end, the dollar range of securities","page_number":40,"box":{"x":101,"y":67,"width":761,"height":12}},{"id":"ae38b82e-e097-435b-90e2-cfa57d18a702","block_type":"box","text":"beneficially owned by the por tfolio managers in each Fund is shown below:","page_number":40,"box":{"x":69,"y":82,"width":531,"height":12}},{"id":"1f3a305c-dee0-41f6-a37b-1f83c3a96be9","block_type":"box","text":"Portfolio Manager","page_number":40,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"b5833927-9f07-40aa-891d-65d303287d14","block_type":"box","text":"Dollar Range of Equity","page_number":40,"box":{"x":758,"y":111,"width":129,"height":9}},{"id":"995fdcbc-ea29-461f-a963-f8ee55a1a339","block_type":"box","text":"Securities Beneficially Owned","page_number":40,"box":{"x":735,"y":121,"width":173,"height":9}},{"id":"f7440789-0609-4206-b111-0a6629e87e4b","block_type":"box","text":"Philip Green","page_number":40,"box":{"x":69,"y":139,"width":84,"height":10}},{"id":"16e1e49c-45ed-44e7-847d-47f45c609dd0","block_type":"box","text":"....................................................................","page_number":40,"box":{"x":156,"y":146,"width":548,"height":1}},{"id":"cd16da62-cc74-4ba3-9693-d79d8140d3d7","block_type":"box","text":"$500,001 - $1,000,000","page_number":40,"box":{"x":736,"y":138,"width":173,"height":11}},{"id":"fc3bab4a-328d-4d91-ab63-80c3ac4b7429","block_type":"box","text":"Michael Pensky. . .","page_number":40,"box":{"x":70,"y":154,"width":129,"height":11}},{"id":"f46e5e45-cdea-48ff-846e-f84d7c154fda","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":40,"box":{"x":205,"y":154,"width":635,"height":9}},{"id":"67dc4fa1-da1f-482b-8155-a86a7ee646ef","block_type":"box","text":"Daniel Felder. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":40,"box":{"x":70,"y":169,"width":770,"height":9}},{"id":"2a53509e-d96d-4c75-b8ce-60e7353f846b","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":40,"box":{"x":69,"y":200,"width":403,"height":12}},{"id":"f7f62134-a3a7-4747-b5c3-7006b3db6b87","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":40,"box":{"x":102,"y":223,"width":727,"height":11}},{"id":"e9ed8b81-4df4-48f5-8387-6a9b7d39bd8c","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":40,"box":{"x":70,"y":238,"width":814,"height":11}},{"id":"da711cfe-3fa0-4b8d-8adf-26e130243674","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":40,"box":{"x":70,"y":253,"width":837,"height":11}},{"id":"6d07b518-7da7-432b-a34c-a8a509c27251","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":40,"box":{"x":70,"y":268,"width":810,"height":12}},{"id":"b6fab172-9a94-45b9-ae14-1e16e2eecff2","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":40,"box":{"x":69,"y":283,"width":782,"height":12}},{"id":"9ff1553c-46e8-4f42-b4df-3f55e2e8861e","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":40,"box":{"x":69,"y":299,"width":830,"height":11}},{"id":"7fc610d3-e900-4806-80fa-ef0f473e8207","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":40,"box":{"x":69,"y":314,"width":828,"height":11}},{"id":"7443ffb0-002f-4209-953e-99efb4db178b","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":40,"box":{"x":68,"y":329,"width":834,"height":11}},{"id":"5278d1bd-d3d6-4a18-9690-50a1dd45bc7e","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":40,"box":{"x":70,"y":344,"width":777,"height":11}},{"id":"a90cc9c0-5ef2-460d-a220-4b8854b4a2df","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":40,"box":{"x":70,"y":359,"width":821,"height":11}},{"id":"5e05fe40-97ed-4af9-9475-c77a3e1af302","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":40,"box":{"x":69,"y":374,"width":819,"height":11}},{"id":"793f3b60-7a16-4c28-a3eb-ce7e3eb1b027","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":40,"box":{"x":69,"y":389,"width":832,"height":11}},{"id":"a24c7d3b-104e-4196-8f63-87470389f4c3","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":40,"box":{"x":68,"y":404,"width":804,"height":11}},{"id":"d1a6c1a5-5685-4785-b822-9b2cb4347492","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":40,"box":{"x":69,"y":419,"width":760,"height":12}},{"id":"e0cf7300-737f-4f28-bdce-91ccd9a4af23","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":40,"box":{"x":69,"y":435,"width":834,"height":11}},{"id":"06cd809a-ba37-45a2-bd78-6e53f42747be","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":40,"box":{"x":69,"y":450,"width":836,"height":11}},{"id":"31b5734c-cf3a-472b-8cc4-f6379497cb47","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":40,"box":{"x":69,"y":465,"width":822,"height":11}},{"id":"869e627e-61ed-4bcc-9247-dda86bb69d5f","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":40,"box":{"x":70,"y":480,"width":835,"height":11}},{"id":"20e4d2bb-13b6-4cf2-95be-ad5b971a0be2","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Mr. Green may be managing hedge fund","page_number":40,"box":{"x":69,"y":495,"width":833,"height":11}},{"id":"9923daaf-0ef6-4b32-84fe-fde172f8b882","block_type":"box","text":"and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts, subject to","page_number":40,"box":{"x":69,"y":510,"width":802,"height":11}},{"id":"79b4a34d-7518-464b-a5e1-c3ededd61071","block_type":"box","text":"incentive fees. Mr. Green may therefore be entitled to receive a por tion of any incentive fees earned on such","page_number":40,"box":{"x":70,"y":525,"width":773,"height":11}},{"id":"4cc687fc-a33e-44c8-aaac-1036d85a8871","block_type":"box","text":"accounts.","page_number":40,"box":{"x":69,"y":541,"width":67,"height":8}},{"id":"b8cd5f2d-e206-4b48-9d8a-4d766f59fa51","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":40,"box":{"x":101,"y":563,"width":788,"height":11}},{"id":"2462299c-9a1b-425a-bb74-a138f436c88f","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":40,"box":{"x":70,"y":578,"width":839,"height":11}},{"id":"1a69c850-6636-4cec-b329-bcd5954af7fe","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":40,"box":{"x":68,"y":593,"width":823,"height":12}},{"id":"268bfbeb-3249-41ea-8582-b82681e7828d","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":40,"box":{"x":68,"y":608,"width":812,"height":12}},{"id":"d8dccf59-a102-4d11-8fa8-6af0c6fb0c0e","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":40,"box":{"x":69,"y":623,"width":777,"height":12}},{"id":"2895005d-a2b9-4418-84fe-188cc67182c0","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":40,"box":{"x":70,"y":639,"width":826,"height":11}},{"id":"30efbbc8-de59-464a-90ff-f02b740a5f53","block_type":"box","text":"Accounting Services","page_number":40,"box":{"x":68,"y":669,"width":150,"height":11}},{"id":"8d3c204f-0371-46a9-bc4a-825eab527ae3","block_type":"box","text":"State Street Bank and Trust Company (”State Street“) serves as the accounting services provider for the Master","page_number":40,"box":{"x":102,"y":692,"width":803,"height":11}},{"id":"fb5fbcff-3ace-4355-b129-50c9cc9b955e","block_type":"box","text":"Por tfolio. State Street maintains the books of account and other financial records (other than those maintained by","page_number":40,"box":{"x":69,"y":707,"width":815,"height":11}},{"id":"2949baae-fe99-43a2-89b5-7eb82926cd22","block_type":"box","text":"the Master Por tfolio’s custodian); records general ledger entries; calculates daily net income; reconciles activity to","page_number":40,"box":{"x":68,"y":722,"width":817,"height":11}},{"id":"5d135097-0e12-4c01-aec6-4f7b15213c49","block_type":"box","text":"the trial balance; calculates and publishes daily net asset value; prepares account balances; and provides such other","page_number":40,"box":{"x":68,"y":737,"width":840,"height":11}},{"id":"234a4d4b-677d-42a2-80ad-68e4350c4e8a","block_type":"box","text":"accounting services as may be required. In connection with its accounting services, State Street also provides","page_number":40,"box":{"x":69,"y":752,"width":788,"height":11}},{"id":"66653dde-2767-4e07-a3ca-d20817f95ccf","block_type":"box","text":"cer tain administration services.","page_number":40,"box":{"x":69,"y":767,"width":225,"height":9}},{"id":"7dcbcfee-d810-4fc4-87e2-73b8b19a27db","block_type":"box","text":"Custodian","page_number":40,"box":{"x":69,"y":798,"width":72,"height":8}},{"id":"a0140789-1fcb-41ab-85f8-323d43887b34","block_type":"box","text":"State Street, which has its principal place of business at One Congress Street, Suite 1, Boston, Massachusetts","page_number":40,"box":{"x":102,"y":820,"width":797,"height":11}},{"id":"589f97bc-5cfc-444c-a271-a7e5ea4ec59e","block_type":"box","text":"02114-2016, serves as the custodian for the Fund (the ”Custodian“). The Custodian, among other responsibilities,","page_number":40,"box":{"x":69,"y":835,"width":822,"height":11}},{"id":"c9177525-782d-45a2-be64-8b66733bb915","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":40,"box":{"x":69,"y":850,"width":832,"height":11}},{"id":"46ddcee9-841a-49d2-919e-96d0e146df02","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":40,"box":{"x":70,"y":866,"width":813,"height":11}},{"id":"30b4a175-866d-4096-8b62-c743b2b27adb","block_type":"box","text":"account of the assets of the Fund.","page_number":40,"box":{"x":69,"y":881,"width":244,"height":9}},{"id":"1ab09f9c-1578-4c00-9152-48909b5923c6","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0ff43c18-3dae-4a17-b231-c5ce40e75d2b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e97e80a-29bf-45fb-a12a-852226d6a9c7","block_type":"box","text":"Transfer Agent","page_number":41,"box":{"x":68,"y":45,"width":107,"height":11}},{"id":"4bf7da8b-0823-4d03-a966-6bd9018da7a8","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal offices at 118 Flanders Road, Westborough,","page_number":41,"box":{"x":102,"y":67,"width":790,"height":12}},{"id":"7bdd3cbd-43a0-4c18-9a1b-3bcaec530daa","block_type":"box","text":"Massachusetts 01581, a subsidiary of The Bank of New York Mellon Corporation, acts as the Fund’s transfer and","page_number":41,"box":{"x":70,"y":82,"width":810,"height":12}},{"id":"2559f3ff-9b25-4d16-b862-bf3dc1d1da88","block_type":"box","text":"dividend disbursing agent.","page_number":41,"box":{"x":69,"y":98,"width":185,"height":11}},{"id":"9f08daf3-e2ee-4303-b149-296e97debcdb","block_type":"box","text":"Credit Agreement","page_number":41,"box":{"x":69,"y":128,"width":129,"height":11}},{"id":"943e566a-e335-4d74-9316-d64bd6e367cc","block_type":"box","text":"MIP, on behalf of the Master Por tfolio, along with cer tain other funds managed by the Manager and its affiliates","page_number":41,"box":{"x":102,"y":150,"width":796,"height":12}},{"id":"4082e4fd-cf53-47c6-b1b0-d3ad7c39461d","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":41,"box":{"x":69,"y":165,"width":817,"height":12}},{"id":"7989c582-6be9-4952-ada4-fc7c311facd0","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":41,"box":{"x":68,"y":181,"width":743,"height":11}},{"id":"8f1cf157-5045-452b-bce1-f1aea9ef5350","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including Master Por tfolio, can","page_number":41,"box":{"x":69,"y":196,"width":801,"height":11}},{"id":"df1894e7-3e31-45bf-a5db-a39bfcbb5c89","block_type":"box","text":"borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage","page_number":41,"box":{"x":69,"y":210,"width":819,"height":12}},{"id":"2eb83f2c-5b03-4ae4-adb6-e5b36d49a0ab","block_type":"box","text":"and other limitations as specified in the Credit Agreement. The Master Por tfolio may borrow under the Credit","page_number":41,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"313650ab-c483-46fe-b429-f88ff112db19","block_type":"box","text":"Agreement to meet shareholder redemptions and for other lawful purposes. However, Master Por tfolio may not","page_number":41,"box":{"x":68,"y":241,"width":790,"height":11}},{"id":"d75141f3-ee73-412c-8ef0-fef0a053a8d9","block_type":"box","text":"borrow under the Credit Agreement for leverage. The Master Por tfolio may borrow up to the maximum amount","page_number":41,"box":{"x":69,"y":256,"width":782,"height":12}},{"id":"a0e96c9a-68fb-4799-b85d-457ce52d8787","block_type":"box","text":"allowable under its current Prospectuses and SAI, subject to various other legal, regulatory or contractual limits.","page_number":41,"box":{"x":69,"y":272,"width":799,"height":11}},{"id":"b2ff24c3-4af5-4bfb-b0aa-b90f143f54d1","block_type":"box","text":"Borrowing results in interest expense and other fees and expenses for the Master Por tfolio which may impact the","page_number":41,"box":{"x":70,"y":286,"width":808,"height":12}},{"id":"1eede760-7b36-4a83-af72-a746f9e41962","block_type":"box","text":"Master Por tfolio’s net expenses. The costs of borrowing may reduce the Master Por tfolio’s return. The Master","page_number":41,"box":{"x":70,"y":302,"width":785,"height":11}},{"id":"057b66aa-1e7a-4f47-bf7c-5f8db4a39917","block_type":"box","text":"Por tfolio is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment amount","page_number":41,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"1822cd2c-04a9-470a-9d4f-d310513394b1","block_type":"box","text":"based on its net assets. If Master Por tfolio borrows pursuant to the Credit Agreement, the Master Por tfolio will be","page_number":41,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"302aa200-3053-44c3-a9ad-b05860e2570f","block_type":"box","text":"charged interest at a variable rate.","page_number":41,"box":{"x":69,"y":347,"width":245,"height":11}},{"id":"327a0a54-a500-4a76-8be1-8c1e6e85da0c","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":41,"box":{"x":68,"y":377,"width":491,"height":11}},{"id":"95be6580-42ab-4470-bb8b-9ef7623bcb86","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor. As of the date of","page_number":41,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"1300684c-3ba9-429c-85a9-30909a6d7532","block_type":"box","text":"this SAI, the Fund has not made any payments to the Distributor.","page_number":41,"box":{"x":68,"y":415,"width":462,"height":11}},{"id":"b3f22d0a-c170-40b1-b62f-14ed4125c625","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":41,"box":{"x":68,"y":445,"width":318,"height":11}},{"id":"517d61a7-857a-4adc-a98c-f792a4c81b52","block_type":"box","text":"The offering price of a share of the Fund is computed by dividing the value of the Fund’s net assets by the","page_number":41,"box":{"x":101,"y":468,"width":756,"height":11}},{"id":"bf599a84-03e4-4cc7-8fd7-f94a7c579e13","block_type":"box","text":"number of shares of the Fund outstanding. For more information on the purchasing and valuation of shares, please","page_number":41,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"90a0ecbd-e583-43fa-afc1-023f4a31cac1","block_type":"box","text":"see “Purchase of Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":41,"box":{"x":69,"y":498,"width":505,"height":11}},{"id":"0725dd02-f920-4e7d-9bc1-95b96e450b28","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":41,"box":{"x":68,"y":528,"width":302,"height":12}},{"id":"672630bc-7e82-4c52-a5c1-95980c0b3f21","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":41,"box":{"x":102,"y":551,"width":609,"height":11}},{"id":"bc716ed4-8be2-4789-bf1c-d4e63a5105a4","block_type":"box","text":"Information about the brokerage commissions paid by the Master Por tfolio, including commissions paid to","page_number":41,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"dc56918b-439a-47f5-9fa7-afb72328ee3f","block_type":"box","text":"affiliates, is set for th in the following table:","page_number":41,"box":{"x":69,"y":589,"width":307,"height":11}},{"id":"9ebb5664-e37e-42bb-9b29-06f95c0cf817","block_type":"box","text":"Aggregate Brokerage","page_number":41,"box":{"x":613,"y":617,"width":125,"height":9}},{"id":"9aaa6b89-df63-4152-84de-9a75499c5312","block_type":"box","text":"Commissions Paid","page_number":41,"box":{"x":623,"y":627,"width":106,"height":7}},{"id":"e2bda991-9d22-44de-abaf-d9483428086e","block_type":"box","text":"Brokerage Commissions","page_number":41,"box":{"x":769,"y":617,"width":140,"height":9}},{"id":"1f01b016-8701-4385-aaa8-e53a52ac2c6d","block_type":"box","text":"Paid to Affiliates","page_number":41,"box":{"x":791,"y":627,"width":96,"height":7}},{"id":"81e03423-901e-4c16-8205-566bab4821b1","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":645,"width":439,"height":10}},{"id":"c828a372-bd38-4bc7-b67f-33b31f9f99c1","block_type":"box","text":". . . . . . . . . $1,","page_number":41,"box":{"x":515,"y":644,"width":140,"height":11}},{"id":"c93ae8a5-d9d8-49a2-91cb-26d38c227d3a","block_type":"box","text":"423,711 $0","page_number":41,"box":{"x":657,"y":644,"width":191,"height":11}},{"id":"ad9811c5-ab96-4bf6-9a03-2dcdb34e85eb","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":660,"width":439,"height":11}},{"id":"956120aa-9ce3-4e32-859b-3fbf84d7da8f","block_type":"box","text":". . . . . . . . . $1,","page_number":41,"box":{"x":515,"y":659,"width":140,"height":12}},{"id":"5a77ca59-0bf8-4acb-a956-d62bab1c48d1","block_type":"box","text":"134,553 $0","page_number":41,"box":{"x":657,"y":659,"width":191,"height":12}},{"id":"2a918479-6ab3-48a2-aa7b-8b92b351ebe5","block_type":"box","text":"Fiscal Period September 19, 2023","page_number":41,"box":{"x":70,"y":675,"width":244,"height":11}},{"id":"699fe1cb-510e-46b2-940f-7b3043d4de1a","block_type":"box","text":"1","page_number":41,"box":{"x":315,"y":676,"width":4,"height":4}},{"id":"c6a442ac-6f2d-4411-82d5-f10968f501be","block_type":"box","text":"to December 31, 2023. . .","page_number":41,"box":{"x":325,"y":675,"width":184,"height":11}},{"id":"a2ec6ffe-8ee2-4f1d-a8eb-94e2df594f39","block_type":"box","text":"......... $","page_number":41,"box":{"x":515,"y":675,"width":126,"height":10}},{"id":"2e190a19-9049-4a6e-9ecb-f37dd0a43e43","block_type":"box","text":"737,836 $0","page_number":41,"box":{"x":657,"y":675,"width":191,"height":11}},{"id":"2dd051b8-c563-4d89-ac46-b4e154201dac","block_type":"box","text":"1","page_number":41,"box":{"x":69,"y":700,"width":3,"height":3}},{"id":"8b0ca4c0-abd0-40a9-b378-a255a0d82679","block_type":"box","text":"Commencement of operations.","page_number":41,"box":{"x":77,"y":700,"width":174,"height":8}},{"id":"89e99826-0aa6-4bf4-9759-d62281f12d5f","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":41,"box":{"x":101,"y":721,"width":770,"height":11}},{"id":"e3a3fc3a-03ef-4c9a-9257-bb6077750448","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":41,"box":{"x":69,"y":736,"width":814,"height":11}},{"id":"3116fe11-99cd-438b-b4bd-0b72421aa3fe","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":41,"box":{"x":68,"y":751,"width":784,"height":11}},{"id":"3734af33-acbd-4224-9c88-7cee6bdd0d09","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":41,"box":{"x":70,"y":766,"width":839,"height":11}},{"id":"ed6a1b9f-777f-45ca-b511-5ae2c01ee1c8","block_type":"box","text":"business with such brokers.","page_number":41,"box":{"x":69,"y":781,"width":198,"height":9}},{"id":"10afaa50-559c-42f7-b8a8-60401d9dd6f3","block_type":"box","text":"Amount of Commissions","page_number":41,"box":{"x":329,"y":809,"width":141,"height":7}},{"id":"19dc2edd-0405-4a4a-a855-9285dc571641","block_type":"box","text":"Paid to Brokers for Providing","page_number":41,"box":{"x":316,"y":819,"width":168,"height":9}},{"id":"abaa0da1-517d-48c4-a2e2-18ee61045c4b","block_type":"box","text":"28(e) Research Services","page_number":41,"box":{"x":328,"y":829,"width":144,"height":9}},{"id":"486cf682-ca1f-495c-ac97-b28a0e719f03","block_type":"box","text":"Amount of Brokerage","page_number":41,"box":{"x":537,"y":819,"width":124,"height":9}},{"id":"11d06945-bec9-4e00-a719-a199edafc505","block_type":"box","text":"Transactions Involved","page_number":41,"box":{"x":536,"y":829,"width":126,"height":8}},{"id":"e56421a3-4693-4bf8-aabf-797239419a0b","block_type":"box","text":"$0 $0","page_number":41,"box":{"x":391,"y":846,"width":217,"height":11}},{"id":"bbb9b308-73f2-4fb1-b82e-b20f94d38c74","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ff943f82-3c2e-420f-93ea-b68549d7618f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"661553fa-e557-4aa9-b28f-359496dba809","block_type":"box","text":"As of December 31, 2025, the value of the Master Por tfolio’s aggregate holdings of the securities of its regular","page_number":42,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"59c6240f-eb80-40e5-9dab-f9ab2d1d0d37","block_type":"box","text":"brokers or dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of","page_number":42,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"69d9f232-ea2c-4350-8458-03e151a14aad","block_type":"box","text":"such holdings were purchased during the fiscal year ended December 31, 2025, is as follows:","page_number":42,"box":{"x":69,"y":75,"width":671,"height":11}},{"id":"30fed141-cd80-4e84-8635-2a5d72c55b50","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":42,"box":{"x":69,"y":103,"width":840,"height":9}},{"id":"7899edb1-8954-4d0a-81c8-aaa8415a1d1c","block_type":"box","text":"JPMorgan Chase & Co.","page_number":42,"box":{"x":69,"y":121,"width":162,"height":11}},{"id":"1d869beb-e52b-4bc6-9a53-b8def2f37fb5","block_type":"box","text":".......................................... E","page_number":42,"box":{"x":235,"y":121,"width":429,"height":9}},{"id":"d59368a6-0c66-4ce7-a715-3e068ddb5c49","block_type":"box","text":"$17,831","page_number":42,"box":{"x":797,"y":120,"width":62,"height":11}},{"id":"01cc485a-c06d-4a6a-97f6-60664e4872a4","block_type":"box","text":"BNP Paribas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 2,883","page_number":42,"box":{"x":70,"y":135,"width":789,"height":11}},{"id":"1ada96c3-6554-40d7-acb7-0aa0b5e41265","block_type":"box","text":"UBS Group AG Reg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 2,569","page_number":42,"box":{"x":70,"y":150,"width":789,"height":12}},{"id":"28d8655b-0733-4d0c-9e0a-48222ce726b0","block_type":"box","text":"Jefferies Financial Group IN . . . . .","page_number":42,"box":{"x":69,"y":166,"width":233,"height":11}},{"id":"4bd1b520-69f6-4971-8b96-277a074290ab","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 1,424","page_number":42,"box":{"x":308,"y":166,"width":551,"height":11}},{"id":"e872e945-b3a2-487b-80f0-71b0ddb7a569","block_type":"box","text":"Securities Lending","page_number":42,"box":{"x":68,"y":198,"width":135,"height":11}},{"id":"42c09c65-9450-4f0b-926e-9ad094c95886","block_type":"box","text":"To the extent that the Master Por tfolio engages in securities lending, the Master Por tfolio conducts its securities","page_number":42,"box":{"x":101,"y":220,"width":804,"height":12}},{"id":"bdccfb91-c0a4-46e0-be41-11c110ab8185","block_type":"box","text":"lending pursuant to an exemptive order from the Commission permitting it to lend por tfolio securities to borrowers","page_number":42,"box":{"x":70,"y":235,"width":814,"height":12}},{"id":"7029d858-e4ac-445a-a3bf-9be1d3f25f72","block_type":"box","text":"affiliated with the Master Por tfolio and to retain an affiliate of the Master Por tfolio as securities lending agent. To the","page_number":42,"box":{"x":69,"y":251,"width":837,"height":11}},{"id":"0ea659ae-d87e-444e-9954-1397dbaaeec6","block_type":"box","text":"extent that the Master Por tfolio engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”),","page_number":42,"box":{"x":69,"y":266,"width":820,"height":11}},{"id":"f9f85111-304c-499f-923e-7c2cd50e285d","block_type":"box","text":"acts as securities lending agent for the Master Por tfolio, subject to the overall supervision of BFA, pursuant to a","page_number":42,"box":{"x":69,"y":281,"width":800,"height":11}},{"id":"d6620e30-25a9-4b0f-a8f2-f1fa24382c44","block_type":"box","text":"written agreement (the ”Securities Lending Agency Agreement“). BTC administers the lending program in accordance","page_number":42,"box":{"x":68,"y":296,"width":832,"height":11}},{"id":"17303d1e-4b84-488f-b880-fcb0b6a84198","block_type":"box","text":"with guidelines approved by MIP’s Board of Trustees.","page_number":42,"box":{"x":68,"y":311,"width":378,"height":11}},{"id":"f7790ec8-fd73-410c-a77b-7b2d37fa8ffd","block_type":"box","text":"To the extent the Master Por tfolio engages in securities lending, the Master Por tfolio retains a por tion of the","page_number":42,"box":{"x":101,"y":334,"width":775,"height":11}},{"id":"1d6a3f6a-8129-423a-80bc-52d24914f9be","block_type":"box","text":"securities lending income and remits the remaining por tion to BTC as compensation for its services as securities","page_number":42,"box":{"x":69,"y":349,"width":808,"height":11}},{"id":"355c6b13-f548-45b5-af50-22bbd432cb6c","block_type":"box","text":"lending agent. Securities lending income is generally equal to the total of income earned from the reinvestment of","page_number":42,"box":{"x":70,"y":364,"width":812,"height":11}},{"id":"c8a7c124-171f-42ba-b37f-0bb122bc4532","block_type":"box","text":"cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and","page_number":42,"box":{"x":69,"y":379,"width":812,"height":11}},{"id":"9a4207ef-f43f-49f3-a1f9-da9b3e0f686f","block_type":"box","text":"from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":42,"box":{"x":68,"y":394,"width":840,"height":12}},{"id":"41f8815d-51e9-4cc4-bb8a-80b971a6c97c","block_type":"box","text":"lending. The Master Por tfolio is responsible for fees in connection with the investment of cash collateral received for","page_number":42,"box":{"x":70,"y":409,"width":830,"height":12}},{"id":"3833baf2-706a-49ff-8472-1d13d30e461f","block_type":"box","text":"securities on loan in a money market fund managed by BlackRock (the “collateral investment fees”); however, BTC","page_number":42,"box":{"x":69,"y":424,"width":816,"height":12}},{"id":"fd20bc8a-051c-48c0-8483-d51a79d4f169","block_type":"box","text":"has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":42,"box":{"x":69,"y":440,"width":809,"height":11}},{"id":"78789801-2e81-4b0a-a795-444815087315","block_type":"box","text":"investment fees the Master Por tfolio bears to an annual rate of 0.04%. Such money market fund shares will not be","page_number":42,"box":{"x":70,"y":455,"width":820,"height":11}},{"id":"d33813bc-99b0-4c93-9727-9ba51233c432","block_type":"box","text":"subject to a sales load, redemption fee, distribution fee or service fee.","page_number":42,"box":{"x":69,"y":470,"width":503,"height":11}},{"id":"fec1dd2b-ae25-4022-b806-5765a97b9b98","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":42,"box":{"x":101,"y":492,"width":776,"height":12}},{"id":"f5ea27a3-f84d-45a6-ba41-2074d41e43d4","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":42,"box":{"x":69,"y":508,"width":827,"height":11}},{"id":"17e8da7b-ec8e-4a81-b82e-ce233618ef82","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":42,"box":{"x":68,"y":523,"width":812,"height":11}},{"id":"008cb662-c8ea-4254-8982-56b16e1fbbb1","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":42,"box":{"x":69,"y":538,"width":799,"height":11}},{"id":"4f1cc30d-2095-4751-a2e1-5ae276e47174","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":42,"box":{"x":68,"y":553,"width":835,"height":11}},{"id":"fca393cb-31dc-479d-8772-fb602316ad47","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":42,"box":{"x":69,"y":568,"width":818,"height":11}},{"id":"4719edf8-ea69-4860-8e55-011caff57d98","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":42,"box":{"x":68,"y":583,"width":789,"height":11}},{"id":"11dd53bd-ea76-4bb5-ad8f-60ac62275e68","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":42,"box":{"x":69,"y":598,"width":829,"height":12}},{"id":"fb70d339-4325-405e-bc57-e55e0ec5a09c","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":42,"box":{"x":69,"y":613,"width":839,"height":12}},{"id":"a05b1f56-49dd-4623-922a-514d80475624","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":42,"box":{"x":69,"y":629,"width":802,"height":11}},{"id":"9e3042e9-4e3c-46a7-94d8-7eebfe7c41f4","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":42,"box":{"x":70,"y":644,"width":825,"height":11}},{"id":"eb4206be-4590-4ee6-934a-9d5ff79ea9af","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":42,"box":{"x":69,"y":659,"width":838,"height":11}},{"id":"6044844a-8107-4cdf-81a6-81828644dc31","block_type":"box","text":"Fund’s returns on securities lending.","page_number":42,"box":{"x":70,"y":674,"width":258,"height":11}},{"id":"1b8917e7-5d10-446b-9071-8b0ee186c221","block_type":"box","text":"Under the securities lending program, the Master Por tfolio is categorized into one of several specific asset classes.","page_number":42,"box":{"x":70,"y":697,"width":822,"height":11}},{"id":"b2ad749b-2fb1-4f03-bd47-cd27bd324db9","block_type":"box","text":"The determination of the Master Por tfolio’s asset class category (fixed-income, domestic equity, international equity","page_number":42,"box":{"x":68,"y":712,"width":829,"height":11}},{"id":"d7dda324-4c0f-4bd6-bce4-b00c0984b786","block_type":"box","text":"or fund of funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to","page_number":42,"box":{"x":69,"y":727,"width":833,"height":11}},{"id":"3b01e7e1-843c-4d16-b9d4-c372bdff5815","block_type":"box","text":"by MIP and BTC.","page_number":42,"box":{"x":69,"y":742,"width":115,"height":11}},{"id":"f3122893-2052-4b6e-ba5b-d4279d01e6ce","block_type":"box","text":"Pursuant to the securities lending agreement effective as of January 1, 2026: (i) the Master Por tfolio retains","page_number":42,"box":{"x":102,"y":765,"width":776,"height":11}},{"id":"b937d294-5f87-437d-8e4e-1a12953d0ea6","block_type":"box","text":"81% of securities lending income (which excludes collateral investment fees) and (ii) this amount can never be less","page_number":42,"box":{"x":69,"y":780,"width":821,"height":11}},{"id":"fc413bd8-eed9-4e7a-a5ea-44d92aee1ab4","block_type":"box","text":"than 70% of the sum of securities lending income plus collateral investment fees.","page_number":42,"box":{"x":68,"y":795,"width":583,"height":11}},{"id":"db541235-359e-4a86-8bc9-2ede37826860","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":42,"box":{"x":102,"y":818,"width":753,"height":11}},{"id":"3c00ad9f-6fb8-4b7e-81de-98122096996e","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, the Master","page_number":42,"box":{"x":69,"y":833,"width":785,"height":11}},{"id":"4d4088a0-2bb5-44e7-b278-5b925d74a093","block_type":"box","text":"Por tfolio, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year","page_number":42,"box":{"x":69,"y":848,"width":814,"height":11}},{"id":"55ed6670-0cb6-4198-b71e-170e3ff5ab97","block_type":"box","text":"securities lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees);","page_number":42,"box":{"x":69,"y":863,"width":838,"height":11}},{"id":"4f86d17c-9d96-44ab-945a-de570a9270cb","block_type":"box","text":"and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment","page_number":42,"box":{"x":69,"y":878,"width":817,"height":11}},{"id":"6675272f-84e5-412e-b4c2-5a9f810d8231","block_type":"box","text":"fees.","page_number":42,"box":{"x":68,"y":893,"width":35,"height":9}},{"id":"d0fdc9ad-6bb5-4765-9973-6b6f2f318c1b","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c5d9f461-decd-41aa-ba7d-1687f44dc896","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cea7431-ac02-407c-8d48-12cee152efed","block_type":"box","text":"The services provided to the Master Por tfolio by BTC, in the most recent fiscal year ended December 31, 2025,","page_number":43,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"8c5dcbf5-8c5a-4e85-9a1a-7fd6d800e6b7","block_type":"box","text":"primarily included the following:","page_number":43,"box":{"x":70,"y":60,"width":221,"height":11}},{"id":"9a9c71fb-1929-4bdd-8578-db35aab76b1f","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":43,"box":{"x":69,"y":80,"width":818,"height":11}},{"id":"38824cdf-a0e6-4249-abfb-cd0979e3fe1a","block_type":"box","text":"on behalf of the Master Por tfolio with each such borrower;","page_number":43,"box":{"x":102,"y":95,"width":414,"height":11}},{"id":"4c879183-5db5-44bc-adc0-81c89c195ef5","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":43,"box":{"x":69,"y":115,"width":538,"height":11}},{"id":"1dbc4603-6b4a-4b3f-b207-7b2015b0cf33","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":43,"box":{"x":69,"y":135,"width":330,"height":12}},{"id":"46318df6-9865-48b6-b330-2afa9a9d5b4e","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":43,"box":{"x":69,"y":155,"width":834,"height":12}},{"id":"e7452a2f-1ba3-4827-8cf7-b20a165822de","block_type":"box","text":"of excess collateral, as necessary;","page_number":43,"box":{"x":102,"y":171,"width":246,"height":11}},{"id":"d029b5cc-d96e-49af-a268-879a442a6bd3","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":43,"box":{"x":69,"y":191,"width":562,"height":11}},{"id":"404fcd75-e477-43a6-ad50-4127a6044534","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":43,"box":{"x":69,"y":211,"width":665,"height":11}},{"id":"68bbcefb-47c6-48c4-b6f0-d64d7fe5bf77","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":43,"box":{"x":69,"y":231,"width":822,"height":11}},{"id":"5ef75fa4-23f9-4a28-a244-a4bbb5155c4a","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":43,"box":{"x":101,"y":246,"width":803,"height":11}},{"id":"3eb76f2f-f010-4b41-8fc7-ce491ac81587","block_type":"box","text":"of the loaned securities; and","page_number":43,"box":{"x":102,"y":261,"width":203,"height":11}},{"id":"62e06594-2004-4cdd-bab6-ec030726f2b7","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Master Por tfolio at loan","page_number":43,"box":{"x":69,"y":281,"width":798,"height":12}},{"id":"e96e5b19-f62d-4b47-8d45-b0320a1b2b7d","block_type":"box","text":"termination.","page_number":43,"box":{"x":101,"y":297,"width":85,"height":9}},{"id":"f430e448-d4f4-4835-a23b-d7c2d8701b6c","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":43,"box":{"x":101,"y":319,"width":805,"height":12}},{"id":"71315f27-26d1-4db6-ae53-80d0c372bbb1","block_type":"box","text":"activities of the Master Por tfolio during its most recent fiscal year ended December 31, 2025.","page_number":43,"box":{"x":69,"y":334,"width":671,"height":12}},{"id":"5164f98b-06aa-4c38-b22c-8de964d01175","block_type":"box","text":"Gross income from securities lending activities","page_number":43,"box":{"x":69,"y":380,"width":343,"height":12}},{"id":"24e4dd6a-92d7-462c-9a20-f3dd0e143539","block_type":"box","text":"................................................","page_number":43,"box":{"x":416,"y":388,"width":385,"height":1}},{"id":"9fca59e6-6292-4f04-b52e-6428016bf2be","block_type":"box","text":"$7,532,538","page_number":43,"box":{"x":822,"y":380,"width":87,"height":11}},{"id":"d5197212-dcae-4ebc-b03c-36624bbe4e19","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":43,"box":{"x":70,"y":400,"width":565,"height":11}},{"id":"838c33e3-f329-4fcd-a747-cf797d54c2c7","block_type":"box","text":"Securities lending income paid to BTC for services as securities lending agent . .","page_number":43,"box":{"x":79,"y":415,"width":575,"height":11}},{"id":"03ee4614-6758-4142-acf2-3e9214c0c659","block_type":"box","text":".................. $","page_number":43,"box":{"x":660,"y":414,"width":170,"height":11}},{"id":"1b434ee0-7737-42b0-aca6-4e7aa97032ac","block_type":"box","text":"139,659","page_number":43,"box":{"x":847,"y":415,"width":62,"height":11}},{"id":"dd16f6a7-f048-40c2-8d8f-4b2785b7fdd6","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BTC. .","page_number":43,"box":{"x":79,"y":430,"width":673,"height":11}},{"id":"47054d99-83e6-42b6-8bad-5fa311f64d8a","block_type":"box","text":". . . . . . $ 66,030","page_number":43,"box":{"x":758,"y":429,"width":151,"height":12}},{"id":"3687dcd5-bf16-4f53-a8c3-9741abc33cbd","block_type":"box","text":"Administrative fees not included in securities lending income paid to BTC","page_number":43,"box":{"x":78,"y":445,"width":520,"height":12}},{"id":"99188c49-1b8c-4f3d-a31d-ddafe1f70a02","block_type":"box","text":"......................... $ 0","page_number":43,"box":{"x":603,"y":445,"width":306,"height":10}},{"id":"f0bf0c54-f528-4d7c-a5e4-b17450fd83c3","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BTC . .","page_number":43,"box":{"x":79,"y":460,"width":542,"height":12}},{"id":"b20903b8-e127-4ec7-960b-a007b9f933c6","block_type":"box","text":"...................... $ 0","page_number":43,"box":{"x":628,"y":460,"width":281,"height":10}},{"id":"31466450-468f-4551-831e-da2fd41bf621","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . .","page_number":43,"box":{"x":79,"y":476,"width":289,"height":11}},{"id":"d89922d3-e6e1-4f97-946d-8d8f7abeb7dd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,","page_number":43,"box":{"x":375,"y":475,"width":470,"height":11}},{"id":"870e301a-8f3a-4d01-b6f7-799708d89e89","block_type":"box","text":"724,400","page_number":43,"box":{"x":847,"y":476,"width":62,"height":10}},{"id":"0759f313-8e09-4676-99af-a143c0ed1b2b","block_type":"box","text":"Other fees not included in securities lending income paid to BTC . . .","page_number":43,"box":{"x":79,"y":491,"width":485,"height":11}},{"id":"27edb747-4c13-429f-91b5-225b6ead730c","block_type":"box","text":"............................. $ 0","page_number":43,"box":{"x":571,"y":490,"width":338,"height":10}},{"id":"9070020d-0f09-43d6-8969-a838ffdecda7","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":43,"box":{"x":68,"y":506,"width":455,"height":11}},{"id":"bf88f347-8251-4578-9d91-295331ff411d","block_type":"box","text":"..................................","page_number":43,"box":{"x":530,"y":513,"width":271,"height":2}},{"id":"2dff9b38-1d16-44f5-a787-8f30c776b245","block_type":"box","text":"$6,930,089","page_number":43,"box":{"x":822,"y":505,"width":87,"height":12}},{"id":"38bd6a56-850a-4f76-8d9e-50cc743983a0","block_type":"box","text":"Net income from securities lending activities","page_number":43,"box":{"x":69,"y":525,"width":327,"height":11}},{"id":"83698ca7-108b-4a54-b791-8a1acd162254","block_type":"box","text":"..................................................","page_number":43,"box":{"x":399,"y":533,"width":402,"height":1}},{"id":"62799238-73c7-4905-b7f6-6470dd813cff","block_type":"box","text":"$ 602,449","page_number":43,"box":{"x":822,"y":525,"width":87,"height":11}},{"id":"9f9c3b3f-281c-448f-88fa-57f7f17ae9ee","block_type":"box","text":"VIII. Additional Information","page_number":43,"box":{"x":68,"y":561,"width":195,"height":9}},{"id":"cfcbc027-995a-49ff-b8c8-47e329e875da","block_type":"box","text":"Counsel.","page_number":43,"box":{"x":101,"y":584,"width":62,"height":9}},{"id":"933d4ca0-ddc9-444e-a5d4-e0b43eccdf87","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":43,"box":{"x":170,"y":584,"width":736,"height":11}},{"id":"eaefe818-c95a-4c9d-b693-9f0d22aa75ad","block_type":"box","text":"the Fund’s counsel.","page_number":43,"box":{"x":68,"y":599,"width":139,"height":9}},{"id":"8e15b860-7d61-4ec8-acd5-ff1d384cc657","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":43,"box":{"x":102,"y":622,"width":352,"height":11}},{"id":"a656a55d-c8bf-4b9e-9aa8-4584b719f0ef","block_type":"box","text":"PricewaterhouseCoopers LLP, with offices located at Two","page_number":43,"box":{"x":461,"y":622,"width":405,"height":11}},{"id":"1ffedae7-e747-4e7a-a0d9-0ef3a14d0c8f","block_type":"box","text":"Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the Fund’s","page_number":43,"box":{"x":69,"y":637,"width":786,"height":11}},{"id":"45f80938-fc97-44aa-9205-143eb554f8ba","block_type":"box","text":"independent registered public accounting firm.","page_number":43,"box":{"x":70,"y":652,"width":328,"height":11}},{"id":"639d1867-0bec-4454-884a-d7b961456064","block_type":"box","text":"Capital Stock","page_number":43,"box":{"x":69,"y":682,"width":99,"height":11}},{"id":"2a4be890-9ea5-48b7-ab41-7196ec8c952d","block_type":"box","text":"As of the date of this SAI, the beneficial interests in the Trust are divided into transferable shares of 37 separate","page_number":43,"box":{"x":101,"y":705,"width":808,"height":11}},{"id":"c0578363-69de-45c5-ab32-711a32519d53","block_type":"box","text":"and distinct series authorized and established by the Board of Trustees. The number of shares of each series, and","page_number":43,"box":{"x":69,"y":720,"width":818,"height":11}},{"id":"38e63650-ae13-459d-bf05-dfeb19118b7f","block_type":"box","text":"classes thereof, is unlimited and each share has no par value. The Board of Trustees may, in the future, authorize","page_number":43,"box":{"x":69,"y":735,"width":814,"height":11}},{"id":"da4dba49-9826-43cc-9d8b-a2aba0541dbd","block_type":"box","text":"the issuance of other series representing shares of additional investment por tfolios or funds. Except to the extent","page_number":43,"box":{"x":68,"y":750,"width":814,"height":11}},{"id":"38e11498-12ea-4b37-bbc8-213d443b1a1c","block_type":"box","text":"the Investment Company Act expressly grants to shareholders the power to vote on such termination(s), the Trust, or","page_number":43,"box":{"x":68,"y":765,"width":834,"height":12}},{"id":"ba920ad1-70ca-46e7-942a-35705bb70cf1","block_type":"box","text":"any series (or class) thereof, may be terminated at any time by the Trustees with written notice to the shareholders.","page_number":43,"box":{"x":69,"y":780,"width":825,"height":12}},{"id":"94c1fff7-69b5-4c63-b2a2-0663275a9128","block_type":"box","text":"Although the Trust is not required to hold regular annual shareholder meetings, occasional annual or special","page_number":43,"box":{"x":101,"y":803,"width":771,"height":11}},{"id":"3890a39b-d36b-4654-809b-1fdcb27e1359","block_type":"box","text":"meetings may be required for purposes such as electing and removing Trustees, approving advisory contracts, and","page_number":43,"box":{"x":69,"y":818,"width":818,"height":11}},{"id":"5d5bc98a-0d41-471f-9334-7dd2062f3b0c","block_type":"box","text":"changing the Fund’s fundamental investment policies.","page_number":43,"box":{"x":69,"y":833,"width":383,"height":12}},{"id":"c8ff962f-f305-4c70-a437-61ee3bbb2f20","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"741006f8-0263-4781-8c09-bd0192180ac5","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfaacdc9-d888-4cc9-9ce4-1b9dae238f3b","block_type":"box","text":"History of the Trust","page_number":44,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"d6664e5c-e8e0-473b-8c39-0016bbddcb1a","block_type":"box","text":"The Trust was organized on December 4, 2001 as a statutory trust under the laws of the State of Delaware","page_number":44,"box":{"x":101,"y":67,"width":768,"height":12}},{"id":"8358e1fe-50af-49c8-b872-327b8cc09ea4","block_type":"box","text":"under the name Barclays Global Investors Funds. The Trust was originally organized as a Maryland corporation named","page_number":44,"box":{"x":69,"y":83,"width":839,"height":11}},{"id":"2f5db56c-f19b-4f31-beea-991f5c8e94af","block_type":"box","text":"Barclays Global Investors Funds, Inc. (the “Maryland corporation”). On August 21, 2001, the Board of Directors of","page_number":44,"box":{"x":70,"y":98,"width":813,"height":11}},{"id":"88dd168b-8928-49dc-928f-34db10e97952","block_type":"box","text":"the Maryland corporation approved a proposal to redomicile the Maryland corporation in Delaware as a Delaware","page_number":44,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"78f3b6e2-b977-4185-9578-6276cf7b1717","block_type":"box","text":"statutory trust (the “Redomiciling”). Shareholders of the Maryland corporation approved the Redomiciling on","page_number":44,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"f93b4847-40ae-4085-9a85-0142d92b8b55","block_type":"box","text":"November 16, 2001. The Trust was established with multiple series corresponding to, and having identical","page_number":44,"box":{"x":70,"y":143,"width":759,"height":11}},{"id":"f1239ba0-6788-4425-b2cb-1a61b7732e91","block_type":"box","text":"designations as, the series of the Maryland corporation. The Redomiciling was effected on January 11, 2002, at","page_number":44,"box":{"x":69,"y":158,"width":803,"height":11}},{"id":"2af1ccf0-76f9-4926-9c5e-2ea19bfc59ba","block_type":"box","text":"which time the Trust assumed the operations of the Maryland corporation and adopted the Maryland corporation’s","page_number":44,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"b30d585a-9907-41e6-a509-64480b80c2f1","block_type":"box","text":"registration statement. Shor tly thereafter, the Maryland corporation was dissolved. On December 1, 2009, the Trust","page_number":44,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"5d0c884e-9835-4c36-bdc9-7119b0c956a7","block_type":"box","text":"was renamed BlackRock Funds III.","page_number":44,"box":{"x":68,"y":204,"width":243,"height":8}},{"id":"aa7d808e-2f7f-4db3-b216-23dbc86d2cfe","block_type":"box","text":"Principal Shareholders","page_number":44,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"e2187013-9520-433b-8ae5-274ce2329372","block_type":"box","text":"To the knowledge of the Trust, the following persons or entities owned of record or beneficially 5% or more of a","page_number":44,"box":{"x":101,"y":256,"width":789,"height":12}},{"id":"d859a0ec-1ef4-464a-a03a-111c3c161906","block_type":"box","text":"class of the Fund’s shares as of April 1, 2026:","page_number":44,"box":{"x":69,"y":271,"width":333,"height":11}},{"id":"9cbc9dbd-7d30-4802-ab9f-1678377c6033","block_type":"box","text":"Name Address Percentage Class","page_number":44,"box":{"x":69,"y":300,"width":786,"height":9}},{"id":"f3a8a695-1525-45f1-a8d9-c9c66a2f9da3","block_type":"box","text":"BlackRock Advisors LLC 100 Bellevue Parkway","page_number":44,"box":{"x":70,"y":318,"width":551,"height":11}},{"id":"26621dd6-2ea0-4a00-bbe5-1b6295000bff","block_type":"box","text":"Wilmington, DE 19809-3716","page_number":44,"box":{"x":440,"y":333,"width":204,"height":11}},{"id":"37515c3f-2187-4030-a619-547be55885ab","block_type":"box","text":"20.66% Institutional Shares","page_number":44,"box":{"x":680,"y":318,"width":229,"height":8}},{"id":"2a8cdeaa-7c98-4866-ac14-d936b85e2d55","block_type":"box","text":"BlackRock Advisors LLC 100 Bellevue Parkway","page_number":44,"box":{"x":70,"y":355,"width":551,"height":11}},{"id":"df72533d-379e-42f4-8a7c-e5d98f4da9eb","block_type":"box","text":"Wilmington, DE 19809-3716","page_number":44,"box":{"x":440,"y":370,"width":204,"height":12}},{"id":"01e1294c-0812-4cf6-a5a1-1720a9b4713f","block_type":"box","text":"20.22% Institutional Shares","page_number":44,"box":{"x":680,"y":355,"width":229,"height":9}},{"id":"59624c82-f901-40f1-a37a-4b8b8ad997da","block_type":"box","text":"BlackRock Advisors LLC 100 Bellevue Parkway","page_number":44,"box":{"x":70,"y":393,"width":551,"height":11}},{"id":"bfe84d02-5eae-4bcd-b0bb-9d2f239b8226","block_type":"box","text":"Wilmington, DE 19809-3716","page_number":44,"box":{"x":440,"y":408,"width":204,"height":11}},{"id":"113b583f-b6bb-4941-be49-0c1a17361d90","block_type":"box","text":"16.49% Institutional Shares","page_number":44,"box":{"x":681,"y":393,"width":228,"height":9}},{"id":"10216546-b0f8-4379-ba25-68e3f60c8cf4","block_type":"box","text":"BlackRock Advisors LLC 100 Bellevue Parkway","page_number":44,"box":{"x":70,"y":431,"width":551,"height":11}},{"id":"a14d3c1b-44cd-40d0-9d4f-e7f2b7d6aa50","block_type":"box","text":"Wilmington, DE 19809-3716","page_number":44,"box":{"x":440,"y":446,"width":204,"height":11}},{"id":"2c2e4d67-58ba-4c78-916a-392e2e23c13a","block_type":"box","text":"13.74% Institutional Shares","page_number":44,"box":{"x":681,"y":431,"width":228,"height":9}},{"id":"64763ede-5a48-4f0d-9b85-e4b09bd412a6","block_type":"box","text":"BlackRock Advisors LLC 100 Bellevue Parkway","page_number":44,"box":{"x":70,"y":469,"width":551,"height":11}},{"id":"2cb1dd0d-6dca-4013-b176-cf55f0531cbc","block_type":"box","text":"Wilmington, DE 19809-3716","page_number":44,"box":{"x":440,"y":484,"width":204,"height":11}},{"id":"20561c38-b458-4306-841a-b4b6a101ae56","block_type":"box","text":"9.71% Institutional Shares","page_number":44,"box":{"x":685,"y":469,"width":224,"height":9}},{"id":"71bf287b-a4d3-48db-8456-98f3efdc9e5d","block_type":"box","text":"BlackRock Advisors LLC 100 Bellevue Parkway","page_number":44,"box":{"x":70,"y":506,"width":551,"height":12}},{"id":"ca2b49b4-522e-4e48-8f82-e488868b4d6a","block_type":"box","text":"Wilmington, DE 19809-3716","page_number":44,"box":{"x":440,"y":522,"width":204,"height":11}},{"id":"e53ba0d0-61e4-427e-801e-a9106cb888ef","block_type":"box","text":"5.02% Institutional Shares","page_number":44,"box":{"x":685,"y":506,"width":224,"height":9}},{"id":"699e942f-b683-4965-b712-7670583f4372","block_type":"box","text":"IX. Financial Statements","page_number":44,"box":{"x":69,"y":553,"width":179,"height":9}},{"id":"fa377dc1-79e4-49ac-8ffb-477173276376","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":44,"box":{"x":101,"y":576,"width":726,"height":11}},{"id":"58936da8-6445-46e4-b97c-45b33a5927f1","block_type":"box","text":"Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC on Form","page_number":44,"box":{"x":69,"y":591,"width":823,"height":11}},{"id":"86c76b15-c530-43a0-ab52-de5231050265","block_type":"box","text":"N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the","page_number":44,"box":{"x":70,"y":606,"width":804,"height":11}},{"id":"15b2e532-f3ce-4fde-ab66-9d91d2bb6ca8","block_type":"box","text":"2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have","page_number":44,"box":{"x":69,"y":621,"width":837,"height":11}},{"id":"bbb746b8-f4ff-42a6-96c3-24591fc1d40b","block_type":"box","text":"been audited by PricewaterhouseCoopers LLP. The repor t of PricewaterhouseCoopers LLP is incorporated herein by","page_number":44,"box":{"x":69,"y":636,"width":820,"height":11}},{"id":"67c0dd4f-940d-4e49-9bd9-7f94c986433d","block_type":"box","text":"reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such","page_number":44,"box":{"x":69,"y":651,"width":838,"height":11}},{"id":"1556648a-3e0a-4504-ada6-2817ddfef3b3","block_type":"box","text":"firm given their authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi","page_number":44,"box":{"x":68,"y":666,"width":804,"height":12}},{"id":"408534c3-432f-4130-b808-2af043721049","block_type":"box","text":"annual repor ts to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":44,"box":{"x":69,"y":682,"width":770,"height":10}},{"id":"162f992b-0087-4962-9a56-dd2644ab30f7","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":44,"box":{"x":70,"y":697,"width":818,"height":11}},{"id":"7a33d4da-39d8-4d44-9d87-ac31398d3507","block_type":"box","text":"front page of this SAI.","page_number":44,"box":{"x":68,"y":712,"width":155,"height":11}},{"id":"19b55692-3e04-499e-a596-e4b768a5d57b","block_type":"box","text":"I-28","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1a5d04f1-41dc-4b1c-b348-8ccf87611882","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"396c4ecf-8d86-4e3a-aad9-b3e37a61fc6c","block_type":"box","text":"PART II","page_number":45,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"21dbee69-da08-4813-936b-14d3eac5f65f","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":45,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"e275fb3a-68ad-486d-bfce-1c8112a0afb2","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":45,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"51b99913-f7a3-4f09-b01b-816e17669623","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":45,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"9c72623d-712a-4cfe-be7e-3207f669a6e8","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":45,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"0a22ef20-ed65-4673-b9cb-1e96e06a6dce","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":45,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"994c93f0-5268-4eba-8d89-71d92d321d8b","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":45,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"d06a4eaf-2f8d-4588-9fac-c7a1f8381186","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":45,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"0d6a22a1-ad3e-445a-b05f-f88d5e3c7349","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":45,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"e672dc4a-db2e-42a8-bcba-e24e030dc6d2","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":45,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"979b8375-6d90-4aab-9f67-fbc5239e21ea","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":45,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"1745562b-24b5-4b13-8974-e86b0eac94d9","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":45,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"6e21c55d-caa4-49a3-80c3-f722b75d2ddd","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":45,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"16dfc745-1059-45ca-9af0-854ad4a116a3","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":45,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"6a659cc6-486e-4129-b1b9-d3151e36ffd9","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":45,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"d2661866-4b89-4218-b3dd-269c88c6aaaf","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":45,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"7f191017-16ec-4ebe-ae2f-a735ffea35e9","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":45,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"d612f737-952a-40f5-adc6-bf0c5c7c5bb0","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":45,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"886d5354-56b8-4dfc-965f-28758f1e6296","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":45,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"eee38583-807c-44f2-8b2b-2dd8ee926f3f","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":45,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"7a6483b7-b66c-4c4b-8a7b-037449355598","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":45,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"8e73c1bb-fd55-4c44-9a1b-1be848f75c92","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":45,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"b264c363-efd3-4b71-860a-c5906da6973a","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":45,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"b3dba7f9-aea2-4088-aef0-ace74587f9df","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":45,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"9280f4ed-53d6-4c42-a816-7d9e2a02e9f1","block_type":"box","text":"par ticular Fund.","page_number":45,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"29bf76e0-6878-4c0a-95b9-9d3972601e3c","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":45,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"3f3bffa8-4e57-4fcf-9a53-2ea92b56a34d","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":45,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"ea1626a8-ee97-4d15-ada9-9c5055fc185f","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":45,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"5e6d7f73-a1b3-4391-91d9-37d9d929417f","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":45,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"ecb8dcc1-83a9-4593-b7dc-59abf4bb9d6f","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":45,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"48eb0ad2-6d6b-4fdd-a513-5342cb0ef4fb","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":45,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"74363be4-aebf-4b52-8f4a-26c8dce01bd5","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":45,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"ef346d51-684a-44c4-8aed-c6e7ebf4ae39","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":45,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"b2731b87-d366-4b1f-90c0-6a29328a0c75","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":45,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"b7616d5a-b41e-4561-b7ff-3903a400464d","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":45,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"f8e8ea91-a1d0-49b3-9a8a-13072c04c954","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":45,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"60779436-5d97-44f3-b8a4-f9d6fad4c8f8","block_type":"box","text":"Asset-Backed Securities.","page_number":45,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"7b787049-b152-46ec-8e85-d0eefe65abfd","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":45,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"3a1cdc3d-e66e-4303-ac0f-32dbb2ec491e","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":45,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"09de2c25-fcda-4398-a01b-8e03f91eea65","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":45,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"008df98a-fd9c-4768-ab0f-3d193052cbae","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":45,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"6345404f-5eff-4d5e-982a-72e010552b3e","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":45,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"eb6a1de4-419a-49da-badc-dc053c79a965","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":45,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"686b22ae-cac5-42fc-9000-5eddab932da3","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":45,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"26f03d6c-dd71-4306-b7a9-6908097f26b4","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":45,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"fb331271-55a5-4ce4-bd7d-16b629fe2ceb","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":45,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"9189ade9-00f6-4c6d-8b91-5cfd867b49eb","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":45,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"b07bffe4-0a9b-449c-b480-09e1a11ee0c0","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":45,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"e0061678-728b-45fc-a8d7-c6ef500944a4","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":45,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"5672a8b4-bbd4-4e64-bd8f-3b9931ea9216","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":45,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f7e52748-1c14-4de0-a069-d124ed69e244","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":45,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"2c56f907-69a7-4539-a68a-21a79c626184","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":45,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"9d730a1a-b625-4cd2-934e-e9c16572158a","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":45,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"91183f8f-fb9a-46c9-bb33-b7f32cf2a5a8","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":45,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"22837920-b7b3-4826-9aab-4bcd650776a8","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":45,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"d5568a0a-6196-4139-ba68-705d44f15e6e","block_type":"box","text":"II-1","page_number":45,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"bc714504-3dc3-4078-b3ed-f23e52d0ae24","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23c0623b-fbc7-417a-b356-ee8153a58be5","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":46,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"6b3c65d7-9fbe-4610-91a9-34a751287002","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":46,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"3937fb26-31ac-4b40-9f0b-f49bfea446d3","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":46,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"0ef2755a-86ed-4ddf-a7fe-e1bc9f72fa30","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":46,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"8447b5d3-97dc-425d-8de8-5ccd67343e0a","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":46,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"5e968a33-a8db-407f-8354-fbd065015698","block_type":"box","text":"Asset-Based Securities.","page_number":46,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"56c08a15-25c8-4064-91c3-381f20f208ed","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":46,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"6171703a-cc51-47ab-8649-d2397643170d","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":46,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"491d5adb-22e6-4ec2-afb0-3a8760793b8d","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":46,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"27821bfb-7f04-4828-a283-c0e907e1048b","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":46,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"926c1391-d012-414f-9f9b-d9c96f533451","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":46,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"290ddf68-ab4f-4493-af2d-a8a2791c61e5","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":46,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"e77335e8-a9fa-4a08-ba4e-0590b770f8b9","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":46,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"8573cc61-fd89-46e8-b9b3-0c5c6917456a","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":46,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"f9ae4d94-79b0-464d-aee8-e7170ea918b2","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":46,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"895ebf81-236d-41a4-8b41-bdc228355989","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":46,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"0585f35b-a533-405f-b395-1ce7ab7595ef","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":46,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"c9c24208-dea9-4fe1-be55-0e600055594b","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":46,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"7ec571e6-cd0b-4a88-b13e-a6f0889a5c6e","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":46,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"1493fd57-91ba-48a6-9587-73f1bbf08719","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":46,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"ca0a6224-e904-45f7-afc0-efe39e800dbd","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":46,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"2b0cae10-9e96-4d2e-b6e4-863ea93c2541","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":46,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"a2f2fab3-ec2c-4cb4-bfef-2957894e9461","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":46,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"11bf7eeb-8a81-4e2b-afe4-df855b8e5a36","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":46,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"09f65bdd-40ec-43b5-87dd-1758c8547ea6","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":46,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"1a0ece6d-c63a-428c-9ed1-73e8d081a491","block_type":"box","text":"appreciation in the underlying asset.","page_number":46,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"107e3f60-2e98-4070-ac08-0b9a40ef31e3","block_type":"box","text":"Precious Metal-Related Securities.","page_number":46,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"0d00d81b-5411-49e0-bbb3-35a7f8d653af","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":46,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"27d75d75-204e-4a61-9795-3908d929c3c5","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":46,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"d230c095-038d-4cf4-85b5-f5c9e4364bd5","block_type":"box","text":"e.g.","page_number":46,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"f7914c69-76ce-4759-a587-93e1ff1fe017","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":46,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"06fcc006-5998-4b94-ad62-7ff3b55d03f5","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":46,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"19bd391a-be3d-4fc0-991f-f2ffe7416ea0","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":46,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"01910b99-7287-48ec-a55f-a69d53a9132d","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":46,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"f1cad38e-85a8-415c-9786-71a6881d79c8","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":46,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"ae9dd913-67ad-4ee7-ba9d-3b87056ca202","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":46,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"da73bc97-79c8-47e9-9ed7-d4e2c222f2bd","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":46,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"02bd27f4-1c95-4cef-97a7-5fd002eb87b6","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":46,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"3f375f38-2e89-4c59-a68f-786ed07a1e49","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":46,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"ca581b01-0a39-4446-b161-4864c262d0ca","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":46,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"51bd802c-2c91-4438-b18f-e539d2d6c369","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":46,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"c223ce0b-4ed4-473d-afc8-d825d3f600cf","block_type":"box","text":"South African gold production.","page_number":46,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"a2448ac6-6c5a-406d-8c70-8a36cba23b67","block_type":"box","text":"Borrowing and Leverage.","page_number":46,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"c4b665ec-245b-47f6-a65a-244e52b30507","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":46,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"0ab414bf-b386-4711-b3ba-48ca12fc0ee6","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":46,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"f5dab947-99c3-41b7-8433-4331d9dd2d09","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":46,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"270ba366-4cc7-4717-8895-4670f77986c5","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":46,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"aeb5fde2-9cd8-46c0-bccb-95475a0dd07a","block_type":"box","text":"other securities transactions.","page_number":46,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"a6d220bf-1863-4ac4-a9f5-89dc2fe569d1","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":46,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"db21c655-a980-4193-88a0-7694651dba5c","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":46,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"ee89c2ad-f746-4948-9e44-5e885b7af65d","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":46,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"f7121590-9810-4e75-b41f-96d62f8810d6","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":46,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"dd72edc9-819a-4982-8031-e468b5aaf748","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":46,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"38710897-d016-4c44-bbfa-66b9f078a29e","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":46,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"06169203-8d0c-45b7-97a5-f321cb62ccea","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":46,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"a4dddf04-5303-4259-b048-1bbfb4c03362","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":46,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"a644a6c9-8b95-43de-ab37-c2c75734d90a","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":46,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"0a020962-e48e-43c4-9ef0-e407fa16d84d","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":46,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"9c21c4ac-c9f5-427c-8fc5-4998f00f10e4","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":46,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"adbff8c2-3e3e-4c08-9017-49cd7ec8963c","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":46,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"a2653e94-ccff-4137-8c47-d5763b442e79","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":46,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"9d420602-5edf-4b6c-8c99-65f9532aee68","block_type":"box","text":"II-2","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5ddb373e-9058-4f38-8c37-f86d326994e9","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd14b791-035f-480c-8b8d-7d4e55434220","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":47,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"7ecfa42b-d5bd-4247-9708-a4edec32381a","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":47,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"12ac19d8-3095-4b40-921e-eebd51949a29","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":47,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"efbdbdf7-ffc4-41d4-b8c1-dd3146ebbd8e","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":47,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"836dc5cc-0b43-49b3-b2ba-d0d5402adb47","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":47,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"cee5cd88-b9b3-4d62-b26d-858dcf3ea1f0","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":47,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"0ecd2ef6-b0a5-4c8b-a7dc-03c6f4fc0435","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":47,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"f843db0d-5986-4bcb-b86c-e7ccd7d8844a","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":47,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"8c9dee23-5cf2-402a-9e32-a82259721283","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":47,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"c190a713-284c-414d-a57b-8c4a85537164","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":47,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"95bed76a-d7f4-441a-934d-6eba740a51dd","block_type":"box","text":"Cash Management.","page_number":47,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"6b31f3ca-2c91-44b3-bd51-3afa4a3c0f57","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":47,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"58d2dfee-3ca1-4414-8353-28e22e03e105","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":47,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"30904fdf-c742-4245-a3e5-b9755a5b3684","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":47,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"ce6e6899-4640-41ee-958d-f629f607570a","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":47,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"fcc0c38b-0ab3-47c1-8c70-a398341fba70","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":47,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"667329e2-07e1-44e4-9fdc-73e45e58e0e7","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":47,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"fe705d95-3185-4483-a13a-ee81f73a5ae2","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":47,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"a4fbb596-7567-4e70-ba48-a35feadad2c1","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":47,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"e7fa18b9-c447-4ba9-8731-86aa3aa8d30c","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":47,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"87d7b986-46cd-4ea9-bea7-1b09daa6e8d0","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":47,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"aa1f6dce-5607-4874-ac4e-20e752171f5b","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":47,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"db8fa34d-a9e0-450b-81a5-651f7114c347","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":47,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"74184dd6-7b99-43d8-8327-390abfae4588","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":47,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"4bd648b4-a416-4273-ac26-67a5b383afb2","block_type":"box","text":"Collateralized Debt Obligations.","page_number":47,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"dca4d037-8c1d-40aa-b0ac-fdd9a4a1d59a","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":47,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"09cb197a-4e72-4fa8-95bb-3617d73cc311","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":47,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"8769d016-330c-48be-a93b-52237e40b591","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":47,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"631beb96-7111-4715-8cd5-41cd66f7115d","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":47,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"21312863-8ab5-4557-a45f-109441a1d099","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":47,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"9a11d178-b4a2-47f0-aa52-d76aea959c4c","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":47,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"64aabb2d-625b-42c8-b4bc-e6488963946c","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":47,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"8fd0d38a-7b49-44b6-b745-aefb4b5d8c0f","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":47,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"801b73e5-f90d-4f72-85f2-33303deeef93","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":47,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"e53f75b7-7212-4810-92e3-a5677d5b4743","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":47,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"22a88380-6ea4-4ab2-8946-dc0978bbbe85","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":47,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"7f649f1d-2d69-4658-a26b-e679802f9423","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":47,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"51160476-e5c6-4ec0-9c98-7668564e8607","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":47,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"823eb024-cc3d-4876-b68e-b81964da870b","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":47,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"5825f6c3-4249-401d-9c69-66d8c82ca93f","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":47,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"0d0d9473-b7ac-4245-ab7a-cca0b1afd43c","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":47,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"207e77d6-2c44-4b7d-b8ac-61f6a3fb32cb","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":47,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"5f6ba80c-f88d-4f09-9ca9-9f9984858927","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":47,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"4f7e3a16-aa9f-4cc3-ab76-b999528ea2f0","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":47,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"e0d20706-665c-4f26-a532-232bb5a7d04f","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":47,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"f8134e4c-317b-4c3a-8e32-cc6a9a853b10","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":47,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"0a5fc989-fe2e-43b1-926b-92d7c11c19ea","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":47,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"e1a7045b-407b-4e6b-ac10-ec6e24ed6638","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":47,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"745481c0-3df3-485a-a8fc-332e72a7cdc6","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":47,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"0e2b05b9-7ae5-471b-b9b8-52a2db97add0","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":47,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"26b72090-e4e4-40e6-8e95-70575d33b964","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":47,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"28a13ff2-bea0-4643-a30e-bc3a8d7247d3","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":47,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"aa8514d6-3d08-4796-9b32-cef4f902a2bf","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":47,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"aff5288c-fbb7-40fe-b638-1ad06f3db4b4","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":47,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"569c1d72-4be1-43e8-a2c7-ac6921f77ada","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":47,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"29ea2201-37e4-4c63-9e63-16f190f8c011","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":47,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"5a3296af-2f09-45f2-9c4f-9683f2411c9b","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":47,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"c4331c9d-737c-407f-9545-ad09d613df8e","block_type":"box","text":"II-3","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3cc2e991-af24-46a3-9f07-90f64e751ebe","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b92709b-93f0-4b3e-8b71-d2728545cada","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":48,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"3ea0d1c9-b20f-4294-9aef-0d1b9ece1a9d","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":48,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"61d734e2-5379-4d79-a740-927cc6673d23","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":48,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"7f0d947e-c3f1-4fee-a46c-ca8e9f192c81","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":48,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"2d41671d-757c-4790-8cff-d74143f08e37","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":48,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"c7d2c431-3ee5-4336-a792-2dcd5d997b18","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":48,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"74e9547e-b08e-499d-8286-5239d823b00f","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":48,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"43163207-0917-41ff-86a5-39420dcf2467","block_type":"box","text":"Commercial Paper.","page_number":48,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"aff4deb4-94e5-4d14-ab1b-1e125164b94a","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":48,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"713eea0c-faef-40c4-99f3-cd9909db91b7","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":48,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"05a37f19-5100-4fa3-a48e-c3897af3075c","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":48,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"127ab0a6-69cc-4d6d-a336-7496a5f377ec","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":48,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"7d97ddc2-58f5-4bb3-a895-f814db661423","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":48,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"4366b6f3-027e-4e9a-82e1-06352f21db44","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":48,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"68143402-10ed-4de8-a34e-803057de0231","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":48,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"5cbf0bd8-7e8b-4582-a4ad-4e1b3cb9847a","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":48,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"3fd7ae22-a5a1-4be3-b16f-56597f7c35ad","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":48,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"6d3cdcfa-0c0d-4667-8f8f-46ad0ba61afa","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":48,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"74abb988-8de0-4723-9c6a-5d33767fcaf9","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":48,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"89b275a6-b282-4914-8419-6e1f001524b7","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":48,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"0a939193-46d7-40d7-b5e6-424a61e7ba8c","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":48,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"09da9983-0ae7-4d85-89f8-7be3522ed9fe","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":48,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"cbba2b58-22c7-47af-9932-b5348d813ee4","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":48,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"fe210b4c-007d-4e43-8859-6c9f007a723d","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":48,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"56bc3cfe-5207-4b0d-9921-8a413aec681b","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":48,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"11e4ff42-6b80-4082-ba83-494e12a37e4b","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":48,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"4c7838d8-be3b-4825-8068-e495c028d8be","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":48,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"69a0b685-86a9-4796-bd70-7ec2a6fecbda","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":48,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"957bfa3f-a336-49e8-8a28-767c2af1de51","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":48,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"0d475ec9-2a4f-4e7e-b7c0-d12d2470bb29","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":48,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"c6ee2286-5a16-4643-a925-ce043ee52e36","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":48,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"2066a58c-c6d6-4f54-8280-2f62da656450","block_type":"box","text":"variable.","page_number":48,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"e20774dc-d473-4bee-a26b-0889aa0b75b4","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":48,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"1d412b52-a4ff-420f-9ea7-190af82c170f","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":48,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"b62f2dd9-2a0a-454a-95c3-025032ef078e","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":48,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"27382601-5325-4cfd-ab1e-2affe9b2d5b5","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":48,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"bc9bdcf3-9713-4579-8cb3-3ac28e56ff65","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":48,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"594fcd84-8556-4216-875f-026105dbf99d","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":48,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"5ed165c8-0c0b-450e-a339-feeb3e246f7b","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":48,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"45e3b296-f490-4423-b2c0-e737e2e27c8f","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":48,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"ba9771ea-bac7-4ed9-b5dc-534aef55c1bd","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":48,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"88f833be-de61-484d-8ccf-454cfe39696c","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":48,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"7761cc22-a645-4b35-9583-2e1ef85ad0c0","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":48,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"00ed850d-3e34-4c4d-a220-dffe0d76cff9","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":48,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"be64b324-2ca3-4037-9a39-0e201d2a01af","block_type":"box","text":"correlation with stocks and bonds.","page_number":48,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"3060b04f-0fc3-40b8-89e3-c5e03e1e21bd","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":48,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"882ec79a-dad3-4e86-9c65-6e41ab0c3d21","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":48,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"831dea2f-634b-4877-97d1-c7700347fe2b","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":48,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"f9371fad-b1d8-4dca-9ebe-4e6b0fe3bc88","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":48,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"9d43eb87-f05c-43aa-957d-c07846d47c82","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":48,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"9f1b2037-6e2d-44a4-83ae-4470f2d46d3f","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":48,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"dc046ecd-66ec-4a15-b342-6bb4240ef434","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":48,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"c603f9d9-4ad9-4354-9906-d948db94e25e","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":48,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"752ce8b2-0cd3-482f-9cc0-247684df15b5","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":48,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"14c5e4ec-851f-454f-8911-5fe29a923e93","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":48,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"25e173ef-9924-4604-8567-1b2da1808e1f","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":48,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"bfbf4383-3388-45d9-b994-f9ffc59202da","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":48,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"3d3c3d52-58f4-4097-ab78-86c2743355d9","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":48,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"9a15b405-f89c-46d0-b61c-98bdf50b41f6","block_type":"box","text":"II-4","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1ef8f951-0c13-4689-a816-a077a027c05b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06c10900-6c6b-4525-ae0e-56e89b29e12f","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":49,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"ad3a5c0f-8d45-4b75-890f-2c6b66ad94d0","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":49,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"1f50c2e5-d4bd-4dad-92e5-fa1a293ab497","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":49,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"0c08f479-348f-46b7-ad69-a97474ea8ee9","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":49,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"204db919-47ac-4b06-a54c-bb506900d147","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":49,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"524d5b25-bae5-4498-9b30-7eae9a36ec0c","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":49,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"76c46737-35d1-4fd7-b68f-c87f570eb633","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":49,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"ae637917-2199-4fc2-b71d-444230a387d4","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":49,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"04b78380-2f9b-48af-857c-9b5f40ab5932","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":49,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"4814f1d5-940a-4ca9-bed0-2153f09ec3fe","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":49,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"69311eb1-ae38-49c7-b1d3-dcf22473ad4b","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":49,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"2314d1a4-1568-4aee-a931-76e0219e9c36","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":49,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"be2494eb-7a13-449b-9c94-2d2f359c7788","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":49,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"3274535d-6cb5-4556-a85a-3baea7f89c94","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":49,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"bc6d9c28-efa0-4320-bb12-9312a526a5fa","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":49,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"2fbadb9c-87aa-4b1f-accf-ca2edf836c8f","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":49,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"961800a3-47a6-4030-91d8-7a73c2353439","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":49,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"45687307-cb42-4d54-b37d-0bf314bf2c86","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":49,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"362512f2-3f36-45c1-a625-72dc34f614fc","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":49,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"81f862c2-7366-49f5-be2c-990d7947b02f","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":49,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"9d12f0d2-598d-46ca-bbce-a1973e4b1250","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":49,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"385ab9ea-0d1f-4622-a4f9-597c1c578530","block_type":"box","text":"the Manager believes are relevant.","page_number":49,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"acf3250e-3f8d-4d8e-923c-17fa799fa040","block_type":"box","text":"Limitations on Leverage.","page_number":49,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"0a6f74aa-c834-4a13-8c5e-3f7675fdef37","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":49,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"9e8170b4-d63b-403e-a7c6-e60e0c6b10bf","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":49,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"28fc2595-c922-4ae6-a4c1-eee87fb6a741","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":49,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"f0a462eb-66f7-4587-a776-5d9544d4a465","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":49,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"70df3f69-20d5-4230-b400-f393ea6df27e","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":49,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"416bdaff-5d1f-4e60-9a81-045af06c9a06","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":49,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"4172755d-f43e-4109-aff2-04960eea9459","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":49,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"ac21645c-428c-46a1-8968-ce1181cf2ede","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":49,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"e47d9f22-35b0-49d6-9a90-e585bdbd7865","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":49,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"2554be92-3ffb-40b6-b419-536db7d54718","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":49,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"82193c7c-b38f-4152-b6df-d9cfe30f2786","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":49,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"3e01a6fc-ab5f-4eb2-80e6-69c90bd83578","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":49,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"30c5887f-a305-4372-8cfc-42a776d37518","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":49,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"f6186684-ec51-4ec8-8ac6-51cc8125c15b","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":49,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"a3fed0ba-07e4-4081-9b72-1126f101173c","block_type":"box","text":"Counterpar ty Risk.","page_number":49,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"00fdf019-d8e3-4d0e-aa4a-eaeb826d680b","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":49,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"13a9d648-2951-4cb5-82b2-0fbb11f641f5","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":49,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"542976ac-8d1a-4ce9-bcf1-c5a9299921af","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":49,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"ff978acd-864f-4a2b-925d-c958b8780643","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":49,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"07bb133c-4695-456a-9570-de88e90a5b7f","block_type":"box","text":"e.g.","page_number":49,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"de6d8fd1-cebc-4ca4-9e39-87fd9b89caf6","block_type":"box","text":",","page_number":49,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"860f2e99-6b73-4623-8f6e-9a428d646aa7","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":49,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"da8d9225-6964-4e23-868e-a0020a6e3bd9","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":49,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"908b4319-869f-49cf-ab76-188acce4bf81","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":49,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"2fff0c0b-616f-4871-883a-43ebba6c3589","block_type":"box","text":"obligations under the structured note.","page_number":49,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"5d3dfcb8-d8fa-4f41-b687-9cdba21be2a3","block_type":"box","text":"Convertible Securities.","page_number":49,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"da6efe38-b87e-4d71-b9cd-02b8ff23a110","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":49,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"544f4957-80dd-442d-9566-1447b7a53695","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":49,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"fcb83dad-1cbc-48f4-9403-cf5be52ec8c6","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":49,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"ff19dc28-f189-41e2-b352-e5389cafcf89","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":49,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"11ad1d0c-c06d-4ef5-8eec-2d5c435cae25","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":49,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"4f05be68-1980-45e3-91b8-880dbccb2f6e","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":49,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"19ccc083-c11e-4fe1-b04a-e9d229e576a9","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":49,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"95c16a74-a43b-4cc4-a651-4cf906c8a3ef","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":49,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"65aecd9c-63e4-456a-99e7-23fe7aac713b","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":49,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"64736fe2-77fc-4dad-bc8f-d867f4973010","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":49,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"98b8fc5c-fdad-45fc-bd62-be60c32ca3a9","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":49,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"e688ab2b-f1b7-4b86-9920-c814c2bc1f94","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":49,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"d5309112-5df2-44c3-be3b-a9b60966f0aa","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":49,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"95037863-24be-402f-990e-120b7fdf869c","block_type":"box","text":"II-5","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5c8911d1-4cb5-4b1e-957e-82b4f79d10d2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3cacd8b7-d186-46d3-8074-5bdfedd63b2f","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":50,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"38545db8-d04e-4faa-a1aa-1e46c8634691","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":50,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"db426390-ff51-42ed-af7c-4a07ef404231","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":50,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"ba38d7ed-c778-4a9e-bda6-369c802bee7a","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":50,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"4f4b56be-454f-4858-a395-e3221fb77ea8","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":50,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"eab43bdd-02f6-4ada-8727-dfd470e0637f","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":50,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"6820d994-99e7-4d9f-8019-b55f0f6b46a7","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":50,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"1a21339f-f0bf-44c3-be4e-44dac0852a67","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":50,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"fa3fbafe-6d8c-4fbc-8762-c4a719619a0d","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":50,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"413b8d5b-a384-49e3-8ee7-62a677e7b887","block_type":"box","text":"things.","page_number":50,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"f061d1df-bf36-4f35-952f-98948cb4643b","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":50,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"935a55c3-bade-443f-ba24-5a64dfa001b2","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":50,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"fd496df6-0bba-4cb5-ba75-929f00b273c0","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":50,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"38540b50-6278-42df-b414-76da8c3079d0","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":50,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"039ec8a0-91b7-440e-971a-b9f2e19d0016","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":50,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"12cb7518-c353-4250-859f-8f7c31f2d231","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":50,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"403be687-1299-4cbb-a9c0-2d1dd6403282","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":50,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"f54c8108-cdf6-4b23-bcbd-9cdc95a30535","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":50,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"843a6f01-adbb-4a9c-805a-814bb97e68e1","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":50,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"286b679a-6ef8-40bd-8960-abbb2c861a48","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":50,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"e109c4e7-f125-4cde-85ab-4203962376d7","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":50,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"9064b8e7-01e8-4d78-a6a7-406ab076a4da","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":50,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"1d3a7cbf-3bf2-4485-823b-bbba88314b10","block_type":"box","text":"i.e.","page_number":50,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"d3521804-c28c-486f-948a-1225e3f018a9","block_type":"box","text":", strictly on the basis of its yield) is","page_number":50,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"5d90d69c-9319-4351-8f0c-99fa1066927c","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":50,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"5d570c59-9fa3-4e42-8831-f6a642a57322","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":50,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"22927af6-5050-4eaa-8be7-d8a033d3d78d","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":50,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"78fe743f-00d2-4964-a4f6-35745e1a4fb0","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":50,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"c92ccb7e-9d82-4851-afa2-acfb269a3969","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":50,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"2fac152c-bb70-46eb-ab96-e695e2e0bdf2","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":50,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"1c7ab180-88de-4cb0-9c8b-9de28bf68e21","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":50,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"1da89b01-0f12-4586-8299-a256c0d4bc4b","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":50,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"6e7e9165-04d0-423e-8651-fe32b563df22","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":50,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"efb588ed-8941-469a-9207-4d51a29232d3","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":50,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"52bb4950-440b-46bc-ac72-2d69f3aea3f4","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":50,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"209f78ec-2f00-46d7-a4f2-f8c2b373052f","block_type":"box","text":"than the securities’ investment value.","page_number":50,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"dfa3ad97-8ef8-4cd1-9b3c-3c317a3c155e","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":50,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"f1d13f8b-d756-444f-810d-b891cfb00ef1","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":50,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"703b24f9-5c3e-4689-ab6d-336549fc3db7","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":50,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"909d64c7-076a-4710-a9f8-cab3a2f4c503","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":50,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"79acc587-90da-4f03-9363-56600b794d6b","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":50,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"b0edc638-c6cc-4f26-8640-31582164fa58","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":50,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"15b98653-5d0b-4c9e-9213-addb60f3bdfc","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":50,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"2e489606-90cb-46dd-88b6-92348fd3fd47","block_type":"box","text":"security under cer tain circumstances.","page_number":50,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"6df770d1-e8d2-4f45-8815-55cb43f81bbb","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":50,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"45cea220-02e7-4c99-8c03-a7fee9994003","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":50,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"792deed2-e371-48de-adb3-1651e3568e3e","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":50,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"762936ac-8a16-4bb7-8dd1-e59215294121","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":50,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"2dd3c845-458a-4e02-a8ee-3bf0e3449501","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":50,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"135cbaeb-f0d5-4caf-8464-561d7d3d811a","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":50,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"09bd3612-1f02-44f2-859b-ad5eb30f1ebf","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":50,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"7d4b2ef4-4d37-4484-bae0-dcd3005bf9a9","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":50,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"cc1abd8e-999d-4078-9dee-50b6ffdb4810","block_type":"box","text":"i.e.","page_number":50,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"31a4b168-d35c-40fd-8168-835a6327db0f","block_type":"box","text":", fixed-income (“fixed","page_number":50,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"7d6d5c77-ae0e-482d-a086-834fd76060b1","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":50,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"1b9a33ca-68a7-420e-be96-68e405ccf3dd","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":50,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"529f6c51-4694-46f7-b989-d62a5b1a7c58","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":50,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"f105e30d-cee3-4847-bf86-4c6de5cc688c","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":50,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"ea95d2a4-87b7-437c-84cc-1e900ed1ae24","block_type":"box","text":"II-6","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f5108134-8416-4ec9-be51-f8faa175ff05","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4c922aa-2510-4605-8fc0-db879c16bc84","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":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"af2ae709-4155-426e-948b-1ce202e47a7d","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":51,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"51597efe-2df2-4fb5-b2b2-929061911713","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":51,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"115faf2f-5e8f-472f-b224-5451b6f1b4e3","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":51,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"41fc35f1-14c3-427c-90a0-8ca6275ce02b","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":51,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"3c95d27d-9494-4ab5-89ae-6e7e6d91211f","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":51,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"a225d8df-ca14-4393-9ace-b21e2de6160a","block_type":"box","text":"component.","page_number":51,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"e0ebe3ab-f5f1-4a72-9059-d3a620e62a16","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":51,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"dfafb7ff-6bf2-485a-9e49-fafbdb102a0e","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":51,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"4374bfe4-fb7a-4043-a9b0-00c394b37028","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":51,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"79a66486-394d-46d6-aaaa-4cc90fc4fcf4","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":51,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"d4c041a6-c881-40c5-b7bf-303889895903","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":51,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"951f8d42-9243-4193-a496-3a33ceb15b7d","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":51,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"51815f95-dbe5-4a5d-ad47-ba691aeeaf51","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":51,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"74cfe5eb-b6e7-4220-b258-ab579fda3c2d","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":51,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"8592f088-58c3-42da-a587-43ea97682f3f","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":51,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"b287919e-853d-409e-ab54-2f9b02347cde","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":51,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"0e3a80fd-49cd-4b25-8ff2-a18319e36e89","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":51,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"3d43d7b7-acc3-497b-a535-7800dbaa81f7","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":51,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"de8639ea-4ace-4242-b852-29d83d9dc92c","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":51,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"27a7b32a-e24f-4d23-9062-dc4de1d7ea82","block_type":"box","text":"favorable market conditions.","page_number":51,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"3b5e7ea9-a7d7-4ad9-b9b6-6fba8cf992fa","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":51,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"ea713276-a973-40ae-921f-6ed57e9a20bf","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":51,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"88514415-5fbb-4f8e-967a-378e31ee7a9d","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":51,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"0b3fbedb-5f0a-4145-b39c-a2128dcf8a09","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":51,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"866a67da-e1ba-44ec-9fe1-e3686323eb84","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":51,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"dd8df6d3-cc03-40ce-90bc-e057bfc49ab9","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":51,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"59e2dafa-d685-4eee-95f2-4855241c355d","block_type":"box","text":"Corporate Loans.","page_number":51,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"a3cbb8b5-c7c0-4a39-998b-97cd54b9d9fa","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":51,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"5a493a1c-8574-42de-9c49-1a54b4840c24","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":51,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"880c9438-de7a-407b-b97b-0bd586dc1100","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":51,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"ec9653d4-87e6-4670-9b17-9dc2b12b0824","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":51,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"c3daf015-8b02-4f31-886a-a60b8012e059","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":51,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"b7d5dd08-f8cd-4290-8aac-49b7a024dde6","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":51,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"caa0b560-6079-4148-80eb-6215149c4357","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":51,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"bcf16226-eb6e-4ea0-b2b3-c35d5955fd9b","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":51,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"0370c030-94e2-4757-bd32-013fd994605b","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":51,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"27bfad81-bdb1-42d9-a247-d9322d561304","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":51,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"110573b9-8b0a-4600-bae0-4b90c6d94ab3","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":51,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"10c4b194-8f4f-4ef5-9857-ce2e055cae10","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":51,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"37dca344-35c1-4032-b4d3-18712521e13d","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":51,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"26e2e130-93c6-436c-9bd3-57e57c520856","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":51,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"b61300d1-7264-4329-a155-25f91a92940e","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":51,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"d44429fa-b6ee-457b-8ead-813bee9198db","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":51,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"28b3eb69-4e4d-4ec6-bf8d-d061e9514518","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":51,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"fceb40b3-8a09-41ac-9d8e-0994046ad7b5","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":51,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"3eb8c093-292b-4321-a2fd-59d4356f241e","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":51,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"2d421090-702c-4a65-8821-1c788b6ee542","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":51,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"d010e336-57e5-4df4-ac86-2d13af374e75","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":51,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"872251e8-7667-45d6-aca1-d26b153cd3c2","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":51,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"a8fdb9d8-cc0a-4f0f-8e0c-1e06610efc14","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":51,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"444bf880-9c5e-412c-ab32-4ebe0a00e27a","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":51,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"fa3f993d-ee68-4497-a86e-13cb9ae68083","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":51,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"b5118cdd-9e0c-4dde-a54f-37224d61e4dc","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":51,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"edde9f3c-b802-4e8a-876e-197b0812fe49","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":51,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"1f98e5d0-fac8-47c3-9617-de2acf31767b","block_type":"box","text":"of the borrower.","page_number":51,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"5544b67e-68df-4d49-92aa-1b8616a66dd4","block_type":"box","text":"II-7","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"88eb69d9-f431-48b2-acca-8b0dcf4dded5","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aaf3925b-c551-40c8-8085-523159ca5501","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":52,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"8d5361f5-3fec-4a39-aa5b-6430ccf91f7a","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":52,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f67ad235-cd3c-4447-b462-2f06130c24ff","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":52,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"c776f470-c70e-4eb6-844a-06c509e5af99","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":52,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"d97661ae-48cd-4fa7-9e8f-e4744511278c","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":52,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"a4021073-2314-4b90-90b1-cc4908c272a2","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":52,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"23690dc6-fab0-4275-b56b-b3a9156fb431","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":52,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"90c6151c-72e2-47f3-9d34-c648092769fb","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":52,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"1419278c-4a86-4ee4-882e-b6b169e0b6f7","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":52,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"58db0b1e-5670-4224-9db1-732ae453ba01","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":52,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"9c2fac7a-f9a5-468f-b06a-3e68c6bee59a","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":52,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"66ad6fa7-734a-4ebf-bab4-6d286aafbb6f","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":52,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"80babe7f-cb9f-4e12-ae80-b7829b69589e","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":52,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"a3979c9e-01cb-4d38-ad60-938f339e2536","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":52,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"7ff61f27-50ea-425f-865f-e2498c5e1ac1","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":52,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"b046ab40-9e5f-464d-a934-c5ac6a4d331a","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":52,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"4fd2cdba-fff5-425e-a23b-12c1ebe5c948","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":52,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"514e38a2-a7f4-4738-9204-ff44907f1a50","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":52,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"8f09cdc1-129f-4260-8b35-0d3b6dde0207","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":52,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"efd8d11c-4af3-4f08-8611-725f822003ad","block_type":"box","text":"state law.","page_number":52,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"a6761e61-04f6-434f-9914-57970fa54d20","block_type":"box","text":"Direct Lending.","page_number":52,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"ac136f3c-47ee-426b-8027-7a52b9653f5d","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":52,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"486a48dc-a611-4aca-8f91-5b4e1de76a1d","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":52,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"ed8faa59-1365-4a25-9c13-67291453e45a","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":52,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"9b48cf53-0d14-400d-b184-17e9825d81fd","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":52,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"dc9488c1-992c-4415-bbc3-e2e6ddb202f2","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":52,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"71d7072b-e302-4c39-844b-fc78f4b2f97b","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":52,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"10b81d3b-0acf-4731-86c5-005ae861a404","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":52,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"e1b984c4-d1a8-4547-8b1a-807525b1fab3","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":52,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"7673eef1-7a67-4840-902c-fc24073f8e75","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":52,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"904a54e9-5cec-4a55-9d55-5438cec6b5a4","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":52,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"f0a290af-7748-4a3f-8e8e-7ba34506f755","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":52,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"f63c16fb-653a-42cf-aff3-2e495599c10d","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":52,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"19e14bb6-2247-4e6e-8f10-4e97b0dc05c6","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":52,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"561188e9-1c33-490c-9d6a-182cfdcc4415","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":52,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"1df8ef57-d8af-415c-a632-9c11f36b80ea","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":52,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"50b4aef7-bdd2-474e-8444-8cfc72ebc71c","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":52,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"80d51498-f0b9-4bbe-a33b-dbc001645014","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":52,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"ee6b0667-3009-410a-ad79-660307104f79","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":52,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"766dbea7-f23e-409a-a6d7-9f81110dc10f","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":52,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"39a9d834-5a72-41ff-8a5e-524fbe901e9d","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":52,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"631aa530-6da6-48bc-a322-38a2f67aa648","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":52,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"c054abb1-daab-40f0-9b99-e31a400ecd6a","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":52,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"c8982a86-cf8c-4282-b7b5-fa41cf1aef24","block_type":"box","text":"Credit Linked Securities.","page_number":52,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"7b48ea71-d4f7-4b8f-bc0d-307c88955429","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":52,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"08337b61-57e7-47b4-95b9-51dc355b2ce1","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":52,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"1f1425d2-1972-46d0-beb6-bd9595e6ced3","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":52,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"23288457-e67a-4d6b-a29c-1f49786c960c","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":52,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"b46ba65f-61bc-4196-99f5-1e20f8506102","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":52,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"639fb762-228c-48c6-8ba2-9def555b1168","block_type":"box","text":"traditional income producing securities are not available.","page_number":52,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"15a47179-0b53-48fb-8965-5b067c0b2297","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":52,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"b0eee822-3292-40e6-8e80-26fbb5d3173d","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":52,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"f5a958a7-5a4e-48de-98da-5c1d03699a4a","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":52,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"b290b36c-2ec6-4a58-9fb5-d3099d3f983a","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":52,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"9ff5d905-4bcf-48db-8aa4-a2b2500c7cb1","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":52,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"8551c14a-5d4b-4016-80d5-64631a728f92","block_type":"box","text":"II-8","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"bedfc1d7-7dd1-494d-968b-fdb55d8c3d1d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61066fa9-99d8-4d12-a81f-756fb4d64953","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":53,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"b5b1604b-5b7e-4ebb-9b36-0808884297fb","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":53,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"99f8baa4-01e1-4f86-a4a7-49e098a13c37","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":53,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"37a32671-ee1e-4d8a-b654-872fa66fee09","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":53,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"ed1f80f1-40dd-422a-81ea-f2a62b673236","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":53,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"e9f7ab27-3162-4dfc-8d45-c392a14c5957","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":53,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"a87def5f-84c1-4aa6-9b7c-f000b70d46c7","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":53,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"2fa65631-a2a7-4c0a-bbfc-7a94d52cec99","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":53,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"b544063a-ceb3-4ef5-8ba9-ec1823eed6ef","block_type":"box","text":"investments.","page_number":53,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"12c7bb7b-8ed7-49db-ae3a-d849ffee7e5e","block_type":"box","text":"Debt Securities.","page_number":53,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"7d1af4eb-df0a-4cbc-bd50-8f82d5154de7","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":53,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"cf4b6976-a5b7-42bb-b35a-c6b60ec274dc","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":53,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"eb4fa736-963e-4515-816c-40af76b02224","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":53,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"c2121805-8f50-4d58-bed7-10f03d8afcba","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":53,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"3a069c14-3049-485c-8653-768fb28c5d42","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":53,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"11d48b82-df26-4e21-991b-efd740a65947","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":53,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"e845ce23-5950-4187-b4bd-1dbcac4a0e08","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":53,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"2ce61861-04df-437b-991c-bdb6bbeb7b13","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":53,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"e408cb0b-a81f-49f9-8267-c53e1d3db81a","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":53,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"a18d048e-621a-4318-ab29-c4b49ab10424","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":53,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"4b6e0e40-08e6-4dd7-abc9-ed9a4fee917d","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":53,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"c9c86979-8421-4dbd-bdae-e0c87421b36b","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":53,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"7bc39d7f-436e-4a96-b232-99effcfa445d","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":53,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"45822a5f-6055-4d67-926e-29f9e34aec93","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":53,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"61fe2c2a-80c8-4f92-84ea-860f8127baae","block_type":"box","text":"lose value. This is known as extension risk.","page_number":53,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"ca5aaa97-4da6-45b4-9445-6a1fae149aff","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":53,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"4601b395-254b-4092-bf66-3b103296cc36","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":53,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"487b7d8e-5407-49d9-80bf-d8791184ee9e","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":53,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"f658b98e-20c0-436a-8fe5-501ae9e7eb81","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":53,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"0a950763-3ff7-4505-a973-fbbcec854f7a","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":53,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"2da5194f-c0f3-43af-a9fb-30039232f3e7","block_type":"box","text":"Floating and Variable Rate Securities","page_number":53,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"77723ef5-d741-4a3a-9dfa-95771ae4edb6","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":53,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"f764c8bd-0a86-4eec-b6b3-2e6bb3e20a55","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":53,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"a91ea84c-80db-474f-a06d-2c0875afe807","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":53,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"7cc9060f-c1c2-4930-b4da-2e08c980bd52","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":53,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"fa42a9b5-cab4-42ba-b2de-888779fdbfc9","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":53,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"a98c9641-d6b3-4b26-984d-a731fdb3d1d7","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":53,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"a6575e16-d14f-477f-a7c3-23ad915c8bb8","block_type":"box","text":"market interest rates.","page_number":53,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"cd0b1aba-620c-4b84-a982-c1113656aa68","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":53,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"f5dbff2a-c233-449f-aaca-3ad429d0dce1","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":53,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"5c4d41f4-07e6-4bca-a238-bedcf5ac1f95","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":53,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"0590d384-f5a7-4aee-a742-f779497e77a4","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":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"311ba2ce-d6ef-4fad-a851-e820b09b894f","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":53,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"d753d84d-08c0-4e98-a360-fd95f3209751","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":53,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"bc20bffe-0efa-4241-ae10-5f8c153828d0","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":53,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"f06de6cf-4db7-4113-af19-2136ef7e8a57","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":53,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"fe852c6d-1296-4aac-8eac-736be409a1f1","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":53,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"c05028cc-abf2-47fe-9cc3-ae2dc7ebf083","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":53,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"ba741c44-52bd-4336-b2f1-afc738f75423","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":53,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"ca1eeabe-1d9b-4405-b021-d0cbfccbe81b","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":53,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"adb4a22e-6fdc-4f08-b49b-5fb9167edb9f","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":53,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"2e8f6a5c-3ba2-4cdf-8d7a-f63855c222ef","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":53,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"c08f9309-2bfa-4f63-adc1-cc9cbbc0d19b","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":53,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"4a380625-38d4-4da6-941c-c69f27e380e0","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":53,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"d26e0195-2816-4bc8-9547-f7a632117fc1","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":53,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"2e84657a-3737-44f0-93d8-5cd622ab042b","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":53,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"505b993c-a87e-4f78-bef7-919c8faf3404","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":53,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"521f513b-b371-4da7-b13a-19be8b01f6a0","block_type":"box","text":"II-9","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2a92699e-178b-483e-ad70-ccf15c7c7213","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"625677ee-9b23-4b84-b294-d9a44864b1c3","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":54,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"e7cb09c8-c02b-440e-8408-fbf7296968db","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":54,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"4aeeb6ef-6a9d-443e-bd19-6a0ec3e77523","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":54,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"490ac741-add5-415f-89d5-c30b4860b196","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":54,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"5e39a938-d999-4606-9850-c2e2800f0a79","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":54,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"68f1225c-7662-4168-9b9d-31efc1d03762","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":54,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"6748e20b-355c-47ee-a68a-7cda33709b0e","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":54,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"edc78d52-7f64-4c3c-98ad-d4e89be97393","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":54,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"638f1068-ba6c-40e1-b0c4-0672b0a0d542","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":54,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"fac5459c-d454-4b1f-859a-260e111c14ec","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":54,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"78243951-0047-409f-8368-16fb3ec86bd0","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":54,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"dd26d131-de3c-49f0-a692-5547bcb6fa4d","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":54,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"561733ee-8e1a-4c6e-a807-007cff7b4439","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":54,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"77cd3c42-017d-4689-9dad-0e8c41846926","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":54,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"67182577-ba64-4b54-9a24-4a01c57f7ac3","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":54,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"ae9cc771-38bd-4336-a9f7-2f502b5d5fb8","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":54,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"97ee72a9-d801-4566-ac23-1083bd118fdd","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":54,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"47471eac-fa52-4144-b26a-15cfc595d18a","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":54,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"f3312119-eeff-43dc-836d-b5da1de1a0ac","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":54,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"f0a7b8c3-1e50-4d2f-91d5-9ab5833fb81f","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":54,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"39886a34-830d-4929-a445-206c1207f487","block_type":"box","text":"United States.","page_number":54,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"a29b932a-8e46-49f1-a597-afad64e6b517","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":54,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"32149744-ed97-4f51-826f-a45d405269de","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":54,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"da5d0fb9-b4f1-4544-885a-978062cea147","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":54,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"420cc322-abcf-4f27-b7b2-19ac6ad4d62a","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":54,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"134ed55a-2136-4607-950b-db5b4fd5839e","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":54,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"12e8070a-fda5-4a2b-afe6-e79057d3d636","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":54,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"20a78390-e50b-463b-88de-4f1d75f6d431","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":54,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"09492833-9a6b-4fe9-a643-2caa131b3d2d","block_type":"box","text":"i.e.","page_number":54,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"e7e1af13-46e3-4460-81e0-77492355dea8","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":54,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"bb326ea5-50f6-4ac1-9b9b-e33458284b2b","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":54,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"d75a4984-e5fe-4734-8218-f270432f21b5","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":54,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"965bf408-ab57-44b4-b728-717b1a4f3242","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":54,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"93eb98b0-bc9b-4f6f-9abe-622ba283e759","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":54,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"d3470cfe-80d4-4df1-b17c-c355b877a62e","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":54,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"79539be5-5814-456a-acee-cccfaf0379db","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":54,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"64047d0f-ee7c-4eb4-8c01-dfeb51b659d5","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":54,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"a87be3f9-de8a-4007-b776-692d083cc676","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":54,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"bfcca19f-8849-48a0-b34a-8573eb424aa8","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":54,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"4d15271f-a41c-4e37-8a38-5f6e34bba5bc","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":54,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"8a1593e6-3802-4246-a21e-db803a9efa8c","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":54,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"0000be7a-0922-4bda-a778-28f93574a606","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":54,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"81162864-5119-49c7-bd2b-c219df3355af","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":54,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"e1bc10cb-746d-4a50-a17b-f2681d51e615","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":54,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"742b7503-d0cd-4980-afc6-ed59a7927bab","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":54,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"5900de86-8cdc-45a4-9570-7d9251787709","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":54,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"69c4629b-29fc-46d6-af9f-7b9669dfafef","block_type":"box","text":"risk than higher rated securities.","page_number":54,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"9ebb7e5e-117c-4a3c-9471-69ef2af2fdbc","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":54,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"acbd3710-4c67-42ea-bdd7-51143f1bd207","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"7bfb583f-d69f-43bc-afe3-cc4b3779fc9e","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":54,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"44f91592-9b1b-481a-af96-2266a296a022","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":54,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"858e73c1-7219-4b13-9604-4081757ccde3","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":54,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"a1b44e20-f460-44ba-b350-4130878ec769","block_type":"box","text":"unavailability of additional financing.","page_number":54,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"197b311f-a7ac-4105-b3d9-47d7e04f2a93","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"87239131-8e52-42cd-a513-c7684611188b","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":54,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"32ddde7b-41f4-489d-b4a6-31f958be57d0","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":54,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"b9e87792-ecf1-44ac-8943-447c35be4318","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":54,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"9bfff883-a7b5-4c03-bb3d-2126ada53991","block_type":"box","text":"II-10","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fb8d83af-6da8-4f26-98aa-ec63abaf370a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a2a250f-af90-4818-8978-b249e66f9486","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":55,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"d316f03f-7370-4065-ae56-eba6c2da9fe1","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":55,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"e5f4f61d-dc5b-49c8-a534-dd489f60b744","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"16860941-5c2e-4c4e-8609-9d9726aa4c72","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":55,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"bfc07439-e2cb-4915-9153-54ea01d2aeae","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":55,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"7973d15c-f753-409e-a61d-360c50a80d97","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":55,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"fee9bbd2-2bab-43c6-bb30-d461f00a05ff","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":55,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"1353e525-7ea0-4b21-98b3-c98d4a1ceef1","block_type":"box","text":"investors in higher rated securities.","page_number":55,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"389d1a35-5d05-4b72-8751-382426299ab6","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"c90a7a96-f080-46c8-8742-6c5f14f8cdb4","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":55,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"ea93d4ec-7fe9-4ba0-bbac-46896732e121","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":55,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"c152ec79-5490-418c-9f30-87566e34f0f2","block_type":"box","text":"lower yields and may lose income.","page_number":55,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"576e4622-90fc-442e-acfd-ddd3dd54c56e","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"a9faea7c-c5f0-4f7e-8970-f887db23e2b6","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":55,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"b97bab27-2c5a-45d6-ada2-5407cec7bc73","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":55,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"6efdcfe3-9deb-4c04-9cec-8e369325fe58","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"42116797-a746-4c7c-972a-4236854a4a34","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":55,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"c92d4c9e-3120-41bd-83d7-e77b64cb00e3","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":55,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"7da2547d-270d-464e-a330-16f4a1c72a2b","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":55,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"1e66c49b-ddae-4211-8d5d-6d99244bef2e","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":55,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"e6f919f7-e066-46a7-8826-99614697d0bc","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":55,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"9cb705af-31f1-4e6f-ac30-190f7e313ebe","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":55,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"68f85313-1d0d-4ccf-b754-71d4023d0261","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":55,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"f6d06130-c39a-4b35-91b1-a31cac778153","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"ccdcc36d-7b71-47b3-8a4d-094e455e161a","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":55,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"7c51ec6d-13b5-4804-a98c-b359bd965ae8","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":55,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"98f82250-4f98-4ec9-a17e-6f646a3f4caa","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":55,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"513b77d4-86c9-4790-bfe3-c4f0c69ffa42","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":55,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"6220c56d-834f-4af1-aa7f-6262ca9fc912","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":55,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"aa6e58bb-75bf-4934-ab24-295b65da99e6","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":55,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"2f57d68d-4684-48db-981e-ae811f3b7c7c","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":55,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"7d59c56b-491c-4424-87af-c67752126384","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":55,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"bc68ba88-ce3b-4b1b-86b5-21bf2058a921","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":55,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"60be2bc8-696c-4146-8889-07fd0b2fdfca","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":55,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"bf693534-5998-412f-962d-fbaae53327d3","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":55,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"9ce31e94-2c2f-4be7-bea6-8a0b59e65a66","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":55,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"ef29bdb5-ff24-4b1c-b45a-4cf1d50f26e6","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":55,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"13a666dd-775d-402b-af3b-dac912c57066","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":55,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"7c487337-39df-4f4d-bf2a-0292e26726bc","block_type":"box","text":"role in determining such valuations.","page_number":55,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"f5bff73f-5361-4a53-8422-755cae4d0981","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"1a492cd9-da03-4f5b-adc1-33a5166e22ba","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":55,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"18293918-ae68-43b8-8aa0-8e8c128c60d0","block_type":"box","text":"a defaulting issuer.","page_number":55,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"f06a40d5-8cbb-4da7-840c-ddb8a329002d","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"62005a3b-bab9-4a53-9047-10502fcae79d","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":55,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"80e7d269-e96b-4701-9637-aa59b233d8cf","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":55,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"2dc9f41e-aca0-42b6-9c38-aff3b484b0a7","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":55,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"f9965a4c-8ebd-47e9-aa66-fa9fdb5a4b4c","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":55,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"abad1f79-16f5-4310-9512-b491304a2fbc","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":55,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"d5ea94e7-4161-4e67-929d-1e57a7eecb85","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":55,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"d46ed54f-08f9-40ba-a6ab-3a7342fee8c9","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":55,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"d8a3144e-5b6a-4ed4-8ccd-7045450291e5","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":55,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"35aad1c2-3b0f-4186-afe9-bf1eb64549de","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"8447c220-3be9-45f8-a665-b01bcf2c733a","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":55,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"d68095ed-ca3e-43b1-af95-ca86ddd81e49","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":55,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"a00c3af7-5d49-451a-a232-dfdbbb5ab615","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":55,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"0b937640-b550-44df-bc2d-53217037f034","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":55,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"9521fe68-c3de-42c0-ad2d-20ed6c9a6a52","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":55,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"b05f6407-1205-4686-8e8f-6ad15cc2d32c","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":55,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"da2eb289-f9d7-4095-a503-a396c3e85a7b","block_type":"box","text":"higher-rated securities.","page_number":55,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"d3ca4feb-e020-43b8-a973-637cf0540603","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":55,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"f73f620b-be9f-4134-81dd-ba2e5b13e590","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":55,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"2078b194-d298-4ebd-9a2a-a80e7457918e","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":55,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"8ba7b744-772f-4e7a-b4df-57ed6031f861","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":55,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"2d48676e-2819-4d19-b022-18562c710e7f","block_type":"box","text":"II-11","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7cc079bc-7617-416a-b867-a09b5f5b51e8","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b971db13-a664-44c0-97cb-76287d0e01cc","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":56,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"bf2a2137-abcd-469a-8a2b-7fe2f1f350eb","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":56,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"d1596327-c92e-49f6-8f32-872bc08e5101","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":56,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"cf3b8a9e-600c-4b0f-9723-51336edff97f","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":56,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"3b870db9-0ea0-4cf3-9b77-fa64abaafaf9","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":56,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"c399bcc9-1480-4601-b803-bc85f7318089","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":56,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"cd8d65a0-319b-4222-91c6-a7aa38903cae","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":56,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"383907ee-8ed3-4a7a-92a6-20f18c555114","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":56,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"cb7b95e2-f3ec-4de2-87cd-4c86e7c7af35","block_type":"box","text":"Mezzanine Investments.","page_number":56,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"fea8ff13-2db1-4bba-8f1b-855afc859873","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":56,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"0cc804a3-1209-4a7e-9389-baf344703f77","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":56,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"97a02f63-b5cc-4806-b434-eb5ed3f57b94","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":56,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"9b048d08-8f71-4e7a-afb5-2d8b94a393d5","block_type":"box","text":"e.g.","page_number":56,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"6c3c77dc-618d-4adc-b9c8-5c94fbecb547","block_type":"box","text":", with","page_number":56,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"413a9215-7e63-4741-9902-e55691166b7d","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":56,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"8f0c3a1a-9721-47ef-b859-df2177b13db4","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":56,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"bfb308ad-0117-4e27-9651-e3e48e15c0bb","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":56,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"f1de83bb-194e-41c9-bf64-5e4e9843f273","block_type":"box","text":"other obligations of the issuer.","page_number":56,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"9dedb704-ac17-47d2-945b-4c32f709ce09","block_type":"box","text":"Pay-in-kind Bonds.","page_number":56,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"a2af6d00-60d1-4be1-8b42-0f2c7d613795","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":56,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"0af9fed8-c190-446c-a139-69b67d6c5437","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":56,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"cfbf24bb-c0df-4298-9ad5-041b255f8dd5","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":56,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"8b479c9f-24a9-4577-aab5-e0e81509a170","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":56,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"b0e446bc-1fb6-48fc-8f93-fcaa98bb59b2","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":56,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"5d27dc60-fbe5-4b48-9d17-5555c3d4cc5b","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":56,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"7412afec-354b-490e-b0c4-44a226740125","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":56,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"0b358630-8adb-4939-b3af-f23cc461dc94","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":56,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"c7994b76-5e68-49e1-b36e-7fde13357c35","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":56,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"2fc33c38-cb5a-45ca-9b15-f73640f3e7bc","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":56,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"80a04469-37e5-470e-b30d-f4db047e5f9d","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":56,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"971d38f3-c9d9-43c8-8770-d823e11750fa","block_type":"box","text":"Supranational Entities.","page_number":56,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"bc62c8cf-2c37-45ff-9176-a2388ce33b9a","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":56,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"eb0069ff-91d0-41ee-adaa-2665e95689d9","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":56,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"80079084-c5c9-4077-aad8-a448c3eac8f1","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":56,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"af494294-2dc4-4cd4-b6d4-e20291a8885b","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":56,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"86fc288e-49c9-415e-b251-1358e69bc51a","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":56,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"d7aec74f-eb91-45d4-af39-2cf501b4bf86","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":56,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"42afa6fb-fd9b-4183-90bf-78c415df8c98","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":56,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"26843d87-9e4b-412f-b032-c3cd5b7408e1","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":56,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"100fbd96-ab5e-42e7-84eb-4caf2175809b","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":56,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"cee9285a-044f-4313-a3a9-4a61ed4f20ab","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":56,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"d7bd365e-5f9a-464a-8c56-7fcb79fb0576","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":56,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"7eb227c1-244e-48b3-a16e-012053d3aebf","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":56,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"23d3b7d2-4563-45e6-876c-9e7bbd2164c6","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":56,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"b25525f6-6c7b-47c8-9d02-ebc0954269a2","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":56,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"f9ddc3c4-5d9d-4dc3-9b71-33fc998d98b0","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":56,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"7b758b35-6b74-477e-95ad-d8bca2adddcb","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":56,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"313876d9-f1c0-4a92-b40b-29dfb6b76190","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":56,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"1d93e90d-1806-4b14-aed7-a19da7301275","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":56,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"60f5f4c4-21cb-438d-84ce-f4c17e38c770","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":56,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"bbe6491d-1e96-41ee-a002-8b5c7faf8de4","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":56,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"d3ff48a8-bfa2-41a9-a201-9691fd53fdd6","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":56,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"ee655b2e-1984-483f-ad2b-2fa1126e00d2","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":56,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"c1444d97-f150-42ec-bb7e-6d5bbaa39270","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":56,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"df4379e3-b728-4bdd-bf01-bf9699ae0ad4","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":56,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"42299b67-206e-4878-bb60-6d6610a6f232","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":56,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"0167c517-30f4-4301-a636-906feb200d4f","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":56,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"a59f21bf-69cb-44fd-af00-d38436328486","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":56,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"411b33d2-8a60-4085-afae-d95cec128f00","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":56,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"6c431337-b34c-4b42-8073-f14d13ef704b","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":56,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"b665b061-2b19-4293-a78d-714ac84caf82","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":56,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"081e60d0-0b91-4013-b917-414a9b51f296","block_type":"box","text":"II-12","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8049116-23f5-43d2-9932-eeabf945128a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32d58ee5-797a-49a0-975e-ece3fa3882f1","block_type":"box","text":"Derivatives.","page_number":57,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"d43018dc-67be-44c1-93f3-089940849f1f","block_type":"box","text":"General.","page_number":57,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"e1416fc7-a4b3-4a5c-9945-f1b3e14624f1","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":57,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"32daea59-5bcc-426d-bb80-7d9561999434","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":57,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"27616f51-7964-4efb-a8dc-0f5569f44cb5","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":57,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"cb6a87d2-b707-42a5-805e-7cf42cccb555","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":57,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"e897e02e-231f-4fd0-a510-8eec330d471e","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":57,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"47f8e5f1-80f9-4f83-874c-73cef0a6ef69","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":57,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"04e9b07b-485b-4a37-a966-e56e81c8c4d7","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":57,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"b74010e4-97e3-41f4-990b-25c3963ff425","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":57,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"ec5556c2-c403-4a58-be07-f10d4befbaa3","block_type":"box","text":"i.e.","page_number":57,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"a3d1b5f5-f091-4ed6-8a80-55e54cdb2474","block_type":"box","text":", the payment","page_number":57,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"582c4bcc-bc2b-4cbb-b8fd-ed930291950c","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":57,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"a55590fe-e651-492c-8ca0-b01ea7620121","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":57,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"26f1b1b9-9477-4c5a-928b-a032668f91e1","block_type":"box","text":"Hedging.","page_number":57,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"f7f7199f-584a-49bd-a2e1-beb0236d9c84","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":57,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"2e8f05ad-40bf-44b5-bb21-a9a0f5a3a578","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":57,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"0667d200-7bc8-48f5-9137-1b5d6ee8c8f3","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":57,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"1ddf5a7b-5b38-4a55-a4c0-0c1856d3d63a","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":57,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"2452b519-5f12-49ec-80aa-dd5e86566aae","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":57,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"80472390-ae0b-405e-919a-ff5d85475248","block_type":"box","text":"correlation risk,","page_number":57,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"49f1eb5e-e14f-4813-a37d-344c9664173d","block_type":"box","text":"i.e.","page_number":57,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"015d2752-0a2d-4123-980d-fc3c9a223d94","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":57,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"e48cf8f3-7604-4297-932d-c82779eaeddc","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":57,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"20ca3e85-5403-47c1-8feb-6bf0834b1eee","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":57,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"4b7666fd-bc7a-4b1e-bb9a-e298026f77f8","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":57,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"58d42bd6-ae97-46b4-b719-162b40061b72","block_type":"box","text":"Speculation.","page_number":57,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"b8dc74c5-babd-4d26-9481-8982e150cc34","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":57,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"7adb2a81-cf41-4177-8390-f90d402d8ff0","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":57,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"d659047c-90a8-4830-8888-469cdef97dff","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":57,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"9c293c46-3234-4f0c-8237-f1cb10682e6d","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":57,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"9e25e27c-9660-4f21-9ebe-2f3de6f50d94","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":57,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"f2728ea4-8120-4f75-98ec-6e3d001af113","block_type":"box","text":"Regulation of Derivatives.","page_number":57,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"4db063b2-514a-4713-8d3c-714ed4d4beac","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":57,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"cbddb9ac-69df-4eef-930a-bf011545fcf5","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":57,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"fb79f3f6-3689-428b-acd4-3ad8dddb7973","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":57,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"a5472b64-7a1d-46b0-9015-582d43a8ec2d","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":57,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"03d2a0b2-373b-4870-b9fa-ef3467a5be9c","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":57,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"54940dbb-6e19-480a-8398-f48a251c0a70","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":57,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"3c21c269-8cb5-43e2-9eaa-b18162d81ce3","block_type":"box","text":"coverage”).","page_number":57,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"86d33cb6-51ef-45f6-b9e6-c295713b59a7","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":57,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"ebcf88d8-737a-4681-a30c-609aa7fb68f2","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":57,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"ff9d41c5-0feb-4168-8ea3-d1580ff3bd79","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":57,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"4c8eede8-84e4-4174-b5b7-782a1aa99e21","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":57,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"517f3c47-0c79-4ea8-a6d9-c3a4f2945f6e","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":57,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"41a4ac31-6aa0-4a05-8f7c-d3ab1852fb27","block_type":"box","text":"financing transactions (","page_number":57,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"00e50e1f-b064-4d31-a887-7c0a5b5940c5","block_type":"box","text":"e.g.","page_number":57,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"bf04d7d6-7678-4d3e-9c23-eb9d37b7faf5","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":57,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"a7ddb292-aeb4-4dbf-8956-b98ff05ffb30","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":57,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"38cd2424-0f32-4085-968a-014b5a282f22","block_type":"box","text":"securities (","page_number":57,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"bc204c18-27f4-4b62-b5f5-b7027a25f21f","block_type":"box","text":"e.g.","page_number":57,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"a729d43d-38d4-4195-a5b1-3369b91f126f","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":57,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"477c268b-6be0-4881-91b9-e3f7436a0833","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":57,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"66243d73-c276-4f68-85b6-7be8c5d28032","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":57,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"d12da556-dec6-4141-acda-e062640a61d3","block_type":"box","text":"Commitments”).","page_number":57,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"621daa4d-1ea8-44d8-bf69-19c840ba158b","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":57,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"469921e8-08df-44ef-bba1-32be5bbb5b0e","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":57,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"2a7dc6f6-d3d2-43cb-bac7-b160a1be44bd","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":57,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"bccb76cc-119a-4daa-aeb6-7f8f3f68d9a7","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":57,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"d7e1edb0-6ea3-4dfc-bde2-dd39b657e116","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":57,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"9dae34de-a817-4080-be67-f5ff0eb212d7","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":57,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"1f1d6374-f2c0-48e3-9c49-09e30236d29b","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":57,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"a97eb535-d97c-4c47-910b-eef880a76438","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":57,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"c6bfbc28-2b33-445c-8a17-4e9f99b98788","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":57,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"41a53089-b680-4733-8688-dd826bd18121","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":57,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"bcc2f297-13b4-4a89-9977-e7e6652cb252","block_type":"box","text":"II-13","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17a59bec-dc87-4f6b-a5b9-61b492fc7ac3","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73a2c6b8-bea8-428a-be4d-0a0a43aa5885","block_type":"box","text":"Dodd-Frank Regulations.","page_number":58,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"b3ab299e-113a-4e41-afe3-e48b51f8cd79","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":58,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"6edacdd4-f52e-4823-a284-8761d559ded7","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":58,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"7b7b2f1b-64c9-4e2f-bbbb-6cf647ab0482","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":58,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"acc6b04c-17ec-401d-8693-28dcf20777ba","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":58,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"71383f97-9d89-4c5e-ac0f-c22517e2a58a","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":58,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"3b132d95-4eb0-4c54-a1b8-a5dc54a8b543","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":58,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"59e50379-964e-4179-b73e-3f72b5ed7137","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":58,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"6559c56f-6615-41a7-9a07-5ca10bdd5141","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":58,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"ce83ebf9-e0eb-402b-af2c-c3fb398b3f17","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":58,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"77eee0ed-5423-4e79-b270-64201636beea","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":58,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"ba42a2c7-c94f-4e95-8a34-7378f221b498","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":58,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"a694758c-6b45-4bc7-848d-1f81856e5246","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":58,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"adb5d377-3e6a-465a-866e-ce8e12dd1e38","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":58,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"be1fe4eb-2d02-4718-ac5c-80085fedc83f","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":58,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"33f6b17b-7135-46fb-ab42-0b4882840258","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":58,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"1f496691-1e02-4eaa-be91-3ada0c3b01cd","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":58,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"c9870ac9-adfe-4fa7-a0dd-db7275d707c5","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":58,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"2017c5d7-203b-400c-853d-37196e2b79b7","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":58,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"28cc64c0-c6fb-4015-9298-2aaf2fa24bb1","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":58,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"e1be87ca-dad2-4e08-a81d-3f83a5d759dc","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":58,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"397b093c-4323-47b0-98c3-7e5282831a4b","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":58,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"8fad26c6-e880-4657-b3e0-534bec2ac0e9","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":58,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"9d79a3da-b973-4391-8110-f07d482a4267","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":58,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"c8e87cf6-118e-4933-9a6c-f2e9ecc1c10f","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":58,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"6a9e0858-1871-4641-9be3-bb0e5ac31120","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":58,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"49d67e91-56f7-45df-ac86-520ee688f488","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":58,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"997136d1-37eb-411b-9f94-d41c590402ad","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":58,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"b57ab4bf-18e8-49c5-890d-cf2f87188d9e","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":58,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"e4aaf3a4-8c64-4fd8-9db1-da56f4bf0cd8","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":58,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"71093397-033e-42b6-adc1-418aaabbace2","block_type":"box","text":"member.","page_number":58,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"1376c68d-9a47-4c2e-9039-f37d40fb0bd0","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":58,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"2c26b84b-41f1-4113-841e-0ad1bf118245","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":58,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"ed8450cb-7182-4a10-909c-44441d6998a7","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":58,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"a05a6656-703d-4022-bb7b-95c9c9a84996","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":58,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"bc7c94f5-b815-4039-9e62-8d345123753b","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":58,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"398af622-4cc4-404e-8690-40c1444623a5","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":58,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"5bdc8434-5da4-4b12-ae38-558fdecdcbd7","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":58,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"95b9bb0b-f033-49a2-9f05-1928dcc9dfd0","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":58,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"a1f2d432-9a7d-4a7d-b082-2b7a53449cf3","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":58,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"8ed8d670-074d-4816-ae70-abdaf20a1d64","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":58,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"1b8d0ec3-4aa6-4775-ab47-21648a5a5a12","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":58,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"99de60bf-6c0f-497c-a953-3771774fb83e","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":58,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"fdb21a23-b586-45fb-b88d-2f45c5c13285","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":58,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"be37946a-2326-414b-b607-5c0d8e0adca7","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":58,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"d677c85f-03a0-46a5-9fe9-784118fc444b","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":58,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"889ce98c-a9a0-43b3-86f5-eefff1e2f901","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":58,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"681a3c80-e3d0-4cc2-855c-68dbe2b6482e","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":58,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"157ab78b-3321-4101-94d4-b42d63dac79d","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":58,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"a936189d-6e8e-492b-9444-1025fdc26a40","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":58,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"73272b8d-c20c-4528-ad5f-e5fcf902bee4","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":58,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"061da244-a6de-48fa-bd0f-8509f76da7a7","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":58,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"cf2857b9-96a3-4a87-ac17-e0bec63479bc","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":58,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"63b07734-f7dc-40ca-a2dc-e94a78b832ff","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":58,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"cd66339b-4fd3-4c34-b002-266c099ffa65","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":58,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"dd792c3b-7f4d-4912-bcfb-884537ea2c2d","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":58,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"3eaf3644-2795-406e-9a7b-390fbce5218f","block_type":"box","text":"II-14","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"62bf0626-672a-4514-becb-344ac5288745","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af4d7b76-927e-4f13-85cf-59f5b8d655d8","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":59,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"c68d3813-e8a2-4844-914d-36da5ea4dd38","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"298a156a-b37c-438f-8370-96674c55e8db","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":59,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"f03bbc26-3486-4efd-be3a-135f0d1e8945","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":59,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"4c0ebbd7-9a85-4bda-9d09-23db65acc762","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":59,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"db633407-cad4-473b-b540-daff07464372","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":59,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"885847b5-ba02-4e1c-9d6b-3810b1a5a30f","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":59,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"018e7089-a121-48dd-8412-247327a67754","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":59,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"2043007e-beda-48c7-8a1e-a908c2ec20c0","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":59,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"4df1f2da-7559-44b7-8af9-f534ef078750","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":59,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"8cbcaf87-f98c-4b39-af77-90172e7284b0","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":59,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"f6e73d21-f6c0-4648-b0d4-99f540f2aa80","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":59,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"6c48ad86-b227-483a-a3fa-839b1a425238","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":59,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"c3ff3480-4372-40ca-8b81-30023888d2ec","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":59,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"52be9a59-19ae-4a4a-a0da-1520dbfd54ad","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":59,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"245eb998-52ac-4f20-888c-215591dca0cd","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":59,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"f029f259-8571-4544-9dee-284cc2a2bed2","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":59,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"b529a00a-6830-4883-8987-cdba1f038abf","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":59,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"a86c3433-3c97-4e7b-b360-34332c90d65b","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":59,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"c4974d36-b844-4936-8b2b-37c4c23b17e0","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":59,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"abc6f47d-09f7-4b16-994b-7669104cf179","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":59,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"0ec2912d-a537-4f3b-8a2c-d1eadda46334","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":59,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"9451c52e-681d-4ec2-8b8c-3569da4622d5","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":59,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"d32698f0-d11e-4456-82d6-2a1adbec1f49","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":59,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"b5741e17-a44d-4ff4-9c48-0a9fce38a432","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":59,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"bd81aa7c-8d5e-4625-80bb-d80f2ef864f2","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":59,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"5e4915e4-6704-4820-9e69-b01c90e22d2e","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":59,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"6b47584c-563e-4861-8bfb-c9a22eef6570","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":59,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"76b1821c-9daf-43b9-aabd-b40eca24ec4b","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":59,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"c8151935-bfbb-4ff3-b2ac-a9b6c81bb497","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":59,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"4ccee822-efad-4df3-aa44-13e1b4d84d7d","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":59,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"293c63ce-fbe1-4a47-af92-fc11e0750e14","block_type":"box","text":"collateral received under such contracts.","page_number":59,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"0e4af065-eae9-4bb2-a8d1-4a94767fd512","block_type":"box","text":"Risk Factors in Derivatives.","page_number":59,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"58784236-b8f7-4c7b-9376-2e27219a4fa4","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":59,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"1a090fdf-8364-470b-bf48-a7d28ebe1889","block_type":"box","text":"Correlation Risk","page_number":59,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"b4b66cb7-0c8c-4119-bbd1-e63bce478129","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":59,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"d8557c3f-b885-49bb-9aad-9d366eb01b0e","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":59,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"02e24aeb-40dc-423c-990a-02413d6bca05","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":59,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"ffdc9177-5a83-4a16-bdf5-604b3d92dc19","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":59,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"33e14968-da4a-47b3-80e2-6434c804fe81","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":59,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"b0817331-ebfe-4439-a34f-27a551647a8c","block_type":"box","text":"Counterpar ty Risk","page_number":59,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"f414ed77-bb6e-4145-bca7-fc522f91959f","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":59,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"3cb70c30-0bc7-48b7-8726-0576a237650b","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":59,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"02eabbdb-fbac-4b36-892c-2daecbfe2997","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":59,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"cdf3ef4d-6a26-4d24-b12c-f1670b55b7e7","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":59,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"71df3d11-3d64-45e6-8d57-9fb3c1a56da1","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":59,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"0c5b04a0-46d5-4aec-a5eb-1f74ab3aa421","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":59,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"840a6798-a970-4481-9db8-901d46859561","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":59,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"a4ae84f8-9422-42d2-9491-f2da5264046d","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":59,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"103b3f81-07d6-4ae6-9d63-ee0190eaef21","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":59,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"2bc865e0-edaf-45ba-b21f-9072d71f29ca","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":59,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"65165f3f-8440-4a81-adcd-79b8ee8a1ca3","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":59,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"d720a60b-264d-488c-b0c4-43ed6a5b3bed","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":59,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"e14e1ed1-49cc-4dfb-8998-4f2da4cc1c59","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":59,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"231ec535-fc30-4120-a644-1acb8fb576d6","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":59,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"eb682298-0fc3-494b-9ad4-77811b48172a","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":59,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"a1c26daf-41c7-4682-b92a-82b4f4d7cf3f","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":59,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"7a24004b-4e7d-46dd-bb3f-b45a6b713485","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":59,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"a8a23fcf-77a3-4cc9-b3b9-994995ee710e","block_type":"box","text":"II-15","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c9a2f31-27c5-4e54-a332-00a9bc36d01f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f70d4c7f-a178-4dbe-8677-f80f3a765166","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":60,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"7f5bf6ac-8ccf-4703-a2b1-65f38f13db12","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":60,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"915d166f-5e43-4601-b637-245bc9f9c562","block_type":"box","text":"by the clearing member.","page_number":60,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"afb44687-257a-4204-8e60-c9457e3d84a3","block_type":"box","text":"Credit Risk","page_number":60,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"bd6f13aa-c98f-42cd-a5ad-a970dedcc686","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":60,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"4844927d-8d51-4e37-9e99-23d6107a832e","block_type":"box","text":"honor its financial obligations.","page_number":60,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"f3f0cc19-b14e-43ef-9ec4-ae8b36f6f62b","block_type":"box","text":"Currency Risk","page_number":60,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"a01ca205-1948-4a41-8777-d21de52670d0","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":60,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"003059c3-2975-4831-84dc-883700651a64","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":60,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"88078a75-81f8-4d96-bb90-2190c3c76954","block_type":"box","text":"Illiquidity Risk","page_number":60,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"7dbf409c-8ab0-4698-a60e-b4955d2ed6e0","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":60,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"918ea1ae-3dac-40a2-b2b1-fc2a8d4478b6","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":60,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"1920e72a-0697-44dc-b558-e6febc0ff149","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":60,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"f5094d10-77d6-47e6-86a4-10595d17fe29","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":60,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"1e759719-e407-4d12-8b63-e47a1f8edba1","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":60,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"8c7ec1c7-b9b4-47af-95bb-57532a7dd7e5","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":60,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"06d83f5d-8654-4e64-848f-b35357cd5298","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":60,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"998b4611-9b99-41bf-ba81-0388ecdadb4d","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":60,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"20200a7b-d1a9-4334-804a-f12149065ddc","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":60,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"e63e97b9-f601-48d4-9bbf-916844638095","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":60,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"faa23072-9e96-4a42-8253-daefa897ff7a","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":60,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"5d994e05-6bd1-4e85-a0c5-7392d4d77fe6","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":60,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"bf0c1a07-090b-4ba0-bdab-308d2078e30d","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":60,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"5b19fefd-1f30-4921-8b79-b86819be7c1b","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":60,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"b3245571-20d6-4e97-85ca-78348e7360fc","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":60,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"0bbed919-8962-4479-a9fa-1a93995f0a0f","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":60,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"d0dbb9f9-f83f-4e22-88b7-619014d7fb40","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":60,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"84559e98-afc3-43db-8270-0ff59d03b0b5","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":60,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"d1a72b0a-855a-41ad-880b-ee81a68b32ed","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":60,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"ef32f489-dbf4-4dc5-9167-e7871e294d9a","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":60,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"1fac275f-8aba-44bf-8c05-4dde0a1c85b0","block_type":"box","text":"may be disadvantageous to do so.","page_number":60,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"bb89c222-6840-47bc-a457-4b4d16fdb5c4","block_type":"box","text":"Index Risk","page_number":60,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"7e980e3f-5305-457e-9b6a-46c3c2b3a33c","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":60,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"67a736fb-7b78-4e20-b502-30e6b4692d06","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":60,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"47e38189-5b41-47f9-a0b8-f9c85f65046b","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":60,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"c18b69df-79a0-465f-96c3-54d5645163e6","block_type":"box","text":"Legal Risk","page_number":60,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"6eef01de-6454-4e68-855a-d1754d82ac5f","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":60,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"e6188163-a957-4bfa-8925-f217d3f65570","block_type":"box","text":"or enforceability of a contract.","page_number":60,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"f186989b-c5df-485d-ad62-adb32133f311","block_type":"box","text":"Leverage Risk","page_number":60,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"bdf0c4e4-572e-453b-ae46-08232bb8f844","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":60,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"01fa1ea8-9624-424f-8864-246996862b20","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":60,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"0c6c02dc-f87a-40dd-8cf2-47bb5713c5f8","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":60,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"3508ae8b-3f76-4d00-8d09-d037d8976527","block_type":"box","text":"Market Risk","page_number":60,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"c0280556-0d20-4398-b816-32eb02eb4436","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":60,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"47ee7210-24c9-4352-96d7-96aa44a43b4a","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":60,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"ab4ac262-2edc-4063-a5df-28cd885421e7","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":60,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"2524fb71-3c8a-4d7c-9591-4985b7190544","block_type":"box","text":"affected.","page_number":60,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"291370ef-31bb-4787-9b8d-2a7203bcfe61","block_type":"box","text":"Operational Risk","page_number":60,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"e5c38f1d-39f9-4e99-b76b-60f7437ef2ba","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":60,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"9e6bddf6-3c66-4297-9699-16a3dc0dd649","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":60,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"4f14bec7-a490-41f9-9ba4-edc56a925ea8","block_type":"box","text":"Valuation Risk","page_number":60,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"a2b31465-799f-4a15-845c-a224701814b0","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":60,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"76a3f514-a234-4f63-8481-58bd11c30bd0","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":60,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"45591c16-19e0-4ebc-a1ca-a56fcde92850","block_type":"box","text":"complex instruments or quote prices for them.","page_number":60,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"f0523774-eb52-49c2-8021-55c5da589836","block_type":"box","text":"Volatility Risk","page_number":60,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"3e80a665-56db-4ecf-9e82-a9ce9e69af93","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":60,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"e4a385b5-35c6-437f-be44-6ba23bad531e","block_type":"box","text":"Types of Derivatives Transactions.","page_number":60,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"96b6a9ef-9bd5-4ecb-92af-d3a0051d51bd","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":60,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"fbece0ae-3172-44ff-8812-8038f30d900a","block_type":"box","text":"including the following:","page_number":60,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"4e399064-c4f2-4eae-a6c6-1622dd95abe4","block_type":"box","text":"Futures.","page_number":60,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"9ec52727-f91f-437d-99a2-a413aeaddc61","block_type":"box","text":"II-16","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b5dc49d-2b70-47aa-a394-2ff3ab17a3e7","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4225f85c-b775-46c3-bb07-4d162aa7b75e","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":61,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"c09ffc83-ae89-4273-a450-3800be91f2ed","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":61,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"e511366b-cd2e-473a-b69b-66fb08af25c7","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":61,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"416e48b6-3407-4f19-90b3-de988f6fffc1","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":61,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"e95b15a5-3ffc-4436-882e-cb69f6aaa7c1","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":61,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"27cbf12e-b83b-4ff7-a694-e3a093e652a0","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":61,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"7181d011-51f4-4579-b5d7-682432a3563e","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":61,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"76b79c43-c860-4d25-8d1f-9266624c1f33","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":61,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"c97abef6-2255-421e-b35a-d707812c4d76","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":61,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"08ad823a-0e7a-4c79-b00b-e7bb5bc3e29c","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":61,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"47fc547b-767b-4f7f-8fdd-1862f7914f57","block_type":"box","text":"of the futures contract.","page_number":61,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"23fd00c9-3450-4461-a31a-6250d6c8ba7d","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":61,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"306ac4c1-013c-4e63-9817-e576a6e6e9b8","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":61,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"ed65dc8e-a249-4423-a972-6ff02ea30633","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":61,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"3c812b82-6fb0-404d-a1ea-7a2fb3c698ad","block_type":"box","text":"relating to the futures position.","page_number":61,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"24ce138d-3260-4244-b546-6ad211a8d16a","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":61,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"36333eb5-3713-4e51-9a69-dadad4f9e657","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":61,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"8a29d5db-fef2-4df7-bd2d-6cef4bc9c9a5","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":61,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"840a1ec7-327f-4c9a-9c2e-14e9fc65e51b","block_type":"box","text":"Regulations” above.","page_number":61,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"ae29f3e9-fa0f-45fb-9b8c-1568b30fab64","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":61,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"8f61b7a2-b61b-4804-b2f6-f5378f8b061b","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":61,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"d27dea74-5f13-466b-83e1-675d291da4a3","block_type":"box","text":"(","page_number":61,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"fc975e56-5849-44bb-849c-06cafa7bd749","block_type":"box","text":"i.e.","page_number":61,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"2ce53b9b-45b6-4d55-95d0-fa0611908326","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":61,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"ca87283b-d0e3-4a70-aeb8-6c630f9509b0","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":61,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"82690b9d-29ea-47dd-bbd1-730340e8bf2b","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":61,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"c1b982fc-851f-4db3-ba98-bb05a8a3b043","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":61,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"ac2fe7a9-a1ac-4e78-a421-307f1ca20297","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":61,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"ae9beaec-6bf9-4632-9145-2ba3dc3bf8dd","block_type":"box","text":"Fund intends to purchase.","page_number":61,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"c967eab8-97a0-4148-9687-cfba9d3069a2","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":61,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"f8167e21-7ba5-426b-b0fa-36c6cbbdf89f","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":61,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"bf241cc0-91b4-4816-8e05-370fbd6f8d1d","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":61,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"3f0f51f0-981e-429c-a614-ff343d87ed67","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":61,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"37a4cc48-8704-4583-b742-4dba4b0eb0cf","block_type":"box","text":"illiquidity.","page_number":61,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"aaeefbb8-703d-4591-8417-4ae39afb9160","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":61,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"d6fab230-acfc-4c2d-a309-fb892aea897c","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":61,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"dd7c0f66-00f9-4840-8b3d-1e149323ac30","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":61,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"375781b4-b971-44e1-ab9a-9c155ae4e961","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":61,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"ce018b8a-d395-4abc-88b4-db2fffb7b7b0","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":61,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"0d41fef5-80b8-4649-8ffd-9367f02086f9","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":61,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"ef467c09-8a66-4ebf-b9dd-117200073848","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":61,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"f4e21898-5477-4c81-9b9b-2111577f7077","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":61,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"37373312-5e0f-45e2-9902-64ed60d004ba","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":61,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"6eb9aaed-b76c-4820-8bc0-328dfc3d3fde","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":61,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"4cade42a-ddb3-4754-a5d3-5372e5baf271","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":61,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"36e9c760-726a-4719-84c6-23989537ddd3","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":61,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"770391bb-6b1a-4fd0-812d-37d8d2a7e4b4","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":61,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"cc2a8412-f74d-4737-b48b-233e9bf20f67","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":61,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"962856f7-6a39-48d0-8045-89cd46805886","block_type":"box","text":"Swap Agreements.","page_number":61,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"b97f69bc-695a-440b-a7cd-ee57dbb0f3c9","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":61,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"481c0874-f17f-4388-ac21-bc7d26a87fbe","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":61,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"afb426fe-c72a-4b57-a11d-558c33e220f6","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":61,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"33de6a00-bcfd-440e-bc8d-817b39b97c5e","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":61,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"7039f45c-45c2-460b-8d40-d80ffdb1e3db","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":61,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"4d84ebc0-4f78-4392-8071-e755ab75e382","block_type":"box","text":"a “notional amount,”","page_number":61,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"d14a2ce7-bfa6-4fda-a963-fd3cd3cba3d1","block_type":"box","text":"e.g.","page_number":61,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"8b33186a-ffb1-4d2e-bd94-b9e36cf3a1d0","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":61,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"9442a3c7-7c31-4a49-9d89-c6517ceb1d1e","block_type":"box","text":"II-17","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a707d06-3acd-448a-be04-d878f53caa10","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c16d06cf-f9dd-48b1-af21-6f1e271bfaaf","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":62,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"6301707a-604a-477d-a082-545a6bfe7ae4","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":62,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"9113d718-f5da-46e5-9221-eb523c4988a4","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":62,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"549fabb9-cfaf-4e28-ba10-5f3f26acc7ea","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":62,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"5260f28a-cde4-42aa-90f1-0f310c9ee928","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":62,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"378ec88b-dc32-4bec-9d22-1aa6e5a51edd","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":62,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"fdadd731-1c1b-4bec-8a91-14c1fdfabe55","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":62,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"725905d2-e9e8-4e25-93c1-37009181ece4","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":62,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"311bd29f-6810-4108-ab2d-1f26fecafed3","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":62,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"680ce502-c25c-4222-84b4-652b8ce10230","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":62,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"82370a4f-a4f3-418c-9b8f-43caf63c6ad1","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":62,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"01e205c6-ed85-4cf9-9738-83e0d9d83701","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":62,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"665b71d4-78a8-4773-beb6-6dcc89e70f15","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":62,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"666cde0d-24e6-4c30-abd3-84a3f0088070","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":62,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"49e58c13-a1c4-4e57-a864-0c72bdce1e9a","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":62,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"e005c30c-ba9c-411d-a9b8-51ebf533f048","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":62,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"5cd585fa-1dcc-4d9b-8fdd-d7b4c3dcac96","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":62,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"05eee723-5c93-4222-9d22-7f71fce9dfc8","block_type":"box","text":"index CDS.","page_number":62,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"aeaeb0c9-48cd-4d7f-a448-78d09c95f542","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":62,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"b870b4ad-9b13-40eb-ba50-acd52ed6943d","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":62,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"1cd1b51a-d90b-4c2c-bcf5-33814180224a","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":62,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"661314f7-55a0-4fa4-884a-7dea77226257","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":62,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"264bcd81-dc35-4606-84e9-78aaf6dbfb92","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":62,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"5ff0cee1-bf29-41a6-a1a5-21601ad2b28f","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":62,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"fe5ee8bd-d17f-456c-a472-844fc2f1081c","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":62,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"c034b19d-6a67-459d-b06d-4b9584a6cbb4","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":62,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"846ef9f3-c0ea-40fc-ad73-53a1b422160d","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":62,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"87a241ac-d2cb-4476-9623-0333dce03550","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":62,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"5d9324ba-7238-4003-9c0c-db018c49ed1b","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":62,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"b6a7d8e4-27d4-4ed3-af04-dad5a3ea1faa","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":62,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"e7bf3107-7244-4dc7-b2c4-d2f438b19274","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":62,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"503d9e5c-ac87-44fd-8509-142e9323738d","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":62,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"646eaac4-fa5a-424e-9d6f-278cdb928ae9","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":62,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"0f20b98f-a1b1-4bc8-ac63-0e3479e5656e","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":62,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"c609f72a-83ef-4375-85a8-c6b6ffbc0540","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":62,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"3ddb70f0-aa3f-436f-a03d-004a9340abe4","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":62,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"3ceee591-9f57-4177-b9d9-39a8e7c5656c","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":62,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"aa5d770f-94f0-4131-a04c-3234dc7992b4","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":62,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"63d1ad2a-5660-4755-9824-f1b583289f7c","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":62,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"0d32fcf3-1e8d-4b23-8589-fc910f6ee2e1","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":62,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"3ae489bb-9e74-467e-aeb2-bcf3f602413d","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":62,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"78230e6b-df4e-44da-b010-0149a7f301e0","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":62,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"8991ebe5-997a-42d6-add8-7ef015ef9c1a","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":62,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"9e75e47a-4d8a-4c33-a2f8-7989e6d37696","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":62,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"92241f39-35d9-45fa-bd3e-0e0495548c8a","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":62,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"fce4397a-1584-44d7-a533-8d0725f03512","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":62,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"623a8745-ae53-496e-a3ce-4d8e8988ce31","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":62,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"07573c7c-46f6-4037-8115-53b9d8be30ee","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":62,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"c8d7b343-f5ae-4ce7-90fb-264c9ac6e2a9","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":62,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"050a9cf8-3ee2-4111-bfe7-ca1eb4030cd4","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":62,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"db929a97-15b3-425c-9eb5-15413f315603","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":62,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"be0fcb27-931e-449e-bb6e-7e4e3d9f994b","block_type":"box","text":"conditions.","page_number":62,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"f7698e72-c438-490e-9cbd-b9af4b5018c4","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":62,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"afab5b54-2507-41e3-b6e8-51de4f479108","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"b283c12c-fe44-4962-83a5-e86222b37d67","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":62,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"291ce0d9-52fe-47c4-815d-81b9afb828ac","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":62,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"d5f4e9d5-3b80-488e-8664-07659f87c8ab","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":62,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"e8dc5123-c3f7-4d06-a3a9-223f9bcd9290","block_type":"box","text":"II-18","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0554293a-ac8f-4dde-a995-9e1e48704e37","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dcad512a-c6aa-4196-911e-f560111ebaaa","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":63,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"cf9c0d03-662e-4116-99a7-6057b297b7bd","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":63,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"9dfdd4c2-809a-4847-ab33-7eff4448561a","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":63,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"b6bd7846-576c-4f53-87c0-3febac158188","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":63,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"bb2766a8-dd9c-40bc-8468-2d59d6d1b464","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":63,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"04d67b4d-cacf-4ed2-9c19-17f5e307c7bb","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":63,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"cd292987-b228-4d7f-adfa-c361519e322b","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":63,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"8ff168c0-6ba7-4943-afac-41e6d6325ef2","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":63,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"76aab8ea-aeb7-4fab-8ec9-dd61298a4150","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":63,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"3e2df325-685a-4a6f-87c6-f1735dc6f5e5","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":63,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"1640491f-5c17-42f4-a30e-346024ad45a5","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":63,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"7185b156-cc4c-4f93-b066-786741fd65ee","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":63,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"3eb8f12e-ba1f-4b07-a062-1423a17868d2","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":63,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"bc9e33e0-5f0a-4608-899e-20ea902e658a","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":63,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"5153d58d-052b-4cd9-9fb7-acd44d3bf98c","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"0549b611-1da9-4500-9992-1ae032321cce","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":63,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"cd4cd5b2-465c-4851-801e-6fe177fdce43","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":63,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"282129d5-e643-4535-8f61-ede0754cb79e","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":63,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"0efd8e5c-d267-40fe-b105-ecaf185acfb1","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":63,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"d5720a82-6810-4917-aaa2-9efa216fab89","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":63,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"378a2be9-d74e-4807-8944-ba485bf68e1b","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":63,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"22b04d8e-1590-4637-8653-f90d9fe2f16e","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":63,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"0048a365-edbc-4150-8c43-09eda0b48305","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":63,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"12e08e92-b10f-4390-9ce4-11ad53ebb82a","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":63,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"4106a1a5-0716-4991-9c3a-06dd1435a21f","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":63,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"21a2c73d-1930-4616-b05c-c14f8a958e30","block_type":"box","text":"cleared interest rate swaps.","page_number":63,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"973c8460-ae53-421a-a3ce-83e07f5f3e92","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":63,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"14b43ffe-17a2-4584-a508-8373b4155edb","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":63,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"6459353b-c3d2-4e66-b2dc-b4f18960c15b","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":63,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"4bb471b2-d31c-4bb4-b545-25adb4399f62","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":63,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"24d2db25-79eb-4c6c-ab54-9a7435bbab58","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":63,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"cebed002-dced-4539-86d8-6871e97ddaba","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":63,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"3c927942-0d69-46b6-a7f8-57f113576562","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":63,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"0362c1f2-ac65-41ed-82a1-c645fe3baf6d","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":63,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"1799c5dc-80db-47f9-9d0c-1bc21409b548","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":63,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"c16a3e25-a52a-4e5f-b6ee-0db50100f1d7","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":63,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"b57cf26e-f015-494b-8520-d1b89e5c2a46","block_type":"box","text":"or variable interest rate, index or asset.","page_number":63,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"bb0d72d8-81db-43d3-b1ae-e8658259b413","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":63,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"475baa7d-dc9e-4afe-91f4-ce8fb3697c1b","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":63,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"72d3c3c2-bdca-4dbb-8594-ab96a2084ecc","block_type":"box","text":"such interest rate floor.","page_number":63,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"8f879105-2d90-40c0-a571-1dc7f3184431","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":63,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"3b0b90a8-8a15-4c4d-ab7e-1515a7a11791","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":63,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"6cc238fb-7e34-45ef-82c0-e8b51ba873a4","block_type":"box","text":"such interest rate cap.","page_number":63,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"e5f8a28e-13d2-45e5-ba1c-533a5db38b5d","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":63,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"87619a74-17d9-4367-92d3-c46d1c3b682b","block_type":"box","text":"commitments to pay or receive interest,","page_number":63,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"190f690b-b413-42e6-b820-26127725f9df","block_type":"box","text":"e.g.","page_number":63,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"0a8b4bcb-def2-44dc-9991-3bc95a4f422e","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":63,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"ca2780f1-82c9-4b9c-ad8c-e65a3fb0e8a0","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":63,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"bd586641-7f9c-4ffd-9c59-79ff373d10a0","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":63,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"4deb5163-c1d8-4a90-8161-5f3ba81488b1","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":63,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"8c0e1633-aa52-4f9b-a8c6-ddb2020d12b2","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":63,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"d8c6394b-ac85-4a67-91e7-12bfac4f5355","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":63,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"3807cf5d-1d9b-4b76-8d93-d0664f898905","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":63,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"4a4a9cd1-1454-4b8d-b683-5db58f43bce9","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":63,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"8cad1a77-46f2-481b-a6dc-e75856bc4e2c","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":63,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"4966f02a-667b-4959-8219-3c1f48355df1","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":63,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"1de667bc-e332-419b-8aaf-b1898607ca2c","block_type":"box","text":"II-19","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a92f5a82-141f-4cca-bae3-e4d5e4e58ad0","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9353756d-2578-460e-8bc2-9595e2adafe0","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":64,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"adebbb9a-0e3f-4565-bfad-2b23299e7814","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":64,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"1e9beb24-d589-42b4-a10f-e3590fb410fb","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":64,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"c0cff093-994f-4eb8-978e-0e4b51b5108d","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"ba78c5f2-0644-4879-9a57-db0ff9216a24","block_type":"box","text":"Total Return Swaps.","page_number":64,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"7c1837a0-46f3-48e6-92c5-ad12dc2311e1","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":64,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"53002254-9f3c-478e-9229-d8abf1c992be","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":64,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"52c31fbd-04d1-4fe4-9111-3bf35856fefc","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":64,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"6b744364-28a0-4494-bae4-974d8d3ff869","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":64,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"d72f58e8-d592-440a-90a0-a5174de8a6b1","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":64,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"60a2e65b-685b-46e1-b733-1d699133cbe5","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":64,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"15107231-1b69-4871-be8f-43e631a9a444","block_type":"box","text":"“contracts for difference.”","page_number":64,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"17a17a48-5296-439b-946f-1227bf0bc5b7","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":64,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"c13e1f4e-35d5-49a3-9399-2f1f84c3b301","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":64,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"91a06271-388f-48ef-8562-a74aa6410532","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":64,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"b3dc5423-e508-4783-a6c1-dfb07dafd530","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":64,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"2195cb4f-fd8c-4db2-a3be-4fce771c6dcc","block_type":"box","text":"the notional amount of the swap.","page_number":64,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"fdbb278c-544f-431a-91db-092d0c3a50c5","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":64,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"9cb7d269-fb4d-4d55-b208-c1bb3bef885b","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"cf592c62-de98-45f9-8788-b50814167eb3","block_type":"box","text":"Options.","page_number":64,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"91bf0622-938e-430b-bb5f-c176679a2dc4","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":64,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"746bc7b9-e189-4187-9e1b-0323c47d2bb4","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":64,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"e4c67260-5aa7-4572-8622-1f0f57b649f0","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":64,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"d272972c-ce11-440f-8a66-3a073e7d57c9","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":64,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"eaa3ff01-4adc-4de8-982f-a45b75f9bac9","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":64,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"61bd2fdc-0563-468e-9b6b-9314daf59d06","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":64,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"11a92b94-2085-4d1d-b6d2-0b497eabc290","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":64,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"632f352c-17fb-44a8-a2fb-82d1d96817e1","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":64,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"ee9bf473-5a41-44f0-b0c9-ae396983561d","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":64,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"5b2e661e-c902-4998-bc1d-91f9dbabe424","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":64,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"01c2fd80-2875-44db-a8ed-2bb6f0c5ecc1","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":64,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"db020bb4-fe1d-492c-90f2-83509a6103df","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":64,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"372d2fed-627c-4cdc-a2bd-44b7f022c811","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":64,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"2f66fe05-7a90-45e3-87be-dcc6313ee86f","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":64,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"34a781fd-8c7a-4f68-83df-1887fe6677aa","block_type":"box","text":"OTC markets.","page_number":64,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"b6f6021d-ba6b-4641-b0f1-3f6e14d588b4","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":64,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"68b290c9-3e37-45f1-bc90-8a320c890017","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":64,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"da580ead-7ab6-4045-ba6c-4022e9013ba5","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":64,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"38c06f6d-4732-4578-b90b-781f0ddcc1d5","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":64,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"c67284e9-5c94-49c3-913c-7ea526c0e16d","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":64,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"60021d36-108b-4f01-9913-8690ca018756","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":64,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"06923df2-f340-4649-bb58-ae634cf32ace","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":64,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"ee0d5f91-acba-4697-b062-fff7d88a57c0","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":64,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"f020dd4b-e3ee-4af0-b819-8e2a32b77da0","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":64,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"53405f45-2e48-4ddc-84d9-57822d16678f","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":64,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"c4eaeb65-ee24-43ce-a8cd-35b27b0a4652","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":64,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"3e62d4e7-c994-4256-b550-40114e6013c5","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":64,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"27d7a98e-5fcd-4f27-a6f1-76cbb3be5e14","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":64,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"b5fe6574-0b15-4dee-801d-b32b8ae79d86","block_type":"box","text":"terms.","page_number":64,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"ce8fef17-cc27-4d6f-b7ec-222fb8505640","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":64,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"9a81d393-cf08-4206-a47d-7a00992a70f2","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":64,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"26e56959-84af-4eef-a721-62a2cc9614f5","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":64,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"c9ecdfcf-1037-4344-b9b5-165af7bce970","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":64,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"5324663e-16a5-4453-8388-3436bd47ad98","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":64,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"32bd1679-79bb-41c0-90fd-dd2ba41cd11c","block_type":"box","text":"II-20","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f52e588b-9ced-461c-a047-0e18b45d8162","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71f8c415-9d24-4ee0-ba0c-645badba88ec","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":65,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"536142bd-807f-4b45-851e-36c89d01ce8d","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":65,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"a8023398-df3d-48ec-8f3c-046278154494","block_type":"box","text":"Call Options.","page_number":65,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"5b7d14c0-7eb7-4f74-9173-278c79cdbd83","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":65,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"206bc739-c2dc-434b-a42e-1d47819db37c","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":65,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"eed85c9b-504f-4e55-a26f-31c83acbcc96","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":65,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"0e92e3cc-3a55-49fd-ab1e-34272966bdd4","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":65,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"78d88851-a11e-43ae-b0c8-b8d5d56b3cae","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":65,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"0f33661f-b429-40cc-9c79-c8fdae27ad6f","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":65,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"3bcfd3f2-39c2-49cb-a39c-a81a6d1fd7c2","block_type":"box","text":"of the option.","page_number":65,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"7341d918-61c8-4e68-8166-869cbe1c06ca","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":65,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"b69b020f-c201-4699-8a60-f01c2ceedd9e","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":65,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"59771e53-47d3-4640-ae63-46fd0dd86ed3","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":65,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"239387ac-e04c-4d6a-b584-fa257c7b0df6","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":65,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"b293d6bd-fe2d-43c9-8bdf-50594df08210","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":65,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"2b80242c-1251-4576-a567-d76bed1da6fc","block_type":"box","text":"A Fund may write (","page_number":65,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"fcbbb842-d4dc-4baa-ad70-728fb5c2ad01","block_type":"box","text":"i.e.","page_number":65,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"ba81a7fa-15e9-45b9-b1c3-7ac069e8d7af","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":65,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"2a039304-ab82-4f90-9ad9-2b358efb34c2","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":65,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"12e58315-32fc-4760-897b-d2d3e0cbc4b7","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":65,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"cc1d638a-aa4d-47be-adb6-c472c25a5066","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":65,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"2fba71d4-884a-4f1f-9d01-2862bdda2453","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":65,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"c9fa6f23-d6fd-41ac-90e6-5868b8a1e2fd","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":65,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"5ba70ffb-5728-4390-8cb0-2829586ccee0","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":65,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"46de90d0-9bdb-4d34-bb0a-bbe00cc3c2f5","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":65,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"109f6e7d-a3aa-4c2f-b2d7-14a771535408","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":65,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"f68e5d39-b2aa-4b5c-a6ce-0367260393ca","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":65,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"8124e01d-567f-41ba-8ba0-cc79335951d1","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":65,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"7d88bde5-5b99-45b5-ba91-5906dca8685f","block_type":"box","text":"A Fund may write","page_number":65,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"560b164a-361f-408b-9e05-61a566d90cdb","block_type":"box","text":"(i.e.","page_number":65,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"639bf618-36d1-49b6-8a70-dc02eb5085b3","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":65,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"4ea1edfa-37ed-4295-ab2f-4f97fca879aa","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":65,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"a176da11-590e-4caa-aff7-94d6bd520eb4","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":65,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"361d57ea-a5f7-451d-977d-9286ef816952","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":65,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"e7c8f9da-0d14-4124-bf8e-150cf9c34e06","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":65,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"dcddb992-d000-417f-8871-1a14d4f77e7e","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":65,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"ac3b0bf8-b4eb-43ca-a208-4dcbf85bf293","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":65,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"a1eeb65f-ad2d-41e3-8987-df4f66b3342f","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":65,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"bdb95b39-7352-4a1a-add2-a7c5615d2126","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":65,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"547c8966-d593-4e90-bd1e-13da8754d265","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":65,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"9179fd49-7a3f-46d7-b659-c8a51046b4d3","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":65,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"563bd14d-41b2-4533-8e37-d24301a79405","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":65,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"b657e09b-c020-4336-afba-2ff26e33afec","block_type":"box","text":"Put Options.","page_number":65,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"da4a5d18-7519-4fa8-9840-ef0cd9f75650","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":65,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"76b5b766-50d4-44a3-afb9-0700701f036d","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":65,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"4a2da3cd-c95f-4244-9f25-4080d7c4bb40","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":65,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"1c51d05e-0794-4630-a782-321754d7c14a","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":65,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"e33ce84f-9803-4748-ad1e-4429191d9523","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":65,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"7105cce4-8d5a-42c3-9f68-ff683cbb95d7","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":65,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"ed227aa0-442c-4f68-ab7b-215d7073bd66","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":65,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"d5db9b3b-2805-451a-976c-1c4f724c5cce","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":65,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"6ee2dbe0-f217-4491-9fa6-0c70736592be","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":65,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"557eb396-a94c-49b4-9052-ed4395a19da7","block_type":"box","text":"purchase uncovered put options.","page_number":65,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"5bf197b9-7334-449a-80df-d0bf20ba05b0","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"d31cb180-764d-4b98-bf15-3100c2803ada","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"1a78e3c2-095e-4765-8ab6-d180da053a4b","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":65,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"7462b2c0-a32a-48aa-8758-fc616e5b8ee5","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":65,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"41abe1bd-94f3-4100-9fdb-9217d0ae5eff","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"2dacea9b-9559-4dab-a5d3-2fac01353edb","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"f6cef222-17e7-46b3-8229-23c55ecac2f7","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":65,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"e1dccd0b-c3dd-4ce5-9fcf-3a8439ad5fc3","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":65,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"f59a81ef-8677-44cd-a2d4-c67afd7242e4","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":65,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"89a4aebd-83ea-469b-9234-21ffa80ab951","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":65,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"15574ede-3ee0-4a1f-83e0-f5c2366a016b","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":65,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"0e8567a9-56d3-489c-939d-3649ad1694ed","block_type":"box","text":"II-21","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d84df1c3-2c59-4f17-9a0a-275a7111d421","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92784f7c-9c40-4f17-b1f7-48067f4be837","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":66,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"899b3ae4-3890-4e37-b4fc-55545508c719","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":66,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"c6add99d-c231-40b4-b240-299ac78da274","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":66,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"02b6c6d5-6af1-4f5f-b745-13d87cb8050b","block_type":"box","text":"the exercise price.","page_number":66,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"8d7e5837-85bb-42f8-af01-ab70770fa9da","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":66,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"12493bcc-3ed6-4059-be74-382debe2f99a","block_type":"box","text":"The following information relates","page_number":66,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"dd9144a7-534b-4875-a623-ba34eeb05e4c","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":66,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"ec5242c2-f548-41fe-886a-489d41c7b453","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":66,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"ba950d5b-ed44-4f4f-a7e7-650604132627","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":66,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"ccbfa1e9-9d50-46a0-a9db-d7aa4a481acc","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":66,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"fb917dd5-286c-435b-bc0b-4ddcfa21db00","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":66,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"9dccd2a9-1d38-4fed-8623-2684cb4cefa5","block_type":"box","text":"market in order to maintain its “cover.”","page_number":66,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"56abb5c1-2bf1-4135-adf8-a246374c16c8","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":66,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"d423ece4-fa48-43ca-8480-cf38ddee1bee","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":66,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"cb20f460-6cba-4282-84e0-e3861d0c08e8","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":66,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"3cc73cbf-ba4c-4467-b79b-dd529a4da99b","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":66,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"93bc666d-d9de-4589-8f57-e7e5f632f130","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":66,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"615200df-a5c3-44d4-924b-4ca817bfddf7","block_type":"box","text":"and incur transaction costs.","page_number":66,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"4d3b31e9-fd47-49f0-95d1-957b5b3698c0","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":66,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"12cd666b-4745-4b5b-a828-5f2780968d72","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":66,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"af470f19-37fd-4803-8778-7deee85ced62","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":66,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"6c51ce4c-d24c-4e2b-8990-03a95a525637","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":66,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"32bb4a67-5767-41d9-8522-0cf87a561bcc","block_type":"box","text":"i.e.","page_number":66,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"10ca5f9e-5316-4f52-900e-e938e36b50ae","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":66,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"d076cea1-fe28-484d-9e45-a10f912f6bf0","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":66,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"2f21259e-3427-42c7-b1eb-b22360cd6058","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":66,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"2bfa6d80-9321-46fc-bea7-bf543b1d16c9","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":66,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"dcd3391a-53e6-4695-a2e5-d3afd45d6ef1","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":66,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"ae8cbeea-781b-4410-9c76-fb4c187f7846","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":66,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"1adc9751-8b16-48df-bb4d-584af2306234","block_type":"box","text":"required, to be cleared.","page_number":66,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"62a19d8a-7aeb-4aed-aa3d-5dcec7a7c251","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":66,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"bcb7825b-1efa-4f11-8ccf-a7f516e0a87d","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":66,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"34b8b975-1069-4eb7-960b-211470de18c8","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":66,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"92b3349f-766a-4ab6-8393-9aaec79be998","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":66,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"f58bf9fa-c1c4-4a2c-9343-e611734b95c1","block_type":"box","text":"Derivatives” above.","page_number":66,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"c690ae0e-99fd-4bb0-8d92-534d2d568ee5","block_type":"box","text":"FLEX Options.","page_number":66,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"afa96c7b-b5fb-47c2-85a9-02986316e3a3","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":66,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"06ed847c-5a74-4937-a90a-4091dea2cb7e","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":66,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"d1ac31cf-ccd8-4b66-b41b-fdca41475b58","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":66,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"fa8090ea-4e00-43e1-874a-3a34bb03c6aa","block_type":"box","text":"exercise prices, exercise styles (","page_number":66,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"1b59b282-0e1e-4b57-b435-6be6b65c74a4","block_type":"box","text":"i.e.","page_number":66,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"7a712994-59f7-4f7b-a252-e8767bc8ccf6","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":66,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"3724cc60-d5e4-401c-a4e6-8dd2bc0043d6","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":66,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"590a9781-6d63-4d05-a68e-c9d6e1a88723","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":66,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"faaed3a2-cd17-4f38-bd78-847e51941d99","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":66,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"c510c5c6-cea4-4f66-ae8d-b858aaa5e40c","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":66,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"c35c30c0-7959-46d2-929f-ff4e4d3c90b9","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":66,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"86d70753-7ecb-4856-99d1-38af32848aed","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":66,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"0d2897bf-11d8-46d9-a693-0ee198d0f1bf","block_type":"box","text":"FLEX Option’s expiration date.","page_number":66,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"38f8f240-f83a-49b3-b91e-2831bf528dae","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":66,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"89c660e7-823e-4aec-8aab-87b570aedf72","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":66,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"5d27bc0f-3d77-4414-b5db-933aeb6df248","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":66,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"6dc4065d-8b2e-4840-87e8-7dba96ed411e","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":66,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"01d25659-297b-4905-8b0e-bf2a72eeede3","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":66,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"b0d288e2-e994-4ac1-afa8-e9b120d0ca9e","block_type":"box","text":"FLEX Options contracts.","page_number":66,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"66a24223-d832-4404-b34c-d04f87df6611","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":66,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"c53639b3-ad5e-4cb9-87b1-3edabeee08bb","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":66,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"0ee2e6b2-f2c8-49e1-8155-fc499b578bf9","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":66,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"c2123ba6-11a5-4a4b-b1fb-e9509ca9ad19","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":66,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"8077721c-46f1-4679-b5f3-710dea54dc69","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":66,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"0b9cfcc1-9bbc-47e6-b588-90ad6fd5dc60","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":66,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"371029a9-497e-479b-8ca7-28f64a6b6e62","block_type":"box","text":"II-22","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"842c0bc3-2359-4677-b82e-9d42c8ba5c4d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23599ccb-f86f-4dde-acf5-c9783bc8be31","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":67,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"98932f18-e648-4903-9fda-84d9346c1ac8","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":67,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"0949ef7d-a980-4e0f-85c4-f099327f3ed2","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":67,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"ee74aae8-a1de-45ef-a534-db8abee4cd48","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":67,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"5745ebb0-92f0-45e0-880b-0a80aa1515ae","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":67,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"43f2eeb4-8326-424c-9384-e0d120c55607","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":67,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"c8dc8bcd-f60e-4eb8-8c80-a6d3506bd21c","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":67,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"0eb83b59-735a-4d87-9d52-85d7befa76e9","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":67,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"2814f34b-9556-4d50-b96a-4d111aa9d42b","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":67,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"6bf7e7ca-6a37-4bbc-a5f5-1452dd972f13","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":67,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"b2b0a3c4-2892-4760-9926-08e81d87b3a3","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":67,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"a2518259-0f45-4f60-97e6-0e33040b80ff","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":67,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"c08bfc0d-8da4-4cc3-b6a2-b6040001195f","block_type":"box","text":"expire unexercised have no value.","page_number":67,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"32db9c91-55fe-4bae-82f4-9b244257d27f","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":67,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"7f2a6574-9a99-47e3-8c59-9ad863c5a038","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":67,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"365678e5-42bf-4d36-9b89-5497523593ea","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":67,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"f4477ef1-6afc-458b-a094-d7cfbf21c787","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":67,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"ffa20eb0-9834-414f-a6d2-d6f4cd220ab9","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":67,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"81db44be-c4f3-4d5b-a4e3-6ad4d94b58ff","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":67,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"31d909e7-80d4-4311-a56a-57c9c10d9a0b","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":67,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"79ec9f22-8483-4cf6-bfbe-66d4d8b25e93","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":67,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"c549d3c5-f4cb-46b4-b912-ca0555311d28","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":67,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"ef4302de-2407-4ef5-b54b-dbdcc1bc704c","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":67,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"1bb7fb72-a8bc-4216-9694-88ff47f7c50b","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":67,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"493ec092-1a3b-410e-876d-c6cafaa70a54","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":67,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"d05e1cbc-b975-43d6-9a27-0a7f20535405","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":67,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"bb297a16-1cdb-4749-92d9-d4854a0d72ad","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":67,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"a2eb5c88-98ab-43e4-8b0b-d92b2c9f79d3","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":67,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"6a8466e1-d81b-4e28-a8d2-a825a3ea01a6","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":67,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"1b1e1ed4-801f-49bb-bff5-fa89a7e415ca","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":67,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"03f57797-39e2-4a18-95e5-5ed16cfbda35","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":67,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"2787ecd0-74f1-4729-9dc4-4b3bdbd641bc","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":67,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"8980abb1-41f9-47ed-87a2-56aba40b30f8","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":67,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"fa74296c-911d-49f9-aae4-b38ab21a5ff4","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":67,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"21cc1b3d-3ac4-43f0-90a8-f5bb2cd36d5a","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":67,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"d2c318b4-6695-4d4e-b9ab-28ac54742bd4","block_type":"box","text":"Foreign Exchange Transactions.","page_number":67,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"a2708e60-028d-49af-a1be-58db7d5eff89","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":67,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"9fbda72e-3b22-4ef0-8a83-9b41e3ebfcef","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":67,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"ed1d1bd1-49a3-4791-90d8-f16bb6d37151","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":67,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"3557628a-4396-4991-9edb-5b94d918b637","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":67,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"f212bdf4-5750-407f-ba48-192647ba4c7d","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":67,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"495c4e85-cce7-4455-8b39-e720354fc795","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":67,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"9a217dc5-f7cc-4315-abca-4ea4c366a575","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":67,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"767ca7ab-92e6-4488-84ac-b8c57411e9fa","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":67,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"7fbf0ebe-fc78-41eb-96b0-1c4195ff8a90","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":67,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"36fd14ad-699e-4418-84b2-64f9d14ac1f8","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":67,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"be03eaad-f24d-4ca0-9af1-1218865ff0ce","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":67,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"04a1d5e5-394a-4a5b-ab93-a3a3563fec40","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":67,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"4615f2c1-1a64-4f22-b1ff-eb010b6829aa","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":67,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"92acde02-cbc0-406b-a18e-8c485b761328","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":67,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"ab40a783-2dba-4cac-b4af-a8697f5f6d6e","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":67,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"292a7b10-c566-4506-b9b8-8fd1e272ab99","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":67,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"90fb3960-8d94-4fe5-97c2-19d9573b93a9","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":67,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"cc5bc09f-9955-4868-8848-358239127ccf","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":67,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"16ba88be-a82c-40fc-8e16-ba819de20a49","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":67,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"a8fcbd25-97a4-40b4-a4f8-2066bcba011e","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":67,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"02e35651-ec29-4f6b-9280-e56ee826b58f","block_type":"box","text":"II-23","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1efb50d9-4891-4ecc-98a9-947272b97721","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a718665-dd9c-44ea-8b9a-84d41ddc74a3","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":68,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"ee91c495-cc56-42cb-8e3b-8b13bde8dbd0","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":68,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"f1cfaec3-b1a4-4941-9d2d-c46bf903a84d","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":68,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"05c16376-da1d-477a-a2b8-168b48429456","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":68,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"f170e58b-d393-4424-804e-81baec7d83b0","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":68,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"9e52cb9a-4b62-405d-bd11-0b0aa1fa2dc6","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":68,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"164dac41-10b5-4869-bcdc-e0587939b5a5","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":68,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"973370a6-2a90-4339-9d7f-9b2928eb078c","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":68,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"00c3061b-449e-4fac-94aa-91ee843a344a","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":68,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"24b16889-c4d9-4266-aaf6-43220cac8216","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":68,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"c0957209-d47b-4fd0-a74e-8ee5773be1f5","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":68,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"bc94d165-2034-428f-a806-b8b6020a89ea","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":68,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"86f20eec-68c9-4902-abcd-0595d4975b54","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":68,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"f4d12fc7-e506-4a5c-b6ee-408a752c3b6f","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":68,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"0bb468b0-f0b6-4a3c-afac-36102df875c3","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":68,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"acf2b4ce-c584-4c4e-b1f7-4862c9e9baf6","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":68,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"478d40bd-69b4-413a-99f7-e1572dbaaa49","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":68,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"bc28c0b1-2503-436a-9e10-bf0aad5eed57","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":68,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"28f7a41d-e56b-4a53-9e48-0c14fe881d36","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":68,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"78ca75b0-54c3-4f22-9378-42edf3d0734b","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":68,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"8a231188-4904-43b2-859c-5f1f2fc08fe2","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":68,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"1d891e8b-1806-4319-a8fd-fffa9be4c2ee","block_type":"box","text":"involved.","page_number":68,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"c04b6428-2005-4557-87a9-86e456532001","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":68,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"a5569119-1f41-4429-919a-ebe4f2e9beff","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":68,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"d54634ce-95bb-4e4b-80e5-5231fabc7b0f","block_type":"box","text":"denominated in such currency.","page_number":68,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"adba7ff2-e19d-4ba2-ae16-3fe029dd6544","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":68,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"6d77c1d0-0035-41a0-b134-55099030c698","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":68,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"9ca82d57-a29a-40d7-b96c-a90a51c32f53","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":68,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"0e01685b-436b-4156-8420-22a5d39c97b7","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":68,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"0de7a18d-9dee-4aec-8525-ec7287ba6007","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":68,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"67bad2f0-582f-4ead-b7f8-4f605e425365","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":68,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"ab09dac7-a2e1-4723-8044-87d24f881cfb","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":68,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"87a79e15-484d-4f1e-b73c-818b324e08de","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":68,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"a24331be-7f59-4abf-8e02-7eabf13e88da","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":68,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"ea7472a2-2c0f-41f7-a12c-1d9e974108a8","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":68,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"89d34796-792a-41f2-8a86-aef36a088567","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":68,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"164761c5-f031-4ad6-b7b1-6379d2eb4c47","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":68,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"d95dcf5e-bba5-42ed-8bc0-15a27ee8f601","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":68,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"bb6d3c96-4f39-47dd-b339-b35586506fab","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":68,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"0397a75a-5cc1-41da-9e55-51e756140a4c","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":68,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"1f5a7770-db26-4ead-9e9d-39e6b259beaf","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":68,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"191b672d-ed12-4dd7-864c-3d771046ef44","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":68,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"b9e660ef-0529-4252-a3bf-fff5d8b4eb70","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":68,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"05ca41a0-1577-48bc-acec-bda060f95c38","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":68,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"b1309a90-3074-4fb8-82bf-580b1cf2280a","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":68,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"ee627bcc-f460-4ad6-862e-ec5d50d2051e","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":68,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"46721c69-164c-4967-86d4-38deb5a32fa6","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":68,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"1a77f996-52e5-4acc-9957-309b37e031e8","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":68,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"061c0d6b-5dce-4268-8240-250a2c061e5a","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":68,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"cd67a24c-9316-436b-9562-38fe25065340","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":68,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"7e99ed47-f5a8-4843-81a1-9e19991f96f3","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":68,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"688af12d-7f59-41c0-8582-3f767236a1fd","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":68,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"3890e9db-502c-4cde-a58d-5fd517b13f56","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":68,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"851cf9cf-322f-4870-9a91-15ec5b6a2ec9","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":68,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"fcc4dd27-7edb-4558-8e31-535fddb4bf4b","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":68,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"e5cbe3a5-0a32-485d-872d-9f1c6c330f74","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":68,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"f9033ace-932d-490f-a953-98eb768ad1c2","block_type":"box","text":"II-24","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"900c0e5f-291c-4227-84cd-3090bf1712c2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc06e270-62f5-414a-8b61-92caa72b3408","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":69,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"772639a4-18d1-41eb-8321-af8122d13be3","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":69,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"f04c5af2-4243-4513-a4d2-f9a6f8a2b35d","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":69,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"867d4c22-9c62-49bb-8bee-faafb0b3c462","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":69,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"0d501eeb-eb88-4614-9c10-6ab8f30e3a61","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":69,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"1c594727-a5f8-4ff5-b8aa-3532d86aff9c","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":69,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"93f04e79-15a3-4be6-aad6-b763cf9d0362","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":69,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"d6fe9022-c18f-4a0d-981e-8a04b8ac90b4","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":69,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"f4ab5364-cf07-4ffa-82c4-d466511e384c","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":69,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"d00b8c96-72a4-4b4b-8ae2-551a45e04005","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":69,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"57a86936-20de-4d06-9452-44ffc898046c","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":69,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"37a9feb0-f805-4fef-8f48-800a9d9f3881","block_type":"box","text":"traded.","page_number":69,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"4557a346-8e10-4205-8701-8c729449b29c","block_type":"box","text":"Currency Futures.","page_number":69,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"006b6d85-0be9-4115-b080-ed07fe66043d","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"49f9a012-a011-4459-b959-2d4d76e4013f","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":69,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"636f994f-ef12-466a-8a60-e7088034ee81","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":69,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"17068e3a-cf77-48d0-a3dd-c14e23f248e6","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":69,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"74b682cf-805a-42a4-a792-88a47198d609","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":69,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"eda4d925-6775-43ae-aefd-2bd0f0c99df4","block_type":"box","text":"Currency Options.","page_number":69,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"9446bcd0-9601-4502-9b7d-0eda66c425eb","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"c2655123-06f2-473c-aed4-c41fa2e0dc0c","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":69,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"c5781c60-fbee-4730-aaa1-017c632388e5","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":69,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"ee624e78-020e-4469-86ce-e24f8b8f1134","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":69,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"f66aecfc-48a3-4206-b08c-d3a9eca0b078","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":69,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"88e090ef-3539-46a3-925e-3462dda47d30","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":69,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"9e848bce-7707-4cf1-a620-52bc3ffdab71","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":69,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"89b76601-a9cd-4a7f-a005-0237f9d8b963","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":69,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"c92d17f6-05a1-4cd7-b9cf-d1d769e6664f","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":69,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"8655030f-f77e-41de-becb-56ea3d125d93","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":69,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"24bd9cbc-b465-4857-b0aa-83482ef3da93","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":69,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"709e036b-c65f-42ca-a5ca-5160701b9613","block_type":"box","text":"Currency Swaps.","page_number":69,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"a49f1dfb-8f46-493c-bc13-40ee34749ab5","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":69,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"41afb7ec-0c31-4b9d-aebb-5ba0b598d745","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":69,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"fa404e99-b684-4f01-99d6-673701fc2c72","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":69,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"e66e7ff4-0538-4936-8009-2aa62a6480d6","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":69,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"8a40e5d5-af02-41f4-bf05-967a97f504e8","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":69,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"5d2ba03e-60fc-47a0-8790-19032c6ab53f","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":69,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"5d8b6828-c73e-470f-937d-e2366f096000","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":69,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"599d23b6-2a5c-4a1e-8738-509f973da726","block_type":"box","text":"Distressed Securities.","page_number":69,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"89b09e49-17fc-4cbf-a445-a7ed9757cff3","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":69,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"64056192-2fc6-44c4-b9a5-fc4e4d86da8b","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":69,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"21b1eadc-99f7-46b8-86b6-763ea65357c2","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":69,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"d2e2e81d-99af-4e5f-aaf2-ca020e5fb5d6","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":69,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"24d2a7b5-3ba6-453d-a342-aec873053173","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":69,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"94fab692-1a00-44ac-a5cd-2f2b976a7c43","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":69,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"b724a99a-6c44-4dc9-9045-255425fdc1ba","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":69,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"615a9040-9bec-4fcf-acce-696da96fb0ba","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":69,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"a70304e3-b278-4a34-a078-3ba96c37cad0","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":69,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"880aa9ef-6c9c-4392-98ad-46d956aedaf4","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":69,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"a54e4346-bcd7-40e4-b5c2-410d3a240460","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":69,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"e8cdf4ce-e1a3-4b1d-9032-fe196f95d3f8","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":69,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"e3e02edd-aaf2-41ba-b529-36ee8f7c2788","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":69,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"76097c89-9a3e-4be5-835f-07846d6a1460","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":69,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"7af1dd5c-060d-422d-9b5c-af044a7bd8f7","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":69,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"feea08e6-b8c0-40b5-8c22-727b7381bcdf","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":69,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"420089d6-1bd2-4736-a8f4-4c5ce1757cb7","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":69,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"b555e728-b020-4d92-9966-b40245039957","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":69,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"bc2038fe-6f34-49b6-9daa-8d2226aa8a24","block_type":"box","text":"satisfied (","page_number":69,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"2d742dd4-cbe4-419e-b4b3-a715baf972f2","block_type":"box","text":"e.g.","page_number":69,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"5860f017-a009-4001-92e2-12e9cdba01ff","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":69,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"ed7569e3-e7fa-4cd4-8225-787702f72156","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":69,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"5dcd6aec-8b0e-4634-b8bb-3b423353c926","block_type":"box","text":"II-25","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c19c343-db65-43ee-a7f3-f8282ef9bd49","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4549aca-d2aa-4726-a7c7-602addf3c182","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":70,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"31411fd1-f1fc-4fb5-8058-5d6b960bd5a7","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":70,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"eaff1657-862b-4c49-b5dc-7cd09b49a05e","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":70,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"169a797e-fc23-46c3-aa75-a924ef44a6f1","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":70,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"d9d07961-dd90-4d1c-bb8f-6fb0da26dd3b","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":70,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"8941426f-154d-4929-a8ea-d74fffc847b2","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":70,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"0c18acff-824b-4a17-a143-ea3f9a0dcc39","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":70,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"4f72caf7-e5b0-4629-a465-fe9cfe2c184d","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":70,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"3a288bc6-864d-4b46-8566-1e6e4c9f31a8","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":70,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"253d5143-cbe7-49f4-8e8d-8d019ea8afa1","block_type":"box","text":"affairs.","page_number":70,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"24c232aa-b63f-4c6d-ba13-7efd385e3256","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":70,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"59a2f93d-ffbd-4ef8-848c-fd0b14687596","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":70,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"1c56ae93-9d19-454b-8753-454965f06096","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":70,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"8d5ce790-b750-4bd0-a861-bb079ebc958b","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":70,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"d5ddfee2-1485-4a0f-a99d-e326c3731cd1","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":70,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"d3ce6818-9290-4bdb-a352-a555b020600a","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":70,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"6c6a91fc-276e-433f-832d-aa01bdec6f35","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":70,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"e8fea3b8-f773-468d-9fbc-4e4cafc5ce10","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":70,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"851263c3-d073-4292-b057-6b3faf0975cc","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":70,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"14e2c8b7-0f60-47ee-b35e-fe4db4a37c44","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":70,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"54f511b5-1d77-481d-a416-523f00e48a1d","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":70,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"cc6f0531-70df-4946-86a3-b1729fff706e","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":70,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"0d184ab9-1916-4407-8c95-2f09c220112f","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":70,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"68c0cff8-bc2c-4eb3-9a77-e30c8a3db23a","block_type":"box","text":"Equity Securities.","page_number":70,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"ad10d2eb-75df-4c1b-8248-2661f56469b4","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":70,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"dc82c30b-69f0-438e-891c-0a506d550b6f","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":70,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"436a4641-16d1-4434-9c85-9ab527f56912","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":70,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"0881b9c1-87f5-450a-a9a0-db80e9b42b39","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":70,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"2c465aa9-3c04-47d2-9cd6-4ce7257f055c","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":70,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"e2e19055-d35f-45b1-b31d-7ce6dbd88b5f","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":70,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"15428205-9c93-4dfa-9ace-37e9bdbe8695","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":70,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"5b7e1ae4-6b60-4e14-b6ec-d5e041113a1e","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":70,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"ca51fb4e-383c-43ee-a0a3-52b821b4678c","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":70,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"da1e4fe2-fe86-423e-8d6e-75e1ee8c89f2","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":70,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"10bd4085-9673-4640-aa37-56449fccdb25","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":70,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"6664aaff-7f32-4398-a461-48954d9fb230","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":70,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"b7b56d99-719a-4b85-8a8d-7c64d47341a8","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":70,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"9985f7a3-32be-4dd8-82c3-15fd81382c45","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":70,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"0fba3978-d967-4894-9060-80a1415af27c","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":70,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"1f463dea-5d7e-4171-b8f5-b754c2dcbb65","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":70,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"aab39103-21d8-4ae0-99e5-ea16f8fc0e91","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":70,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"dd3edbee-f054-4cd0-997a-f8b8d464f96f","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":70,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"472d292d-cb93-4c95-bc4d-da96e3393ae7","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":70,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"4591e4bd-3c42-482d-8e4e-527d3bfae8d4","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":70,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"a0b8080d-ca65-490a-8f3e-50e4a0b41074","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":70,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"eb552120-9b5c-4f09-add5-94df73c7b491","block_type":"box","text":"initial public offering.","page_number":70,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"053b4de8-3e81-4b20-afdf-c6adb4d920bf","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":70,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"3f635ec2-8e6c-4258-8428-214765fc2f85","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":70,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"8320afe3-8a6a-4510-b7f3-193727e9499e","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":70,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"03a48578-04d6-40c0-a999-ffa9b112319e","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":70,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"31efae57-dce7-4d37-9079-cb965bbe3a0e","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":70,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"f568a97c-27ef-4a73-843c-5b533d16db52","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":70,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"a88a1cdf-5922-4c2e-aab3-8271740aaabc","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":70,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"5dd6ace6-47f0-4700-9dcf-8d14c26046b8","block_type":"box","text":"more established companies.","page_number":70,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"57254a32-94ec-4e61-84dc-bea1ad8251b4","block_type":"box","text":"II-26","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6e522c1b-62d4-4474-befe-021ec898018d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c7b2bb3-2522-427e-a8b9-ae612c2cac90","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":71,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"7536a133-d228-495b-a048-d53107a4f431","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":71,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"4cacf1a6-73c4-4061-8c46-3dbdd1850ea3","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":71,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"c55ce88f-57d3-46d1-afcb-8deec45e3f79","block_type":"box","text":"below.","page_number":71,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"16670697-77cf-4e84-ac4c-5b25c65f260a","block_type":"box","text":"Real Estate-Related Securities.","page_number":71,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"62ca1c48-8375-4537-ac69-a47ba91210f2","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":71,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"2a8ff348-1ad1-44e9-9518-521c7c58122b","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":71,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"60ba829c-4c09-4fc4-803f-fe8345e4386e","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":71,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"5980ae8c-2c71-4afa-8378-829271841a57","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":71,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"5286fc6c-70b2-48b9-a224-e0e8ceab77fe","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":71,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"f7ea10ac-193a-4e7f-a79a-95beddf66bbe","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":71,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"38daef1f-2127-41f5-b659-0ceb5b791510","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":71,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"01d190a6-3443-4889-a914-00546c4bd6a1","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":71,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"db249783-bd53-4fa2-bdec-179ebb22a50b","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":71,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"2e46865f-3853-47fa-b47d-0cbd45bb321e","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":71,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"13a8b065-2c28-45fa-ac98-0c2c0b75c12c","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":71,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"7e86fea7-ac53-4cf5-9411-f46eb48da5b0","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":71,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"8b368e66-1c0f-4e3c-8f45-82bad1eca3c5","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":71,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"08ec239e-33fe-4a73-9335-b15cf3fcb617","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":71,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"322cf483-fbae-47c9-ac54-f7df5c93397b","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":71,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"3dc44a19-571d-4788-ab5f-e6949fb184cf","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":71,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"b48a0af7-db7d-4a41-a01a-baf978732532","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":71,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"960b6e5f-1d07-4ec1-ba92-ca5a52d5d932","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":71,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"42ece929-c47b-4419-825d-502797ffc319","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":71,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"a031be81-1847-43f9-b9b0-8362817b4eb6","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":71,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"bf69207f-c5a4-4473-891a-c1897da4a713","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":71,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"3756a1ac-b3b8-43f6-9b2e-10b745e5f148","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":71,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"6a0326f9-b8ed-48eb-8cc0-3647ebec2c78","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":71,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"2225558c-7a63-4991-b9d0-ba09d697c1cb","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":71,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"445d231e-2f22-4fc7-9bf2-8e6d4680eb4d","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":71,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"53cdb174-4910-48da-9beb-deaa968a617d","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":71,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"519db71d-7aed-4041-87ed-a5326a4ae75c","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":71,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"85f4ac15-129d-4fd6-8cef-0b9430f83dab","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":71,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"ee42627c-00ab-412e-bafc-d9765f4fc160","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":71,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"a107c141-8e3c-4d28-a864-a2b8b615dc12","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":71,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"0b47f2e7-c7fc-4e11-9bf1-e64c72b88dd3","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":71,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"083272d4-f7f0-4d4f-a9c2-bd8c368944f0","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":71,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"4950b74e-8d43-4971-a1fc-bfb045a32c50","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":71,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"aab797b1-38f2-4a49-8c07-31873ca59afe","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":71,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"12dcae6d-ea17-428e-ad93-7cafd79707f5","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":71,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"e9a7e9c6-740c-4a85-931e-bb2616df0ee8","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":71,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"777100a8-6697-4c64-9ae7-9bdc422925fb","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":71,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"9ef44eb1-0aa7-47c1-ac51-61f36386a0f7","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":71,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"ec23b2b6-e7c8-4a1d-ae45-df6c98c41fc6","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":71,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"54349173-8d83-42b4-b538-43b1bab38c8f","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":71,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"55e1618b-c6b7-495f-8266-2036291220e1","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":71,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"35dbe98a-2f44-4f97-b381-3dec49b8c8fc","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":71,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"5d75aa00-965f-4268-925d-0e5f4c26c897","block_type":"box","text":"cycles.","page_number":71,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"4a90e6ae-96e9-42a7-8279-a7249d1ca77f","block_type":"box","text":"Tracking Stocks","page_number":71,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"050790aa-e54e-4071-a217-8d55a273fbf2","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":71,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"c039e115-39ed-4f16-aebb-ef5a1671264b","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":71,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"f3af3955-c4f9-408a-9170-1cebc633dd2c","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":71,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"5006d177-bab6-4e17-bc60-49436a55dc62","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":71,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"a0c31c78-bba8-4b01-bec5-5481dcb771ff","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":71,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"67968eb6-b1d3-43c1-9479-02998b061308","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":71,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"988b516d-33cd-40d9-bd30-18ee43e7acd6","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":71,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"54715fb5-4539-4054-91b5-8f792e48eed4","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":71,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"f65fabf3-a372-4646-88f7-e1cb09775f58","block_type":"box","text":"II-27","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32e789ca-3264-42e5-a385-c22f97eed58d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"decc010a-5c93-4e57-81c9-7b713c095041","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":72,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"9331d82c-40b5-416f-8074-a23e3a7cc655","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":72,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"6d9daf82-4d2b-492f-9b86-9741c0c305c6","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":72,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"2526863f-11bc-4b81-a9b6-648b2cf6f470","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":72,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"e208feed-328a-41df-827c-3ad8958933be","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":72,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"07efee17-079a-4f4e-83f3-4224d2f520a4","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":72,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"9e7a7c33-4f06-436a-a279-d178ed49caa0","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":72,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"ca776610-2c27-4a67-a236-ab0d36970f15","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":72,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"8690b990-3e61-441e-9f5b-87d26afedd6e","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":72,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"b54e788f-3e6e-47ea-86f8-62b24c6fc95c","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":72,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"4d10a81d-2a68-41dd-8ef8-f6e689d64489","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":72,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"31dd10fa-730a-4f8b-a62d-4ff29061c2cd","block_type":"box","text":"ETN.","page_number":72,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"3a91e650-194b-428b-a8c8-ee04b6fce8d0","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":72,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"6ab6e894-96ae-4842-901c-3ca499e50ce6","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":72,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"51bc758e-a753-42c8-9f44-e6c9e026b723","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":72,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"8df4d627-0f7e-4ce7-ac9f-d1d0c76c143a","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":72,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"9b2d6d2c-cd0e-4d53-b613-0e2280177782","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":72,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"fb2921b0-d5f0-46f6-9ee6-07f07177d944","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":72,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"72b379be-2f38-4b78-90e1-4b286f278ae4","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":72,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"ebaf5d09-cfec-48bd-95a8-767bd1c091f7","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":72,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"7d518a6a-0d40-4563-bc71-deae8484b034","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":72,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"828de29a-8cb7-4bed-8a1f-f4c9a214c240","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":72,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"1e285840-bfa9-49c8-8c23-ff2f2f92d765","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":72,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"8224a8c8-aa8f-49f8-8d7d-f8b5cf54b8a4","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":72,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"accf5e6a-bacd-4a60-b86c-fd9bec81ec18","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":72,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"3ec7b889-73d0-4806-980c-87dc2f884fb4","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":72,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"3c93b3e8-2df8-4535-b793-e776bec975cf","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":72,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"36a898a9-8876-4640-af05-e60bacf3cf30","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":72,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"dc76cf8d-e282-4fb6-901b-5193efe8310d","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":72,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"1f718ab6-6fb3-4111-8dd0-a992cca3ef69","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":72,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"539c3272-269e-41d3-9092-a857001d5a66","block_type":"box","text":"Foreign Investments.","page_number":72,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"8169a16c-fc77-4601-8b71-e6eba57bcfcc","block_type":"box","text":"Foreign Investment Risks.","page_number":72,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"149ac73f-ddbb-4f09-b01d-2bb6b3bd6f6d","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":72,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"e717ddda-8edb-4c94-ad1f-f5356936b327","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":72,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"bbba1f48-6cd7-4097-8c47-bba290d85587","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":72,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"f8a70408-7005-4547-a1e4-d483a88f695d","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":72,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"f246dcc2-e31e-4cde-a520-4031bd0518c2","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":72,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"62507107-e01c-407a-9e3e-99a8c7456a4f","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":72,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"1cd1ab5c-94e5-4d05-94a1-13405be53af8","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":72,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"79c8e961-9284-42ce-b3b4-41a2c75ac25b","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":72,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"ad965969-059b-49d8-82a9-93d2cab84e4b","block_type":"box","text":"benchmark index.","page_number":72,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"ab1f5c6a-1f23-4945-8d45-2cbe3c0c55f4","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":72,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"ee4c2a68-778d-4b47-a643-a2e07d724132","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":72,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"d6ad423e-4521-4026-ac24-4354d63bcea5","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":72,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"8e9cd554-5d2a-4b83-a22e-ab2f720a8ab7","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":72,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"23c7d331-afed-4f05-917f-2f6b5a3df48d","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":72,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"866a6e66-04e4-47c4-b167-39c62e153c01","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":72,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"44962035-82cb-4cb8-93dc-ebb9ca309af9","block_type":"box","text":"securities and zero-coupon securities.","page_number":72,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"f516c797-b190-40e8-a0f9-5ed83c2d4dd1","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":72,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"ad89a096-a2f1-4897-aff6-541faa48901e","block_type":"box","text":"taxes.","page_number":72,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"10bb4fc2-be96-43cc-9245-85e74338a0cf","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":72,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"9412ac6e-c091-451e-8253-f64fd39525d7","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":72,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"23780909-e3f8-4f34-bba4-c6a3330c8c12","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":72,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"6f98cfe0-3e57-4a1f-9b36-0be5c828407a","block_type":"box","text":"II-28","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de28d368-b68f-495b-9d6f-e7f3e1f642f8","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06c7320d-0c5c-4020-8987-bb345805a36e","block_type":"box","text":"underlying security (","page_number":73,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"10e10dff-d63c-408f-aed2-b9386dfa340d","block_type":"box","text":"i.e.","page_number":73,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"937175c7-eaf8-4a44-b69e-df5250a6c209","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":73,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"d824cdd9-4a65-4b9d-9e58-d95920495a81","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":73,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"68a66425-4d97-443a-945d-542a09748ae9","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":73,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"3dafb69d-ef43-4d0b-9e3d-43c27a622f08","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":73,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"75649322-d68d-4458-bcf3-c3daadfdba0d","block_type":"box","text":"Foreign Market Risk.","page_number":73,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"07cf434a-1fe9-4ac7-9783-acd4389f3116","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":73,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"03a49c16-c7ed-446f-be10-f3287655389a","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":73,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"d6ab986e-b606-4a4d-816f-836daf29025a","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":73,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"899c0ead-1807-48fa-80c6-45be9fb72e27","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":73,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"65e62f62-2242-4155-ad6b-06468c2b23c0","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":73,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"ac83acc3-7e2a-49d0-9b28-bff5deb2a967","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":73,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"e74c5f5e-d623-49e5-82fe-4a44f3706029","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":73,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"45db1068-8842-4f0d-b0bf-fe82133bd71d","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":73,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"c5c9048c-c880-4aa2-b4f5-32827d264cab","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":73,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"c474c9a3-1a45-40bd-ba4e-5d1e2a31bfe9","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":73,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"c84e71d8-23ad-4aea-9285-b746f3aa3392","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":73,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"a724f77d-9d45-4594-a4f6-8858c2e879f4","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":73,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"974364b6-eaee-4a34-b725-c81e4f5b4845","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":73,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"e7f2a4f3-85ad-4cad-b7b5-cb21f75651fc","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":73,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"438b9c45-9e03-49d0-bbf3-0d4495fa571c","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":73,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"b73cd329-6eb7-40e4-ada9-3a6d5c111519","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":73,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"0685487e-8389-4067-8cc8-78ddbb3e0e4d","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":73,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"e9af5d16-0ac9-49e0-9a75-b654ef79e5e1","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":73,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"29ab9777-3d75-465f-94ee-cc91c448a58f","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":73,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"64ccfda6-f689-43ce-8dee-89933ed1962d","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":73,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"72fbdfb9-9788-4dae-935a-89b55954ce9e","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":73,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"15230cad-df5d-4451-90d1-02188a6cc940","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":73,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"03bcf322-fbae-46a2-b3b6-c76b89cb44ef","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":73,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"169c3355-3d51-4cda-92e7-f245e8a6f91c","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":73,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"fbf12839-d00a-48d4-8341-562a79797a3d","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":73,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"89958f55-67df-44f1-9fdd-1d27e6b464c5","block_type":"box","text":"Fund’s operations.","page_number":73,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"e7aee579-cc58-4685-8072-831133c9b0d1","block_type":"box","text":"Foreign Economy Risk.","page_number":73,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"9e8951b2-e012-4f81-b4ee-f4b090ee66e6","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":73,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"19294b81-3073-40af-a68c-0006a53edeab","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":73,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"338acb89-c948-4e34-bf3e-944f9fb1685e","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":73,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"2886b395-678e-4c26-b847-ecbbaa665880","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":73,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"0db9acbc-938c-4c03-b5d5-03d5f7b75246","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":73,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"47415afa-6b1f-49ad-bb36-484d5d32613e","block_type":"box","text":"measures.","page_number":73,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"d6a0a982-7799-49f8-9f54-e0375dfc0f80","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":73,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"be2919a1-19d7-45f9-af5f-92ae388d2569","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":73,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"cb8be13e-f68b-4230-a2de-7fa2bc63059e","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":73,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"a99eefbf-19da-414e-b6ff-e1f25e2b9728","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":73,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"6823d66b-dfe4-40f6-b872-696029e8dcb5","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":73,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"741749c1-d6d6-4a18-bbad-e29ea7c2392a","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":73,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"2684f889-3d62-4fcc-bc6f-5bedafefe473","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":73,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"4c902bfd-d973-4aea-94ed-e031002a3007","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":73,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"9de7d542-9f22-472b-8b19-ff7bd731e6ae","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":73,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"bb0fbeed-5cc4-4694-924a-4242d7cd741c","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":73,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"6105fcef-e186-4b65-a3f4-a2c8dc6cd7d7","block_type":"box","text":"United States or abroad.","page_number":73,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"2445b3a2-3b73-47f8-9c41-a411ee3e40ff","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":73,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"b2c4ffdd-14f3-4b31-bef6-8b0cbbf9bae0","block_type":"box","text":"Many foreign governments supervise and","page_number":73,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"097b9493-1681-451d-bc59-91d6b380ec2f","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":73,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"a80d747a-d67a-43f2-86ab-8fc2ca457d31","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":73,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"e00fa1b1-e6fe-4430-a53f-55b15a854425","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":73,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"fb2219df-c14c-41af-94ed-81933cf75c38","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":73,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"24416a04-75b7-4c38-80a0-7789b3656f13","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":73,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"bba30ad8-6835-4c26-a3f7-507a328109c8","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":73,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"a89bbf41-aefd-45d3-b7a4-237fa192c569","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":73,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"6dce0aeb-c41d-4bfb-98f5-e998cb813604","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":73,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"f02ba815-b47c-4cac-bfae-3c6941b31972","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":73,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"dfa1965d-798f-46b4-af2a-fcd31c3c5255","block_type":"box","text":"II-29","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"08ac8573-027b-4b7d-a9c5-c5c0aaea6d8a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3ef138f-4bb5-4812-8c3c-aeba6ae1b332","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":74,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"6d1d4de9-54fb-4b82-b174-42dc27539a4a","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":74,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"91fb84c0-310b-4205-864c-2af1d22bdedd","block_type":"box","text":"investments.","page_number":74,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"7cd970f0-a155-4a09-9910-4961760e4e67","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":74,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"67a9c94a-d9df-403e-92db-ba28b6247191","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":74,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"84b10bab-d80c-4840-b674-9670da2fc215","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":74,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"19f28a48-c07d-4b35-9d4f-98de3ef9c1c5","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":74,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"1194762e-4026-41ec-8fb9-8821d41dfe4a","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":74,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"3ef1a364-6ebe-4883-9622-66b489c33e8b","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":74,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"34978afd-6ed7-4aa3-9739-8dcf633a2174","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":74,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"91e5ca27-f6c6-4a0e-9189-c4dc4e3be271","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":74,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"d0e38fac-3207-4896-b4ce-db9b87bf9eef","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":74,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"660eb718-a522-4a0f-b3d3-ab0bba2c2e40","block_type":"box","text":"States.","page_number":74,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"aa347779-8da6-4e00-86e5-8c01e24c88c9","block_type":"box","text":"Publicly Available Information.","page_number":74,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"fe8a81e1-0ec1-4587-8610-a28c2f9c0a01","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":74,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"a7b0b90f-610c-479c-b32b-218e7213cfac","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":74,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"2066286f-4b6f-4fb6-b26e-07a20cfba229","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":74,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"874154e6-bdf1-4804-acec-462385b57041","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":74,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"9e65848e-589f-49d8-9be7-6b2ac8278e9e","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":74,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"685d9c2c-cf38-495d-a0d8-f615fc8b7938","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":74,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"80d79b99-5e2a-4ebc-8c69-ed57770b47f4","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":74,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"aa1361c7-c8e0-4a0c-9183-a144aab5c88a","block_type":"box","text":"United States.","page_number":74,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"8fb3a2d0-7166-4cc3-a26c-efdeff5ee06d","block_type":"box","text":"Settlement Risk.","page_number":74,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"2cabc33b-bda0-4528-8338-9eb9cd4b16c2","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":74,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"4e9a8cab-d306-4997-8c92-384224492f24","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":74,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"ff15709f-7232-4f75-9a70-6727e88e9c62","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":74,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"01bf06b2-fff4-43ba-82e9-c62e729d5060","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":74,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"d101ecb1-add8-44e2-85e8-d1c807a30620","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":74,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"027b28ef-5c8f-43c7-a5e8-0e5286ebc688","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":74,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"24310a8a-80c1-4196-a924-8badeb7941ec","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":74,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"3e4fd21a-5ea1-4baf-93cc-b8493a8652ac","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":74,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"8a550c47-d546-4f9e-bf2d-b7455a7894e9","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":74,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"757e5de9-35bd-4d04-8b3b-8ff3bebc39ae","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":74,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"94770518-b94f-4c19-a741-ca896ed3a8e0","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":74,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"6a7c4808-1f5c-49a3-90f1-e719031b58d0","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":74,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"78cabe71-e733-493a-8890-e31ad03636d8","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":74,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"d5da3a03-aa9a-4d91-8112-d0567cf6fb7d","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":74,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"52405a0e-c0de-4c25-9153-ad2b0258a052","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":74,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"e71d563e-60a3-4174-bf14-8ecc68b6562a","block_type":"box","text":"Sovereign Debt.","page_number":74,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"be3ab2ee-510b-4d6f-b0db-e0eb2f60e9c1","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":74,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"579d28b5-a3b4-4af5-a3f7-e12b41ead257","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":74,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"c12347fe-6232-4ecb-adbc-a81a90f91036","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":74,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"ba70888a-128f-422d-b30b-a15cc3437f9d","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":74,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"e94909f2-0f6c-4f5a-8a3e-1bdc49503678","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":74,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"b5d48fc3-9307-4995-9f7b-b214cf8c68b1","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":74,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"12e730fa-3463-4810-a208-6c386043d0c7","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":74,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"23bbeec1-4c28-49b9-a798-df5651f2f0b5","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":74,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"9999c307-ab96-4203-a192-fc2ad2b0833c","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":74,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"2e1c9b6b-3c07-4cd1-8d9e-48c6e8641a40","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":74,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"63973003-4632-4a8a-b26a-7a54ccad2230","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":74,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"20e92d41-9ed2-44b4-b42d-7b12a05be78b","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":74,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"11177d95-c818-4aa2-812f-6ca13c94cf1d","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":74,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"38df7a5e-11c8-474e-934e-3eeb4ae0c435","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":74,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"c77d0017-8ce1-455f-ab7e-d8c534c23f58","block_type":"box","text":"debt.","page_number":74,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"e6cef84e-8456-4314-96b7-4bd18ab94be4","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":74,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"0ac38c96-2339-4d0d-9eef-8feac2b48f9f","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":74,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"8bac1473-8dce-4afe-bace-ce666825da4d","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":74,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"8b40c075-d9c9-40f2-9f86-edef1aa5b5a3","block_type":"box","text":"II-30","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2ee20159-d998-4f75-8f9c-80df6d2dd803","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"536bd4df-9486-4ec2-b0e3-1bcc34e9ea4d","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":75,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"ae00fa1c-c628-4bc2-8f97-1390dd977472","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":75,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"02901c8c-c9cb-41ba-9fa8-a02d301dcfb6","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":75,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"09a810ad-b525-43e0-b6d7-70c833ad1fd0","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":75,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"3ec64575-187b-479d-a6bf-b7651168d2a3","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":75,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"49938a62-b685-4ef0-98c5-c82805274988","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":75,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"a26d1a2b-bed5-48a6-b447-b02e1321d8f5","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":75,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"98baa16d-5a61-405b-bf32-fa7c43162c2e","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":75,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"8ea6db9e-620a-430e-91b9-410ca354e72f","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":75,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"ae001956-fbc5-4129-ab7e-d0b7d01d6849","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":75,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"5eeb0bda-7b87-4a7e-b7c0-3c2a567f2707","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":75,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"9ff6add9-5137-4a51-a558-7b7ddbe722c2","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":75,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"3644f223-641a-4007-bec4-e6be1650f0de","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":75,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"f62eb41d-6bc5-4b7e-b459-c1fbc421e939","block_type":"box","text":"in the Fund’s net asset value.","page_number":75,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"4c52c55c-b5e5-406d-93ee-21ee7f309cc4","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":75,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"3eead99a-6252-4f22-9fda-b95fe9d4b2ef","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":75,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"e04b6293-2d9d-425f-bd58-6f97a949903e","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":75,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"6705546c-0e0c-475f-bc63-145c7237f6e9","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":75,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"633719b8-f10d-46b1-952f-5b62d1b8c394","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":75,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"409bc23e-e52e-4d05-8302-dd8aeb791c89","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":75,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"76cb8b2b-aed3-438c-b15a-b0e3b971bee9","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":75,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"1ccea0d1-68eb-40fb-b4b2-c47263c4bdbf","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":75,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"55635562-d847-4e54-8aa7-940f5d7c79f4","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":75,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"c9ee803d-359a-44d2-825c-e3dc0180d970","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":75,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"d5929fd4-04a0-4d4a-9182-968fae269aca","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":75,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"d772b931-ef75-4f9a-83ff-43a1da88a8b2","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":75,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"07926e70-87d0-4dbb-b0df-2cbc9f2443df","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":75,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"ac54c597-cc23-4ccd-8ff7-81cc40c726e5","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":75,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"358d4c89-b9c4-4ed3-9014-1aad239928c4","block_type":"box","text":"Fund may invest.","page_number":75,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"5d20d804-46ca-48ea-b5b5-2bc80501f25e","block_type":"box","text":"Funding Agreements.","page_number":75,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"e9443ae1-5257-41b2-b531-48890e211d26","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":75,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"60d9ffad-09c2-4bac-aa7e-a782b2767ac8","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":75,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"5ef0930b-4415-47df-8965-574119bbe12c","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":75,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"1f78bc03-b2fc-4ab2-a67d-8258f864072a","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":75,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"33072cc2-4e9b-492c-ad2e-5173d57d107b","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":75,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"c34b8a59-9dea-4683-82bd-3bb08d101f1e","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":75,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"9b2fd9ec-09bd-4494-bdd6-437c8c23e443","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":75,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"2c1cfb0e-d002-4c14-8420-fa6b6a9ff970","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":75,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"14684f43-b37e-4b98-9e52-5c590808a5e2","block_type":"box","text":"Guarantees.","page_number":75,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"c8398c1d-1bad-49bd-9b40-dee24c4663fb","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":75,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"c58f8990-6f6f-4221-a413-449be0417e9c","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":75,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"32f3f546-3cde-42ce-906c-b6411f679b68","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":75,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"60f22471-016a-4fde-90ca-ad150fd483aa","block_type":"box","text":"Illiquid Investments.","page_number":75,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"e8a00403-f48b-4b99-94b6-2be57ca276fe","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":75,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"cd8ae5cd-7f11-438d-8092-980424b98203","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":75,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"fdaca8b7-e1e7-41f8-aa29-c6592b4fb2ac","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":75,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"df1228e0-74ae-4ca2-a15f-7f595436b7d1","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":75,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"ac188cf4-38b5-49d9-b840-eb8f6774096d","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":75,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"21be2709-c7ca-475c-bceb-edb86fcf7f6d","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":75,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"ecc0945f-beef-487e-afd8-af05702a275b","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":75,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"1b42db69-30bd-4409-b7df-cf38d968c86c","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":75,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"e547e17d-1582-4a1f-948b-c00b58006e3a","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":75,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"394b287c-90cb-42ac-8c80-7a1b92371af4","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":75,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"b7e9d97b-5448-492b-af8e-6fe0fd759607","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":75,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"40c3afc5-78d5-433a-94f7-bde997fb5b12","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":75,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"61750735-7b4a-48e4-b28d-910cba009f0f","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":75,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"c081776b-765c-429b-a815-839a081dea8a","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":75,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"1a5e85a7-e1e9-426c-abbb-b4bf84f34993","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":75,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"b03f213d-9668-45b9-aa42-2ceb86de3088","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":75,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"04bd5d2d-c65c-4432-96ae-e92711d5071c","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":75,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"9b568f41-adc3-4197-a95e-0a534a9359f1","block_type":"box","text":"II-31","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b279226d-0cc1-428b-b7a6-fc1d2b66f61d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df7f0015-eab0-41dd-8fbf-47e83c6d5dcf","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":76,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"50f40605-80f9-462c-9426-4c9654bccac0","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":76,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"2b1d325d-c912-4f2d-8945-d36fe0f3fbca","block_type":"box","text":"Index Funds.","page_number":76,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"b5d94cac-63d9-484e-b541-23ed9aa8b9e2","block_type":"box","text":"Cash Flows; Expenses.","page_number":76,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"fad6af48-6bea-4f9a-aeea-c89631be97f1","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":76,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"87a72b44-e023-4fd8-a0b2-ddea06262697","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":76,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"6b81e116-6c18-4897-9d61-acaad36ab9bd","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":76,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"6f75e201-9417-475d-9daf-3c5b3b03bac8","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":76,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"9790c624-83e9-4750-bb9e-cb13be557089","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":76,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"733fa367-d4c8-4083-a425-96eb7d06a307","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":76,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"02019156-a93e-40dc-bed7-859cbe2e7d5c","block_type":"box","text":"(","page_number":76,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"70832bb8-1e43-4f54-93c0-75e67a87c668","block_type":"box","text":"e.g.","page_number":76,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"e7802474-edbe-47c1-b7f8-d1e65ef34136","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":76,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"67cc5d27-2e0c-4c2b-acf2-055e2ddba8c6","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":76,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"bab7508d-85d7-405e-aa90-13e96ca5fd20","block_type":"box","text":"par ticular security as an investment.","page_number":76,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"d161a1b6-4e47-4a17-86c0-73736a48fcc3","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"857773f2-9b89-4f25-adb5-9d31ce298747","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":76,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"bbb451a6-192a-4c35-b73e-04ad9276a609","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":76,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"88534908-2bd6-4d2d-b6fa-b4676f4e8382","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":76,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"f5537ff4-d3c6-4a5c-a70f-397d8c11921c","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":76,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"58b0358f-feba-4bf1-9e3a-7647f312c3f9","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":76,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"8f1224ca-ea9c-4935-b498-43d2c2e9938a","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":76,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"018b2559-6d32-4fdb-9663-bae819c42419","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":76,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"290f0d38-457a-45c4-8e88-62c809c459f1","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":76,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"7b8efbab-03eb-4aab-9648-9e036c0651cc","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":76,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"ef67eeb8-9302-4765-9385-4b537adc0b02","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":76,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"1e3f9b0a-4362-4e27-8948-3cf431b61555","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":76,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"121c1b3c-5c1a-4b6d-af94-fe056469e681","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":76,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"8ffdb21e-13a6-4ef5-bd06-214976c10587","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":76,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"01516da3-846b-4c9d-8265-8dadb4bbab79","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":76,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"fa7cf552-d84b-424f-abb4-530628057526","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":76,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"4f2eb192-514b-4bdd-9149-2adfdd3a1ccf","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":76,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"caa4dc74-1cb0-45e9-9698-36e7342d238a","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":76,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"95516311-bd42-4f9a-b74b-b9ffcdea40be","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":76,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"aeff008f-6623-417d-8ae8-b8f44b11f9bc","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":76,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"42ec90fe-bb6b-44f0-9ff8-74b1070c88e7","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":76,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"b0660892-5d70-4b64-8e3d-7e5813f0649a","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":76,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"04068916-0c34-47fa-8176-b59bd391af5d","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":76,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"704838c4-02c4-447d-a724-071955e32bb3","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":76,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"2861db20-8bc7-4022-9bea-8f81b65de579","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":76,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"0e25b814-4965-4ac2-b6de-f73c0906444a","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":76,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"9120325a-699e-4d89-b276-cbdc12c0f539","block_type":"box","text":"S&P 500®","page_number":76,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"eb9d1064-149f-4109-8856-c6a52497cd0f","block_type":"box","text":"0®","page_number":76,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"9e7e4f0a-1373-43b5-8d5b-8dac2da29e32","block_type":"box","text":"Index (“S&P 500”).","page_number":76,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"cb5343a1-5b36-498e-a9fc-8f2e30bfad78","block_type":"box","text":"“Standard & Poor’s","page_number":76,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"d4d37c94-6656-4bcc-a438-f8fa169c1863","block_type":"box","text":"®","page_number":76,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"01e6c1ea-5cef-41dd-8738-d6e0dc53a0ad","block_type":"box","text":",” “S&P","page_number":76,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"a90ecdcd-731d-4acc-b84b-2d975356a687","block_type":"box","text":"®","page_number":76,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"626a13d8-b2c0-467d-9a32-c3d58c6235e4","block_type":"box","text":",” “S&P 500","page_number":76,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"4670db9a-7aa2-4046-9350-8c7d9f71f799","block_type":"box","text":"®","page_number":76,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"96dbeb5f-c800-4ae2-9ee0-d7cfc77e448e","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":76,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"b3d339d0-7b01-42a4-a688-04eb6b6bb240","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":76,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"634c247f-6d1b-45a0-b2b6-5e07ae7216cf","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":76,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"082d7585-6cbc-4f10-8569-7a58fac2e13f","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":76,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"1415f3e6-d446-4eb8-a649-e07d98cfab22","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":76,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"9a5eb1f4-89dc-4de1-acc0-e06760671fe3","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":76,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"eb5c6049-1ee1-475c-a00f-bbe3959ce5a3","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":76,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"02382d60-4a48-4309-bf2a-c1ed19e45171","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":76,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"775f9d8f-f128-40d6-b98f-e673623d38c1","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":76,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"2dd83e66-05da-4a18-b08a-22ca01cd48df","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":78,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"9039d6a2-6a30-40c2-a89f-c1023cd1c857","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":78,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"1c1d08ae-d216-47cd-bbed-86685292cce0","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":78,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"bc9e439f-11fb-43ce-b4c6-9c954ad08760","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":78,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"0c4af794-1a5d-49ab-bba9-e94376821953","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":78,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"bff97ff5-4606-417d-9033-a90ad4733c5b","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":78,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"d6134ce4-c76b-4bee-8ff4-7eb2a0aeb419","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":78,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"16674157-9871-4c6f-9f95-f0ad0880c712","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":78,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"082cd60d-894b-46af-a14d-61e3562f8af7","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":78,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"8de13f6f-48d5-448e-9616-6b95ad660f2c","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":78,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"625a0fb0-21d4-430e-887e-2266454cccfc","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":78,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"469f7b60-1236-4de6-b722-907255b9336b","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":78,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"39f35f3f-1af6-4417-a2ba-3b6c003e5e0d","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":78,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"942a45ed-0d51-457f-850e-6761f419aec7","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":78,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"e689a45c-8da8-4b42-a883-bd25d16125e5","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":78,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"4861e2c3-9f65-42e7-a4fa-15a81d38c5d3","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":78,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"dfb45650-b5f4-44b1-a0af-9128eacb1845","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":78,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"4c47b1b4-1d7c-4177-b6e8-d76eb75a1593","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":78,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"0b542e1d-cdf2-4836-bd02-ea846d1fe93a","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":78,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"6e4020b2-e98b-499f-a0e0-fb73e2465d5a","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":78,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"80a1eb29-2f80-47da-b969-c31aaa5b3db9","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":78,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"1cee6811-b2ba-4c63-94cb-10a0f17bbada","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":78,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"24303685-b508-4fea-a3ee-4d56cc04ff45","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":78,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"4be9cbbd-17e0-4299-8cbd-ee23e4bf6592","block_type":"box","text":"Inflation Risk.","page_number":78,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"6ccca994-7cb8-46ad-b70b-54cfba3ff34c","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":78,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"4214db1e-7de4-452a-bc01-321dc0dd512a","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":78,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"88934258-4ada-4495-ad45-7264ba7f721d","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":78,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"3a736ef8-173f-46e3-88e3-d4807ffed83d","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":78,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"a04daf76-ab14-4cc3-aa86-a35b0ca7d7a7","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":78,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"4a807e4e-7430-48b4-9948-01d1dfc94f07","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":78,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"adc09bc8-901b-4eab-a6f0-d2904d5e37dc","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":78,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"33c28adc-0ffc-4fcf-9a4a-651a91767b23","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":78,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"fe96926c-49b2-4715-bce8-ee5aa04f3049","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":78,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"f318637e-de15-402d-8441-8b8787116d6f","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":78,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"5288b3c2-2cd1-451a-82d7-c971012f7fa7","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":78,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"291b9a2c-44fb-430a-aaf5-170451b25f1d","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":78,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"754acc64-63fa-4034-abed-10fff8540a4e","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":78,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"2473a767-1485-4c7b-bc00-82f12468d05f","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":78,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"2ca58b04-77d2-4aff-aa67-6afe7ecbc4d3","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":78,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"8a62a7e3-eef6-49f7-89a3-51a8b3fb39dd","block_type":"box","text":"II-34","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9cc0126-0cd5-4ffd-b22d-0e7a4ff1a753","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03fcf57a-57c2-423c-a4c1-44946121465e","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":79,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"de596425-0ac5-421e-a565-2a9c60de4287","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":79,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"cb4e163b-6904-4462-9c9d-54061fde493c","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":79,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"9f59d93e-b44b-4fd4-b08e-89bdba865d49","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":79,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"845958d1-4398-43e8-9d4d-06cf872e571e","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":79,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"7ebc5103-d771-4a1a-969d-9289d422cf6e","block_type":"box","text":"be available for very limited periods.","page_number":79,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"30a78eb1-edd3-42ee-9c85-5fb1cff52cbb","block_type":"box","text":"Investment in Emerging Markets.","page_number":79,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"db45c58c-281f-4418-9d94-6bd5f54da9f8","block_type":"box","text":"General.","page_number":79,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"aab9a0f4-e0f2-4d6c-a4dc-a2877aeefbac","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":79,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"85755a52-e3b1-4002-ae9e-e126d26af04b","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":79,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"98a0c511-09e8-40eb-8f7b-5ffa496c4937","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":79,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"c58c2cbe-f237-4410-8805-1937cea1d82f","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":79,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"7ace9e2f-618a-4d21-bd89-5958cf8a7760","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":79,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"66f095a3-8f73-4675-b957-c07c5d294393","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":79,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"22a9c333-00fd-4548-9ab3-2dce04dd3ccc","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":79,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"a38a4cb3-937c-4d63-8bad-83f5132e9a9b","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":79,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"6b8a0e2a-5339-41f7-b846-844c4aa33b16","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":79,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"cd253c59-4dbd-476b-8d99-a276bd7ae23c","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":79,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"ce2d2543-741b-4009-83a0-5bf964fab73e","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":79,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"f046d65c-ef1e-4964-933d-cba760a5a804","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":79,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"3a036cf5-5fe7-4ecb-8b7c-216849b300a6","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":79,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"5f1aa254-66e9-46fa-b483-31d9552d45fb","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":79,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"b496c913-7c16-464e-9e2f-3d7a2ad9833c","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":79,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"ba6a4b49-88d8-4b69-a4da-3ca1f534e5dc","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":79,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"fe8ce19d-c133-4ecf-af67-4b3eac66208e","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":79,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"3779686e-a107-49bb-b660-7bd6156c0d70","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":79,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"e029a771-1ee2-4f63-bd66-32e55b8ce631","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":79,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"19e5ef18-06dc-4b18-a9c4-d4c60291defb","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":79,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"1e9b1fc3-49ce-4bdc-85f9-ae034b1edcb0","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":79,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"a07e9059-329d-41f3-853c-37de5a35f8c9","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":79,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"f29d54a0-cde6-4e8e-a73c-88a3de0f3009","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":79,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"7fc70d07-4620-4476-b273-dd086239451d","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":79,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"54bc5c63-5140-4aad-9fd4-3a0a870fdd26","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":79,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"a19b8e6c-537f-45c6-8343-6d44675feabf","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":79,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"5e13424a-67a0-4caa-b467-8cec70b3cd60","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":79,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"76aaf22a-9044-45a9-a6b6-5b5c13d5e647","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":79,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"8d68ec5c-7bfc-48bc-90fd-fd84fe531044","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":79,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"ba69fa78-a34f-4edf-a73e-8d724cf2fd9f","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":79,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"29a18b88-201f-48c9-88a7-074f8867b222","block_type":"box","text":"volatile than investments in more established markets.","page_number":79,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"7158fe73-2f14-46dd-b996-0b7c4682ef29","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":79,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"f0c3a153-eedb-4901-a4ac-6f9874737d76","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":79,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"47aedee9-46fa-4b73-ba27-5c2a9656541e","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":79,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"ee1e4b90-74b6-4916-ac94-8c4b153af54d","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":79,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"65234dd3-a384-44d4-b329-f3257ec1d92f","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":79,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"ace98ed1-773a-4169-9708-41153d23d5f9","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":79,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"d2b9dfbd-7c0b-4e04-a3d0-04b7154258d8","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":79,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"dd4073fe-c351-4865-aafa-3d742778943a","block_type":"box","text":"acquisition or disposal of securities.","page_number":79,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"1af9fb9f-912e-42c7-b8c5-658f5ecddc99","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":79,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"285c3133-5c68-4da3-98f7-b5cf57de5bdc","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":79,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"fa449b95-bbf3-4600-a461-d52c9b27854d","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":79,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"1f87e579-2d02-43ff-b58e-b38ad758da74","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":79,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"baf1154c-8f33-46ae-9862-861b56bd996b","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":79,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"a072d7f1-edcb-4581-9d78-e7408be44551","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":79,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"9d1737ed-c10f-4585-8b53-df5ef66f038a","block_type":"box","text":"II-35","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35e3c09d-b5be-4638-8095-9ba7f6f0b366","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b09c8416-58bd-4dff-a25d-a59c355f102e","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":80,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"a5f72b2b-bc7a-4a49-afb0-fa4fc49c24f1","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":80,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7bde3f2b-8092-473e-a2b4-4b70aeb65961","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":80,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"b188a35a-d4e0-4384-bd14-740ee4c7472c","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":80,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"24a9455f-80bf-4ae3-bd7c-1d581874d6b1","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":80,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"5b97badc-9218-4d93-87bf-746855e95c15","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":80,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"b1a35e5f-bb43-46fe-b821-816c2700e20e","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":80,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"4e80ce40-e107-436c-abc0-06812da04102","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"0bc50c17-19db-41b9-9a44-5d139efd44ae","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":80,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"dec2e335-e680-4cd8-b476-41168f78ccf5","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":80,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"5bbf0090-9d6a-4710-bebb-3f496d714a92","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":80,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"9a70404a-03fb-49e9-aff5-6ced4dea16f9","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":80,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"e7da31e4-97b2-4df7-83d7-4470678dfc5c","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":80,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"759add95-5d04-492c-ac34-ceaeacd5f442","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":80,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"843e14e3-ef97-44ff-9029-6a411b5429dd","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":80,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"829959d8-1603-433e-8e45-de4700382ca8","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":80,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"da41d5af-d8f1-4505-9d35-21af57280b67","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":80,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"88e11728-7645-4ce9-b71a-8d01aedfa61f","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":80,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"4647f943-0cfa-44b3-9bfb-916606c16281","block_type":"box","text":"per formance of the Fund.","page_number":80,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"4107f044-194f-4c02-acae-d3da6dc291f1","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":80,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"e13c48ac-5b8b-4436-a654-518a2ad599ef","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":80,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"8910e19b-b627-4df3-848a-623e0b23fc05","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":80,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"49fe0841-6c8e-4320-9175-2163de43ed28","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":80,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"9f5db1ce-964f-4331-bade-f8d0880c7f96","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":80,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"9c859884-1b52-4950-8e71-de2b2ba88703","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":80,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"e627cd84-35bb-40f3-b53e-2f61a9cc2dc5","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":80,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"efb41867-54d4-4d54-a101-11d39acb400d","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":80,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"4eb51658-f2a1-4555-b832-020e0bbbd55a","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":80,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"f7aa83f2-669d-43db-af5d-bc17ee00e084","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":80,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"e90f85a2-5f3b-4c52-a5fb-08d96f0be69d","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":80,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"6b611083-ed2a-47c3-97eb-8f7ec7355f65","block_type":"box","text":"affected by a variety of factors.","page_number":80,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"f97ada33-0df2-4dc8-9b6e-ceb622ae65cf","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":80,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"e7a4f061-7867-465b-9af2-e17313a6ff8c","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":80,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"0fca2024-b01d-45d3-a5b9-c4baad9a75bb","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":80,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"54c84972-bdce-41a7-993a-a2402bcb0964","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":80,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"0790d66c-8b2e-4685-9181-53dd11901621","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":80,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"652bccd9-edbf-44e7-9255-531d1fd9d2be","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":80,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"66bd5efa-4364-44c4-892d-4d8fa3d29ca9","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":80,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"9350ec0b-3757-451e-8e10-c223185a0485","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":80,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"e0414037-41dc-4d05-86cb-e1ec3bb4d266","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":80,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"4a2d8fa2-7a84-44b2-90a4-77e6bb9615c0","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":80,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"2a559dd8-3943-4056-bfe7-a2e8a28a50aa","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":80,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"1c7e23ac-3c50-44d4-b771-3c9d187e6cb1","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":80,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"e93df68d-eeaa-4004-9995-2573a6a6a055","block_type":"box","text":"nations.","page_number":80,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"c2e614ba-5e28-4cb9-950f-c8dd3d647277","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":80,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"66a83302-15c5-4f98-b72e-5a1111368a2e","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":80,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"2f48eddf-7e75-42e5-8936-7f4ccf5abc44","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":80,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"65fa83d8-9a1e-4ba1-b8c5-7dd2669a2b5f","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":80,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"2e8514b0-042d-4411-89e3-eb8517276af7","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":80,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"a36590da-6c7c-4484-bedc-3a4a1031b25a","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":80,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"a247b6dd-a7a3-477f-93a3-aff9fbfb93ee","block_type":"box","text":"market Asia-Pacific companies.","page_number":80,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"781e1c7b-186d-473e-a509-1b2234d569f6","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":80,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"70863e2f-717d-44ae-a6f5-ca959a4d7aed","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":80,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"5bf19deb-9d71-4a60-8b17-9d033057ddc2","block_type":"box","text":"services for such securities outside such countries.","page_number":80,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"c2d4ac55-7394-43c9-9c25-5b5b5f75d4fa","block_type":"box","text":"II-36","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6639e377-f14d-4136-afaa-db9b4abc5894","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09eb4247-3031-408b-9db4-2dc88c1a1e80","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":81,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"c382aa9f-31ce-41c2-8f31-9fd46aa9c0d9","block_type":"box","text":"to commercial banks and foreign governments.","page_number":81,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"48bf931d-01be-4d9a-bd22-8497207f25d7","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":81,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"908c34f2-1acf-43cf-ac2d-cc2bcfa65051","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":81,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"af1acfb0-98cd-41eb-b84b-aa96b54bff7a","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":81,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"24fec1b1-98ea-4d8a-beb2-74ad005cb884","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":81,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"9020ffad-e9f1-42d1-9986-3a54fbe351d5","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":81,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"ea21d3c7-4db0-419f-b5f5-37821f0a117a","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":81,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"36373c86-94c0-437d-95ef-dec965d2533b","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":81,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"45f4db7b-0de0-4626-a617-2416805584a2","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":81,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"4884ea2a-a959-40ea-ba38-d47858980171","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":81,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"6418de43-e0cc-4269-9673-0d88ba0a2d12","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":81,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"4d455541-9111-4c0f-aa8c-5b097eed846c","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":81,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"8cc527de-5e7f-4772-a954-536fc35fc0ef","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":81,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"0f0b8c1d-12ec-41d0-9279-0e219d30d5f6","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":81,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"d8a4b2c4-6e13-46d6-8dcf-f159d7af2ffe","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":81,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"d1e4f2d6-ce56-4138-ad35-5a3f218aa64b","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":81,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"f036f320-f9e9-4706-9366-c50ee03036b2","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":81,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"02d195b9-f6e7-43a6-95c8-79e898450b0e","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":81,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"9f114d63-ea15-4581-88a2-033c572bc71a","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":81,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"e9102d00-dd34-45fb-8b69-e83318d4355d","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":81,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"f0df54bc-d480-4398-ab12-946a6a9e6c79","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":81,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"aa0149e7-6ce8-4f0c-b257-68508092d4a2","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":81,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"8e24c9a3-b1d3-4f9c-acb6-73f75423a2bd","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":81,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"9ca3ec0c-2db1-4e6a-8740-47b66ef92592","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":81,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"40fc4125-5a46-4486-bb8a-536a03f325c0","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":81,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"1f1e95aa-b98a-4ad9-b593-7e74be20a73e","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":81,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"989e0301-4e92-4f03-842e-867562590c6e","block_type":"box","text":"investment at that time.","page_number":81,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"dff561a7-5fa7-4857-823c-d60e79de413a","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":81,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"cd3eb455-4a5a-455d-adf9-4dbdf1da6225","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":81,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"c6d533c8-4629-4a2b-85d1-6174302e48ef","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":81,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"3243bfbb-281d-4b06-ab98-13ec91ce6546","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":81,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"b72f8301-b51e-40d7-a785-8872d0b7f2fb","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":81,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"bc6511d1-2e18-40a6-a898-d871623e8b00","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":81,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"ed9add2a-29ec-43b9-a89b-a9272aea5246","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":81,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"3e373032-227d-4b47-b399-ebc4082a1363","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":81,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"9689d0f8-50d5-4f0e-8117-1b6171164d61","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":81,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"b6fce4dd-312f-4e77-987c-0162f43a14cf","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":81,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"e0d2e6bc-d645-4356-8d57-51ecc9a0c7f2","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":81,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"3c200731-75b5-4823-9888-66c457bd90d3","block_type":"box","text":"government).","page_number":81,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"2043e06b-3bcd-457a-948e-75a79163b692","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":81,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"0d6bc5be-3cca-493d-9043-2e956ee6711d","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":81,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"e82bc2f0-baa4-4ecc-bfde-fa98e164c5f2","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":81,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"54e5f42b-b9bd-4c4e-9bca-9884e09c1ebe","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":81,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"ec12e0f2-cfa3-411d-8f59-1f62619eceae","block_type":"box","text":"foreign banks and other financial institutions.","page_number":81,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"d4054947-dd5d-4964-a1a1-0829ac08d5cb","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":81,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"596121ea-58dc-49ed-b96c-d95e36d0851c","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":81,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"aa61255c-72aa-480e-94e6-fa1bc5d7782c","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":81,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"10d1a419-1e4d-42dc-b216-cbb284df8c77","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":81,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"4e197e42-f64e-4a2c-a338-53654a3c673f","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":81,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"cca31c9b-8179-4b23-b0d1-ef8cd5b693d4","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":81,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"cedfd8c2-cb9a-471c-a27d-8d8280938bff","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":81,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"17238854-3a37-4968-b2b9-e04c0a288c24","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":81,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"5564be92-c1a1-44cf-b2ad-5b80ec6308f0","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":81,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"d386b725-f119-4278-87a7-41a1ae2b986a","block_type":"box","text":"II-37","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0915c91a-e2c4-40b4-899f-6396786deee5","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae70e48d-55aa-4e1e-8e5f-27cc879b76a5","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":82,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"fdabf9e2-95b7-4513-bd1b-67d1119ab6a1","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":82,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"524e749d-7c59-49a3-a398-68746706ebd4","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":82,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"59506808-e92a-4922-9ad7-5d9d0f8ecadd","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":82,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"c5349f1c-9d5f-4dbc-917b-0f7ec54adbd7","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":82,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"63cadc7c-346c-4c2e-bf91-b3044bdaad27","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":82,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"c558f3e4-3bd9-4b78-a197-f1349595af59","block_type":"box","text":"foreign securities.","page_number":82,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"80f7f898-0025-460a-816d-159a61fd39c3","block_type":"box","text":"Risks of Investments in Russia.","page_number":82,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"e2fa51b3-cc1e-47b4-a0f9-e2659c92e8d8","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":82,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"d18b3703-e7a3-4f76-8ea4-c5780be6b40b","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":82,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"8ff5d653-4d81-4660-a4c7-4ea43b26bde5","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":82,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"a3b46362-7250-4369-a1e1-1d1f7d015e51","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":82,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"5c4839fe-ff7a-4285-9fd9-55b37a2e04f5","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":82,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"120430ba-08a6-4ffc-a5a7-1c8332c7b1ab","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":82,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"bcb1a41d-51f9-457e-a93c-8dd35e67cbe7","block_type":"box","text":"developed markets.","page_number":82,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"e5520169-e580-4ccb-9996-dabab85f3278","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":82,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"526bb9be-2513-4dd5-b08c-574eac7ad867","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":82,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"369cb55e-3d80-405a-b90c-3642fbeb40b3","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":82,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"a6a24be7-2f41-4865-af7a-e3c982c069fb","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":82,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"b4b7f443-e969-4495-be6b-28e4367e909e","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":82,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"2afcba97-8c26-449d-8ff5-b13bb18ed1a7","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":82,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"70dff582-2d17-4ecb-92f2-bd72fb6dc549","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":82,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"ee3e9d02-f0e3-40dc-a3ec-f80b8d938b6a","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":82,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"074777a0-b80c-4820-9513-aa9617ddbb70","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":82,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"463fb84f-7f93-4fd6-be6e-5b32484dedfa","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":82,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"51cc9ade-8219-4c91-9534-fbb9460bf5a7","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":82,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"9bb81349-54ed-4c5c-bedc-81bb38fcb413","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":82,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"2137ea4e-353e-421f-ae60-309679656ac3","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":82,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"d1f96b5b-059a-4a2b-b216-f80c5a98a400","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":82,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"6647a904-51a3-42a7-827c-764ca6e4a59b","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":82,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"24fee22a-fc01-48f3-b34f-9d8905e50509","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":82,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"b083d6ac-31fc-47de-91b5-ea8f9d624975","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":82,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"4aa313b7-201e-491c-9e6b-56566771dd52","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":82,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"4c51f816-9338-4d1b-9ae1-b93875aad525","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":82,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"680e0858-163a-4dad-b833-b2fae3b88f38","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":82,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"fe6f14c8-1a1f-40b4-ba3f-e5d3eb0d10d4","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":82,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"c340431f-4cfd-4d08-8e13-37bd9de302c3","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":82,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"93f74a5a-6508-46b4-b9e0-128fc05c9243","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":82,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"12914014-ac50-43bf-9dc1-05e487ca9c9a","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":82,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"b92aeeef-f75a-4eaa-9c8b-c713a41ce211","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":82,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"8f23a796-d415-4bbe-86cf-4a9862443230","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":82,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"5a422387-1d77-4789-9eb7-85d169448801","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":82,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"730d7f88-0025-4667-b07f-e9f283ef639e","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":82,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"7de49c25-f3a6-417a-8273-b7c7fd89f9eb","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":82,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"604f4187-987d-4385-916e-f5bafe969b38","block_type":"box","text":"sectors globally.","page_number":82,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"a5fe8bbc-b8a2-4a31-bef8-d12667af5d7a","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":82,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"325ececd-b3a5-4457-abf2-53b9aea8551e","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":82,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"15b75654-a9c9-4a54-b00f-bb177e1fe30b","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":82,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"709ea5e7-be85-49bb-9366-45a3fe8e0257","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":82,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"d0902949-344e-4838-b598-f9ca7dbab302","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":82,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"ae14f78b-3dae-4fe4-91d0-ce6d28820b98","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":82,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"ec8a3b43-1406-4853-8c9e-c994c646e44c","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":82,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"8baf3340-461a-40b0-a921-f4016d7c6632","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":82,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"5082cfd5-a230-439f-aabb-cb54c3d84ab7","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":82,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"07c0bb8d-02f3-438e-a14b-7d68f2d77b2c","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":82,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"6d95ded7-a8ca-43a8-b94b-91f7c65678bf","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":82,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"bd988e4f-0bea-4812-82c0-dae35abad6a9","block_type":"box","text":"II-38","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1c6d0a2-3ab3-4703-ba2b-109d8566de4d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7be3ff23-a567-45fd-8bfd-e59ff92566dd","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":83,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"d23aad35-dbe5-4c2f-8be7-f7e1aacb96d0","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":83,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"457de34f-b315-48ea-bb78-6d460e271d05","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":83,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"c1fdfadd-e960-4e90-994d-3812d70297df","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":83,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"e0317f8f-f050-4035-87aa-79b7f2495e50","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":83,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"57565888-4bee-498d-a0e2-928b535c57c4","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":83,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"ee479470-46c5-4e91-bc70-924ad2ead1bf","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":83,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"6c2c46fc-31d0-4945-a9c3-a17a7401c274","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":83,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"54a86b7b-af54-4891-8f9e-e8f721b95b35","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":83,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"2b9cf581-7690-4dc8-b408-220e9a9e2556","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":83,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"b25c04f9-388c-4345-9d33-521893dc9212","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":83,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"4b1191de-0faa-42c3-8be7-2efd888c1901","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":83,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"b412ff4f-d08d-462f-afc5-bc9e6b687114","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":83,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"0589c853-b9fa-468c-9c08-3813bc767809","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":83,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"241a8236-004b-463e-a602-48696cc95c7c","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":83,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"0ceba6d2-d5d2-41f2-96fe-6029cbeef274","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":83,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"54bd6867-f033-4175-bde3-d4427a46c480","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":83,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"f31d8053-75c3-47a9-b84c-01ecaa87865d","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":83,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"d59cfd71-0b13-4b56-80a8-93c191b4f8ae","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":83,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"6687a77c-7924-4037-bd61-074a30d077a3","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":83,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"33830060-159b-4c8e-a58d-b060b5b1a7e1","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":83,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"0ebbdbfa-dd5b-4b9a-9e33-70cb2e21d392","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":83,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"5b5bbe22-52cc-4dc2-991f-8735eb5cf8f2","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":83,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"1307f9d8-cc5a-4b23-b1cd-a44e71cca369","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":83,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"d9d07751-1426-406f-a8f3-9aebcf745e88","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":83,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"10f0e4f1-061b-4144-adb1-607cdc91674d","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":83,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"84c3d059-62fd-4292-b202-389a41920e5f","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":83,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"8f6ccb49-190e-4fc4-be29-ace32944e299","block_type":"box","text":"impacted.","page_number":83,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"c476b821-acce-4c7d-ac3d-79f8b4392860","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":83,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"0e8f3801-f2f8-4319-a32a-97c96ef5574b","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":83,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"2a321cb9-5c65-40b6-8ce7-8b670e89dfcf","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":83,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"1f485250-134f-431d-b3bb-a06695bf4d9e","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":83,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"ea89c082-86b8-459a-ad88-52707d625ad1","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":83,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"c835bb98-dddf-40b8-b8e0-1dfb2f3bf024","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":83,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"581ed354-6d76-402c-91a4-a59a05ccf9f3","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":83,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"f4efeb7a-4239-4a8b-87cf-aea1b04079ab","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":83,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"85449653-bded-4e3e-8e38-7fff85c2a69d","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":83,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"7bce03c2-462d-424b-b0c2-278fc0ea8d0a","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":83,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"bd304431-d7c4-4afd-bd91-9c97dc5c4d7c","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":83,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"e8fc8b9e-7cd4-44df-b16f-40ba7d0ed0aa","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":83,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"8829d99f-1903-424c-9ace-7b1dea504def","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":83,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"0dc1a8a3-4500-4f90-8abb-b0e9020530a3","block_type":"box","text":"economy.","page_number":83,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"8cef9d0d-4b70-4501-af9d-981cad1d3a12","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":83,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"fc4d6784-898d-4011-9ce0-3a8cdb607f8d","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":83,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"41193001-4009-4cfc-bf45-b7dd0229719a","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":83,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"66de3088-30e1-4aa9-8930-8b969a170daa","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":83,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"6d5b7286-8548-41a5-b31b-ebf8efbdc155","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":83,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"fe48002b-4544-4324-90dc-0f098303b4a7","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":83,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"4124ae30-d1d7-47c4-b9dc-8782d21249f3","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":83,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"5aa19aad-fddc-450c-8c64-711f6b922374","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":83,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"cefcdb56-be8d-4120-ac7d-25e06baa6c12","block_type":"box","text":"typically the case for investment managers.","page_number":83,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"be4ec0cd-8094-4d65-949b-29e683d2a6c7","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":83,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"6c887f70-ecf0-40ab-94d4-fabd82af0fea","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":83,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"28da26b7-2492-4245-8579-a03d574a0473","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":83,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"33cf5bba-5bb2-4c2f-b7c7-7523a317ed1f","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":83,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"b3fc90c8-76b7-4419-b068-70b2506e22f5","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":83,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"2974dc8b-cfb0-45c9-bb3f-e0549622a25a","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":83,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"889b4732-7be2-4f3f-a9f9-82ee253cc1de","block_type":"box","text":"II-39","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1abf0089-d493-4220-962e-46bdb25fdd51","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bcdbfb5-9899-413c-b3e7-3950abc25f82","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":84,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"89e09a69-85b2-4b04-ba3e-ae636ccd99da","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":84,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"e0485cc8-cebe-42fa-9b68-4ec285102de1","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":84,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"18dd8d3e-455e-497a-bb2c-325b296d74dc","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":84,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"51854dae-de62-4551-939e-13ce82b7f6a8","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":84,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"634e6e1a-7105-4dc9-9751-5ac322812a38","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":84,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"0b4acd2b-006a-4398-81c8-c5a17c9a1e47","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":84,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"4cd23cd6-367d-4cae-935c-45e7fb645ea8","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":84,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"c5c6cbd7-8985-42ed-81b9-b7a2b69b5740","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":84,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"f58735fe-60bf-4c65-be02-2d9a4d2bb14d","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":84,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"99f0e1f7-6e66-482e-ab18-9e48a9ca0174","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":84,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"eeb1894a-35eb-4c15-9fac-ea7c46d17f40","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":84,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"f8af74a3-feb6-4a64-8840-5912ec8473e6","block_type":"box","text":"will be indirectly subject to those risks.","page_number":84,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"6457d188-e618-41da-b67b-804d026dfcb0","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":84,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"f86484b9-318e-483c-b46d-99e566c315fd","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":84,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"6fc5a926-2d7c-4fe2-aec4-25d55bd98b98","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":84,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"48807dd4-b547-43d6-bb62-162cea20c877","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":84,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"4faeb464-6e2a-4fd7-ab63-466facb7f0a1","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":84,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"d2c88cff-4669-4d73-a97c-4a72695a7685","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":84,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"05b4b3d5-827f-46da-a1e7-0774098546b4","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":84,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"f1e7afbf-a2fc-4741-84ff-0f1ceb73b6ef","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":84,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"9ba4d785-0572-4558-b351-642d44e4288f","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":84,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"b050b9c3-ba59-4def-9cba-de61d0b3d42f","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":84,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"0619cf5c-7163-40a3-a4c0-8d7da503539b","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":84,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"2e81ef87-0854-4097-bc44-3d21d028579f","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":84,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"f416af5f-5750-44a7-968e-dd7c05488e33","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":84,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"c08b5bce-ec94-45bf-9cf3-092c7e0042b8","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":84,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"f6106f3f-d379-48e6-9a12-33e84ba12e82","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":84,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"2eee2399-3be5-49c8-8de7-76a1a7ecb7ee","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":84,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"5f383261-dad2-45f2-900e-e5dbe93fab86","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":84,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"6277356c-be46-4097-94fd-380b04070027","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":84,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"e006bc6a-8fc0-4399-89a7-9d929cee6096","block_type":"box","text":"impact on a Fund’s investments.","page_number":84,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"2e3d1d0e-46db-4948-9c61-e3adef7d7c70","block_type":"box","text":"Brady Bonds.","page_number":84,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"0d84731c-2c9c-456b-a5b1-deb1b751f9db","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":84,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"6a508048-f3b3-473f-af8c-af7622e6321e","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":84,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"7959c44d-71a1-459a-824f-5cf703a74a18","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":84,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"9ff85c5f-7cf8-4182-96f8-74172e55ade7","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":84,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"19c63e58-ce98-4467-9b16-4036a536452f","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":84,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"8daf6362-70e0-4977-9466-44930a6361e4","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":84,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"834bec19-4e20-4473-b167-244c595908e6","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":84,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"8be466c2-cea8-4c48-9826-2bfe1ddce9cf","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":84,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"748abf2b-5613-43d3-a61d-6e1bc60c44fa","block_type":"box","text":"Venezuela.","page_number":84,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"f1d69c5f-5cfa-4819-ae46-a870ee126108","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":84,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"e30082b9-00a8-4d70-8bb8-7e408b746dea","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":84,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"4ca35096-a16b-4c20-a3c6-ac3020145d68","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":84,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"c0bfd5ea-3991-442a-8e75-1fd00fb5dcd7","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":84,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"b7d59c33-c4d0-4013-aafc-83da7e197d4e","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":84,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"faf0f8fd-7d4f-4d25-b868-bfbd0e36f3c1","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":84,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"a8b9c794-4987-493c-a91f-e8ef81c16ff2","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":84,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"a57e3cd4-75db-4122-8e21-c2969e7d6b82","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":84,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"4a18528b-9ad2-4b57-8ae7-11e980815c34","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":84,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"c25a030f-a1f1-4887-b90b-95ea9e0dc735","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":84,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"214cb89c-9875-43c9-8dbc-2c674694bad5","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":84,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"87540051-7b85-4bdc-9030-e5b703301028","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":84,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"93455651-d445-4bf9-8c29-e1e529603483","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":84,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"86c5b0dd-8010-4146-8e03-37aca4f845a3","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":84,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"cd5251d9-e0f8-49ea-8780-425df7f33555","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":84,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"d9dd7248-92f1-4ab8-a578-3ac7f8e28553","block_type":"box","text":"II-40","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4dc1feda-eb6e-444d-9971-7b2c4a7cb57e","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cedb061d-7a89-4eec-9879-b127bd59bea4","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":85,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"36598d51-167f-47b0-b193-0c30b8ea58da","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":85,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"c312a47e-5262-41fa-98dc-a178026c23cf","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":85,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"3357619e-a470-47b3-9130-3c1c9f1c92ab","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":85,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"bfa9cfc7-b715-49d5-8dde-01b33ee0102f","block_type":"box","text":"China Investments Risk.","page_number":85,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"7575cf12-9b0f-4e83-9436-1fae83ed4062","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":85,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"0a8a72d9-cedc-4636-af78-01304a454fda","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":85,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"783218cf-40a2-4ada-83cd-51c7563ff6fe","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":85,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"40bbc55a-3597-4e6c-bb2e-60a5be2bbe33","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":85,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"d8df4233-9c2a-4f0e-b898-ac2070acb0c7","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":85,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"22f39c0f-3b34-449c-879c-5a08e56b0a27","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":85,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"6cb1aa0f-8e92-4270-abb4-bf0277b18e7f","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":85,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"8df082ae-c4f4-458d-80de-ae6558fe7eba","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":85,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"25425823-1115-4aa5-9c26-8be53e385cdd","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":85,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"7771ce6c-46fd-4eb9-aa7d-e054c79e1536","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":85,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"3c62fc78-8f76-422a-bfa8-72561778a799","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":85,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"c6ed888b-2ced-44c5-9247-8d48e8465934","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":85,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"1db9805a-b1a0-46b4-8f1a-fb5992b7ec7b","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":85,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"7b2d7652-161c-4dc6-aea6-9b3795004e98","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":85,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"1c294cd7-2978-401a-baaf-3403317e91a6","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":85,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"5db6ad85-2bfe-47fd-b3cf-f60d8836a6b2","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":85,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"fb66c192-e536-48e9-acc3-e5b8cfe4e2b2","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":85,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"3a0bb3b7-592f-4688-9943-83877d2ffdbd","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":85,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"3143f83a-c158-472e-ba11-77dc1d495b9b","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":85,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"393acca6-6e4c-4cf4-81ea-4f2f4146bba1","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":85,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"ddaf62ec-a199-4d38-8a66-785f82c70f54","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":85,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"688f6dd5-8a23-41e4-8bf9-b171ceb16aff","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":85,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"85c0a730-3b40-4bde-800f-6abc1daad447","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":85,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"036bd6ed-a2ac-4d3d-9f69-33352583a549","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":85,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"fcc90f4f-6b5f-4eca-a228-7d68d25fde11","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":85,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"952d03a4-6d4f-424e-8480-3a7df099ed7a","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":85,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"542ffc59-b6ee-4c10-bbe0-0dbc430f2404","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":85,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"3dd3955a-bc82-4046-ba8c-b62af9fbbeb9","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":85,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"6d2aa71f-fb87-47d7-819b-5faa8302c7f5","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":85,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"eeab889d-4cea-4fce-a4d6-8c0f4cca3f54","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":85,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"1d1ae382-2506-4fcb-9eff-b0a08c221938","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":85,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"10085bd9-0479-4e18-937b-6778d197459c","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":85,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"82a7a07b-b415-44fe-936f-97e622aa2ed4","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":85,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"79ce5abb-1e14-4ae2-98fc-30bee61ba01c","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":85,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"75ce6cb2-fe4f-436e-981b-5fc8ac8e657c","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":85,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"b0ca915d-8471-409c-bc45-519ae17cecf3","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":85,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"10f3e714-07e2-48d7-88bd-157780e04fa8","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":85,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"ae77a1d7-db3f-48b2-89d2-d833213f8201","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":85,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"bb5b9fb6-bc27-4ee0-b9ab-20f29fe13a20","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":85,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"22690010-72a7-4b9a-a737-7fe8f7f09188","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":85,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"161fed88-8956-4031-bd9f-6b01ee7242d4","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":85,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"f7760171-c42d-4c1a-860d-534cde9e4005","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":85,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"63b1a4fa-bfcc-4b06-81ee-ade254117561","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":85,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"1da8a149-543b-43a7-86f0-8a898fde47e7","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":85,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"a23aae3c-1d5c-4407-9218-eba52e5dbcd9","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":85,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"6648be0b-7c5b-4a88-a524-9de6e8e84205","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":85,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"7143a689-f485-4e40-a85f-bbb3e9cb14c2","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":85,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"29d57e28-c3ed-4f0a-8d36-206634684ba9","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":85,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"0da99e04-aadb-4512-952f-d83ff6a8b4af","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":85,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"462bdac9-5d20-405c-9d77-b1bc1b1c65d0","block_type":"box","text":"sub-custodian.","page_number":85,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"d70dd4cb-bc5e-448a-956d-1284f515c69c","block_type":"box","text":"II-41","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93f4ebaf-d8bd-4507-9198-4aa2924ca35c","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9588f2b5-86ef-4727-861f-226687e85763","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":86,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"fda44eb2-7908-4abd-9e06-e86e143fee65","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":86,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"242cadfe-1887-4934-a40b-aa8f584d1868","block_type":"box","text":"on investor protection considerations.","page_number":86,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"ab29f6a4-4a54-4d2b-889d-c9c6ac3ba9c9","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":86,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"8586dd94-79b4-4bdf-99f7-eba6fa58e7d8","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":86,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"c66f3c12-8872-4865-9f6b-dd166d69ef57","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":86,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"876b542a-a73b-4944-a8b2-4c944262649d","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":86,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"daf501e1-817d-4a11-bd19-f251f3c14157","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":86,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"96cf6c7d-f235-478c-bcd2-25e1a6cedacd","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":86,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"878651ac-2e4b-4dce-a808-425a7eed3bf5","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":86,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"93550531-88ef-4e1d-ae66-d1c007475fca","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":86,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"ec5b384e-5afc-45f7-ab07-01408bd676d9","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":86,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"ff1785cb-9176-468e-acdd-cfeece1c2d0c","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":86,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"647238db-6cee-4d9b-9c2e-862a74479f0f","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":86,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"cf32580b-ad8b-4fae-941b-0095cbb65ee3","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":86,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"5a7e79e4-3c3a-4b16-8592-7a4891666a08","block_type":"box","text":"accounting firm.","page_number":86,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"239b5a66-e79e-4145-af17-72b4a32644b0","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":86,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"c9c0687c-811c-4da4-bfd5-d3925af38645","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":86,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"f476a084-01a8-4e90-a75f-883df2aca708","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":86,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"f69cd4b7-4c63-4187-80d1-00d251306b0f","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":86,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"984dccab-4ee3-40e2-b2af-d00ba97969d4","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":86,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"c719d6f5-0e36-4e90-a18b-b3be5bbaf655","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":86,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"25238919-a6ac-46ca-85cd-004fdbefcf68","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":86,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"6dcbc82c-c963-425d-996b-3a3edf4cc280","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":86,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"5ac019d2-9dea-432c-be4f-4d75cfe9ca68","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":86,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"f40699a7-b7cc-4fff-9b2b-032d1bc22f76","block_type":"box","text":"RMB (“CNH”).","page_number":86,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"6b528722-f17b-43e3-82c4-1678e9335f4d","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":86,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"dbdd30d0-a7f4-4635-90c7-0bd70e3263ab","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":86,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"66982817-0d50-4b9d-a815-56e28c2139d0","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":86,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"f3555f55-5f79-46cd-af1b-7fa3087a84b6","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":86,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"73b447e9-a402-428b-a2a5-f086c5e5ded5","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":86,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"2b1d3de7-d947-407f-b587-4cc4e5aac3e8","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":86,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"18a9c4d2-860b-4655-a876-c84676f43983","block_type":"box","text":"represent equity ownership in the operating company.","page_number":86,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"fcdd6978-d2b7-4918-b02b-93700925d3b0","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":86,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"f75b6066-f97f-4c51-922b-e32a916aa7e7","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":86,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"9f149b90-b4fd-4f9e-af76-dfaf2f208a05","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":86,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"c8d44e52-b85e-4630-adf9-af8c41985c1e","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":86,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"a134959a-aecc-4628-8432-6edc20497566","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":86,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"4fa0f181-c4e3-4794-8195-1e7c9faa7605","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":86,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"181c447c-c220-44dd-92c4-67c85e0990fe","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":86,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"53655ade-cef7-447c-a95d-baf58f77c307","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":86,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"6d6ab827-f996-439c-868f-ee456e0d505e","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":86,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"c8cbfa01-a048-4238-ba81-a76a9219f01f","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":86,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"52d61eb0-1ef1-46a8-8a9f-5dd5db2e07b4","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":86,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"f3cf195a-51ac-4e5c-81e6-6e0d077a7a3f","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":86,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"c2b9ad2b-9c2d-4f0d-a4bf-2d717ca1c12b","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":86,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"56f23e24-8754-4806-8d79-6b5fc44613dd","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":86,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"67daab54-bbd7-4f54-b039-2de045c49c76","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":86,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"1399a4b6-19d2-4c34-b0bf-789193401688","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":86,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"1ce6f66a-3b51-48c5-bac3-dab9b7af5389","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":86,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"4bbfb5b7-2823-4543-9b7d-7f97b19139cd","block_type":"box","text":"losses to a Fund.","page_number":86,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"41342fc0-0474-40b8-a738-324cf5d64b8a","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":86,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"1e538528-79b0-4d2b-82ca-af8ac9040a9e","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":86,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"4872292a-6733-46af-a984-aa925ef52de0","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":86,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"2b71967b-a621-46e2-9194-d4b57071bd6e","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":86,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"d56a32d8-aba4-4830-b961-68c39530308e","block_type":"box","text":"II-42","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bde4ba9-7911-4781-a3eb-eb90953e803b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1b8a3ca-3175-452a-af63-5e2b66538eca","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":87,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"908775d4-a49f-4197-a80a-7b7048256fa6","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":87,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"5ede383a-7b58-4a29-b243-46229dc25b60","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":87,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"c36dc45a-c38d-4347-98ac-3f1f53dcebcf","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":87,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"0378156d-b0a1-44a8-b515-810d947023db","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":87,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"3ad6a1e9-775c-480d-b9d6-13a8f237fa66","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":87,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"93639be2-a688-4212-ae6a-715c3a7f920e","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":87,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"4197b127-341c-4df9-9c9a-7e757c37d4c1","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":87,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"3b371b83-3020-4aa4-9399-4b3fe3371fb3","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":87,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"31d99dd9-8665-4ec1-85b7-7410f6ca2ec1","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":87,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"a93a341f-c2ac-4c50-9361-14cbf6940973","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":87,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"fab49590-bf6d-41be-b8ee-060472029157","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":87,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"c3791183-4b1c-401c-b31c-eb1a193d1360","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":87,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"4e5dd834-dcda-4dbf-9c4e-49c59ffc8d5e","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":87,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"5afbeafe-2d96-414a-9e64-102dbe25b26c","block_type":"box","text":"such companies.","page_number":87,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"a6a63761-a58f-4c9b-bf59-7f271c3f2b06","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":87,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"ea855a7c-2f79-482c-8ad8-6fe7daaa592e","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":87,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"d9b24799-b314-40db-adc8-983a28f2fa82","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":87,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"5e3934fe-b127-49b5-8157-0daf2d3b8b44","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":87,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"8dc4d4a8-54ea-4e5f-8b30-a0f3bb09b54e","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":87,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"e4823025-ad28-436c-98fe-8010a7fcb69f","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":87,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"2d8cc05c-8c15-4edf-aec4-e0e620167936","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":87,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"ca1a4f59-6870-464b-92cc-99e06344b6ea","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":87,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"652737cf-7e73-44c4-9a7d-2d3ce78e28f7","block_type":"box","text":"standards.","page_number":87,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"a11009e0-5223-403f-b7c2-3b1de15a498f","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":87,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"061e3464-3b3d-485f-b305-68507c5e2611","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":87,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"70ba5c01-66d6-4fd9-a998-48a7885f8d2a","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":87,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"5c642752-72cf-44bb-a00d-2c0840f6174d","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":87,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"72b8dea7-51a1-4de4-a7ea-df0a7e89e5c3","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":87,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"f6d77ada-b85c-4e36-bf49-55d21e13e7c7","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":87,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"4ccdb717-3f56-448e-aadd-dc13747bae30","block_type":"box","text":"General","page_number":87,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"b1a5c034-6aa6-4baa-a15a-03281c4c8ee2","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":87,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"69077401-c76a-4c88-a9a6-290a28c51ede","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":87,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"2678535d-7436-4009-9749-40ca3b49e7dc","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":87,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"9869bdbd-c4c7-4e63-9364-d9b513cfac8b","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":87,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"1764d916-24d0-4030-a3b5-da07766575c5","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":87,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"db9af691-8b62-4458-a139-25c6a3d91efd","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":87,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"2218a6dc-1a82-48a0-95ca-34fd7ac0f595","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":87,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"2a1cad03-81de-462e-b534-60c3a335c6e9","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":87,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"0030ca22-90b7-4020-b5d3-b99da4a506fd","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":87,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"28f7c036-1ac7-4ca3-bcf8-9563a2733f27","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":87,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"b50132c8-f017-471f-a924-ddbfc1c2dce8","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":87,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"0d9c1338-fbff-42eb-9f76-ef81a2d74bc9","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":87,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"3675fa98-ddd9-407f-b725-ebd47e45312a","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":87,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"e83b986f-ce92-461a-a518-38821d2f2012","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":87,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"3f606820-ee6b-4430-986c-517bc85cd083","block_type":"box","text":"company established by SEHK.","page_number":87,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"321c133d-9ff0-4148-bda9-b03b0931ebc9","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":87,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"cc00b380-1cb0-491d-b43f-5d8735fbf449","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":87,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"91fdcd6c-ab2e-482e-9a15-42b9312af15d","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":87,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"08158793-9b88-48a7-985c-b7f20e3390e2","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":87,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"80c238a2-6b66-49ab-a098-1208df17facb","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":87,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"16a6bc2e-1917-478e-8bc5-aade7e30103c","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":87,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"1bb9685f-0098-46ee-8232-4d00b8ba1072","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":87,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"650ea94e-0da8-4b3e-8f05-366a793b33eb","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":87,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"c561f3f9-1601-47b7-bb36-9a4d43afb4b0","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":87,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"ee02a7f9-bb85-44a1-959a-99df756eab64","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":87,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"656eafdb-0dcb-43fc-8ac1-39b34e1e36bd","block_type":"box","text":"II-43","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c8dc6159-28c1-4bf0-b5e8-e348732acd21","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de810849-7718-4585-a290-399add00bf0f","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":88,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"81ec1f41-05d7-43f4-8ab9-0201c6e24cb4","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":88,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"8fe41b2b-69da-48dc-891d-cf3911ef0ff2","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":88,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"463c5ecf-435b-4fd8-9d61-c1dec17d0afa","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":88,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"a498a4bf-25fe-4027-84a7-9aa709e36c6a","block_type":"box","text":"i.e.","page_number":88,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"061053ce-1fb0-43c2-88b3-5ed500368f1f","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":88,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"de8a2285-125b-4e65-a483-90b7be4e59c1","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":88,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"63df4265-162b-4586-aafd-2be457430a23","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":88,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"b10e51c7-0dec-4963-8879-ff5505e25059","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":88,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"27f0733e-c2f4-48d2-aa2d-aa8e5075629a","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":88,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"2748a8de-b6e4-4268-9e9b-ed8ee489caeb","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":88,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"5dda33db-a681-46bb-a5fc-138306bcfce5","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":88,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"3fc74580-0b67-4c60-81bc-2951c0682274","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":88,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"e74840d6-9572-455b-a798-37a13de053c3","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":88,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"9b210718-6651-428a-87f0-77e85f9ed119","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":88,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"5328c4e2-59f9-4a01-af14-9f568e0438ab","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":88,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"a9d80bec-cfe0-4ed3-9c85-60f9ae9172a4","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":88,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"93990cf7-5fb3-41b7-8ef6-396b1af21e83","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":88,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"b47b7caa-c881-4c3f-bef8-b0eaf89c978c","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":88,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"807f735d-b527-4a74-9bc7-947b2e584f3e","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":88,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"f84a3986-953b-4189-8ff9-138a27a4df36","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":88,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"4001f03a-897e-428c-8d78-72eba87f174e","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":88,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"5819386d-df0e-421f-be13-76351cbd4711","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":88,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"fde056a5-242f-4ae9-8a4a-8c47f3f9917c","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":88,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"eb4bdf32-850e-4763-8250-0e0f76fdc7a8","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":88,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"b6b2cfa1-6a12-40e1-8fdc-100be5522a24","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":88,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"a119b66f-6048-4dd1-9fac-26bb79e98005","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":88,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"02daaf80-348a-43d1-b175-f655ba435e82","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":88,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"a85080ba-4176-4c61-8332-17e630a4102d","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":88,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"7a48de51-09ff-4224-baa5-2ad5591e0c2c","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":88,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"8052bc87-ef25-41e7-a988-e9797dec24d4","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":88,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"a967890f-315b-4c69-8639-f33903a2b8e7","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":88,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"efbf021b-c048-41c4-859e-0f89ab64b315","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":88,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"a77001c8-8dfb-491b-8481-64339b32ec1a","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":88,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"5f326178-c9c3-4410-9e70-c15a5086240a","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":88,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"82f1c003-15e9-4d82-8226-bed3fff4b012","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":88,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"c343cb19-0f21-4c50-8be2-66394ffb1e34","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":88,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"33ddec19-6646-45a5-818b-1be87e0313a1","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":88,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"cd1b0b00-d809-4d38-afd9-2b56815f8cf0","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":88,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"2d0da751-1acc-47be-b525-ac1b643e4099","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":88,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"303bf4ac-7c21-4c9a-97e4-cc4d0a8c700c","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":88,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"92ef2c7d-68e8-4d32-8125-75d2c1f10400","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":88,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"2901496b-a0c4-4089-904a-e36053233e5d","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":88,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"904ebca4-ecfd-4ccf-be27-4fe33ad82499","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":88,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"abbc279a-e6ff-4223-80af-266aaf9dedd1","block_type":"box","text":"PRC.","page_number":88,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"cd50f9e2-97be-4764-8c2f-6547c0523999","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":88,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"d44a3d3a-e8e6-4f8c-a7f6-89dde163c625","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":88,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"dc2ef6e3-05b4-4b97-bfba-71a48009d359","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":88,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"2f2f3a70-5b35-46ae-bdde-09713e512ef9","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":88,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"965cb23a-4e93-4913-8d25-78ab9ee51566","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":88,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"0e4dfd77-a112-43c9-8213-9e4fbcf15b84","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":88,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"13df5958-9a8a-4454-92d3-2469c7766008","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":88,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"8d66bc3a-a8bd-41b1-85bb-94eb2317009f","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":88,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"dfa0a518-2653-4970-af10-121228e4a47b","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":88,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"63912f33-e02b-4d39-a88c-457f95dbf4b4","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":88,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"5b829851-ca8f-4a97-a9d9-2951581a0e85","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":88,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"d083ebc8-a230-49ec-ac74-4df8dd43417c","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":88,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"b81f872d-9268-4e2c-bec3-9fc0eefcc92d","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":88,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"5cc354cd-fa5c-46aa-ae93-9c71b480e89f","block_type":"box","text":"II-44","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"798cb97d-0fbd-49ec-ae3c-39ec54ab6e67","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9f2d0a1-4848-4191-9489-f07f0ae4ed24","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":89,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"3a60ee4f-b227-42d0-a513-44ed1479f227","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":89,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"bd175cf6-a326-4599-8259-9db8f72a1400","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":89,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"2b29c4b1-15ab-4c06-9bbc-5f017d19ab27","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":89,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"5d7f9ee7-cf1b-4a9e-9838-e0c710f437c3","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":89,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"8916a8ec-b345-4b5e-ae8b-52f4811ef81a","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":89,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"77c1590b-e751-45bc-821b-c696182b82ed","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":89,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"292ed6f5-5559-47a6-a3f6-8bdbbfe935ed","block_type":"box","text":"Suspension Risk.","page_number":89,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"5a54ca1e-c32c-4bc7-bd8a-a95532d91242","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":89,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"cd95515c-6a00-4bfa-a06b-a9ef7c192684","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":89,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"c5b41efb-920c-4115-b3fd-bb9e052706c6","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":89,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"b4a27315-6a6c-4b02-b6ad-821ec7eadea6","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":89,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"f3b6cee1-d24b-4259-94a3-a044ea38e761","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":89,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"09270104-1d3a-42f9-a7ba-af5241475735","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":89,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"aa78cd65-dd6e-410f-8663-4b8a62d872f4","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":89,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"10ee97f5-d7c0-44c9-a66d-6590ceeb5913","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":89,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"c491b4eb-1510-4381-bf37-1b0d8450f7a9","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":89,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"cb8463ca-538e-48ab-8db0-6642c0d006ea","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":89,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"48bb6c1c-453f-4768-949b-0a38cb7c3478","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":89,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"c3002146-f514-49b5-8db8-9bd1a016928a","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":89,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"1293cab5-f994-4ff1-9ed5-3dd38f6d2a11","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":89,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"8a731bc5-9c62-4487-8e54-f03868ba66e2","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":89,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"854c6897-9db6-41e6-a34f-959044042179","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":89,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"9eea6210-5103-457f-ad80-2cb8782e22ce","block_type":"box","text":"A Fund may invest directly in the","page_number":89,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"7ceacf08-e09c-4849-898e-4cddec341f0e","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":89,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"ea31150a-a875-47c6-a9ba-e5e4c304c144","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":89,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"69da74c8-2b73-4d32-9cc1-29a0b7b2f4d9","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":89,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"60e2e7b9-9d8e-4d77-a55e-982e449b14e2","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":89,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"7e0ad71a-7b91-4244-9311-7b0c2b7c4f0c","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":89,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"ee32ce91-0f2e-49fb-8269-22efb5a00435","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":89,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"385d3356-b85b-4dd9-bdf3-55294a265ef1","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":89,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"cb4410dc-a860-42b0-8d08-367a34dd8543","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":89,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"72b1f205-92d5-4b0b-8808-075fd6472a76","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":89,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"1cc62ef9-0bbc-4781-add4-32fb43980de7","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":89,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"26546449-83d6-452b-8d00-eca03b249dbd","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":89,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"9aa1b6ce-9c5e-480d-907a-bc044634f997","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":89,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"6ddeb4e6-f59c-46cf-a338-4f6b5da3d366","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":89,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"32630753-9a61-458e-ad8b-8b75628cf481","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":89,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"04c32dd3-f293-452d-856b-e5cbd7a9d07c","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":89,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"76833cbd-f518-4087-96ba-2eafe4b227b8","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":89,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"63d8d7db-a7b0-4e73-9599-a8fd840602f7","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":89,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"6b124cd2-1f1e-453a-a6af-53899db291f8","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":89,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"53d65c73-8300-429a-8ffc-37494c3f40df","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":89,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"1a7707f4-b07f-41e8-b24b-0d02daeefa19","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":89,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"ba0f3001-3507-45c8-b3c6-a9a108bc0ca3","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":89,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"ab08d22d-d67b-4bf5-a6a8-5146ee2f1ea0","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":89,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"17420ef7-9fb4-435f-93b5-8319d5c160e3","block_type":"box","text":"i.e.","page_number":89,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"47f645d8-e641-44f5-b05a-45ec0645bf07","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":89,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"d1c30920-8d41-40e3-9d55-73bf005325be","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":89,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"c0ce20ab-4a91-4f00-a2c2-b64c5e01d473","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":89,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"ed274512-b55f-4820-9c12-1151fadfc0fe","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":89,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"afee40d7-ad2d-461c-b2d8-8adfd80bff51","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":89,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"e4f23c5c-f1c0-47b4-a5f5-a17bddc8c0d0","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":89,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"7bfa86aa-665d-4d29-821f-d42ca0aa8feb","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":89,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"1cf364ae-25f5-44e5-b1aa-d2c46857d13b","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":89,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"e6445c2e-9180-4c88-aab7-9c1e209cf75c","block_type":"box","text":"par ties.","page_number":89,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"d3150f6d-4a67-4180-93e2-3983b51613a9","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":89,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"0efe0fca-3c92-4a79-856c-9544d25bc0bd","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":89,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"18676c8c-54d5-4a57-831b-b8b479f04bca","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":89,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"839b38b3-f0bf-4a32-826f-9f932625d640","block_type":"box","text":"II-45","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96b0d318-42cf-47ce-96ba-c0988d549f4b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78bf331c-4ace-4751-87fc-80fb17f3423a","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":90,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"2ffe2eda-28f3-4af8-afcb-df53fcf4d38e","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":90,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"c616a8ed-e235-42c0-90ff-a77f69278752","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":90,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"bee79c05-c188-4a53-b4e4-9e8e0e9a0dfe","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":90,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"4bd39bca-6c13-4eb6-9c99-ebb620100c59","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":90,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"ede1f9e1-d450-416c-b864-4e80cf5abfcb","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":90,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"36cdcc03-84e5-4540-8c7d-68dd55cab287","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":90,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"b868758f-d54d-4fbd-b412-93ed32b74ed2","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":90,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"71bb6e14-1f0a-49e2-b31e-493e76ba5f22","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":90,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"9dc873de-0d61-4d0b-9bfd-f70f128ca6c2","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":90,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"74281039-e441-4ccb-9367-303cf372bf44","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":90,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"5f7a399e-dab7-46b6-831c-6d73ab21ca92","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":90,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"b0626a31-e119-4d1b-9a6c-75b0ef6b9247","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":90,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"fffc16f1-40ce-4557-a970-f8036b388500","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":90,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"891c6d3b-d82b-45f0-8aea-89c9ee140753","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":90,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"e166ec23-87da-4d28-b5b4-a7d0934324a7","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":90,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"e0098f05-2f5d-4187-bcd5-47f350b938b2","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":90,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"e0fe8c1d-20a6-4536-94dd-687eb9da7186","block_type":"box","text":"per formance.","page_number":90,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"fa03ba09-2a24-4a32-9840-dbc7e8cb920b","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":90,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"11f7b4e8-0d7d-476d-b81e-106d356dc5d0","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":90,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"3f8f9333-b82d-4d9b-9964-b6d5d4ae44f9","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":90,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"8dfece9b-dcf3-4422-9036-2ac4f9428c5f","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":90,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"c3f32c59-1529-4a4f-a1dc-ce81e3f0868b","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":90,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"147fd8d9-5f54-4154-b558-252b78d3d70a","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":90,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"cb423c2a-e046-4f4a-8ad5-8c3fd930a70b","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":90,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"52c2a9b5-e434-4604-91d5-11abd7c945b2","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":90,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"e916a4ba-78e0-4ef4-92b8-4ad88bb568f0","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":90,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"e64148f3-427c-4165-a6f7-9605aefe2366","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":90,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"82ff4864-07da-4a04-8257-d9edb9e26678","block_type":"box","text":".","page_number":90,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"09c671e8-3742-406a-b32d-cea7b85ba21d","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":90,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"1ce62b6d-e4e9-4986-9ded-46beba5e4176","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":90,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"93c391b6-d35d-421b-9953-b8bff1884b09","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":90,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"e98a7c15-7b20-48f9-a199-a90d4166c87d","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":90,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"54d56950-312b-41f2-a9d3-09bae56aa97b","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"dc2d564e-2d3e-43c0-8ba3-3ccb77939f04","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":90,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"b3982d27-94d9-47b2-af61-05bd1a0cf144","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":90,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"4e805554-73ca-4f51-84b7-7e986da3bc0d","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":90,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"1bcbd026-ca1b-4012-be5e-5690fe88485c","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":90,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"a708c545-689b-4156-ba7e-d7301c702201","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":90,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"6e4fc856-d159-43ad-9278-4115b5824117","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":90,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"aae31cdf-6aa2-46a2-a17c-c86e28d7f452","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":90,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"02c68475-43b1-4679-9538-0553e97c017b","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":90,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"0a0fbda6-6a2d-47e6-909e-b1b69cdf4ca6","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":90,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"9cb572ec-3087-4b38-9b66-8c9d3c9562d8","block_type":"box","text":"without notice.","page_number":90,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"842870b5-8bb7-47d9-bca1-fc98c56ffbad","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"2771a3ff-c706-4c2f-8b0d-2760c2fceb15","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":90,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"0c620e6a-ca33-4c87-8e2d-fe9c47ebd71d","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":90,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"b21e014a-58d9-4fa3-b0f3-a3018efa9a0f","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":90,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"35de2030-8619-4a26-b739-7c4d3ba76a2b","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":90,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"e27d5f45-ed02-479e-8f06-8cbfbf246feb","block_type":"box","text":"December 31, 2027.","page_number":90,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"a3f5428c-871a-48ba-93f5-1ac5d8f51755","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":90,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"4d1388cf-31ca-4016-b20f-ae10694696a3","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":90,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"be71a753-dd52-4b5c-b907-53f6350915cb","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":90,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"8ee72dec-802a-48c6-b43f-6e1fdbcb7999","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"a28eb84e-eb3c-4064-a1eb-0f3fe82371e4","block_type":"box","text":"II-46","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a540ed72-71a3-4023-98a4-8b0de26d4e54","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b3ad689-1bdf-4040-a17b-5ae593e8c502","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":91,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"e0bd0f1d-fac7-45f0-a8a4-efa1ff9be1a3","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":91,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"6301486c-6ece-4027-a859-6e6abf90503a","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":91,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"effc350d-85c5-4281-ba17-db9604b2cc43","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":91,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"70f16711-4d39-411a-a2a8-15e5bcb7c5e5","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":91,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"f897d6df-e9ac-4920-9c8e-b4203adb5a30","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":91,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"8e7886bb-f006-465c-9db8-4147fcf61923","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":91,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"0045509f-fcce-4189-9439-54749d5b4b2a","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":91,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"b35e6396-2d85-490d-b8bb-00aaa32c43c6","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":91,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"3792ea9b-ad6a-4cfd-823c-0d9368088347","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":91,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"a03a22d5-ad51-4fdc-8377-470f4e7a386c","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":91,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"3aee60c1-3b87-4fac-8e94-c58acd254b27","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":91,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"9b02a364-9c41-4033-9e71-306bd45633c2","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":91,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"4512513d-da71-4003-8f54-df0c1da4c700","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":91,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"cbd1b97e-ea48-4109-895c-dcb6d1dc785b","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":91,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"69690ba1-fc8d-44ed-8246-4b7b4992d5c9","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":91,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"09594caf-06ad-4274-9591-ab6b8e7637ed","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":91,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"75dc2f13-22f4-48f4-957a-b0949f122237","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":91,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"57a4a4ea-4297-48fd-ae60-dde2ade07e4a","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":91,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"3d8df422-c086-426e-a519-23068a1b92cd","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":91,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"e455b875-86a7-40d4-8d87-58c310f006a5","block_type":"box","text":"the PRC in notifications.","page_number":91,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"50dc1f9e-bc53-4b35-b57f-346fc7ac3ad1","block_type":"box","text":"Investment in Other Investment Companies.","page_number":91,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"4d7248c1-bc2a-4aea-af78-96dc5f99fbd4","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":91,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"49e67938-c5d7-4b83-b733-9d594d2db446","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":91,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"128108f3-1ded-4800-a2ac-fd7cb973c22a","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":91,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"f4b18578-227d-460a-8d4b-e26affd7861c","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":91,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"9d2f18b0-458c-4500-9e60-81a4a76ddbbf","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":91,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"69be32af-18a0-43b0-86de-3485305ab8fc","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":91,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"7bcd601a-24fc-4b48-a5bc-e9b087ec6182","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":91,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"2b5b8230-826a-49b4-a5f6-1e103a83cd5b","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":91,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"28fae4a9-4b19-4d27-b9a0-9fc88f0da1c9","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":91,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"87e5b4ee-336f-46b6-8eed-611ebb5546dd","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":91,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"9e6c92d8-c714-411d-ad92-6ebaa714471f","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":91,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"c5bafe50-d98e-4d3f-a342-1b9e9f35a018","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":91,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"798527df-54cb-48cf-a547-bb83e9b31932","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":91,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"c3cc5a98-cb89-494d-baff-57d3885de02d","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":91,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"4e4c0ae5-2986-4855-954e-d1c26ee8f13e","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":91,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"152f5f98-668f-4e92-aaa2-30dca4536152","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":91,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"2034f127-ab21-4fe4-a680-a2a4d3b94cd9","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":91,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"96f716c2-43ee-4612-9ab7-b90b7048674d","block_type":"box","text":"subject to cer tain conditions.","page_number":91,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"93516d61-7cdd-4cc6-8658-22e45d9302e6","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":91,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"65e415e6-a10c-473d-b88b-1a5c110e3d10","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":91,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"54e3e880-26f2-43b8-adbf-924a9892d787","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":91,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"7559eca5-9307-4c74-b053-e61a26210ca8","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":91,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"d13167a0-47e5-46fa-acef-228fe4af7d24","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":91,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"77953bdf-85de-49bc-84d6-3507bfd92c6a","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":91,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"5e31e431-4a4a-4a31-9230-d2ee7981ebb7","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":91,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"0f13b60f-349b-4048-987d-742f60d805c1","block_type":"box","text":"loss.","page_number":91,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"0deddbc7-cdd6-4e86-868f-e59546c065d6","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":91,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"9ba53862-c1df-4e93-9eb9-27aaad3dace4","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":91,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"0edc82dd-bf2d-4c46-ae31-8258df271ab1","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":91,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"458a289c-89e0-4501-8cbd-666d8e78e9d4","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":91,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"feeb2679-1797-4daa-a177-9b82364ede12","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":91,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"51b05d79-c4d6-483b-b60e-bbab060b93be","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":91,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"eee67c58-e8ce-4ab1-971f-82510dc2dfe1","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":91,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"094fcf3a-f6e9-482d-8415-bed468488d30","block_type":"box","text":"II-47","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e265a4be-0909-4496-8dcb-0a5ed49a5cbc","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81e9bf63-4bf3-439d-9e90-286bb9ced584","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":92,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"434256c4-0003-452f-a180-7776e6a484f7","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":92,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"2cfa247f-0486-4ba6-8740-c3c3dd0927f6","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":92,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"1caf5789-2a09-4733-9135-4c10201aa284","block_type":"box","text":"assets.","page_number":92,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"35ab2089-5b64-422d-bf61-bed629255691","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":92,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"78c8783a-9816-485d-8bdc-15aab06206fb","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":92,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"73a3b69a-73da-4c30-8c1d-da7b84428f8a","block_type":"box","text":"e.g.","page_number":92,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"96fa3031-3bb3-4dea-b9fb-a53fb3605a36","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":92,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"ef4b0cd1-b17f-4559-8fc9-97ce4adc1aa0","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":92,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"9b324f46-10ed-460b-80c7-8a5bb1edaeff","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":92,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"c414baca-bc31-48c7-807b-896fde8fe83d","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":92,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"474ba6de-3a54-4cfb-b284-72286021ae6b","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":92,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"e2430715-f5d6-455c-8ba7-c2d9bdd4c77a","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":92,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"6f848a9e-acd6-42fa-bb73-c5cbbf9382a6","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":92,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"7ab82227-24f7-4077-8373-339a796f6407","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":92,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"aec8cfbe-3801-4e95-a310-eaeec5109503","block_type":"box","text":"countries.","page_number":92,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"a39fb87c-3d71-483a-88ed-12c408553019","block_type":"box","text":"Issuer Insolvency Risk.","page_number":92,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"4892f849-e86a-46fb-b000-5f5b97980412","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":92,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"c59846d0-d8d7-4087-b7b5-9e19ae02e75f","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":92,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"40ea1e19-116e-4709-b192-9f4d4ecaa8fd","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":92,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"d3b34476-492d-447d-b4d3-a146d1b0edca","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":92,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"ec1909d9-d230-422c-bf94-f3f3afc96523","block_type":"box","text":"issuer uncer tain.","page_number":92,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"222da565-f920-45b6-9a56-6171fa628023","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":92,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"d364a7c0-9992-41a9-a953-2e529009474c","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":92,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"f13be0ab-e144-465f-acc1-a85b7b96e4f5","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":92,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"fbbbe7bd-f2cb-4708-99a9-e7b4dcae89fd","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":92,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"337d5d35-a57b-4f50-bdbc-cd87505671f4","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":92,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"88c86a5b-0630-40f3-8c4d-8c60d455f3c3","block_type":"box","text":"eventually be satisfied.","page_number":92,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"0e6bca6f-5ed8-4050-a3cd-1edd9c153a30","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":92,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"3b3fbe53-4c6c-44fd-928d-6c9e889f6c6c","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":92,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"86d91c78-b23a-4576-a7ce-70543065a608","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":92,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"e13fafb9-b9dd-4346-9f53-1f0897a61bfe","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":92,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"92d4e704-94c9-4c81-9426-3038cfdb3c41","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":92,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"8880a87f-984a-424a-b162-cc3f86d93d0c","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":92,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"8d7d9e92-0a77-43c1-a127-3529a8d5165d","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":92,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"9d0f08c3-4a3a-4c00-9163-2abd399d642d","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":92,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"7bccc35d-ec7a-4b96-90de-5d365d0fd03c","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":92,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"7f73e11f-689d-4c6d-95b5-83b92ea058f1","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":92,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"9b356a12-521d-4e29-8f18-6d8b4ae8980a","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":92,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"e98d326c-169f-4f2e-96ae-996a9b884e93","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":92,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"4c15c67c-3a08-48a3-867f-7da05fe66a70","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":92,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"403b0c6c-c736-484e-8720-45bf4b3e6b62","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":92,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"e3b86065-9adc-49ca-954c-6ec30662c036","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":92,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"b10c0ddf-6f44-4517-bab7-1e3ed6ead0f2","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":92,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"d09a09a4-c8a1-4f35-8dcf-d51e5ebc2244","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":92,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"38be2ec0-cc0d-4dfe-8838-3ad8fc86995a","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":92,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"2a760d3a-867c-436c-abb6-d4bb8f90bcf6","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":92,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"f58f8708-f3c6-4fa1-bfe8-b258ae2d4fcd","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":92,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"2af41884-aede-4dda-9a57-e6ae595798c2","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":92,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"359d750c-7f1c-47af-aef2-a638cf766293","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":92,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"ebe15de1-370a-4467-b00e-3f826fed9566","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":92,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"80f11a94-94ef-4314-b7ca-7dfaa84d868d","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":92,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"00769b0f-b83d-4f36-b069-0101ec19fd13","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":92,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"d3864368-b3d0-4ccf-bb80-8f71dbe9da71","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":92,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"8aa5b7b8-a48b-42db-97d8-1f2bf1117fce","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":92,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"933fede2-f747-4d50-8ca8-cc373382c98d","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":92,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"bee2f48d-8ac9-4366-be44-7b62a2ab12e3","block_type":"box","text":"that assumed generally by an investor.","page_number":92,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"24385eb4-9c40-4fad-9e45-9f979c4d0743","block_type":"box","text":"II-48","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2d178be3-4525-487d-b63b-2ad691fe68f2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff09acc9-0f06-4df9-a51d-2ad948c72c57","block_type":"box","text":"Lease Obligations.","page_number":93,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"ee18cd85-49e8-4a85-bdc8-0ac47ac2dc6f","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":93,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"202fde92-afd8-45b0-9ca6-65824c932c07","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":93,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"391a2489-47c2-4120-8433-1a21005ec9f3","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":93,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"b27cbb97-5d88-4112-bfd6-1158e41dc9b1","block_type":"box","text":"Life Settlement Investments.","page_number":93,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"e3be1ded-64bb-4db4-9a21-4b2c797c3e55","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":93,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"58f0ec4f-3bbc-4e07-8d64-838090c9874f","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":93,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"d4ca57e6-04b4-41f7-8394-081fbb38372a","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":93,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"3c933e05-5e73-4d00-94c2-f9a592b35c84","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":93,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"b87885b4-dc3b-4313-b048-af8e2d59dca2","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":93,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"5f58c270-21ab-462b-80c8-b57e53b8b452","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":93,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"639e4cd2-b5ac-47b4-a4ef-23b8f907113b","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":93,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"c751d105-d662-4b8d-b2f2-d6792a1127a0","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":93,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"95e4ad48-5613-42fa-bb4a-f0e56bed05e0","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":93,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"7d0fa390-8302-4606-a676-2410c230eb7d","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":93,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"cc087627-0a7c-4d3e-82b8-608286db2da9","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":93,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"2c13bdd3-fef2-4ed9-b7de-a0028c3b94fd","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":93,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"15efb9e4-f4e9-43e1-a7f7-21d965efaaab","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":93,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"83315e95-ec3f-4561-9e91-9282a3e01590","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":93,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"26a2d937-3d65-4fb0-a671-d3bc103bf3eb","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":93,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"3e9363ec-cddc-4b55-b313-aecf8f823bf0","block_type":"box","text":"Liquidity Risk Management.","page_number":93,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"cead3a5c-461b-4815-ad65-64c036ee5427","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":93,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"d71d6b70-3d65-4c22-8df5-20eba606e446","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":93,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"12a61c0e-1c85-4cd7-9c5d-8200470c7605","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":93,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"a85af606-c393-4786-acfc-0b7bd1fa1677","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":93,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"9f85de15-3829-41a7-b588-41d9ca40ed09","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":93,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"b0d47faa-3186-4020-ad08-98aa5ff89592","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":93,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"52913a81-ee1b-4bdf-ab3a-fc82915ed24f","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":93,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"b0f0dadf-6a9f-46a9-8244-10a30f91a52a","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":93,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"db1d5252-b4d9-4cc2-a724-3391877fdefc","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":93,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"5be87d81-5abf-4f28-86c9-d5f49a381935","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":93,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"bf43cb20-a645-4fad-bd99-ffa825646782","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":93,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"4d7019ae-d142-4991-9f1d-71038480a84d","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":93,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"c813d895-f297-492d-ae59-a742570c3c82","block_type":"box","text":"Master Limited Partnerships.","page_number":93,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"110b6672-5b85-4c08-a951-74360c3a401e","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":93,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"8c40cbf6-b5b3-4957-b607-706255653dd8","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":93,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"f2775a63-0f1b-4cda-8176-b9d233d0851d","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":93,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"c4306749-dc75-49ac-95de-3ff8ae94879f","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":93,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"8c196bc6-e264-40a3-ab6d-92f7d463f4ee","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":93,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"eb59532e-5d6a-4c8d-97a1-624ecaffb399","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":93,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"07ce5b6e-0b5c-4bdc-b2e6-afeec5faf7dc","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":93,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"7160ae2c-389d-437b-9b85-21400eac20c0","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":93,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"d6dd3356-caef-46df-bf43-21df03d2657b","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":93,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"74ee2973-db17-4618-acf6-5c7576ed8a0b","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":93,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"ba1276ae-b4b0-4f08-aa0d-9bedb2b1c55f","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":93,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"cea0be88-e248-4daa-8098-7abfe69b9ecc","block_type":"box","text":"in the par tnership’s operations and management.","page_number":93,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"bbcf77bc-8ee2-4181-b1c4-87c827094782","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":93,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"9bac3b02-752c-4768-afe2-d5e28685a162","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":93,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"1b2cfab2-c892-4a42-9ca9-24d56a01c870","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":93,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"e8fec26c-8f2b-44f9-8125-dd61d200f491","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":93,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"866c82ab-e9b7-4f40-a26b-62a22c993470","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":93,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"64ba190f-e44d-4dcf-bd00-181edded02f9","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":93,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"3d2b70aa-84dd-4949-bee0-74fd3b36ebb9","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":93,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"92620f3b-77d8-4b66-82d0-324e92527e8d","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":93,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"c3538ad7-29de-4a1e-b039-6be322a48ea8","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":93,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"7076ea61-6e73-481e-8fe4-5b91d1a6aa60","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":93,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"857a2946-01f3-4740-9906-cd25a7aee2bd","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":93,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"e76207ca-58d8-47c6-85f3-52eae6877959","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":93,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"32604d39-731a-4677-ac91-5c6e7b518d6e","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":93,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"6f04b8ec-326d-481e-99ad-8b623d58cf37","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":93,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"19444af7-1f92-4878-8ee3-fa8ce243005d","block_type":"box","text":"II-49","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a417949-e4cb-4c20-bcc1-f8289a28a1da","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aabb17eb-72f8-46d9-b8f4-ee940bb9e03a","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":94,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"631ee6bf-1998-4874-acbb-5ad2412c3ca5","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":94,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"efbf8fb2-eabf-41fa-9cb0-6a47df06dc10","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":94,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"950ce570-5ec1-4b2b-be04-2f5be9658591","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":94,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"f7ae2043-a3df-4fd3-9718-f8544ae34440","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":94,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"1fe2322d-fdbb-4bc4-ab1c-839646b80102","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":94,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"9da8825b-87b3-4943-ae10-a59248285b6d","block_type":"box","text":"Merger Transaction Risk.","page_number":94,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"c46116f0-d96b-4239-89f2-4aa7ddf0d724","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":94,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"c1b271bf-4368-48aa-9c0e-e0bc75b42d7f","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":94,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"22d4f2e9-f5de-47f4-bcb3-b40c084d7c1d","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":94,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"d6032146-1ced-455e-91fe-120522d3b0b3","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":94,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"d42a5dd7-4742-431d-8e8a-236affd8c2db","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":94,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"419904b0-5c4d-4d44-92bf-f2fed4ed3b26","block_type":"box","text":"the Fund and may lose significant value.","page_number":94,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"49258db4-165a-47ee-832c-69dc3a6c24db","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":94,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"693ffd55-6a9e-4836-9557-724349034a15","block_type":"box","text":"Cer tain","page_number":94,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"f1502f23-38a5-4591-8dac-d560331d7c12","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":94,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"b8e17885-8b36-4e7a-8a28-c3e363737cf9","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":94,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"721c626d-718a-4e1f-863c-006252540ab4","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":94,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"12c214d9-e0f7-4edf-b521-cae4155a3a71","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":94,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"8888637e-6608-4bc2-a644-95b621e75300","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":94,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"0b0b9cbb-aad2-49a5-8e69-85ba2c1dfee3","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":94,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"a18a2eb4-879b-4536-b5ad-39f42d6fbe3a","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":94,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"a69ef873-f57f-4729-b9ec-56e93669ff9d","block_type":"box","text":"branches of domestic banks.","page_number":94,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"afadf358-5f16-472e-bebd-fd16b2097af4","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":94,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"05af61c9-0645-41fb-b074-d410ad74f9be","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":94,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"781a2d67-17e1-47cb-9cc3-c94e3433cad6","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":94,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"7fa0f8e3-4a24-46f1-8ce3-8ff63a73ae3e","block_type":"box","text":"paper of a foreign issuer.","page_number":94,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"62cc4b96-f99f-4f49-9848-d93708e5ce3c","block_type":"box","text":"Money Market Securities.","page_number":94,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"e16583d0-61af-41cc-9857-1d92fdd6e7b4","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":94,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"77b2cba7-25bb-4642-a005-43aa35f11ea9","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":94,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"14675143-47fb-4268-a705-b894f7d63775","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":94,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"28a64aaa-99d4-48de-8476-24672f79e658","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":94,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"04cee8f7-c719-41d8-93f9-b78d6b631750","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":94,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"b42c57c3-5edc-4aa7-b849-c3424d15e2d8","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":94,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"1b3a32f6-0ff8-4a92-8dc6-b81d09b631b0","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":94,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"e9d3e9c6-ab83-4250-b37c-51eebda3ff6d","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":94,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"97da8078-0151-462a-9462-33c1d5b185be","block_type":"box","text":"agencies;","page_number":94,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"78bb9e05-8525-4409-a58a-82fc52fd61fd","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":94,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"20a15d4e-c8b8-4800-abdb-534439f7e510","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":94,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"71833f6a-cd9b-4820-8b86-218301c127b6","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":94,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"45afe51f-69f9-4b7f-9679-7b4a6b84d21f","block_type":"box","text":"obligations and credit card receivables);","page_number":94,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"b463511c-aa67-48c9-8492-c4b5629b179f","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":94,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"37bae27c-07d5-4ca9-abc3-0085a6146a43","block_type":"box","text":"authorities and related custodial receipts;","page_number":94,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"60f57aa8-8eb3-4245-acea-dab4ea3fc1ef","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":94,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"b6a95a67-7eee-44af-a850-fc82395d4836","block_type":"box","text":"agencies or authorities;","page_number":94,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"bc12df85-ffdd-444f-b1b3-01ab16bea6ae","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":94,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"cb224ea6-1943-4579-8cc4-6eb7678bb62e","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":94,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"9c7b288a-79da-47cb-afd8-e066727ba14b","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":94,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"41d06f19-1001-4487-8f1e-66c99d6cc631","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":94,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"078af7ac-8310-4d7c-84fc-3b9be1418d43","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":94,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"14f64283-75e5-4ff9-b55a-26e8c894061e","block_type":"box","text":"States;","page_number":94,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"e5893183-7b3a-46c4-a502-a63786778040","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":94,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"31497a9a-a189-46ec-9d45-7e2bc5ab618e","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"aa951404-fe18-4ab9-b26b-7713b7f64064","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":94,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"8b81cea0-e22c-4347-9370-5b6a54ac93d6","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"f1bb74cd-7e88-4680-9086-8ee6e464789a","block_type":"box","text":"II-50","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"73c289d3-8b35-4a81-a944-d1dfba77061b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8a7c3e8-dfc2-4003-916c-899766ce11d2","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":95,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"b9e18845-312b-4551-880d-9e1a05595de5","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":95,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"6a87d07d-281b-4ee6-973d-ca8853565a3c","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":95,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"c56ed30a-2302-4b87-bb15-b7e46c42866e","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":95,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"6c71abc8-caa3-457b-974d-84e73a72b8a7","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":95,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"d25f4581-ffef-43ac-859f-133bd0edc573","block_type":"box","text":"States.","page_number":95,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"fd95e91b-6d4b-47df-91a4-7363a189cc1f","block_type":"box","text":"Mortgage-Related Securities.","page_number":95,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"2011ecb4-4d92-4d5e-800a-81099cfa9e9e","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":95,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"69382656-8202-4191-84cb-15d0a7c5adae","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":95,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"91278725-7be2-4999-a7f0-c86332beb93e","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":95,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"b12a189c-4998-41bf-a394-6fe3782fd641","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":95,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"6f2e4114-218f-48d6-80db-b42fc206b9aa","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":95,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"5ee1211c-1483-4208-8786-437d1561774a","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":95,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"b4d457ec-adb9-4eb4-bcd6-a1f27bfad32d","block_type":"box","text":"maturity or specified call dates.","page_number":95,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"b71d6ff6-a4b8-4f82-87ca-64492e456fd7","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":95,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"347b5801-2605-4909-876e-7cfc71f03114","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":95,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"da9949b9-9d52-4e2a-a76a-9b5504d1a664","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":95,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"68ab8aab-6cc0-4884-88f5-e1fdf9a85043","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":95,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"faad3796-32b9-4b61-95c5-003a4b703567","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":95,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"4e4f14d6-67e0-4b71-8431-3f7f69f04dab","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":95,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"b249da1b-2c36-4748-8126-ce79e37f30e7","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":95,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"afae44c4-4adf-4ac9-8af3-75d2c33f51d2","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":95,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"1de15874-358e-4d52-bd7c-6e09c236765a","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":95,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"12868d67-344a-4f08-9f65-20bf65685553","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":95,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"fba997ee-620f-458c-a97e-4130f05fd8a1","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":95,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"157e41d8-3887-4ed6-b58a-e9dc13f1bbca","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":95,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"5153c42c-6c61-454b-b527-ba09443f8a68","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":95,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"c17c34e1-f82d-40db-8a01-6b91f26a017a","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":95,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"77605d82-a3a7-4349-a5d0-3ee2d4e23948","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":95,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"3cca47c5-59a0-4151-90dc-9f019b1f120b","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":95,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"0b5e0472-ec8e-40ba-893e-1fc1db99b2dc","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":95,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"2c82806f-8ca2-4b05-82a6-814cc66191ff","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":95,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"d4df585c-2670-491c-acfa-6e832df12771","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":95,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"47e85d4c-2928-4607-848b-55ec6e542367","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":95,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"2a9cb0f8-1f14-46d1-b728-1777bfa5f708","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":95,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"2e7d25b8-efaf-43eb-82e5-85dbca80b3bb","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":95,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"35d88636-2d83-4816-98bc-45595e99527c","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":95,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"15f3a1f8-7d1b-4ec1-a3ab-83ae765c3dc0","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":95,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"0be32c7c-7812-4f18-8e82-ab7b4be88fe0","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":95,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"da2a436f-4021-449f-951b-18bfab2f362d","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":95,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"91e8e34b-36be-41f5-8656-8344e075dd5c","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":95,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"74179d3e-34d9-4462-ae78-f64a0928523e","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":95,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"6b165763-869f-4a80-8c16-2f652f806430","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":95,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"436a6e01-14bc-44a2-bb33-8059c4de9e4a","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":95,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"74c5e3f3-3611-40aa-9267-bc7f4d2ad73a","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":95,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"21a52f44-4fc7-40e0-82ef-4b80d1833de8","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":95,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"a8a7505b-82bf-402b-a68a-ddf22629cffa","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":95,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"a10a10f2-4c8f-4dc4-a235-0b8568cf2d84","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":95,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"62f31d8f-9301-4652-bc6e-f1f874234077","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":95,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"109bc322-b1e0-4917-ab1a-df4c108d7f9e","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":95,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"92248a14-9ac3-4616-ace4-57818093c234","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":95,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"81195bf0-94a9-43ae-908c-096da994a96a","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":95,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"8867593e-dda0-4426-a29b-60c90cf83691","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":95,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"7d31d2c0-3251-46d9-bbc0-0d42ec80d841","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":95,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"0d938fcb-7dba-4717-ac8c-e7054743c94d","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":95,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"6050eb72-39e3-49d3-ba5e-7b7d57d1df6a","block_type":"box","text":"II-51","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f1f6424-e84b-450f-aa01-5e168c4b34f1","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df414fb7-b34d-47ed-979f-782e752ecb29","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":96,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"a7094118-b17b-4465-8517-d16679f86a96","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":96,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"47155a38-daad-4fe8-8a01-c72ed68d3179","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":96,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"ddf45c59-db37-41ad-a547-90b8a2c72e35","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":96,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"78c54254-01de-47ed-a805-39130bcdbf37","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":96,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"2ce831c2-081f-48f3-8158-0f77fefa118b","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":96,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"491f745b-fbd5-45db-8bb1-e0184b94b4ce","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":96,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"04139c1e-b504-49c5-9da1-409c1018a5eb","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":96,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"399fbd3e-205a-4837-ad92-3c83cc2a0ae9","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":96,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"dff07635-6df0-4047-9430-c5c46f5d7d3c","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":96,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"761f69a7-ca9d-41bd-bb15-692f31db3797","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":96,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"e23f9ec9-8a66-4e3d-bf5b-e4369f8b7a51","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":96,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"17f276e8-acc3-4edd-8862-50385afa063b","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":96,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"f37914ee-b771-47e4-bcff-1426a4505e66","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":96,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"2d59a1f5-6e00-4fda-b234-f2967c975613","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":96,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"dc7cfec1-d92c-424b-8f04-49a79d6f9252","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":96,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"6de64ae4-2d19-4cbb-b1e0-20113d0b0d92","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":96,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"77d6631e-2653-485f-8b03-7bb04b98f22c","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":96,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"67e30755-f1b6-497a-a395-701c000c0eed","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":96,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"96541264-5e4f-45cc-b164-6a3d4853f7fa","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":96,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"5f0a8f0a-b795-4b86-b2f0-838a5ea5bc8d","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":96,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"f50797d7-2c4b-4576-ae67-0532d313f457","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":96,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"a6233e44-c4b5-4f10-a83e-202430636668","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":96,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"bd55fa67-53fa-4077-a532-dc7c88ddcec5","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":96,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"983e2e49-36b0-496c-a7f9-d5aabd15af3d","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":96,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"400df961-d804-45e0-ac79-e107df10ad10","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":96,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"8023533d-acbe-4e3e-8c91-4ef7d70c82cf","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":96,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"2edae0fc-9c19-4059-be46-2454664d843c","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":96,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"a17731c6-b39b-4d2f-b45d-42787bbe1ca9","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":96,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"4a75b019-dd98-410e-8ec2-c95437e7981c","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":96,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"59f4e830-8bab-4d28-9f21-318c0689377d","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":96,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"be86d30c-d663-45bb-b26d-33dfe5d49386","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":96,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"f484545f-63b0-4781-9c89-1db255429c99","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":96,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"6f0395c3-6b71-419b-8d3d-3330057843e0","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":96,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"35e8053e-528b-4b83-8c88-979a1c50407c","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":96,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"c1465bcb-65fe-47c3-a7de-ef01b825df9f","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":96,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"7eb164f9-095b-4a1f-879b-91c560a90042","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":96,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"a410c02b-05ff-43cf-8b58-cb214d2f63fa","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":96,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"d86e5ea4-7fe7-4fd4-a6ab-fcbce68cde0c","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":96,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"6384180e-9d92-4261-8186-8a07d254feb7","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":96,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"af929084-7043-4eeb-936b-0e4c61084466","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":96,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"0a4fe817-b068-44fb-866e-443cb55b8983","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":96,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"57ce93f2-a3d2-4631-8bc1-5fc7fe60a27c","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":96,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"915c3546-4f0b-4a11-89ef-57a8ec4715d5","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":96,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"761a65ae-0543-4d54-9dc0-a65b67e6fea1","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":96,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"329af6a2-f067-4310-95d0-5a2bdf4abd77","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":96,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"baa900fb-beae-45c8-9b2d-556a20020825","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":96,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"45e23ab6-0cb6-4b93-8b45-35a1531bbc6e","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":96,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"8bec7bfc-a7ef-4742-95dc-a6753e4e67c4","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":96,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"52770aec-6326-4644-b367-e7b353696605","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":96,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"c46515e9-b0dc-4a5d-ab93-574091da8bb3","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":96,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"1bbe2945-8970-49b5-ac43-308df87591bb","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":96,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"d08aceeb-0e39-4570-a66b-69d9334cf66a","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":96,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"9e0f626b-7e66-4a4f-a5de-d09899f478dd","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":96,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"82d2d78e-3b13-4e72-9f1b-a2995019caf1","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":96,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"59edd5a9-15dd-4710-bda1-85065ac9501a","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":96,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"d35f79e1-2f03-4483-a14a-a3577e01593f","block_type":"box","text":"II-52","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3355f083-8010-432d-9892-248c65c646b8","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e798421-919a-475a-9097-88180ce11e56","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":97,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"1dace24c-0160-4483-9eed-19e63b33cadf","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":97,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"d5f4450b-7f33-49f0-aaec-ff14901543b9","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":97,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"2277b634-434e-4834-82bf-f4e32fa89612","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":97,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"8761f991-e367-4486-b031-c0e4942862e3","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":97,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"21312384-551b-4bc7-8113-9d8cbb06b61a","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":97,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"c6ca1cd2-e32b-4b44-8956-4557dc1e889f","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":97,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"7ef0274b-ec9c-46a7-8230-b6356aebe421","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":97,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"070940e7-77c4-4519-8bc3-e43db0ab30ff","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":97,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"8c1bbb3f-7cd0-4a69-92bf-08af81591904","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":97,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"5d359e5c-54eb-4b83-8640-81a3613b304a","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":97,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"46ee47d3-d823-436c-b8de-009b5d5371aa","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":97,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"2d5da8e9-5dfb-4077-9dde-f2ed22287b4e","block_type":"box","text":"of principal because of the sequential payments.","page_number":97,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"98822218-0731-4255-9033-628ee2036c9f","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":97,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"debe09d1-06a5-4a87-8d18-645d8b338e9f","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":97,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"0772474b-25c3-4794-99c8-ae720c82d3b9","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":97,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"35955bcc-07a3-4a5b-94d4-a9c3c8dccbe2","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":97,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"2568e55d-c022-4ef7-ab59-171ead7d289f","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":97,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"2fe1f504-6c86-4b30-987a-dcc1c3728692","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":97,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"6094ce3f-df07-4d2c-bc05-14dd0eaa236e","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":97,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"b32d7dd0-ef76-4208-ad54-e4e509a9e00d","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":97,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"eaf75833-3c14-4d0e-98e3-bb394ade48b1","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":97,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"e0295778-37b2-43e0-a232-8c7eca6a2ccc","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":97,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"970c6426-8a4d-4391-84e6-7b3706ab747a","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":97,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"005a0c69-8da5-4229-9da6-f42e8a9dc89b","block_type":"box","text":"securities of any single such entity.","page_number":97,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"ed0a8300-fdde-4acc-94cd-792cbdec6ef3","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":97,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"d524d75a-d49a-41ba-a3a2-15f766883531","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":97,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"a807b131-5bae-4c45-b5c5-3121361a3a62","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":97,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"1b850580-6c4f-4aec-9f06-3463ab0aded7","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":97,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"355b2f22-7095-4043-9849-ed2c58b83b16","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":97,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"bcd83b4a-50d2-4969-b54e-016e330c55e6","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":97,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"579aa31f-fa89-48e0-8082-2af889e915ec","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":97,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"d24d60f0-7a1a-44b5-8055-92a20ee46c95","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":97,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"8f143a14-061f-47b6-ba07-98df0290da46","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":97,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"4d75f69e-82b3-40ff-b21f-2ad7f62fb078","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":97,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"d22b817c-730b-470e-bb51-66a09b9983cf","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":97,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"aa6be7a4-ce77-4588-9310-140f8792351c","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":97,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"eda69f22-7a54-4c67-9977-186cea7ff73f","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":97,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"5eaabe56-4323-492c-ae9e-26a459e5dc27","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":97,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"dfad8308-facb-4405-af8a-be65e222893c","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":97,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"e9bcbe14-ac48-4e46-a24a-d621d09a5cee","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":97,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"b2a43ae7-b399-4949-aa3e-7598c0a4227d","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":97,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"d1add4e9-66f0-4265-88ff-658ca2aacbdf","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":97,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"9381a35e-443d-443b-b099-5a46902be5c1","block_type":"box","text":"classes.","page_number":97,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"38ed54b0-7a90-43d5-b0df-ea8589a0c491","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":97,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"913f3baa-272e-48a2-8b16-7b342b9a3394","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":97,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"b5a0b152-b9dd-4566-bec4-164f47615ee5","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":97,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"4e27c770-e94c-46fb-9c0d-3ae652516bb5","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":97,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"a3c11803-de4d-43de-bbb4-6a29a75fefbd","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":97,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"445b5ce5-8738-434d-84f7-e0835b5717c7","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":97,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"a715e4c3-3dc0-498e-acfd-0502b66496eb","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":97,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"2a021365-363c-4036-8535-b9bdfef056d8","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":97,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"6e9b086a-c8fc-49a0-988f-493769863e44","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":97,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"5e192d04-3b33-4515-bf58-e2d917d04897","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":97,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"b10ceb2c-6d5e-4d6c-aef7-d592189a30ee","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":97,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"e883ffe6-9429-4962-84fe-d7c43b6229c1","block_type":"box","text":"to a designated benchmark index.","page_number":97,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"23bcbc78-3c41-45c4-96f9-2d28aa263fd4","block_type":"box","text":"II-53","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f74491d1-9b93-42f5-bf1a-3e24a237a370","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62547576-f255-463c-a865-d79c481475d5","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":98,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"17b8b7e4-683b-4ffa-b636-12dbea740c57","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":98,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"728cd9e1-1183-4c15-9a88-4660f20167fa","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":98,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"3e1f3d03-3d0d-4566-aadf-a620a4798809","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":98,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"5ea86e5a-d40b-483d-b52a-e5aaa168ab02","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":98,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"7b94b122-885c-4b07-a553-0f527ad6637a","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":98,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"3a3c8629-ebc7-4d39-a52a-b8d808ab3995","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":98,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"9b1203d0-89ae-4295-8e72-d3917c238014","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":98,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"91f16852-b6a6-4396-b898-02e388a66250","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":98,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"acfa3a5f-1ea1-4847-844e-77d19a9f7370","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":98,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"bc5e938d-4189-4bff-8575-053bded70540","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":98,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"8c72b96b-4502-4d00-bb45-75537faf8423","block_type":"box","text":"CMO Residuals.","page_number":98,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"ec91d6aa-302e-4df1-ab59-0d442a2b6ee4","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":98,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"8fd75a42-e711-4902-bcd9-cf29fb42cc05","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":98,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"149e8156-0a26-4a36-8a87-b300b6d9df1e","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":98,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"204abaf5-146e-4d5c-8085-9cdecc8ff74f","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":98,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"0655eecc-8e68-4010-bb47-bee9376dadce","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":98,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"340caa56-cf88-4fd7-bf4a-c18cf5b377db","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":98,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"7c168fea-cf80-438c-b7e2-b11e6bfd4ed8","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":98,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"792fbfe5-2971-44d6-bdf4-f12e36e3d103","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":98,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"293d35b8-a39d-48ee-b222-645b274c6d03","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":98,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"f8a0689c-c3a6-4cb1-8206-b9b505a41f2f","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":98,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"ad1d098d-4c6b-4866-8c79-03a9fb722a64","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":98,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"19d464bc-e034-47f8-b11f-c8c05e3b45cc","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":98,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"347052c4-9fc4-41ea-b70b-9bd831c5821c","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":98,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"8079dcd7-c989-4d89-8664-5681af2cbc58","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":98,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"f3552f65-4533-4cf6-a493-b41be810f40a","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":98,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"bf5a11eb-9e03-41e3-95e2-ced8240cda3d","block_type":"box","text":"a CMO residual.","page_number":98,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"4ab53c53-bb1c-46fd-ab3e-c3c5203261c0","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":98,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"33bb2746-2c59-4057-9ee5-d6a6d47961f8","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":98,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"0900ff60-0d29-41f3-b066-e7611e680caf","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":98,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"65d64d05-6f2d-49bb-982c-de01490c32d7","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":98,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"988d467f-c7a0-40c5-81be-337741b061f0","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":98,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"ea8833d7-1f88-428a-8e61-9733dde190d5","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":98,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"8deb3c8f-98c7-4fdc-9256-f683e45f69d6","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":98,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"45012ae8-eb68-4168-bde9-a1d273bca66f","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":98,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"156d28eb-39ee-4cad-a835-133a4e47c820","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":98,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"12e69415-51c2-494d-8bc9-57bb9664e03b","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":98,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"a28d50e1-1a0c-4b22-9558-5ff8f523aeab","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":98,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"f402e13b-48ac-4208-a95a-77457c0c0552","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":98,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"1f219931-1ae5-4202-94a8-be4bc44b1406","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":98,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"384576cd-6c37-48e4-8b1f-1c3d7fd6ab25","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":98,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"ced5c9e8-6fc4-45f3-9060-c54110a35f19","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":98,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"4896de37-6ed8-41fd-a484-1ce3af07936d","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":98,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"98de55a7-6bfc-4866-b113-09e8452228f8","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":98,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"0313b459-1174-479c-8ccb-f71b33231391","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":98,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"4d1cebd6-a715-418e-964a-c6fd832c20ca","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":98,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"2ae0f55f-48bd-4252-bb05-cbc275c11eb4","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":98,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"de096f78-7c92-419c-9c86-7b683710f9e3","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":98,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"c1f4ac0b-24cc-4989-999b-025b425f0eab","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":98,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"419625db-d6f3-4df5-89c6-55a8cb683327","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":98,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"2995bb7a-d893-4081-bad9-da280fafbba2","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":98,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"86eddfc1-5540-487a-834b-4760f25cf30b","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":98,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"564d074d-0889-4e1a-b4ed-6604d32a10a6","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":98,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"1a2789d8-b696-4f90-b5b0-36a978fdd35f","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":98,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"b05ca80f-c1bd-4be5-b0f2-d2aad72c5ed5","block_type":"box","text":"Tiered Index Bonds.","page_number":98,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"44277c8b-241c-410f-887e-92f0ce89479a","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":98,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"727ebc93-a0fb-464c-b517-12e6f884e255","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":98,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"187317b3-426b-46a5-b1ed-6383f4b1f3c4","block_type":"box","text":"II-54","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5d3cc0f-943f-48cc-a9c1-d38f5f60486a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afb883b1-22b6-441e-9d37-a0f40b743526","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":99,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"f379c543-8494-4221-a8a1-43ee8de1c972","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":99,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"3d200bb9-d88e-41c9-9beb-b5a5adbef447","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":99,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"22b27682-0d4b-4a70-9349-1438540174a7","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":99,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"fab9ccda-3089-4822-997b-d09d88b63e17","block_type":"box","text":"that of a fixed-rate bond.","page_number":99,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"d1e01353-2d24-4c0a-bde6-8045d6fe1138","block_type":"box","text":"TBA Commitments.","page_number":99,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"d3904209-2e42-4fa0-95c7-3441f0018ff3","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":99,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"c0adba36-8cfb-4722-bd9b-e2836cf5a8b4","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":99,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"c08b8beb-31e0-4af4-9031-e7a8d49b1eee","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":99,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"a59d4f84-4e77-4673-bc48-01c692e576db","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":99,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"a7fcbb25-06d0-40d2-af8d-7f583141779e","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":99,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"82617f81-f186-4c7e-9911-c9788fd0f880","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":99,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"76df05ae-a1fc-4445-949d-387f2e10eefc","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":99,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"3cba4b50-496e-4409-a517-d3057b5fa08a","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":99,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"61a61807-187a-4669-bc41-b90a5be2b0fa","block_type":"box","text":"below.","page_number":99,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"7599c3e2-c726-47ad-8095-6e00dcacb7c4","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":99,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"33c0e33b-8270-4c82-b5e5-dded1fdeb72c","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":99,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"75762d0d-605f-4689-83df-f3c1634c4572","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":99,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"fecfad46-228f-4ee2-9049-f892b8932a7a","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"d6503e20-0141-4fc3-a866-442bca4e6abc","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":99,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"66a58a61-7b71-4c4e-b3c5-a9a7580f8372","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":99,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"d094f605-26d4-47c6-abd2-c3748ec025ac","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":99,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"bef24f06-4f5e-4b10-9619-b81c0dbc3ac8","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":99,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"cb581ef9-5596-4844-98c7-ba0e27945853","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":99,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"fd0aaff3-9702-4413-992c-858edab8d319","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":99,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"9f1138b9-e78e-4e41-ba5e-8fab075fb78b","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":99,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"e8cab9a7-2e6d-4041-8601-ee507fff936d","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":99,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"fbb8d921-abc6-49ad-a4ff-d61cd5288767","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":99,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"6028158f-2295-4336-9ecc-448333936dbf","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":99,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"dacc2904-7411-4b40-aaa0-6476677b0a53","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":99,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"a087c05d-1ed6-4dee-bc99-bd876eb996cf","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":99,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"65b304d3-09b5-4476-a63b-94e6c2644d95","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":99,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"f2fc21a8-644a-4f72-bce0-f1a3019cae04","block_type":"box","text":"securities in the forward transaction.","page_number":99,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"43281d55-6a15-4477-ad73-54f98267f64a","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":99,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"ab6ee14a-33fe-45e3-937b-788d356b114c","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":99,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"b4a4b0fe-62be-4140-80a9-cd1ecf023680","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":99,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"ad69d38f-dfe0-4e4a-b6de-52eea99c6b71","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":99,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"5444eb80-0a15-48cc-aaf9-8bb57986e4b8","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":99,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"61ad2482-c17f-4b7e-b377-21fc837aa0bc","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":99,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"49a8e470-f63d-437e-be81-f1551a498838","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":99,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"c62c1e56-469d-4590-acd8-56add9e04002","block_type":"box","text":"securities (","page_number":99,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"2b5d0db3-3a9f-492b-b59f-a6eced26e4ce","block_type":"box","text":"e.g.","page_number":99,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"a364b016-4b3f-4592-99fd-a17946ff3e9a","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":99,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"61c04635-cc48-481d-9f0c-fd61c616686e","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":99,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"a1a6c0db-1660-4b0a-a338-3965374cd18c","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":99,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"fd0e4516-0c03-4c34-bf14-18c9f8221574","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":99,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"8e3961ef-917b-4666-b947-bd013d7ac190","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":99,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"f7336020-6f7c-47fe-8ae0-3ae45eaf4354","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":99,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"d228f644-7e58-47ff-903e-e8b3d4011d91","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":99,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"dfea8940-5a60-4d37-80cb-c2b733f6569a","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":99,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"18724944-a386-428e-b65a-0a436e72c358","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":99,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"75a02162-3860-41d4-b5ba-34957a98d36a","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":99,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"66953d7a-42e7-497f-b3e2-3441296fb336","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":99,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"ef8f985a-5f74-48b5-9b24-5d5ec419eb74","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":99,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"28fbb981-5ff2-4b3f-823b-9ac1adc6b47d","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":99,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"a0fca4c1-5344-45f2-b04e-5eb2b8dcc4a4","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":99,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"4a297d75-295d-4d24-92a4-ec359f9854b1","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":99,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"f45a5832-911b-49df-8a78-baaaa63b736c","block_type":"box","text":"Municipal Investments.","page_number":99,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"f2732e3d-de0b-48ea-aa92-a2bf68e19183","block_type":"box","text":"II-55","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b0c1c22-7bb5-4b97-8944-d0af5bdad7a3","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c71c4d3-046d-4081-9045-26c6bdddbe2a","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":100,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"423975f3-f01d-4b8b-ac3f-f6a200c9caeb","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":100,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"e396e977-e5d1-47cf-ac53-bbb4dd3196ed","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":100,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"54eed6f6-7e8e-4854-96ed-c346a67ac383","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":100,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"fa312f03-5241-409d-8995-c92b66ebcd22","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":100,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"4ddb7cd6-14a3-4ed5-9ee3-853b9166b82e","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":100,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"8022fefa-20fc-4c7e-9575-1e8a1f9f0382","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":100,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"5c05facf-a070-4edf-8f71-7f162f97487a","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":100,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"2718e8d7-9888-401a-8da6-2d042ccaf402","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":100,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"620ab48b-eecf-488a-8d5d-e114bdc4e8d4","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":100,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"477a4467-3736-448b-98ba-73f5286f8b23","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":100,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"916eda9c-b02d-45d4-bc3c-054d09c8c7bb","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":100,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"40c020b9-1197-4848-87e6-e8092762a935","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":100,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"c3e5b550-8779-44fd-90e7-d2aea3aaa2d8","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":100,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"58ab73ad-fa11-45d8-8e40-fbe93033ff68","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":100,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"e5c8a5db-3f21-4c1b-b7c7-78b90c92e9ee","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":100,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"6c537c6b-92d3-4ec9-9327-5c38aecf37fb","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":100,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"64bf7f9e-c835-4e7f-8627-f7cda5cba1a2","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":100,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"225cb1b1-d594-4399-b42f-98f52ac8cbba","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":100,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"d32c0e71-330d-45c2-9409-54ce4535ac2e","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":100,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"30511956-49fa-4c48-84a6-9a2d1d79eec7","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":100,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"9cfe2a14-ca28-4337-844b-05e6216264ec","block_type":"box","text":"The risks and special considerations","page_number":100,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"0ee2e756-6f2c-493f-a982-862c7214ce96","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":100,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"ea95babb-aad7-4636-aea4-6d2e1b1975a4","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":100,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"8b0d4ebe-341f-40ff-a895-343c4b19a180","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":100,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"8c787eac-3210-442b-8e94-5766e912b12c","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":100,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"e9cd4b6c-cccf-4ceb-8a90-55f883cbe5b9","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":100,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"e0b9aa17-0c96-4e85-9be6-d9e21f780bb8","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":100,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"70593409-101f-41e2-8f93-339902cb34fe","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":100,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"a2e24f1c-dedf-4b24-8de3-53c8442caaaa","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":100,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"2e447ffe-eed5-48db-9169-cd5c74531a89","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":100,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"809c9486-e6fa-4c86-ab09-1aff43d6ebe3","block_type":"box","text":"II-56","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"813f5c50-3271-4247-bb48-22ca9533738e","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e3f3ef4-4e7c-415f-960f-2ae9ba177d08","block_type":"box","text":"Description of Municipal Bonds.","page_number":101,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"9f2b492b-009b-4b0d-be53-f00fb40de47b","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":101,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"e86c2035-919f-4605-910f-c5d48935d218","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":101,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"c5bb0194-a562-47d4-a110-5286b7acb3d5","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":101,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"aab1a225-e196-4f2d-be91-edcb99b8e2df","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":101,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"008efb01-1039-4873-964e-d9aeb96d2dbc","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":101,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"b52c5cdb-c5b1-4807-947c-5e50c7a7c0c9","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":101,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"1a517a0a-e5da-4cce-a120-244e816cf1cb","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":101,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"4e9be727-9e03-44f6-b4ec-5c419809eaa0","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":101,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"55afbb0b-c355-4e2a-8d4b-c2be7df543d4","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":101,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"dfc08167-7129-4d37-acc2-86e7bb24ff73","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":101,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"7d8e14d9-2270-475d-80f4-a2b13a4b5967","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":101,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"6e0f4d70-a313-4b78-83d9-ebb39bfdc11f","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":101,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"ebf6ca96-7d82-4c88-b805-8a55966ca2b3","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":101,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"00bca524-dc97-443f-8ccc-195e24e7ee44","block_type":"box","text":"General Obligation Bonds.","page_number":101,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"fe82bb62-3619-4a43-b1cf-c9ff390ab360","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":101,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"65d3f76f-81e8-4ee9-981a-ed86e0d5ab5a","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":101,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"0d45602d-365c-4740-a5be-8af355e9cb19","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":101,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"a6819149-5767-45bd-ae64-7f0ae0d6b667","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":101,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"e613bf58-f175-4ac6-9100-59ef478d890e","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":101,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"f0d5ae85-7148-41df-86a4-6a12463a779f","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":101,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"a92ab544-3c77-4ea8-aaa3-3dd87645ea82","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":101,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"17919b3a-c61e-4ac4-9f06-011e05046a42","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":101,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"332c3043-e896-43e0-8e80-b9756b4bede2","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":101,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"0ba1a266-45ab-4687-a842-f7c4fcd0738f","block_type":"box","text":"Revenue Bonds.","page_number":101,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"f28d0a3e-204e-445d-9d50-d99ae6988a6c","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":101,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"d1823759-f166-4cc1-b280-b9e6cc3b9df3","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":101,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"8d032371-ae4c-40fb-a691-5dcb446053a3","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":101,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"a65c0693-3c9a-4e77-8c60-6b5a70a20aa7","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":101,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"f67adf32-a75b-4de5-8b77-4c58e68264aa","block_type":"box","text":"viability of such facility or such revenue source.","page_number":101,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"68dcabe3-f605-4e4c-9c4b-b44fdba6bd24","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":101,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"e854bae8-7307-43a2-ac35-04660a9562cf","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":101,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"0fe3e8ae-fe05-4172-916e-7984704ec9a8","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":101,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"2e22428c-bcc3-4405-91ba-51c043db06fe","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":101,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"fddd0cb1-4ed5-4bb9-945d-8e7a218feb03","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":101,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"7654f499-3e3b-4137-b8b3-dd693815dddd","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":101,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"26e57e7b-1932-470e-88e3-8379e0bcdf34","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":101,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"b9889419-a5fc-4103-9316-a5d18a3a8243","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":101,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"ab1a5b8d-b985-4c1c-8842-7a7e8723b0c4","block_type":"box","text":"PABs.","page_number":101,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"f790937b-fb18-4946-9d83-98fc3af7ddc2","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":101,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"0d58dfa9-9b1c-4c25-8f2c-99863809ef1b","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":101,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"96cc0f2e-35cb-44b0-a2e9-713271dd1989","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":101,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"606fcac8-d73b-499d-8606-e82f59578ef1","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":101,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"63c2212d-a00d-4745-b749-7ccc7f076f76","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":101,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"9755e489-82ea-476d-a4c0-fee684afbefc","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":101,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"056d32c5-c641-453b-9e45-dd989accd4f9","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":101,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"fde4900c-2f51-47ee-9562-6dfdd1b3be5f","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":101,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"4fbdbcec-5a8e-429f-8e89-15125c414f28","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":101,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"92e39dbb-202d-47c5-b390-4a5ec1815a7b","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":101,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"a182eec4-b9b0-4c21-afc2-b4883e1e2fe2","block_type":"box","text":"the par ticular facility being financed.","page_number":101,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"46e202e1-6b82-4bec-82a7-64d909c7a6c7","block_type":"box","text":"Moral Obligation Bonds.","page_number":101,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"0fdfe4d0-f1a1-43a8-9497-13cbbbfbe8d4","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":101,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"6d405ac7-2b73-4d5e-8418-44bf7f7d8768","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":101,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"151bfe59-067f-4ca7-b9ce-1d0f35c9df59","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":101,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"dea3db12-a5e4-425f-9b29-0d26c8b78445","block_type":"box","text":"that issued the bonds.","page_number":101,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"d53a59f0-509f-4a8e-87f2-0eed902b31ef","block_type":"box","text":"Municipal Notes.","page_number":101,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"72dc860d-ffd9-4cd1-8981-89a24a2a7f77","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":101,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"ef87133a-acfd-42c0-8a8f-3e8c989031e9","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":101,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"04ab1fd0-d545-435b-b319-4e7ec8c33e47","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":101,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"ae7615e9-ee9b-4f2b-aef9-0bbbe068170d","block_type":"box","text":"II-57","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a1903cf7-b9ae-4426-a019-6647fd046862","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94741e55-ac57-4af7-ab01-9fc4b50d21ee","block_type":"box","text":"Municipal Commercial Paper.","page_number":102,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"d919848c-d5fe-4471-bfd7-714dc40383ed","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":102,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"f10d2b39-d30c-4c13-8706-8031083cb687","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":102,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"dd59ba36-02a8-4fbd-896d-591ade118846","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":102,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"4b548aad-a5dd-4af9-9383-ab71b9e55201","block_type":"box","text":"Municipal Lease Obligations.","page_number":102,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"a535bd46-b01a-498b-8b25-fb893a4b1bb4","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":102,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"ed05be67-83b0-423b-a513-b252fc1fb65c","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":102,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"5fb77f31-fcaf-431e-9408-76d1cda9bf0b","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":102,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"1ece89a1-a0a8-423c-b77d-a0372f4dce78","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":102,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"63739a41-74ed-41a2-8832-6b139c4f744c","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":102,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"8c6c5025-7066-4e2e-becd-997e04976854","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":102,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"b0046ed2-1a1d-48ee-b908-0a7225215426","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":102,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"4d0fe367-d76c-48e2-875c-df0b813edca2","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":102,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"bffc8d05-61cb-45a9-a23e-c3030d19a0d5","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":102,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"097437db-90e8-4654-9210-47d81de8af2f","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":102,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"6044de8c-ef08-48f7-8863-ceef4a0e5cc4","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":102,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"3527894d-f924-4fb6-944a-e984145c9e6d","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":102,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"45f9cfcc-2653-42bd-812c-db2e7ce8172b","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":102,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"f89064a1-d48c-4f70-bcea-3283ffc7fe97","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":102,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"497be438-06a6-470a-97b5-8ae3a4eba7e5","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":102,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"f26c4201-c4b3-448f-9109-2aa9c2806c01","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 a","page_number":102,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"e1357657-17ef-4d98-9dfa-e8cc22bf8e8a","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":102,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"72ef0d16-42f5-42ed-a1bf-a03385172ca0","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":102,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"39c560df-d384-4f99-b7ef-673fd965a250","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":102,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"7caa580a-a4f8-4601-8d77-526e4851cc07","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":102,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"c3aa81f0-44e6-4cdb-a276-6245e4fc3b7f","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":102,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"ae4af93c-2c73-4107-98e3-26bf305b05ba","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":102,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"e5d6acbc-21b3-4731-8a2e-872e9c3c3200","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":102,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"f3dcacd2-518f-4908-81b8-0533d1468cb6","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":102,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"01460789-191e-4887-9ba7-03f1357d5269","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":102,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"19f8a6c8-c3d0-4616-b84f-efbcf203b0ed","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":102,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"c2968137-dc21-4fa8-9345-a187b7762987","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":102,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"9098c54a-37e1-4d4c-b916-95eab100bee8","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":102,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"fd9f4232-8957-4278-a7fd-d53566972702","block_type":"box","text":"Tender Option Bonds.","page_number":102,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"0477cb12-42cb-449f-932e-73d9d152d958","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":102,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"fca6568c-726d-4510-9061-879f2d5a32e2","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":102,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"990e59a4-415d-4e9e-9412-306e1f61aa33","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":102,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"4000dcf1-f980-49f9-a77f-1f73d844d333","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":102,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"83e43e3b-8e1a-427c-93ad-4bf3c661eab6","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":102,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"30544b74-aa87-4a99-b8aa-9e93f11f3a35","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":102,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"07b9e88c-76cb-4bc9-8ca7-ac88d89ab043","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":102,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"8e067158-a0b0-44fc-ac6a-ab0e5503fdaf","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":102,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"80e47431-d3ea-4613-9f40-4d3502f29373","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":102,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"095aff40-06da-42b7-9a7a-f483f4226fca","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":102,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6957f508-ec9a-472b-873b-1867f809105a","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":102,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"fb4fc5e0-b721-4453-a012-10d36231fd9e","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":102,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"a6566191-46e1-4cdb-9063-e1999dbdfb64","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":102,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"7bd6248e-65c8-447a-af6d-9574bfc4d0c5","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":102,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"8aae8575-a3a6-455f-9063-bf1c2c490568","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":102,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"284652d5-6aa8-4ef7-980e-9034325c68b9","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":102,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"c631bc2d-1966-4ea0-9e4d-8b3347c6407f","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":102,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"379b975b-59fe-4805-9ac1-b8cf8f27ee49","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":102,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"82279701-2a8b-404c-9c83-0a72b3fd9fe3","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":102,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"77575d47-b08d-4b99-b64e-dbf8ff48c0f9","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"f45a21b7-5a1e-4afa-886f-424fa241a144","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":102,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"61bceccd-6ffa-42b9-9911-a3710dcc7d97","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":102,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"ed788e2a-b6b9-4673-b971-9412a1421f12","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":102,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"66bb84cc-a26d-4584-8579-de9d7ed40a7b","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":102,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"b521764c-093f-4bb1-ab4b-582deaf46b42","block_type":"box","text":"II-58","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b1a1931-3006-4dc3-bb58-c28803c6543d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"291928f5-3348-43bb-8de2-47f8215ce157","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":103,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"26af6cf1-db3d-4157-afed-6fdc46b719cb","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":103,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"7a7c397f-bf95-480b-bb4f-72f607e0e8f5","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":103,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"c6c7b290-4176-4733-889f-c8ad7973105a","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":103,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"f0ec8b1f-2170-45df-9743-4213eaa72b78","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":103,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"afa7fb2f-9e18-4a61-a86c-0566e0f909b1","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":103,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"e5d5cc02-e05e-438a-b1b3-e914a6877406","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":103,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"9726ac40-d735-473a-bb38-4afb11ac053f","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":103,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"b9944461-55c3-4a53-bd18-fa377ba1ac86","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":103,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"3785f2e0-6bd7-4e7f-b7e0-7ea06a0553d4","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":103,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"a47a1e9f-cada-4747-b619-5c05cb7a3db6","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":103,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"8e78ea61-4549-4c9e-b73c-906f51cdd8dd","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":103,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"cf9f9e65-148f-4ebe-b514-edb1b510238f","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":103,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"f88f2ca8-fc6e-4e79-b66f-4f25142b8e5c","block_type":"box","text":"issues.","page_number":103,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"b00c779e-0148-4608-b199-a1e142da8bb7","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":103,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"c11d455a-aa2d-47d2-94dc-8b880436bc44","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":103,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"5171a75c-abfe-401a-9408-347c14615d76","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":103,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"fa7b3a52-92f7-4f3f-bcf6-4f8e452af7b8","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":103,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"1181754e-b672-42a2-b025-de09311fc96b","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":103,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"2a4ea2be-6b2e-442f-a76f-4e022d9f3ba3","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":103,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"ad00c5d4-6c62-4587-8302-c938fc2c63cb","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":103,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"003bacdc-f3b9-4350-91e2-1732b16ffe75","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":103,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"4d62a1e4-f4c5-43e9-beb4-1d8410bdeaee","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":103,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"0ea6ecb2-32ed-4115-9932-52a1d1e94bee","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":103,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"eff04790-f326-431e-b532-0dc66b1601b2","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":103,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"053ce6b9-c3ea-4ae4-87dd-9777587c7d18","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":103,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"5994e766-6fbf-45fd-a3cc-480febe11528","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":103,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"e89ae818-c26f-4188-8a0d-12e670cd2dc5","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":103,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"02305457-2d59-41a1-aa33-a3f1299b1094","block_type":"box","text":"i.e.","page_number":103,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"7a36a47d-2dfd-4102-87f7-388835968eed","block_type":"box","text":", the Fund). In contrast, in the","page_number":103,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"af29d34d-f9a0-4177-9919-29256b70b5fb","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":103,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"bc353982-6ee2-402a-a371-8323d0d0a8d4","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":103,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"ea9342e6-2230-459b-b085-3d5f3c6cddcb","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":103,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"451f9ede-5f3d-4631-bcf4-9c4cf6a8504f","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":103,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"7c9d9deb-8d04-448b-89ec-d6ead1d60968","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":103,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"2d0b6d01-410c-4a2d-a196-a2d00081c17e","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":103,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"eabe9b1b-e083-400a-b810-07375020b145","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":103,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"3a28f768-f86f-40e0-a5d6-89c47f67ccf6","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":103,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"64dfc233-5762-4e75-8363-9eaece02810a","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":103,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"d5d476d6-45b4-4658-b4e2-394a43124952","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":103,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"d249c841-f27e-410c-953c-6402681bcc49","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":103,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"93137280-68be-48fc-88b9-256b6b77908c","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":103,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"19e04712-039c-43b3-b2f3-27ea7709dfdc","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":103,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"28830890-689c-4726-9779-c35d9971c72f","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":103,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"954feb92-0c1a-4251-ba9b-ad9e322f89a6","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":103,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"52f9733c-aece-4387-a542-0f9828ef16c8","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":103,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"f4a7d961-98cd-4e93-9fd6-b17e74f029cf","block_type":"box","text":"Trust.","page_number":103,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"61125ba3-bab2-494f-ba2c-13dfa8059a3f","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":103,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"6dc77985-c89c-4ea5-92f8-5864bb073cce","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":103,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"7ce0eda0-00e7-4b39-9839-596c1de2a126","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":103,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"a08dd8d2-b1b0-4b31-b16b-6f4eb2f899f1","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":103,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"4f56deab-add8-49b1-ae75-f0f5cb8e392d","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":103,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"937e050c-acbf-4df0-bf93-52d75cc4d627","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":103,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"28aaf92b-64e8-4769-85e9-d6acb666d054","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":103,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"e1a474f0-1e8a-48b9-b6c6-af381c2861de","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":103,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"01b71bdf-f237-43ba-8010-6d4d3777d94a","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":103,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"2cd259e3-ed0a-46de-a8c6-212c493e9b34","block_type":"box","text":"II-59","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e58039aa-85c6-4c67-8dde-ea36058259d0","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"337b046e-efdc-4a0d-a817-a67657659c3e","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":104,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"dd588929-8c99-4c20-b128-548938c83397","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":104,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"02a1af1f-ca99-46eb-8700-e92fb8de5da2","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":104,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"8899ca2f-a7c3-4c8d-828d-c027c61b7363","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":104,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"358a65ce-8073-448d-93fa-24b3bc1f034b","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":104,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"70141f88-d9c9-4241-b2e6-d69b055b6a0c","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":104,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"de518c68-d0f9-4b90-9726-6719955edb12","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":104,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"faec6235-dc5c-4f0a-95c3-9a74de6be4c3","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":104,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"4dcd7c45-c76d-45dd-a626-42b382da1e1d","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":104,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"7e34799c-1a10-4bd2-be15-089d408d8094","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":104,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"a2ce0664-3cf7-47c5-a602-642f64a59c0e","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":104,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"020889a9-5ca9-4c18-be0f-cc7bbf844119","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":104,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"072af565-5c2b-488e-aff7-a6793138eff5","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":104,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"fcfa1c9a-e9b9-40b3-8654-6a48f0eee279","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":104,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"5346cc8c-02df-4222-9a1d-a948c54c976a","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":104,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"2507f538-cae8-410e-b24d-2ad4a33fc969","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":104,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"42e16d9c-9663-4382-b768-9a9143c24ad5","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":104,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"5768b16a-81ce-46e8-b8ce-6a42d5766768","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":104,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"81a40d30-3a3d-436a-b133-d1ea5969aba0","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":104,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"368df655-a66a-4fc8-8cee-d8a09d3fe9ef","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":104,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"317236a5-da42-493e-8b6e-abb07f2daf9f","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":104,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"d28fb3cc-b936-49fd-a5f1-e8bef215547a","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":104,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"dc1fe47d-38bd-4cd9-8a4e-a454efcd4de4","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":104,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"5bb542e4-555c-443b-a57e-62e600c2950b","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":104,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"8b2317af-5c65-45a7-a2df-45a83b98cea0","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":104,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"3731dbcd-2507-4252-bb91-01d764e163f0","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":104,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"9a55c27b-cf30-426d-9ebe-d5cb20cedc85","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":104,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"1f89204f-e1ff-45b6-8060-9ccc683d161d","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":104,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"7adaf026-00e7-4fca-8cb1-9da5986e6156","block_type":"box","text":"i.e.","page_number":104,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"c6c130de-cac7-41ad-ad8b-198c5e6c9b0b","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":104,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"9352aad1-9e6e-485f-8076-aa66b9cb463c","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":104,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"3d8d1f9e-be14-439b-af94-5f99d1234647","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":104,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"bf607427-55b5-4624-8568-fcf5894314b9","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":104,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"53d58dc4-eae1-449c-bda3-0efe9667fa26","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":104,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"4e4819a3-a3dc-47ae-8222-dbf881707590","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":104,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"b3a7aa33-07fb-4ef7-945c-8bd4e4b08d65","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":104,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"dbeb2e2d-16f9-4003-b3c1-ddd43d584ab2","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":104,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"c0403da3-6c3e-48b0-aae5-e5de194b7958","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":104,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"7c9ed908-efd9-4077-ae2a-57756ff04916","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":104,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"ebcc6520-9368-4ae9-9f1b-a10c4810aa82","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":104,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"cc820ff4-ace5-427d-af6a-87e027056f0c","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":104,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"3f441190-da52-43f2-91c7-000202f4ca41","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":104,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"cec343f4-3f31-412d-b58f-6f188308ae8c","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":104,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"def47a88-5843-4283-9457-0cccc837897e","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":104,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"4fcfc4ea-d9ef-4437-a41e-74a3a973e7e0","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":104,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"d073ec29-557b-4113-96d0-1b9a3b7f265a","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":104,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"3a2ce839-dbb0-4280-95f6-b972f7acf03a","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":104,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"655beae3-b261-4149-a21c-c23a6cfd688f","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":104,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"4e7d44d9-d4c3-4bb8-9f01-f2adfae5cc0a","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":104,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"66611703-1861-4d29-869e-30231caf91fc","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":104,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"afe87ff8-e4aa-4790-ab5a-7a25364f01e6","block_type":"box","text":"market is not yet cer tain.","page_number":104,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"71951eed-d6b9-4ba4-be17-cd0afbe89346","block_type":"box","text":"Yields.","page_number":104,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"999373d3-e644-4f41-8f26-ac1d677895df","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":104,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"25b92e84-f1f3-4856-9434-9d590b64a304","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":104,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"84afaae9-135e-4679-b555-c00d0fa48007","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":104,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"8a1194b1-3c9a-42a2-acd8-0c1a578443ef","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":104,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"8455d3b8-d4fe-4766-882d-6c3e5cba1b29","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":104,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"097243e0-c66e-4ec8-890e-c8f15d3a9082","block_type":"box","text":"II-60","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac7d68d8-1567-4a34-8dd5-c8cd735e2665","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9669261b-3942-4eda-bb73-f33060406f3b","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":105,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"626079b5-2b16-4257-bdee-aa6702ecabe1","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":105,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"cd3fa7bc-baea-40d1-b6e3-a7320bd96bfb","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":105,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"4213ba63-6c45-497d-b09c-89be3793f76e","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":105,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"bdb4c214-1df6-466c-ba94-b616d767ef14","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":105,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"7a9ee105-a054-4c02-a05a-318d82cfdbb6","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":105,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"4f18512c-f99e-4c62-be61-aa2a9e7a312e","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":105,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"1a7d5a44-9a8f-4d6e-b573-8164c0a94865","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":105,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"7d01ec1a-4cee-4a8a-9e05-faca83d0ca7b","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":105,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"25727db0-3b69-45ec-9160-1b92b889ed9f","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":105,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"8eb49579-8004-4249-a6f9-133b6d2b55ba","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":105,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"8a29480e-80f0-432b-85b2-9cd3156e9e50","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":105,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"fcc8a791-5fef-40cd-b64d-35be859f0efa","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":105,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"74c555ac-a0da-477a-bf4b-ebb3668e7ceb","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":105,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"168667c3-4cde-4f4f-b3ac-18a23079bd20","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":105,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"5e9b0e1f-4399-4be7-bac7-404a33f382a9","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":105,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"0348708d-6348-412e-8823-4313a827774c","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":105,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"3727d30c-ae49-4b76-b9f9-9c76b6363d7b","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":105,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"d6b6b7df-2488-4c48-b58f-3d87b0ba135f","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":105,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"a27c3f31-308b-4785-a1fa-adbab66bf714","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":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"ec871d5b-4d8c-4d98-88aa-2f420b42d33c","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":105,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"2a6d7444-68a3-4c24-86b1-3fa5b9c2c093","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":105,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"67e34a84-50d7-4277-ae40-71b15ed4e6aa","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":105,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"e5061184-4478-4996-be39-2639f7127cea","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":105,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"6a7095d7-b1cf-48fd-85cf-61cc69e10883","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":105,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"a53761ce-3d4c-4572-99da-15e7732b8973","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":105,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"1a972476-1775-4e6b-80c1-4dc939f7c22a","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":105,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"46c1a0d0-8ebe-494f-bf4e-72ccd9780d9d","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":105,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"263b4124-be07-4a56-9c75-517ef1933419","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":105,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"98db1054-ef6d-4bcf-9617-e422366e770c","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":105,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"6cc95ba0-5517-459f-8019-373d6f8f221a","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":105,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"227aa75b-92b8-4ab7-98ed-e868e0c72310","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":105,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"c4594558-fa4d-4375-9ac4-cc2103a7d9c7","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":105,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"b836003d-5cb4-4f11-b13a-ccb9aeeb2255","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":105,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"45bb0785-e769-45f2-9d4f-274b77f60477","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":105,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"6fd06916-dde6-4e89-8e0a-85c5627331da","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":105,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"8ac7dfe5-4a21-4f78-935c-7a5d1a74259b","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":105,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"a6f72726-6284-48b9-b97e-60beff12333b","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":105,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"6a371f33-246b-4fd7-90c3-773a2aabc8e0","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":105,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"8c697307-1cb1-4113-af8d-603a6cffc802","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":105,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"8236ff82-9461-44e8-b011-d656bdc1745a","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":105,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"70a27839-8808-4b75-80b8-bf199e2bc90f","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":105,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"d9d42502-1638-498f-9bf4-6e260aa0a0f8","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":105,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"8bdc9da5-1723-4843-8de1-86d87d913ba8","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":105,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"f1285573-3dec-4dae-bb0e-68958038ad36","block_type":"box","text":"Call Rights.","page_number":105,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"4210fae8-3829-4258-84f1-256528bfee86","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":105,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"5651e126-6a52-4f6a-bdb9-87d3faa79308","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":105,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"ec0d8bda-bcce-4d26-b9ff-2113ec2b25e9","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":105,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"f76d596f-c006-49ab-afdf-13639a2a441c","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":105,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"e2762538-7060-4f8c-8167-3ed37408d8aa","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":105,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"3e5dd51b-71ee-43f9-aece-e1c4b5bfe8e4","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":105,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"9480f439-13c6-4324-9cd5-9696624db641","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":105,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"87b2da5e-9c67-4590-947f-bff689464dbd","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":105,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"cad25fb6-4237-4ed2-8162-4888cdbf3d16","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":105,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"d25144ae-0d11-4eca-b676-f158b766c29d","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":105,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"413de6d3-7f48-42bc-b264-fbd01c0bf77a","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":105,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"783cd611-0902-4b27-8b3d-ec82829a8314","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":105,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"39e9815a-24e3-42c5-9b11-90cc4bfd2265","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":105,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"74852c08-6c76-46f1-9cea-a76ea0a47bff","block_type":"box","text":"II-61","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bbf9299-b7db-4085-bdb0-de0669a3a6c3","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74dc2bbb-bb57-4a03-b324-b47f03c9aec3","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":106,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"3987d3cf-0bbc-410e-aad9-d952b9e9295b","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":106,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"9f613817-1f5e-46fd-991f-93994bd3d4af","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":106,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"083ea0a6-7a4a-4743-8cdb-678192e0b116","block_type":"box","text":"i.e.","page_number":106,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"6bcac963-f196-4f89-85a1-42d26a872d6a","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":106,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"cf077aac-9779-4414-8d5b-99a596ebc81e","block_type":"box","text":"rates).","page_number":106,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"95cb9aa7-9146-44e5-83ed-574c2bc80850","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":106,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"2331e5c5-b0e0-4939-a66d-5963f950818c","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":106,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"e50feb5b-b5ec-4d69-9c53-a44f2113ac51","block_type":"box","text":"e.g.","page_number":106,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"6ab3a8af-687e-4755-994a-d26403fab925","block_type":"box","text":", an exchange of fixed rate payments for","page_number":106,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"106674f0-afb7-4d96-a964-f8af41465ce4","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":106,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"d0f88887-230c-491d-923c-72fc5a174325","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":106,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"a2686ece-46cd-4a03-98d3-cef61f32f54f","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":106,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"55148242-87e9-4216-ade2-108bda310dc0","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":106,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"e929bb35-ecea-4b43-a762-398156ce9f9e","block_type":"box","text":"with the same attributes as the swap (","page_number":106,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"c1cc2176-ef08-480d-a3e4-afe906dec215","block_type":"box","text":"e.g.","page_number":106,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"c1472421-629b-4650-aecd-04cb60358b72","block_type":"box","text":", coupon, maturity, call feature).","page_number":106,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"4075a27d-1cf3-4c3a-aedd-886db0eef22b","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":106,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"055170cc-7bae-4a81-aa38-da2feedfecb6","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":106,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"97e82169-e598-4572-b363-7341130397f6","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":106,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"ffb5b652-6afa-452e-8bc6-5cf05076bc4c","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":106,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"c86d9604-4d03-49ef-b410-96689f380ede","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":106,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"c05712c7-c6ba-42f0-bcc1-8e6c52f26d69","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":106,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"06e9b148-8223-48a9-9c90-d422e766a41a","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":106,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"a8421f08-54bd-46e2-ba16-ea99644dd29a","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":106,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"fbefb409-f35f-4542-97af-dfde2101bccc","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":106,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"bf4abc2a-8bd2-4c87-9d81-de8b14cf5698","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":106,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"0a9bea3a-df80-4742-99a5-91f02cb16446","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":106,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"5da7e7ff-a2a6-45c1-8ba6-b6f89d643d68","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":106,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"496cad6d-1b9b-45c9-b387-2cebe02b706e","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":106,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"770af5b7-0c0e-41a2-9b63-13b989b3ff12","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":106,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"4aba5d5f-f672-469c-8af9-f80f0efb4f86","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":106,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"7acb6173-2f8e-46b4-901c-eb93cbe58a3f","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":106,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"9205448d-207f-44b7-97af-34838623c01e","block_type":"box","text":"Insured Municipal Bonds.","page_number":106,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"ad8aac72-46b1-4c5b-8cd2-5163a9765d53","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":106,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"2683c455-9f5c-4f96-a5e7-f4bb9aa423d7","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":106,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"5e9735d9-1d15-4a25-af7e-023554251dce","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":106,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"54137aed-1386-4684-89c6-118a164da8f6","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":106,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"8cd5ae0b-974b-4825-a54d-f4df227758f9","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":106,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"1ae8c5cd-132c-4640-a173-9a2d7b8577bf","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":106,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"fba5632b-50c0-4276-8aa4-038c620ea859","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":106,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"88365a56-6b9a-419f-a769-53bd5449321f","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":106,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"0a4a5506-f85a-4cc2-9db6-7e6092d08a0f","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":106,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"2b488ca4-3d08-4146-8a17-669a97b038e7","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":106,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"d8c462a1-4796-44dc-96a0-caf52e38647a","block_type":"box","text":"bond could drop.","page_number":106,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"80154328-6d23-41fe-a5f1-e01db0efbfda","block_type":"box","text":"Build America Bonds.","page_number":106,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"31f94f18-a8e5-4034-87cd-b17eb5a69c1e","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":106,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"adaaebf4-ecc2-4cf7-ad74-f490ff790d9e","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":106,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"5041ced2-c76a-410e-918b-1cd659dff673","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":106,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"4df53911-864e-4997-9f0c-9daded1a39fe","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":106,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"93b91e4c-b830-4c88-825e-1897f598d9a4","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":106,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"72549305-79b7-4bd7-9246-1c4167895d40","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":106,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"45652cbc-a5ef-44e5-876a-2be0ae886f68","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":106,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"aa8aae9b-4ba6-40c8-bcfc-d4c4e599cf2e","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":106,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"7aacc73e-7848-4030-8070-dfff98efcbab","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":106,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"4f9f85f6-77ef-4e83-a861-4f72298ad344","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":106,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"ddb24f20-8595-43ff-ba89-9a3cd5c14723","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":106,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"32928676-7bcf-44f4-929a-f5b1f7e1b339","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":106,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"80f0fb00-b061-43db-9b74-5d4de646dd96","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":106,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"b127c799-4c0e-4b65-adc0-29fb20d861d7","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":106,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"01dee17a-ad32-41d1-b68e-f3a71f7ff892","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":106,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"4fc630dc-a47d-4f76-8210-dff85bba3585","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":106,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"fc213ebc-e441-4f44-af69-f212efecfec3","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":106,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"50020552-8496-4e60-a3bc-ad101fa4379e","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":106,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"fc882430-3da5-44e6-9c37-771acbfeecf9","block_type":"box","text":"II-62","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a570bd82-f07b-42c6-aad6-d2181a7f8b35","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35e23116-22ad-4e7d-b929-2d7244d53807","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":107,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"189675b4-a2ac-4908-8625-d0674cdef148","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":107,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"0d87be6a-31bc-40f6-9981-61309f7a1157","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":107,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"0b6550de-d230-4443-848e-1e6efa4b5257","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":107,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"9865964d-fe05-4c40-acbb-6c335e322a9b","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":107,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"dce891f9-6c6c-4efa-a1ae-344320263aa2","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":107,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"0415ab14-0be5-48fc-824a-7cd5bdeef3ae","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":107,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"e15f483d-085f-48d5-b0b1-04a46c3f7e1a","block_type":"box","text":"their face value to the sponsor (","page_number":107,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"4393fb75-257a-4563-b7f9-1b3bf47c07d4","block_type":"box","text":"e.g.","page_number":107,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"4744a4c7-e71b-4698-9bff-94649290f41d","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":107,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"d09d3495-d364-41f7-b148-94126cdd9616","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":107,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"0f100e32-d766-4f2d-8b65-ad6eaedbbbc7","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":107,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"a53ff0a9-a7a1-4812-92a4-cf9608a53bd8","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":107,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"26e167d2-a842-4875-8be7-78f56ac32b5c","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":107,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"cb3cf4d6-7867-4789-927c-c02e7cb2dbe8","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":107,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"454dba2f-509b-4bf2-ae45-4a438f238585","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":107,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"8a171cc3-0a85-440c-bf88-f4466189e3f0","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":107,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"df03dbf7-7b8f-479f-ad8b-1e668867d4be","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":107,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"5d8aeec2-b75e-4893-a699-d4b5aca9e97c","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":107,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"aaa24bff-8005-49f6-beb0-1ced5abb0c55","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":107,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"6c7dcdb6-90fa-4148-a4a6-2bca0d755e44","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":107,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"089794df-dcdb-4e6c-804f-a95048fcf6ca","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":107,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"80ae31c5-d884-40ca-8bd8-97840f63576f","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":107,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"433e8383-0f39-41ec-8434-ad54e067704c","block_type":"box","text":"such opinions.","page_number":107,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"1d525e7d-75f2-4a94-a005-70d39253791a","block_type":"box","text":"Operational and Technology Risks.","page_number":107,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"3e59fd0e-38ab-4b1d-b5e1-a58c4ae170dc","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":107,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"faa16949-2c18-4a0e-a404-0fa63026f6e9","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":107,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"f294e708-134e-412f-91c3-cfc1ca80d907","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":107,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"5659f3da-9220-4344-b033-32c5d7814bf6","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":107,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"04eaaf41-0688-40fc-932b-413ce235ed06","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":107,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"1de92728-29e8-49e6-8d8a-fa56668c0148","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":107,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"a3956da2-3e25-4848-aff6-160878e9ca5f","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":107,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"48d76b6f-401b-4110-9447-6a3412b52d58","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":107,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"32f59e4a-61d5-49f7-a1d9-ee1d96f5c92a","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":107,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"e0d0cd7b-c7b0-4783-96c0-6a5739b698ec","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":107,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"48c534b3-7803-4d27-95ff-b6a1fc029788","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":107,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"cecb7653-5c9e-4154-bfc0-6208e01c573c","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":107,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"484ffb24-3347-4e86-81cd-55dfaa917631","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":107,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"9cb60707-38d1-4aca-9e83-b94dccf87ab2","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":107,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"d8bdfd50-69e6-4e6f-85a9-01b688b75fa9","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":107,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"96cafbee-ce0b-4037-8c73-d6fafbd90ec6","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":107,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"13720b60-0125-411f-a9f7-0af5987f8497","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":107,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"c4ef0904-2dac-4a8e-9f5b-b0be8c2a6673","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":107,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"e475a190-16c8-48b8-b8bb-8b748913576c","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":107,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"25f88e1e-aee6-4eeb-b4c7-ede0c801124b","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":107,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"85de809b-7e85-4ddc-8f51-647b0abbf423","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":107,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"1d60868a-bc8c-4b83-9b33-2fe725d99407","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":107,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"3cc91f4e-08e7-41dc-9a04-6a546acbef73","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":107,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"1a4154fe-aa6e-4635-b72d-2577a621a6a9","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":107,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"50d7e3e3-c1e6-4f26-af1f-1b98ac3aa679","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":107,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"02412537-5ac6-4d4b-98b5-11e346b91783","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":107,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"6e2dee4b-c84e-4f8c-986c-4fad14bdd66b","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":107,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"1227a5f6-b4cd-41a1-9dd8-5a092cc46120","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":107,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"6f873902-eb47-40b3-9d55-aeee40ea3f82","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":107,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"93b8ea16-d977-40eb-9bde-58568419fdcb","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":107,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"b0bb807a-2303-4caa-8796-545876a7a04a","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":107,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"5d7e579d-677f-4446-8ae1-3531cf26a56a","block_type":"box","text":"infrastructure assets.","page_number":107,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"26e08bf7-c8d8-4c2c-bdb6-0e8046cb7cd3","block_type":"box","text":"II-63","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e6e58a21-e9a9-4496-ba84-3d7895465df0","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"264631e8-6f5e-4fa6-af08-4e5670169951","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":108,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"e1ee31c8-d6c2-40cc-8d27-6914aaa0b0fb","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":108,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"13135a9b-feb9-4abc-af75-13d8fbd6e751","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":108,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"ae3a71a1-60c4-491f-a259-0ae222d71e8a","block_type":"box","text":"or services.","page_number":108,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"67839a53-fc2d-4e4a-afb2-01b3e239fff1","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":108,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"4197ef41-82cd-44ab-bab9-ea044f1c4506","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":108,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"07ad1ba3-779d-47a4-9081-61a57cdde351","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":108,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"1169bb7d-cad9-410b-bbca-ef325c2f7bc1","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":108,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"cb4d4b3f-9aea-49e7-af8b-007d592e996e","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":108,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"e9e7977c-78b5-4cfc-bc99-560f7eb17d7e","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":108,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"95ec0f99-9a8e-4607-90af-fb44a9ab10dc","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":108,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"acf7861a-7900-43b4-a851-635ec032f944","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":108,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"99b245b9-7db6-43b4-b76d-cf2e8d291064","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":108,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"22adc7fd-7d50-4f99-a770-95673233a5f2","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":108,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"3fa4e205-f9ec-4342-8de8-5511cfdd6507","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":108,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"7b67a355-04da-4f78-84ce-fcf7e00f8aae","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":108,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"b25ea62d-3bfe-4628-a5fd-cdef40659b62","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":108,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"910aefa0-5511-4df6-9ffc-89e76ec6eb2b","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"4ae6037d-98d0-487a-a763-e41d9fdf6b14","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":108,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"72f18a14-50b6-44c5-8a86-b033e6a38be0","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":108,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"c840a838-1ce0-4bd8-8f97-01a3af2433bc","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":108,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"37207f10-940b-45f1-8bf7-517f4cb6e26b","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":108,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"ed1839f3-6a47-456b-927a-37da5faa0d55","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":108,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"3d58d1e9-d080-43da-bc6c-23aff98f23db","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":108,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"89860eda-2ccb-4f9f-96ff-563f7b7a95ac","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":108,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"feb995a6-ad46-4585-a8a2-c58c8362effd","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":108,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"a4aac206-f340-43ba-b318-088601162d4d","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":108,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"59c2cf18-d066-4eba-8d26-0771b169cfd9","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":108,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"b95d4ea2-4a2f-4b11-8cb3-4016d8e4164b","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":108,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"db4d7edb-a86c-448a-a38d-015335df1b7d","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":108,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"f4de190b-6a4e-4289-acb1-6cf0ba8da7b7","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":108,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"9597b4d5-81bd-49e0-8d9f-de1ad332ea74","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":108,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"a99c6353-7a98-4da9-ab3d-bf7126fe60d4","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":108,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"1df31f89-a7f9-4f68-a3e4-50a9d4b3343d","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":108,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"6e81386a-641c-42a5-9d39-711b9aba90e0","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":108,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"14038e8f-0fd2-4015-95d1-55709bdfe9cf","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":108,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"50229d5f-af94-481b-ab2d-ea36bfaad852","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":108,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"727982fe-ed03-4cf1-ab66-f2cf0e3529d6","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":108,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"9c02728f-4e97-40f8-b14b-9c3d839221c7","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":108,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"4df6b6f0-ed37-4525-9ad9-78d8a888424c","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":108,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"75342c1a-2602-478a-b94c-f27d6842c765","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":108,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"f0c5636d-56ae-47ff-a041-6e4999d93ef2","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":108,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"385b162d-e960-41a8-b1d2-cf14611c7ec6","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":108,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"dc23faae-ac19-40b7-869f-649c935dcd65","block_type":"box","text":"resources to monitor and implement required changes.","page_number":108,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"51b01e1e-2fdc-4e16-adb4-af437fb8295e","block_type":"box","text":"Participation Notes.","page_number":108,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"9c282c40-e239-4db4-bf73-c13bb51dc613","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":108,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"7fc93a55-fdd7-4166-bce3-f54db74b808b","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":108,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"24a0b78f-8f16-4d15-854e-dcadcfd2be8a","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":108,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"7825120b-2fdb-4efb-aa6f-9e0517561e5f","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":108,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"5c1bcbb3-4488-4865-a051-42ac21cf9e27","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":108,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"d2a4a542-8e6b-4501-91f5-58f893bb975e","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":108,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"631ec8d8-f10f-49ec-93b8-b843cb3a9470","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":108,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"1fbdfc4f-cd27-45fe-a29a-ea01a5e73119","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":108,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"8e527ea9-4a54-46ca-9dff-cb48378f431d","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":108,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"d7aed89d-ea25-4d36-a9dc-5ca91e2ec132","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":108,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"a2bfe6be-50df-44ad-a607-f826138af59d","block_type":"box","text":"II-64","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30b89f8e-88dc-486f-86d2-a2637f7adaef","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc5a6889-9bf9-4142-89ab-36dd4062b0f9","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":109,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"22d2730f-37c8-486d-bd14-837b9e3d3905","block_type":"box","text":"a 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":109,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"3c25e7ee-6475-4da4-9f87-7f5ad4c100a6","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":109,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"27488b78-ebcd-4066-97ff-d8136c3adbe1","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":109,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"eb9216e2-8830-496e-bd28-f62b5b426034","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":109,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"e68a8524-b982-4ae1-8182-4ef518f55279","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":109,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"91ea2ee0-31cc-4f7e-9986-68d6d63a47c5","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":109,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"0a1787ff-e032-4e41-9cec-0cf09dfc14a9","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":109,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"a77270e1-5bf1-4fcb-93a4-cf5b0ee490eb","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":109,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"c1734ece-61c1-45ee-8cad-98f17e986c0e","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":109,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"ec9217ed-4e3e-4eeb-a21e-896a326b05c1","block_type":"box","text":"Portfolio Turnover Rates.","page_number":109,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"b6f2dab1-df05-42d1-ad53-1e2048d80a8c","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":109,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"12c316bc-ab12-4be8-9dbf-143123e3d637","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":109,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"405d7286-7ad2-453f-93e3-1beda905d95a","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":109,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"4d08011d-1d18-4a2c-9044-84406225049b","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":109,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"9a9ce69e-d3c1-4cd3-8244-5ce156277959","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":109,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"2121d7de-5023-4b20-a33a-ec1121c7fe52","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":109,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"7b4bfb37-eae1-4784-88e5-8498a0a105d5","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":109,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"740fb14d-b7ef-4eb7-b078-e81271345287","block_type":"box","text":"i.e.","page_number":109,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"4364b842-4ad3-4b93-9099-468ab67147ae","block_type":"box","text":", 100% or more) may result in","page_number":109,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"4f5d6b4c-84ce-4dcd-80db-2ebb0321d91c","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":109,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"f57ea207-d04c-4eb9-a519-2f0732d1ac31","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":109,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"19390bc5-0e4b-4a34-b504-100f785f3f9f","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":109,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"c0f684c6-79b9-4f47-a07c-172f824ff9aa","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":109,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"01132882-3477-43e8-8dde-6eb7e67e5bd9","block_type":"box","text":"Preferred Stock.","page_number":109,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"42e9d28a-7aac-4021-8687-9122e10c8ed2","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":109,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"1bd6e171-9fa6-45f4-ba83-17482eeacace","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":109,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"51c53094-1534-42b5-9219-544dd17de8d8","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":109,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"d7c60bfa-0b4d-4d5f-ace6-17c04299af21","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":109,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"e380d438-2945-4cf4-a26c-e24baf4534f9","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":109,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"8d9e700a-0933-4880-998e-9e19ae516904","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":109,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"76e882aa-8ca2-4f43-8ee2-2c88ffcf2a28","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":109,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"a3d0cdba-839b-4889-ba20-6027720a7955","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":109,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"41945fde-0a71-49c1-a331-6d88210e2931","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":109,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"548e782e-44c0-4b6e-86a5-59e84b58aa6c","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":109,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"93defb0d-e140-436a-9e65-c1e257d65f28","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":109,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"5c58fbaf-7b80-419b-af1b-fc8b1dec324a","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":109,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"a0b6ecf9-ebb7-4b2f-ad93-f6b396c5f040","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":109,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"18f40e2b-b0d3-4cab-8943-d831495faca3","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":109,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"80100258-a1ed-412b-87e2-39570cfa1cc4","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":109,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"6e62a7ec-4d5d-44fa-838b-f6c95bd2a944","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":109,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"aee84739-ff06-44d1-b09a-bac28ca42c76","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":109,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"e4194158-6dad-4ebd-9d3f-2d900f181d86","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":109,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"1860df89-b919-4fd4-aac1-c1a30f80ca3e","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":109,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"07cffefa-cafb-4eb4-a6ec-0c3a6fb7d0c9","block_type":"box","text":"Trust Preferred Securities.","page_number":109,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"52cb8b7a-99c6-4e3a-9a1b-e1c6d059fd67","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":109,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"22785269-5a70-4fe4-bf16-54ce025a2597","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":109,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"919c68d7-2317-4e0d-b103-1859452384ae","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":109,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"37759c98-1fad-4926-b29c-5548c6dd3e58","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":109,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"e202e755-dd9d-41be-bfd7-7de20eeb4a20","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":109,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"9c944308-d505-4032-9380-71c5fafcbdca","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":109,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"82e086be-b318-4025-91e5-86a2bab0b590","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":109,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"2de66ffd-7d45-4ca5-bc3b-16d06cf6101e","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":109,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"e0ef91a4-3705-40f8-a433-2a3454a4080e","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":109,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"781807e0-b98c-4c83-9f36-21e7d6c7473b","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":109,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"ff373f41-aa73-4f4b-bc17-63aac144a185","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":109,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"ea2093da-08ad-446e-9d75-8963812d1908","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":109,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"cce17187-4571-47a5-9525-616a51366874","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":109,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"dfcee752-77ce-4980-8994-f43851cffbf4","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":109,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"370630eb-dbdb-41aa-8fb9-1703d5775118","block_type":"box","text":"®","page_number":109,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"0d8e1374-8c98-4fcd-bf37-623079771ee0","block_type":"box","text":"”); monthly","page_number":109,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"8070002d-a37a-40f1-ab8b-76894f9331d5","block_type":"box","text":"income preferred securities (“MIPS","page_number":109,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"f7c4b75b-8926-47c6-a76a-5a6dbe316d10","block_type":"box","text":"®","page_number":109,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"ef5a63b6-9032-46cf-a8f2-82d882f4f311","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":109,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"37cdf1ca-80c5-4bfc-9da6-6e52a2ee2b28","block_type":"box","text":"®","page_number":109,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"7b81f612-3129-4a36-9f70-a7c2db006290","block_type":"box","text":"” ); quar terly income debt securities","page_number":109,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"ad1dca4b-8ebf-498a-92fe-a50b15afd993","block_type":"box","text":"II-65","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11283966-30c2-47b7-8dc1-28f7d84d5c08","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"076d5b83-db7d-40cb-8d01-b1e81177e2f6","block_type":"box","text":"(“QUIDS","page_number":110,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"934509f4-14e0-470a-812f-e03753039c10","block_type":"box","text":"®","page_number":110,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"cde760fc-0e8a-4773-9b56-4c04dc081d56","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":110,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"b6e7d95a-abe5-4176-8508-c425d9f60ac2","block_type":"box","text":"SM","page_number":110,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"821e948c-1e66-46c0-93cc-a9a1aba4d5f4","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":110,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"1695955e-2b06-4827-b0ac-0c42d0863c3e","block_type":"box","text":"®","page_number":110,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"c6016a3f-f8ff-4405-869d-f67fd559605d","block_type":"box","text":"”); public income","page_number":110,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"c2209cb6-4e56-46c0-a947-95b2919105bb","block_type":"box","text":"notes (“PINES","page_number":110,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"f3241aff-2a4d-4f65-aef9-47c821b9eabe","block_type":"box","text":"®","page_number":110,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"66a50dd2-3248-481d-b75c-23119e5d1db2","block_type":"box","text":"”); and other trust preferred securities.","page_number":110,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"26e913c1-435d-4aa9-8fc1-b6f009a2fef3","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":110,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"19881193-4e16-4f04-b33d-af093e87a593","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":110,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"0900f2f3-5a12-4f71-a733-816a99ef3554","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":110,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"2a5642b0-159a-4e77-b09f-cc23e74880f5","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":110,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"b39cfdd6-7baf-4f45-84ad-748ea6855ff1","block_type":"box","text":"regard to whether all payments have been paid.","page_number":110,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"4fc8e74e-477a-4e92-80c1-98a70f74bb59","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":110,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"af10b3d7-88a6-4628-9eed-5abd2e3d0aef","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":110,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"ede754e1-8efe-4d72-b610-650f6b7874d3","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":110,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"050241cc-0537-4f91-9414-908d62781537","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":110,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"238d99a8-42e0-4a7e-9c3e-aa925f1c968d","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":110,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"452356d3-955d-49ab-a7bb-5f7ca6b1971f","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":110,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"6b79e61d-2202-4361-96d3-be0a663d84d6","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":110,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"c534f97e-a0b7-48a6-ba50-d231a9114e58","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":110,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"aa200116-3040-447f-8d1c-546e45bf8920","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":110,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"3078d8a7-33a9-4b03-8cb5-dbfafaf95bbe","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":110,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"c2dfe733-9203-4ec4-a60a-d029feda9885","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":110,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"75cce7c1-2d05-4996-ba70-bb1e4925fad1","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":110,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"8cd8959c-0f42-4cba-9adf-b79d54622649","block_type":"box","text":"debt securities.","page_number":110,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"3b707156-5eed-4a3b-8529-452e433a1ac7","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":110,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"1f5ec3ac-fb42-467d-ab3e-634cf855fd6c","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":110,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"d016ddd4-d8d2-4d32-9182-c5cdbfe10298","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":110,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"3d5eb3cb-5329-44c2-bc69-17acd796c5f0","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":110,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"2d791e7d-581c-4dfe-a568-b7a6d39f1f6d","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":110,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"370e84bb-3712-41db-8272-069ddc1620d3","block_type":"box","text":"i.e.","page_number":110,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"875f6301-357f-45cf-a279-cadaf339ee80","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":110,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"11c8be91-48dd-4b1a-a32f-73727849714d","block_type":"box","text":"buildings.","page_number":110,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"2dad3c1b-77a2-497c-bf9c-98d8e57338dc","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":110,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"e5723ebb-fe17-47d5-a8a1-9b42af0008c8","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":110,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"32d51272-13e2-4bef-85ae-92ede1bf1039","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":110,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"13aa6bf5-775d-4091-aa48-7785f29188ae","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":110,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"13550d9a-6a3a-42b0-8a05-7f74d4a9d819","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":110,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"d465557e-5aa2-49f2-a78a-58cd0763b793","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":110,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"6f50c32d-a504-4c05-8e3d-5c91c58aeab5","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":110,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"f893fff0-f125-4ffa-aea7-790d2d43f4ad","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":110,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"b178ab41-e721-4da3-bc3a-d95187cff22e","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":110,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"62b6df61-b3c9-4c4a-9c27-a67636a2e1b9","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":110,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"83b2ecea-aae7-4f8e-bb18-6151ebbe53c6","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":110,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"6bbc447b-058e-4cfd-91ee-5904e9d52b79","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":110,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"c285e97e-11f6-45f7-b22e-da67f461fd50","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":110,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"ce24d892-6b68-41ec-b1be-a34b99ba8fb2","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":110,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"2ab79691-5eed-4b1e-a5d8-df8860cccce7","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":110,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"971232bd-e1da-46eb-9119-599b74536f2b","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":110,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"01aca834-1b94-4372-9d57-736d362fb8b5","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":110,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"6069cd00-7983-4668-a26f-a677c94fd709","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":110,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"a472af76-162b-40a2-8382-0c2ff798fc7a","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":110,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"2bd4bf7f-7f48-4aaa-94e2-e8b249c74ffa","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":110,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"352b3c4f-f09f-4356-8570-cb2e3361297e","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":110,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"36fda124-d60a-4d3d-b84a-2c1cef7e82f4","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":110,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"e1ff272b-727b-43cd-ba2b-8f433918ecf5","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":110,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"fb7f5259-7a70-4d8d-b47c-1f2222408773","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":110,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"9ed92885-f139-4098-adf9-38624a7a5e2e","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":110,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"1aab2623-684f-475d-ac71-7d3a5c210ab3","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":110,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"e1998162-c28f-47cf-9920-781552cd4f25","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":110,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"374a9b29-ae56-4c7b-81e7-9ebbb404ea10","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":110,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"76762865-2838-4f8d-9fd2-20e9416b6344","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":110,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"5111db37-856f-4742-b8e8-93529344ef3d","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":110,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"4cd595d8-209a-468d-86b4-4cd810af2833","block_type":"box","text":"II-66","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ed80632-0f17-467e-b16d-f1402c396fa6","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e55c521-cfdc-499a-b377-1b97046f298a","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":111,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"4d908341-64bb-4ba8-901c-99533c5d23f9","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":111,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"ea5c9a1e-aaf2-48ee-bb33-fd9c14a463cc","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":111,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"95b0960c-db4f-4d5a-8110-e96a0c8ffabd","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":111,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"ddf514bf-15cb-4b6e-9d26-365b62931d9e","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":111,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"4da44dbb-2753-4eb0-a71b-9d0dedc71fc6","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":111,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"fda96ec5-f5a9-4774-8cf0-59490cd2b7c7","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":111,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"ad7bc837-d649-42a3-beb5-8b806746e1b0","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":111,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"bae2139e-58f9-433b-9cee-98becc35c7aa","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":111,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"de326d76-10c6-442c-9333-e90d9e9508bc","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":111,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"465b3e53-3769-4ffd-a88e-38054b22b9ae","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":111,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"3e89a711-d0d5-458d-93d2-de7a1cc2ffb7","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":111,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"497ebd76-2924-4654-837f-4124baf04c1b","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":111,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"855d529d-c9b8-42a1-9d47-7ad274560612","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":111,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"23fd3783-3511-41e4-879c-74f9b0c0c077","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":111,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"83191f33-90e9-45b5-a623-234c3fc06631","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":111,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"fba89621-1e09-4848-b225-d61b2af06c8e","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":111,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"a40018b7-028f-4f71-85d4-0f47ab612c7c","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":111,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"489558a1-b3ad-477c-a101-53c893af37ba","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":111,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"cbcffcd4-253a-46d5-8c37-fdc38cacc18d","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":111,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"94977ef1-09d8-456a-ab77-ccf3deadf2d6","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":111,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"1284a8e4-b18a-4f92-ab78-e831013ed844","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":111,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"c65e0597-9591-48db-aec2-925e4257f6ad","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":111,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"6ac38b59-22cb-4410-b509-8a5bc63e4663","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":111,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"2956156c-099d-43e5-9657-9cc57972de3f","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":111,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"3a45efe1-c5a8-4852-9103-05dad0c723e8","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":111,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"4fcb318a-efb5-4996-9be1-27e411d2bac3","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":111,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"e10e39c7-9933-4edf-98fe-ec59fed4a1c8","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":111,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"ae8f2d20-4f09-4fdd-a609-c5eff76ebdc4","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":111,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"0842a8d9-4a21-49cd-a92a-7c1e0e7186c1","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":111,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"62af6093-6c5b-423a-8e4b-2a8d519f3b74","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":111,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"859dfb1d-649d-4fb3-a518-7e3ad360c854","block_type":"box","text":"conditions.","page_number":111,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"ba597681-2f3b-4063-9e35-9103232e18ac","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":111,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"1a3e1f95-a399-4164-a014-6aae14f57117","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":111,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"f4323fbd-8a4b-4968-a4ec-723d7631ff68","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":111,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"501ce068-ea7e-4a25-a25f-4fb64d3457a8","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":111,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"1cfed0fe-fc17-4467-85f6-5cecb6dca169","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":111,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"86c8d29b-1e8f-47a6-9f68-0b27bf26bbe2","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":111,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"1a3181f1-fece-49a8-88ba-da81622f3e43","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":111,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"7e8d0c40-f20c-4a69-98b1-4b2b96ba65c8","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":111,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"e2901cba-3f63-4bd7-a73e-b6e6d100f1f9","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":111,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"51f60cb6-100f-4a95-a121-0ba6432b7f04","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":111,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"c8e60661-3651-417d-beed-4108b94311fa","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":111,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"57d4f022-a380-44ab-83c1-3ed9e7d3f972","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":111,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"c3dfb2df-0f0c-42be-9bfd-4b3f88d7742c","block_type":"box","text":"affected by such events.","page_number":111,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"7c3d7936-480c-41ec-8a32-28e4a9099f4e","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":111,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"fd5b2e34-b0bd-4ec0-bff8-eee0fd26933c","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":111,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"075a6de3-5d91-476d-aa3d-b2eb36ea8842","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":111,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"37a4b8d9-a2bd-4960-9fc0-aa62d8e7343a","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":111,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"efa3f748-32c2-40be-9ebe-49c42e588d59","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":111,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"e0661ae3-5ae7-4d15-a998-c445e9a54b50","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":111,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"4901c455-8f5f-4f43-9bc2-17de24e78473","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":111,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"3a8027e5-44fe-4faf-a792-80082bbd5fc9","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":111,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"9edddcc0-9d6b-40e6-a247-b7e27c075556","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":111,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"76aaa0db-482a-4d47-91ee-79b9e6b1f356","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":111,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"64c931c5-dcf7-4401-8ece-a7bdbbe82999","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":111,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"bb00d048-d138-467b-8f62-36ddb592db7f","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":111,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"7e998340-37c6-4c8d-aaa3-64426b883ced","block_type":"box","text":"II-67","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c9bac6d-d636-434c-9936-f520f640e77a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba9df2ea-3213-4270-b899-88d723e79124","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":112,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"9f004285-09a1-464e-9483-0dbfb09ae9a4","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":112,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"e06d2fb4-a31a-41a2-a93a-485c7cab21a1","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":112,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"c4593cdc-378d-4acd-883d-9d19f07a7df0","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":112,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"477161e0-6e2c-4fb9-bda2-9a83c1ab7829","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":112,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"edef71b1-2b05-48e4-a1bd-f07833e47564","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":112,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"b4bdb585-4343-4722-81e1-1776b2bd5640","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":112,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"98c0cb24-cd48-4e71-aba8-12afdad05b3f","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":112,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"0ed22c3b-023f-49b4-83f4-638fef7987fd","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":112,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"a03b3e32-9b87-47d5-95c7-748d11837101","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":112,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"325fb273-833b-421d-89dd-460757eff260","block_type":"box","text":"investments.","page_number":112,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"968c2fa0-f1b8-4f29-b08f-cfbe33dde3f2","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":112,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"23c7835b-65c7-4843-a1ab-598623ea0e97","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":112,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"8966caee-4196-4b08-9a7d-cacbaf3c7512","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":112,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"16aed488-b2b3-4dd1-84da-a2bcd7cceec4","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":112,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"fb8b7a0d-3239-49ec-836e-341e115ec4b6","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":112,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"76b09307-a4d3-44b0-a94c-d67507949116","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":112,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"effffda6-00e6-432c-b926-48fdd7b2b6ee","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":112,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"b96c23d5-af52-4f5a-a87e-c9ff296e1510","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":112,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"e60dc8cc-6376-4e39-91e1-2a3fbc691f05","block_type":"box","text":"Legal and Regulatory Risks.","page_number":112,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"aa676e5e-1cbb-440c-bf90-943f8df846e7","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":112,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"d2372436-9ad7-495f-b97e-4d5d16f140de","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":112,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"1ce18328-7db9-4b8a-b303-3df0c08c1742","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":112,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"ea43fe3c-060a-4808-a893-2f46c4fecd4c","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":112,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"1abf1417-474f-4bc7-ae60-a7de99e35fbd","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":112,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"201a7eb7-9186-4c9d-a933-fb46cd45db54","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":112,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"c9e51139-aa02-4c50-91e0-a9d250137440","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":112,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"1a2f0530-15a7-44cc-90bf-a3cd3245c6f5","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":112,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"eb8fd807-a940-4446-8905-63d869e7758e","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":112,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"ad4328cb-e36d-44e2-8ae6-f74f742568db","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":112,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"1db58fa3-a7f9-40b5-855e-595f0c2bb6ab","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":112,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"7ed2dc7e-d5df-4340-b3ac-d48a6bea0690","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":112,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"2248ebf0-6dde-45a9-855f-fa6f2be7bb01","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":112,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"924423cc-52a4-426e-a1d2-53f0158ae48a","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":112,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"eb5e1b07-0a73-4328-956b-94897473e071","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":112,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"193ebc23-f049-4133-8ca6-5a4bc3ce9a27","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":112,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"59377425-d9ad-4792-b240-5cd68e6df88f","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":112,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"2548a05e-32da-4908-98b4-ce796609a35f","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":112,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"4ad67f07-b3d4-4aeb-8536-dcc4ec47e56e","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":112,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"25632a8a-3b70-4aca-abe8-083db246d4bf","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":112,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"1ff7aa23-84b4-4977-8b41-09f45d09973e","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":112,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"db7e7516-c273-4232-a6d6-38b7bd6196a4","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":112,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"acc04135-f5d8-467c-922c-f4153c87333c","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":112,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"87dc33d7-e035-4058-99aa-8567de30c043","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":112,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"5349a569-0f75-440f-b51c-9d214b2ef306","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":112,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"1465f19a-72d5-4628-a397-419f34ec4332","block_type":"box","text":"Geographic Risks","page_number":112,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"351a6907-20e4-48c7-97b4-1d370a44251e","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":112,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"6fb04021-d917-4cab-9af8-5a3dd95a66f7","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":112,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"e0ef2284-d24e-4c98-be89-1129664057e5","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":112,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"1f010a97-1a6e-4d25-b852-eabab680d166","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":112,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"0f2a0ea3-e36a-4404-908a-dadbe9596166","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":112,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"ad72b11d-2671-4d33-b986-97d1269c4d69","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":112,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"5363a5be-835c-499c-8029-a01ae8c16bd0","block_type":"box","text":"Fund.","page_number":112,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"3c08017a-d5a7-48ef-b8ed-da0ddd3ff576","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":112,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"acc069af-4dee-4bde-8043-34f220ba4ead","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":112,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"58c20359-8d18-4b67-ad9e-e4c75bd5731b","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":112,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"640f039a-8618-4bb0-b585-ea0a74505e27","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":112,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"8c3e6596-fe12-4d4b-b7f8-f4e4990a9276","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":112,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"d0e80a85-85be-41e3-a05b-218c86c6d91f","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":112,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"9f531594-6f30-4fe0-bace-465c03b68203","block_type":"box","text":"II-68","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"29720258-b45c-4871-b600-ab21915c652d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d389359-4b87-42eb-845a-d9d91dcf6c12","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":113,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"a8fa8bd7-62b1-457f-aee1-74bf835ca17e","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":113,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"94cc485d-33b8-46ee-badf-cc13aba97481","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":113,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"66e4a314-61e5-4325-9ba4-48836a3d67d6","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":113,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"ed86caca-7331-47ef-a6ce-06d34777bc44","block_type":"box","text":"continuing to develop (","page_number":113,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"f0c12c9b-7491-4a23-a1ae-517719341fb1","block_type":"box","text":"e.g.","page_number":113,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"feb10310-e4d3-4456-9462-a5d9b38d014f","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":113,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"e8f58187-441e-47ad-a92a-cfa70ad9590f","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":113,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"fd7522d3-81ab-4bc0-8872-e3af005e5192","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":113,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"6891061e-0de1-4918-9b1c-5b642004fbfd","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":113,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"25d18e13-780c-4c8e-a443-4a6f70e815a4","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":113,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"d3153655-d74a-428c-84c8-41d21f3e15ad","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":113,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"05c8bd94-3485-455c-9db8-dc2b1ca1cc82","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":113,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"b37eb300-d6bb-4924-b33f-43cea32d1e3c","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":113,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"6028b50a-3f6e-4515-93ed-a1339f91a3eb","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":113,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"76d9672d-c665-4e04-b866-e284416f5a09","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":113,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"4d38c96f-a655-4cd7-82b6-298baf61ee83","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":113,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"231a58e3-2373-4a91-b5fa-f0398c0a2914","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":113,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"cfcbbfdf-3e0d-4e09-87db-1d476708e10d","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":113,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"0b16250c-0d23-45a1-a6c9-896e78fbb7cd","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":113,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"3d814382-618c-4910-95a2-995619e3e927","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":113,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"0b0fd106-48b2-49b1-b8f0-57caec631903","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":113,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"c9422208-2001-4bda-87b9-1acf86a24b46","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":113,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"c1da8131-ee3f-4175-abfe-06ca5bd34c90","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":113,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"72e87d99-597b-4222-a7f9-02a3d389e67c","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":113,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"b5f6b9a2-a9c1-41d4-b630-d3e143bf140c","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":113,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"d61a1c4e-f86a-46fa-8009-4cd7867694ce","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":113,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"d8cda67d-dc9b-4693-bb85-186528181d5a","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":113,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"56345bdb-e3d2-498b-ba72-9edc4d7eb3fd","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":113,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"7815cbfa-3252-4a6d-9e7b-efeda341eade","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":113,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"49a0f721-4290-4767-a5f3-c5e62a762664","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":113,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"0af88126-5b2d-417f-b8ab-3eab1c7772f6","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":113,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"15ba200c-1437-46bb-a43d-e787f0b0f36a","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":113,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"dbb8cb12-6961-452a-aeab-f46b3019756a","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":113,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"593c9bca-377a-4d48-bddf-9e38fb5fde05","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":113,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"2cc96560-2f76-4db0-93d7-69f0ab81eb03","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":113,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"e012b8b8-9af8-4774-8a77-fcdf72ace3f5","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":113,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"031b2cfb-3f06-48fe-a394-3434beffc057","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":113,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"d40a09ea-6b0e-4fb8-b1e5-fcb861b5b2e8","block_type":"box","text":"consequences which cannot be predicted.","page_number":113,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"4bc5bae7-2fad-479c-b124-2d75f0c9e8db","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":113,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"19bcb614-5cea-4cc1-add7-32722b709ee3","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":113,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"3aac5eef-d25c-41c6-b311-6a11aae6128b","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":113,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"35b15240-7beb-41b2-8754-a42f726b0426","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":113,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"719705c5-1a9c-4a51-bf6d-a9b7739b8668","block_type":"box","text":"term of the agreement.","page_number":113,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"57eb0105-245b-44c2-92fa-3342d12739a8","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":113,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"eb0abcda-dc5e-4754-ae69-e2ae8a879002","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":113,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"cf47d253-bf6a-47af-830d-1c5d9d6d3f4e","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":113,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"9a7f94d9-9b40-47e8-b646-0f7097f42420","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":113,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"5588c765-cce5-4bcd-9633-ff69a845fb62","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":113,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"cbd2ad0a-00e4-4158-ad4a-ce5ac1b17b42","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":113,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"1954ba14-3801-4612-af5d-31e9754bc6dc","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":113,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"740dabb7-6005-456f-9ff2-25d4aa744ccf","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":113,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"e23cf4f3-7b0a-4233-a209-9f1a13fe7c0a","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":113,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"9999e5de-fd67-4e1e-a13c-1c907814f733","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":113,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"8e4b8d17-7bef-4712-a7c6-86d79dd2f3be","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":113,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"fd1839f7-0aa7-46df-8cbf-7eebe898ac68","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":113,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"1176cc0a-b0fd-4e04-b2e3-999cce5243e3","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":113,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"f3c781dc-c6e6-4b21-955f-13ade9f62ed8","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":113,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"0b86b274-6042-4ea9-af17-f6fef11f5f5d","block_type":"box","text":"II-69","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"55963231-76b2-4c3a-8b79-1f6f38f8be16","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03b3f9a1-6ea2-480d-bd99-acbbb8b92ba3","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":114,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"89ca6d20-c885-42d5-85d9-acd9033dd229","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":114,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"cd9f0472-d158-4830-a277-70f82bb5ea08","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":114,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"30dc6eb9-2c66-41b3-9081-bb9f1fd94a6b","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":114,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"4af9c89f-7c3b-4554-9e22-852b648b70a0","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":114,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"aa44f840-a58d-4026-b930-93139f60cdcc","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":114,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"f695c457-7742-40e8-bb7a-922b5780c712","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":114,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"01a857ab-b5c3-4be0-a3ee-9559bb88448a","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":114,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"23f47548-f4c5-4508-be18-a6c0cb9a3e53","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":114,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"143e8cc6-095b-4d2b-a3d5-4828a3d9224d","block_type":"box","text":"or by another authorized securities depository.","page_number":114,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"050d0601-f3a6-4f8d-a8a6-90d87e81d0a5","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":114,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"50d98390-213d-4d7b-b640-39e0b57e24c9","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":114,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"8449c236-0a50-4c89-84d7-edcadede8e91","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":114,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"b39201d2-c2fe-4e72-807a-6d361edafa5b","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":114,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"6c687a26-21bf-481c-ad12-0de637b4e191","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":114,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"d8423276-265f-464f-9c0a-3d90205dc2b1","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":114,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"a9f153c1-a03b-4a26-a683-0cef57c621f4","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":114,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"713c1af7-8f96-4a85-874f-c7f81d06048d","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":114,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"0f9af08d-936e-4120-a210-0a918ebde935","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":114,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"acca6aa2-82d1-4a3d-b01a-b7e31632e7c3","block_type":"box","text":"the repurchase price.","page_number":114,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"32f410c0-017a-40e4-934a-90f850463e53","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":114,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"db14dd30-5675-4abb-9f7d-427a80d9f1ff","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":114,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"b2057054-184d-44c6-aaa0-079eebd205db","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":114,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"e8cd6343-c26f-41d8-ba59-0495ec648d57","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":114,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"03d8f34a-8962-42d8-af36-60842dee93e2","block_type":"box","text":"strategies without the repurchase obligation.","page_number":114,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"f6dac133-1505-4b8a-a116-4a0bb0148e48","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":114,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"7d961a8b-7c47-485c-a4c5-eb0dfaae8c8b","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":114,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"7ae0b83d-5ab2-4a3c-8567-52e791f465de","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":114,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"8e10e3e8-89b3-4746-bb78-2bb9c73d8e50","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":114,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"19736466-338a-4686-9de2-36241d8eb1e0","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":114,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"0a2a4c9d-6b5d-419d-ad89-e501cf6c7d1d","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":114,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"26c97516-a095-4b48-a071-ebcfe02dce7d","block_type":"box","text":"i.e.","page_number":114,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"8d7624ca-6dbf-4c2b-aa97-db1cca587bc2","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":114,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"f628abdc-4b0d-42b3-91f6-18ad5673ccdb","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":114,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"5ca53f49-c632-40b0-a72f-5f6dccc11273","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":114,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"e8fc40bb-e42c-4d06-8cce-e8529ab1ea6f","block_type":"box","text":"and income involved in the transaction.","page_number":114,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"a16889dc-4159-42ab-98f3-e7da4f24d951","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":114,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"f5066800-8f16-458c-a9ef-1cd0ae733348","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":114,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"78741ffb-8912-4a68-8a76-74c354ee099c","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":114,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"37991166-5d6f-44c5-a5c0-280eedeb729a","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":114,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"5fcdf2de-2b43-4d27-bee1-c30da8c2e485","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":114,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"e235ac0c-fbed-4f2d-8976-a2d9f3c5f832","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":114,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"420a174f-6468-423d-a9a6-360eac6d74a3","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":114,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"333a90f9-acf9-4740-900a-73daed35e606","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":114,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"519122c4-08e7-4ff7-a8ab-932bfc8ccc71","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":114,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"2ae9036d-1dd3-42ae-b4c8-00058bd1c578","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":114,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"31217c17-300c-439b-b346-ddd86ebf5e40","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":114,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"51a5375d-93b9-4a51-9037-6a3c3cbe3e94","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":114,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"db5c7d32-4f7f-4c9b-8708-6982c81057e9","block_type":"box","text":"Restricted Securities.","page_number":114,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"5ef76747-3ddf-465e-806f-44f5de156c88","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":114,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"b3394cec-d249-40d8-9dc3-918ffd0fd611","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":114,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"979a0daa-c350-4009-a854-e8e4857a4d5c","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":114,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"892c8a90-fe01-43f7-aba2-2201cd897c08","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":114,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"6452c9f8-620f-412a-a217-1e543462e0a2","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":114,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"54bf205b-62f3-4104-8f9b-4197b2c4c958","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":114,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"c2e889b0-2eeb-49a6-b7dd-f47d436827b6","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":114,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"bb70aa05-3c2f-486e-9757-910aeca026fe","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":114,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"48e10894-4725-46a0-b5c7-b989d4a73a6f","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":114,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"64a76f98-a896-4648-b6c9-7126ea69077a","block_type":"box","text":"II-70","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39d6b2f7-2ce9-4856-a5b9-a249fcbceb81","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72c9d462-2fa7-4226-9ea1-6c34c217eee8","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":115,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"6755fe62-c08b-4287-83b8-0c440afefd22","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":115,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"a9381aa0-b40c-431e-bf00-c1e10842247b","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":115,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"a6367cb8-bb18-4c9b-9f6f-69b083c42e52","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":115,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"581c5c7e-b23b-4166-9e21-d885739bf8d8","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":115,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"19109fd6-15dc-4436-8353-63a2bd6fbc74","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":115,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"096c93a2-db6b-49d6-ac42-06e6c36bd796","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":115,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"36fdb705-0316-4df1-be0e-348db55f2086","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":115,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"1f96f679-e1bb-45b1-a261-297596491850","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":115,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"2da07ef9-79e6-49ac-93e7-d96cb4cb127b","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":115,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"ab250f92-8f32-4519-8ba0-04b66d231339","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":115,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"ee83bb27-e4a2-4009-bd1b-28513409be81","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":115,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"9f51a50c-7763-4cba-bbce-7dc913e6ca53","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":115,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"e135e5ca-e379-44ef-b3de-4190134fd0ee","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":115,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"f1db1743-d44a-47ea-84ef-c1ea6d4db140","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":115,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"74d1962d-5220-46d5-9131-5f02c08f30b4","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":115,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"7861c5e4-323f-4eba-a2ca-584452c156df","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":115,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"e328a0e3-21a2-469b-b2d6-7d0dad7baa78","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":115,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"edc6628f-b109-4c08-b43e-63c194478ecb","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":115,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"f8486724-5829-457d-a5fd-830004786da7","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":115,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"5ef67945-fcbb-486f-91c2-ad030e80cc28","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":115,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"5f5b90cf-a83d-4086-8108-07cd4a6e2c5f","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":115,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"0c953beb-32f0-4f18-82b0-01aec6033dca","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":115,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"df30fb7b-584c-45c1-82dd-7158fd8a5b51","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":115,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"807c83ab-bb72-46e1-af20-9c4945a44e10","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":115,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"510ea870-c1b3-4623-b25e-a829d556b037","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":115,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"58b7823d-9327-4a89-b1df-5d2778162129","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":115,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"55cc8e24-e7c2-4b2a-953d-370c9313a8d8","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":115,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"80c30743-3389-4c0f-929e-80b0543e648b","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":115,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"bd51da1f-7ca9-4978-aab8-f7e5c0f84a31","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":115,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"c55a8715-9fa8-4099-9d42-2f2bad33d209","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":115,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"729bacf5-9292-45fc-af36-cbddcdd8ca57","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":115,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"85a0be20-92d6-4f7c-9278-a8927c8226c3","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":115,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"a7451b8f-6fb1-48a7-a831-9da23f9564c9","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":115,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"3ba0d681-2b36-4707-88fb-b9352e8ab048","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":115,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"ca83b57f-f24f-40c4-9ac0-bd6f2a7c0f99","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":115,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"7b9d5001-c50c-4f20-934c-d22eee0c90cc","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":115,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"46a2fb37-96ae-4e15-8772-c1b6725d78ea","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":115,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"4fa84fe5-a8d6-4402-ad52-3b91412d03e8","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":115,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"8b71e0d7-bedb-42a1-ac35-abb28ac15f9a","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":115,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"f1119cac-283a-4148-a09a-85bdb2e2a831","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":115,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"67e2e83e-95cf-474f-a7d0-0e2bfdce6b6f","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":115,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"605713ab-bc5c-4f3e-b5f5-38bd2d0b44c8","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":115,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"e02ba755-fb17-42dd-9ac6-81d820943b13","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":115,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"81439b76-d125-4193-923f-f694d021b5a4","block_type":"box","text":"especially as that Fund grows in size.","page_number":115,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"86d1796a-87df-4a55-830f-28c535f1b3c3","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":115,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"a0a66f03-ffca-4f18-a935-a11504a170d4","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":115,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"b464cae9-88da-48ff-940b-789482b9a235","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":115,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"f4c040eb-63cc-4cec-bd8e-56a3c94f2ffa","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":115,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"0611fb0a-ebf7-45be-9aac-228aed1fb717","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":115,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"37efba49-c501-4fbf-8f42-17ca5c180382","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":115,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"ef86603f-553d-4409-baa7-193f4dff74c3","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":115,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"42526257-dc12-461a-9e3d-c41f82e8590a","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":115,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"19e6b51c-eed6-452c-ade0-dfcff0eac0bc","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":115,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"35157d84-4755-4f53-9582-fafccd582402","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":115,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"4727a3a0-cd92-4b9a-8c57-e4007322d759","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":115,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"4bf16e5d-c13c-45d9-b445-0c0ae5e7f44f","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":115,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"8a546d9e-7f8e-4956-9600-6cc3cea66cff","block_type":"box","text":"II-71","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b435236a-66f5-48e6-a400-83d0828b112b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42e621af-b99b-405e-b4ec-dc66862b2505","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":116,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"fa2a6a7e-46d2-426e-81d3-a24f7cbd7da2","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":116,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"de5c8be0-2119-498b-b0a7-6f35cf11da79","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":116,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"24b751fb-0e64-4224-bc0f-9515c32b5ccd","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":116,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"ea0da423-d48e-4649-a7b4-96d41f268247","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":116,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"6a817d6d-dd6a-4311-8612-6132fce0492f","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":116,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"2d97f8c9-3332-4c1d-892c-5b8248946b9c","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":116,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"bd2c3f89-ea9e-41b2-af97-01fe9eeb0b94","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":116,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"8d0eaef3-ce90-4fd8-8b1e-e6d0645e931f","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":116,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"293edf69-5ad2-4c37-9aae-cd1e6d9d17b9","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":116,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"70b86f4f-32de-4ad6-92b1-2b16e8872837","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":116,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"2040d0e6-d84f-4ef2-a0e6-3dbc2fa4f79b","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":116,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"1e38e357-6053-4fe4-91d4-fd502e0060b6","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":116,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"af04d230-1758-4d1d-8cc8-e4a4e8c20dff","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":116,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"31266944-ca19-4fd8-98b0-77035c19ece8","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":116,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"3aa153d7-8823-45b4-af55-bbbfc4423d61","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":116,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"515d6391-2387-4986-95f9-fba4b7a245c0","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":116,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"6dd546f3-712b-4676-ae8e-45767121d8db","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":116,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"85196e24-67c1-48ef-8ed7-3a0e4cc6d8ee","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":116,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"4bb3b5cb-b642-43b4-9ac1-043ea6964e40","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":116,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"8db72400-831c-4f3a-8a97-eeb4218e853b","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":116,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"d82c94a9-cb2f-43af-8d6b-f82dd6a7238a","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":116,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"f4a0cdce-38b5-45ca-a950-a015bb799b3d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":116,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"ef15db75-dde0-4f31-a56c-42eeb98489a2","block_type":"box","text":"similar financing transactions (","page_number":116,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"f5e5a939-6624-457b-9792-cbd14aa185a3","block_type":"box","text":"e.g.","page_number":116,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"019e3cbe-c712-45ac-954e-28099e197ce1","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":116,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"b1bca67a-9d6f-4d8c-9270-f0871fa3a83f","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":116,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"3075ad2f-c8e2-4495-b634-0858ea84042f","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":116,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"c81a746e-a7b9-4c0e-be5f-7145dd31cf06","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":116,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"c4450e25-48b7-464b-ae8f-067f7862498f","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":116,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"6f5ea7d8-d456-434b-a052-4e85c7f7bfe4","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":116,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"e30378c9-5855-48a5-b31b-42804995731f","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":116,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"7c4d0292-e97c-4086-90d3-3bed88fe541c","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":116,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"243209ba-0853-4814-8b26-57dcbbe2f630","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":116,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"acb546ea-884e-4ff8-94f2-1ceeafd03b07","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":116,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"444c26d2-52a9-429d-b69f-e36e4f3200ef","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":116,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"8b8026f0-73b2-464f-833c-9812d469c4a6","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":116,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"fb7b5900-531c-4687-81b3-a77d392f1c24","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":116,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"f03ec2a5-67fa-4141-a7c0-821697e25e7b","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":116,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"7c854623-94fa-496f-bb4e-821132e0189b","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":116,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"68b14c41-1883-452d-99b9-4748a5b5fef6","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":116,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"b17cf5ae-14b9-4040-b61f-3e81d3e95a29","block_type":"box","text":"amounts to be received under such agreements.","page_number":116,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"ed07f8d4-3d02-4ed9-8a0b-239dddb431e9","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":116,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"5a61520c-edb1-4ae3-b81e-c92902d8732f","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":116,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"5a10767c-1f0d-4c21-a6a4-e2012c7bbf69","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":116,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"b8d8695f-8b1f-4de2-9f70-3b4366e5929b","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":116,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"47ad2502-6f2d-4768-9692-86e2d752a6aa","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":116,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"341a1708-1299-404e-b1a7-f22ef2e1f2c5","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":116,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"dbb02cb9-22e8-4798-a74c-d36050520962","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":116,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"ee0c483d-eb85-472f-ac02-430237397838","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":116,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"2d97e4d8-1bc6-4a26-93ba-844cd481f22f","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":116,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"7db42353-65ab-4ad5-ae1d-1386ced8d9ce","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":116,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"4f113d18-4ba1-434d-a271-b757011dc76a","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":116,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"18b4a66c-31ac-4e96-a19c-a493ae125806","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":116,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"16e8a753-2859-41ff-9159-3fde9a00b2a3","block_type":"box","text":"Rule 144A Securities.","page_number":116,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"f9b1294b-0360-4269-b2ea-6e8986a795ef","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":116,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"fed3f4e2-7e9f-4c79-b879-ee3bf033053c","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":116,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"ce8f1e28-ebdd-4092-b587-1ae72c3d51ff","block_type":"box","text":"II-72","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e384e379-0956-4e17-b8ce-2ff333624786","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce2d22c6-fce9-4d57-ac80-be985d645465","block_type":"box","text":"Securities Lending.","page_number":117,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"d6917d2e-e550-46cc-b9bd-dd6c5436fdc1","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":117,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"ca419ca6-c755-4f4b-9598-6fa6b48d0516","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":117,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"5e05c64d-d5d0-4122-ab1c-38b3e375d513","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":117,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"d3e70787-9627-461b-a2e5-0e2135de6957","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":117,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"cb350b8f-d50c-4e44-b2f3-b29069493775","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":117,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"9402d492-45df-41e4-ad37-3a02299d5144","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":117,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"fffda18c-06ef-472d-a06a-c56fc79e2147","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":117,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"36879bad-f0b2-4721-8de1-881bd8975743","block_type":"box","text":"the securities were not on loan.","page_number":117,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"9b474217-0eca-4064-b317-74aaa9144f02","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":117,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"13110c41-d441-4447-885b-67ffc367a56b","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":117,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"c00b5717-fecc-42b2-a8c9-77f6fb468604","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":117,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"be661b7d-6eaa-4b13-a1a0-4072e7233aa0","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":117,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"7d53fcfc-7aa6-4117-a2f1-75b7f867cfb1","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":117,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"7c4fc1f1-d7c1-4419-91f4-207d4f2482bd","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":117,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"d6ddba41-95f1-485c-b761-ad8103022ac4","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":117,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"0a31183d-3284-4674-a4c5-84e03e6e9597","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":117,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"3ff001b1-1c1b-4831-8f21-803af85a7e56","block_type":"box","text":"i.e.","page_number":117,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"42eec212-1949-4bd9-b136-21716e462120","block_type":"box","text":", the risk of losses resulting","page_number":117,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"efe78247-0a71-4179-9eac-3625b3c3f3d0","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":117,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"19b76a45-d9fc-4f3f-b3f7-d949e4a05cb8","block_type":"box","text":"i.e.","page_number":117,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"9c02592b-4895-4fff-9401-6d28a4308312","block_type":"box","text":", the risk of a mismatch between the return","page_number":117,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"4e4dd97e-552e-4fc2-b20a-1a0bd2edd069","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":117,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"d314aef9-1f3a-46d5-b884-a193b1c221ca","block_type":"box","text":"i.e.","page_number":117,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"00750194-88d9-47f0-ac35-3b07d2847a8c","block_type":"box","text":",","page_number":117,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"4d6673eb-a474-474b-91f7-43310b7f5445","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":117,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"682c766e-40e8-4df1-b2a2-f4890045d9a1","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":117,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"51efb6b5-816b-4994-8955-a07a65c306f9","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":117,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"ccb0d290-7418-47e7-840d-ee740ddc997c","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":117,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"29151ce9-d442-40c5-a118-1b3e4c4f62a6","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":117,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"9a858368-2632-4dae-9f1e-6ab988538a79","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":117,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"a522b445-5dcb-43f7-852c-0b950fc775ac","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":117,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"c39ce2a1-b8a8-4db4-85fd-816abd6f6983","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":117,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"214d53b4-47df-455a-86cb-e3d8ab0c543b","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":117,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"8fdf37e4-e650-4f10-8e98-f8b166930008","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":117,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"7ea1d90d-6b1b-4175-8454-268264a8ef1e","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":117,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"830a7bee-8643-4543-831a-27ea20063539","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":117,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"ae2f60c9-3010-4a7a-9ca9-c27dc0a9be39","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":117,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"a805e769-c769-4c77-b645-ece3739df573","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":117,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"a36580e4-9311-4e1d-b02d-6ce03291f294","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":117,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"440080bd-09f0-4a70-86ee-6203bf1bfaf3","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":117,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"18af2b97-d7ce-4166-be0f-b88e304eab53","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":117,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"09a015ee-5e00-42be-943c-ddd32047f256","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":117,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"ddb2c40b-3912-4b95-98d1-dbb35eae2f77","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":117,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"8cfb088c-8634-407e-bba4-d61e795fe315","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":117,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"3c6a331f-57a3-4625-9e0b-d2012be6504b","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":117,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"73cc4360-3d80-4c59-ac2b-e1924c2b7a3b","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":117,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"f382f19c-773c-4c80-afed-bc03e989f87c","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":117,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"d6e7cec9-7c72-45ea-9d01-2919aa80bc09","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":117,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"410554f0-c6d7-4ef4-b336-2a362cb6bedc","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":117,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"83f89964-d313-4337-bbd3-a70d5524ee7a","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":117,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"a3ec38f6-d1bb-46dc-b241-dc97f211f1d4","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":117,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"99581700-9e87-40c6-aeb4-f216ee759382","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":117,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"20c5a3d4-7bd0-45d9-909b-8acaabd65297","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":117,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"30972479-fc7b-40d7-bab5-da7b28510441","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":117,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"dc6c2076-930d-425c-97ae-17971b35d21a","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":117,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"42a12b04-1bcc-4fbd-aac5-26bade2dfaa4","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":117,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"c199ba9b-ef31-4ba0-aaff-9fee3b084539","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":117,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"cf329161-651b-4f7b-a12b-27ad4463ceaf","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":117,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"f623ac28-cfd8-4f71-8ced-8ed02bc98f3d","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":117,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"479b1183-6f43-45f5-b96d-59245a1b7710","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":117,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"fb0e9737-66d9-4552-a737-b6a5d3d759ed","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":117,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"00aa4459-7703-4085-892f-ea07d7610ec5","block_type":"box","text":"II-73","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec62ff92-98cb-49fc-83a7-f23668a694b1","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e77ce3ff-85fc-4d3a-88c6-d2fa9b51091f","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":118,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"ecfbce74-b890-483c-8b4e-96d7e149f36b","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":118,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"202ea4b9-6e0d-4ee7-bf44-d2e069a2cd2d","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":118,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"29f862c9-c418-48bf-9c74-03af14b2bb62","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":118,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"0e291d7d-6d30-4eca-be56-f46b30b24953","block_type":"box","text":"the current expected compliance date.","page_number":118,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"10ca78fb-3606-4bb4-8878-9e356815c70f","block_type":"box","text":"Short Sales.","page_number":118,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"97cde7e4-371c-449a-b4de-ef1742b5fce5","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":118,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"3f29d017-bad6-4d7a-bca8-2b22ce5b49d7","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":118,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"647d311d-ed05-478c-9f86-a8baa4514196","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":118,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"d252f0a8-cfef-43b6-9000-f6222e2b2458","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":118,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"1b4b5caa-7292-4b65-9493-17e8c90caa20","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":118,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"068f4d76-1417-493c-b319-043222d464d3","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":118,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"096fb336-03a3-43cf-afad-012815ac6bc9","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":118,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"e0e7f7e8-51c8-4a6a-8a21-a96e0ede5358","block_type":"box","text":"securities to the lender of the securities.","page_number":118,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"d1fded7d-4aa1-4b8d-a085-6a5c4fce18c3","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":118,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"463bda6f-931c-47eb-9901-e64b9a07f5df","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":118,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"17992f07-4c7d-45b3-9704-bf1a4685e55e","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":118,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"97520a74-e21c-4b6c-ba32-a25a6c9c087f","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":118,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"e827c494-584b-4fde-89ff-822d7c244725","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":118,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"16a51a39-019f-4824-a840-3948c1c20bd2","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":118,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"dac65c46-1013-4086-a891-dcb75453b1ec","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":118,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"488c89f1-a8f2-4df0-984e-7b5d63d5875c","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":118,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"2d233487-f30c-44b0-84c4-ae0ab2ff0165","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":118,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"8f16f303-63d8-4005-83e3-610c2eac8022","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":118,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"8c9c9d6c-b7b7-4f8c-8928-b7493e4d8724","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":118,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"6bad36bb-4a78-41cd-a09c-656634a18350","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":118,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"004d8986-641f-4f5c-9511-c22750cae0e7","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":118,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"849c2539-73a0-4550-8f51-123a5cd97f07","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":118,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"604c027c-7be8-4bd0-a402-01ea6f140462","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":118,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"470f02e0-315e-4649-93e7-5a6f5773d429","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":118,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"d06cac62-b5f4-44cd-9cf5-9080ced1e14d","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":118,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"e14f6992-bdc1-44ef-942c-93bbe7f98fd1","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":118,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"3c3a0fd2-b6f2-4945-a244-2e65de77bd90","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":118,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"84293482-a7dc-4cd7-8adb-a0db2e771963","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":118,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"e1cedab4-6373-4c40-9603-b8fe7f95cb98","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":118,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"074e4042-3c44-4873-9508-aa358228c714","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":118,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"318c6861-a975-4609-8df8-81038e9e52dc","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":118,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"0b1681de-3e09-45ca-b34a-f1b11bce8a1b","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":118,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"324260b2-233d-418d-822d-a04dae6c41c0","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":118,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"d9f80f59-1c60-4686-a3d1-bc78e932a1f3","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":118,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"634a6ac4-9f3d-4de4-aa5d-5dafa2953e20","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":118,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"f6cbb87b-5cc5-45a7-b97a-095948bfe736","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":118,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"2f9b3310-5b54-4dc6-92f4-02d1927d8bee","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":118,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"52ced7d5-97b8-4a17-a235-50e0a1d0cdf3","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":118,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"827a22e0-6c21-410c-9b39-26ccc96ef450","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":118,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"34ce185f-5a2c-4680-a8a6-d51292458ca6","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":118,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"62d902e4-e80a-40c6-a880-9055e4d72d08","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":118,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"b948cc7a-8b34-4ed2-8829-f07e61073315","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":118,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"64d303fd-cfa1-4e90-a9e1-cd7347cbecb7","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":118,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"7dabff81-e7d7-4865-bfb8-fc2a79b6c64e","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":118,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"077d778a-877a-4511-be8e-727b28b83f86","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":118,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"ac52666b-df90-46b0-9479-426b59308259","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":118,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"7919f198-4117-4803-bbe6-464e3246e35c","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":118,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"fabf5c5c-3846-44d8-b005-27af102a052c","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":118,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"2e63fd31-f836-4b8c-9812-4e430c69064f","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":118,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"2685d536-9416-4439-91f2-d6b52238177a","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":118,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"c96b3913-250a-4ba3-b1b8-5259f75cb0ce","block_type":"box","text":"II-74","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee968791-3bbd-4cee-bbc1-fecf9a10ca69","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a96c5630-02b3-434c-8d47-f81eb9118ba6","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":119,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"ba3114a6-606c-4816-a03f-bd575c04b83f","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":119,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"04d42fd4-59b1-4c0c-83c6-727674acf7aa","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":119,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"a344a0d0-430f-4f43-821d-4d3307cb54a4","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":119,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"8bcd2760-b995-4a31-ac71-2b105a97074a","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":119,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"11459e80-dcef-43c5-afc1-019f9f05f996","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":119,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"c3fda778-e0eb-4b3d-9df6-d1dacdffbbf3","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":119,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"496aa101-c861-4a17-94ea-c195f7e5909d","block_type":"box","text":"Standby Commitment Agreements.","page_number":119,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"3850e861-152c-4826-b955-a50d2ebc4a9e","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":119,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"c4b19ddd-a527-46f9-8df3-e29917d5178f","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":119,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"ec1861fe-7572-4d88-a65b-c9a18fc2c26e","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, a Fund is","page_number":119,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"e095bb66-28e4-45be-8e91-352b129e7f8a","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":119,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"5958e80d-d1be-4637-838b-11dc245453f5","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":119,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"5116cdd1-59af-4b1b-8629-eb0e40c9b889","block_type":"box","text":"advantageous to the Fund.","page_number":119,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"e3dce9a4-120e-4a79-b4b1-fb7b7b412d96","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":119,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"c15c5cf7-3475-4cfb-b058-c694b7d28ea2","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":119,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"7a10fb38-5fb6-4b5e-8c45-cf022f670d76","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":119,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"1c4287c8-3432-4c26-9533-9522cf1714ef","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":119,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"10d3ff58-dfa4-454d-9547-7b5e9bfad743","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":119,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"f526acb9-ec9b-42f4-9ab2-d03305dbd3ba","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":119,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"66e050c4-c06d-4d82-9919-57b41e6ea6e4","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":119,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"1d5bf76a-58e0-4ffb-bfcc-528eafb18f8e","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":119,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"51f2afe7-20da-4d5a-bcd4-5ab99ceeea08","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":119,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"beb65e25-18b5-4ddc-8247-8bc4e660647a","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":119,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"486a77fa-d092-4b8c-8123-58338b924b34","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":119,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"396799d9-f9d0-48af-a9a0-08f1673bae8c","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":119,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"d8eef49a-1c97-4f39-aec7-7d19a32c173c","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":119,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"f079277b-4817-464b-8f39-49fe20a1c096","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":119,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"cd1fdbdf-0d4e-4ea3-863b-d2ae772daa17","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":119,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"263daccb-b240-40c0-b2ec-e9699c773d39","block_type":"box","text":"Stripped Securities.","page_number":119,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"ba67469c-4b01-48ce-8940-ce11ddee83d6","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":119,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"9974226f-5e97-4cf0-bb06-d9fbdcc82655","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":119,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"adde0552-3e1e-47ac-a892-41f5e1f235e1","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":119,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"540ac824-c5a8-4c62-8cf8-c5720b60cca5","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":119,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"de128160-c8b4-4f12-95d4-d53a90b20ba6","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":119,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"8a33a879-2504-4111-8c5e-4abca67f6edd","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":119,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"1c1a43ab-1b1c-4daf-8621-d694d60dc5e2","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":119,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"5e74856d-fdad-45de-acd7-135662262e0f","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":119,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"d49a40fa-b78c-46ba-a4da-df4445f35f03","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":119,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"aa04f0b5-1e1b-4a20-88a5-c83eac6f688f","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":119,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"e0d80379-37ad-4960-953c-1b3e7d599597","block_type":"box","text":"Structured Notes.","page_number":119,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"c57f1867-e0dc-4071-86cf-4fbfc630d0bd","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":119,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"b3e6ea07-228d-45f7-b6c4-579c5e4d6225","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":119,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"1b89020c-01af-4221-8d8f-4ab587a4a992","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":119,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"0a64a17d-ca4c-41df-a694-053f2107bf6d","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":119,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"941e0c0c-a4f6-4cbb-b7b1-750d625ac98b","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":119,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"e2d548fd-bee6-4560-90dc-c73ac7e31fd2","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":119,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"1059d650-591e-43c1-8c07-deb6c2ff6c90","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":119,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"810633c0-3e11-457a-b6cd-05f75b446e80","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":119,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"0b51e9ed-1d11-46ef-ade7-af8f5009006b","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":119,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"754cf9a1-1060-4129-b673-0fd80a38adb5","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":119,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"02393efa-912f-4cb3-b3dd-7c8ce27f975d","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":119,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"c84835e7-9e49-469f-a00c-fa10a579fda5","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":119,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"1d4e32dd-269e-4876-bd86-4f09bce80658","block_type":"box","text":"the risk of loss.","page_number":119,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"266046f4-0e27-4c39-b30f-c2152dba5ffd","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":119,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"86bad583-2563-462c-8a98-bb872bde74a4","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":119,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"289c14b5-b4d7-4a36-898c-c59bf14bd661","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":119,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"b53a250f-d1b8-4829-9e78-12050835bb6e","block_type":"box","text":"II-75","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27b3dd47-5f10-426a-9d28-dae3d98e81a9","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f230066-bfd5-4a21-9c8f-4be5ed15c386","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":120,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"8441e5fa-a66d-45ea-8c46-50e8a05b3bf5","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":120,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"61c651dc-f98b-42ae-b60e-dd0e99a6b447","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":120,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"8aeb761d-26a2-4c9e-af08-2fef5302c89d","block_type":"box","text":"Taxability Risk.","page_number":120,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"65713d75-a6d3-4703-bcec-8eada42e355e","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":120,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"6804d75e-0d2a-4949-86f8-fddbe7407196","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":120,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"9ead61a6-e3bc-4cf2-bc29-83cd54244dfe","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":120,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"7e4ae2d5-7a73-4998-a7b2-6cca4b737917","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":120,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"c0896030-9fc7-4917-8b5e-cedfdd9b0a72","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":120,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"c924507c-8b68-467b-9fbe-80fe48284369","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":120,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"d2d3a509-419f-4dc4-83f5-0437fd50f44c","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":120,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"118dffe2-08d1-496c-9cde-379cf46b70e2","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":120,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"0c1c99b5-ea17-4c28-a8b3-c1fbf1352e37","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":120,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"455bb0fc-f37d-45de-8663-057bf79366df","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":120,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"8e2e06cd-d900-4fef-825d-cd07c1ffc9e1","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":120,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"b0764963-65b2-4cc4-80cf-3109a0ec5cf1","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":120,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"ca813d98-23fe-4391-8dbc-991e42ec1848","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":120,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"c593e3e4-0b1a-4b0b-8d8b-0dd62f2153b5","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":120,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"d65f4f4e-f808-41cd-880d-3d703c84daa4","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":120,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"c2e0ac69-dd47-46f4-ad3f-825909ff732a","block_type":"box","text":"the value of an investment in the Fund.","page_number":120,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"b5432232-b0eb-43c1-8d81-ead6d55959ab","block_type":"box","text":"Temporary Defensive Measures.","page_number":120,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"9df972c2-67c3-4e12-98a4-fa719fceea95","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":120,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"41b2a39b-1462-48fb-a0e5-634e0e47e320","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":120,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"aab10bef-9703-463a-8c83-0a495d5cc82f","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":120,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"b521c13b-8e40-4cd2-89b0-c9d6afca03db","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":120,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"555f2237-20e5-49a0-8449-46d03d9ddff6","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":120,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"406d35a1-6284-433c-92f0-c7b34f8bc0de","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":120,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"588273c6-c21e-41ec-ae29-9cb360c08249","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":120,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"635082a7-1ef2-4578-9865-3db2b6a71331","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":120,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"49cd5aeb-e203-4097-be84-6998b1e3720f","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":120,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"c68b7509-0acb-48c6-83d1-f7a23aa617e4","block_type":"box","text":"its investment objective.","page_number":120,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"ef51e92c-68dc-432a-89ed-cf284001b6e5","block_type":"box","text":"U.S. Government Obligations.","page_number":120,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"8e5d0f64-8e11-4b95-b030-b460c3ca50db","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":120,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"29645a3b-4532-4516-bd60-6a01f4570159","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":120,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"f6351d71-db40-4d31-82ae-7e69fad66a0d","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":120,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"b83a7645-185e-4226-b6d8-861bbd8b7785","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":120,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"61675fea-ecbb-443b-8dbc-be2e7ee5243a","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":120,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"737c7007-2772-48f5-a42f-cc49cc51c6f5","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":120,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"725ad527-cb8d-45b8-aa61-a95e01969b44","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":120,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"fca06063-6068-4c48-9d1d-9898a8bfccf4","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":120,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"f86e64a3-d574-48b2-8da7-775a7d34feef","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":120,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"82f44e28-f544-4246-a727-798f3f03dbb9","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":120,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"88feec28-606b-4e2c-8f50-b3ba251ca822","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":120,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"bbeec284-8797-40b5-ad10-d11a2bbc4f98","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":120,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"bd2990df-b809-4aad-bd88-86de2646d7b4","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":120,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"7140013a-8071-4d07-a8df-ad68b1de2358","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":120,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"9a5d4e92-2bb0-48fe-8b8d-ebc7ae096af0","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":120,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"d0892cd8-6389-4614-b194-6f5514148e44","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":120,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"b9ee35dd-bcaf-4b6e-a4d1-ca88cdef0756","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":120,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"a5fc12e7-4336-4169-a921-beacc7256931","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":120,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"397d7802-5273-4bf9-964e-a9806ebd43b6","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":120,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"83ca2129-088f-4b7e-b3de-07c29cfdc9be","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":120,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"8e87f864-4a26-45f1-81af-05342608126a","block_type":"box","text":"U.S. Treasury Obligations.","page_number":120,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"3c2751d9-8ed3-4f32-a8a5-b5b1fff74034","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":120,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"7c0cfddd-a9d3-4de6-a62c-8c118d1a3912","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":120,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"7209516c-219b-4278-a02a-fd58be0ea218","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":120,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"00df8314-d8ad-46fe-a477-62dd50688555","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":120,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"489c95a0-662a-416f-a4dd-463ebe749502","block_type":"box","text":"do so.","page_number":120,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"97d844af-dab0-4596-9acb-1115dd365c78","block_type":"box","text":"II-76","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"feb3999f-7fa8-4095-99bc-99b41535ecde","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01895c16-efb5-4a5c-b687-70a1c9baf780","block_type":"box","text":"U.S. Treasury Rolls","page_number":121,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"3078d199-e215-404f-9b51-39304081a798","block_type":"box","text":".","page_number":121,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"f02dd3e3-09f2-422e-8222-57ed8301ead8","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":121,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"bb3c0abd-3780-43fc-b62c-9b6acb54fbed","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":121,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"5421c0d8-fcf5-4cd2-abd1-f125a0034a18","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":121,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"040b719d-912b-4514-98e9-87d939530393","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":121,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"a95a0557-29a7-472f-ba2b-fccc4dd10547","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":121,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"8b406639-c719-4e81-8934-135c1c30ad10","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":121,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"afd9f319-c89a-4b06-9cef-39c21e4dc2bb","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":121,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"fa386c2e-e7aa-4eca-99e3-8daf3644ce86","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":121,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"6de1aece-21d4-4c93-9b32-05dc3f1421ce","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":121,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"dc64a778-1ec5-4bd1-8cb3-16a08a8bbb32","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":121,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"78f492de-2966-4df3-8443-d9b9b5f51d6e","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":121,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"4488e101-33de-4984-bd17-5f3285b517cc","block_type":"box","text":"Utility Industries.","page_number":121,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"e399e97c-687f-4efd-8694-072bd9356c20","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":121,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"00378c1a-d077-4b91-8912-d225cb679601","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":121,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"c71db650-a414-4136-bbe2-50a4a381a0ea","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":121,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"679a3d5d-31d6-4bc0-ad7f-f7f728f5f975","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":121,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"e2e02bb0-fce0-4861-b0cb-ff1a92b5b7ec","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":121,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"87741491-31f8-4423-86ab-33572a080d6e","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":121,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"8d5158d2-9e50-43d7-adf3-f6eddbd86698","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":121,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"108b0b28-60a4-4e2d-b4d0-7255139df745","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":121,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"1d5b8ae7-acd7-4993-adcd-5486c4095287","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":121,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"5973cfe2-4ebc-4227-a8de-0bb07156f567","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":121,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"70d56ed8-7c2f-4462-b302-cdc6a366b9f5","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":121,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"c9d4cc53-b98d-40f3-b7c4-06bb3b00fb3c","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":121,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"e0673c36-ed33-4d35-9473-89b5301726ce","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":121,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"eedce467-bc45-45e3-b53a-ad480132adce","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":121,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"751bee97-0b1a-4de0-ac0f-9f293bd3f761","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":121,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"dceddbfa-f2d5-46c5-9503-6d1c1cc0d149","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":121,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"167a7b0f-f7f1-48ea-b927-b6e60b299c73","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":121,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"03f26308-66cd-4b22-baf8-095769de1cd0","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":121,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"63e22d26-80cf-47a3-800f-5ef6f21e7339","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":121,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"88314d4a-3ebf-4f96-8dd9-f62074c3eb77","block_type":"box","text":"utility.","page_number":121,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"6db0404f-5e22-4b27-907d-3c393e5762a2","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":121,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"1f639f6d-0cc8-4309-b893-4fe23ffe66a4","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":121,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"91a1e96e-67f9-4a78-bff6-e2e3c9049c12","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":121,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"fe2a8b9d-188d-4223-91f0-6078c5caeda5","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":121,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"4c6da088-34a3-4987-8550-dafcc635d3d7","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":121,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"9cd787ba-ad40-483c-830a-f3baa8bf86d6","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":121,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"0f927d2f-bf33-4a22-9ef8-7d971d0a294c","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":121,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"7dde7e9a-4df5-4608-b1dc-6b53705c3756","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":121,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"e3959299-a46b-4f96-b13b-c30727362e99","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":121,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"5a3e8d22-d1c9-4826-ad98-1b18d3adcfba","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":121,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"ac530d2d-db56-4106-867a-af3d0c4a4c77","block_type":"box","text":"continue in the future.","page_number":121,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"4fad8301-ad9a-4e98-bc1c-37854a8c7571","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":121,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"1ca219b2-b57d-443d-960f-83cc5a47a7c8","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":121,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"332844df-4414-4d23-97ce-8cd83ce3ce02","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":121,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"178fe269-a5d6-4241-b1f5-5a6d67fe1f3f","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":121,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"e963b0bd-2539-4e81-8853-f8e07a16e7ff","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":121,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"18f131ec-6936-435e-bcfb-cb086e93b642","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":121,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"7ab8f339-31aa-499c-9164-51c2c427b03c","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":121,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"3b6de71f-cf74-4670-8f4b-8404d7c9923f","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":121,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"b6360bdb-9d5c-4c0e-a2cb-4a2685409a59","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":121,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"c102c1f1-9149-4534-b170-7808a431f3a8","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":121,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"7abea5d8-e257-4759-aab2-41c0d3cbdbee","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":121,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"b04458bc-63d0-4758-a0ee-d5d1b9008512","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":121,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"851cc935-f7b6-4181-bab3-e74ee968894b","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":121,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"ba95a95c-3ba3-4d93-96ec-d5e7f297dd9d","block_type":"box","text":"II-77","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05370b22-c16f-4c0c-b8ea-b09b1747ff03","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbd997bb-4d61-4378-993b-1cfb9a85b7d4","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":122,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"ef5201a4-f73a-48fd-a377-66913a0d6553","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":122,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"46cc341b-3828-4cef-a0e6-5c3d80831754","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":122,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"c3507a6c-a27d-40be-8d33-16c3fd38931c","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":122,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"fae849f4-8239-48fe-8ba7-9d99b9ce09ea","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":122,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"bc49853a-dcd4-43be-9483-12b708712d38","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":122,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"26337516-6ba2-4400-a12a-90cbd37a215f","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":122,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"73f7626e-03f6-43f9-9403-5e28357e3c7d","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":122,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"aa23d81c-d900-4418-be82-d31d61740812","block_type":"box","text":"ways different from regulation in the United States.","page_number":122,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"1b8e97a8-039f-4eb6-9296-bd928df94f08","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":122,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"5070ee04-582d-4a76-9881-33feb2d4a30e","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":122,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"e2449db8-00d2-4318-bb8b-007651200255","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":122,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"cf9678c3-865e-4250-9cf9-300646ad97c4","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":122,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"1d3b37a1-4e07-4491-a4e8-0ea90c2f893b","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":122,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"2c05d478-7a78-469b-8653-2061e38e9c73","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":122,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"014058a3-e2a9-400f-8169-fdb028fccc35","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":122,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"bdfb1ca8-12f4-4841-b1bc-4e7effaf150d","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":122,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"2a668714-6435-4eab-8565-e8455e7480f8","block_type":"box","text":"increase.","page_number":122,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"16c7e1fd-f00a-4639-9f73-ecd8de580c32","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":122,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"edde7c01-a926-436d-acd2-931341688c53","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":122,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"ea78f530-e1a0-4857-a240-a97719b27c28","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":122,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"4a76c879-a701-4b00-871b-02d1b0c5f4c4","block_type":"box","text":"Electric.","page_number":122,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"7595e8af-5f71-48f8-a4bb-ceff23c3ef28","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":122,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"fc3dbcaf-48f3-4c3d-a08c-342bd96bcb3e","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":122,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"b1302023-f2bc-4c7f-9b6d-eb87d2f4a24d","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":122,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"fca42024-5d4a-4572-8d9d-169d9650b689","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":122,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"1ecedb6a-8c64-42be-b37b-c7b1d4188e74","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":122,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"35988fed-3011-4032-9e90-5b19bd6da227","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":122,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"521beff3-e684-40ac-a339-d05d8ae1e4f9","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":122,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"5ece2450-7eb1-4753-b8c4-24d741ee978a","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":122,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"eda70a9b-d4ff-40a4-91b5-7075c30b7813","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":122,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"0fd889e5-f4a9-4c27-bc8a-337834f50594","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":122,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"d03789be-efcd-443d-81e1-ee2105609214","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":122,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"37dd700b-811b-49eb-a9ab-5dd29557006a","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":122,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"80ee3e65-31a6-4d56-a87e-987b0a5acf64","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":122,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"0ececf72-0db7-493f-bf2c-ef89b3c9753a","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":122,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"11509841-d700-4d18-8cfd-caad65f55f6c","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":122,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"673bc755-3316-4241-aac6-3c394bd94fc6","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":122,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"1ce5ee02-d80c-47e1-a0b2-5a46ee4bb62f","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":122,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"e70c54cf-3a79-43d6-aa9c-14089a2d99ce","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":122,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"1f79bf53-04f1-46f2-a60f-e13ffe42941f","block_type":"box","text":"and for decommissioning such plants.","page_number":122,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"987cc21e-ab0f-4d53-a5e5-778bd56f11ba","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":122,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"3a78de9e-c9c2-4be5-8466-61f6f755e66c","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":122,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"2bba8379-6234-40fc-875c-5dfe0effa3f0","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":122,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"0be1dc2a-9c75-49d8-b61f-f49b9356d924","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":122,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"65c8afed-c0f5-4edc-beb9-a3904146f550","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":122,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"b275e11b-c635-4bd5-8857-fbe3f64bebd8","block_type":"box","text":"greater predictability of cash flow.","page_number":122,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"fb461453-0295-4d84-acfe-de6fa334919b","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":122,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"d7e366f3-5799-4c5e-8bce-ed3559742876","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":122,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"f2e4f387-f8e4-4aa5-9648-aecd6641e5ae","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":122,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"22d76327-aeeb-44fe-b0a0-8594fcab25a6","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":122,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"39a21804-4ba1-4d8b-87ae-b1100a6b95a8","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":122,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"a5cfd1e4-6c97-4ed3-91df-15983c3c45a2","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":122,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"b24150d8-dc67-4117-af5e-ecf11ba3c88a","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":122,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"c9c29cea-eb01-4af7-937b-33fd1907d4ec","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":122,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"a8fbe720-6ae0-4d17-9fd0-c5c1ccad60db","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":122,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"3e845213-7e51-4fd6-9381-c803e6b21050","block_type":"box","text":"II-78","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"73fbd8b1-7d8a-48e4-91b2-277769b8dec1","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"018e0bdc-6d1b-4890-a5f4-08b9c70b72fb","block_type":"box","text":"Telecommunications.","page_number":123,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"7c20f8f6-5865-4d7a-b8a9-42282b54423d","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":123,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"9c822dd7-cc6c-4adb-beef-9fafd2ae36e1","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":123,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"9e74b23a-b87b-4ecb-b8c7-7716f155141a","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":123,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"73d0c56b-2304-42da-815c-b0764e8c1ce5","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":123,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"8d156bf6-06b4-4314-81f8-60674f0c53f3","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":123,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"b3f1cea8-afb2-42a6-9674-582e8bfbb25b","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":123,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"ab3b7b2d-9882-40e1-bb8c-de8e2ed2e53e","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":123,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"125b4b60-828a-4522-94ae-d977896d371c","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":123,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"eafc54da-6f41-436b-b67c-62164223be6e","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":123,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"12dafa42-af69-4308-9d82-9f8f2b90327f","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":123,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"1dfbd09a-1186-44d0-a974-93ff12c70344","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":123,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"6a5cfb84-666e-478a-b22f-e95c1cbe4407","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":123,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"8f7c4639-0fc7-48a2-b2c1-1568ae576b44","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":123,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"0252e41f-f601-4205-bf84-9ba25922a90f","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":123,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"c538f8d7-4557-4535-a989-49b0c68e0de7","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":123,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"e96741fb-c2bd-4b23-890a-0ec1971d98d8","block_type":"box","text":"residential, corporate and governmental customers.","page_number":123,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"a19219f7-a08b-454c-b060-231b2b82fb59","block_type":"box","text":"Gas.","page_number":123,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"6bb42ece-01f1-40bb-9eab-b413784df6c7","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":123,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"a5ffa5a4-9fde-4334-9295-13a79ccd73a6","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":123,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"5a2cdf9f-4e5d-4a19-b448-2af9b33f0cc9","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":123,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"c77d8238-b63e-418a-8831-2d9c97338829","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":123,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"47521168-10ee-4fac-ac9a-e7805f25efe7","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":123,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"84a5040f-372d-4300-b0ed-526126195659","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":123,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"925b2a00-fcec-4dae-804a-c8b3c9c2d52b","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":123,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"51311311-53b4-4ce1-925c-d07e2f75c007","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":123,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"23f624dd-8a72-4a5b-8713-dcd8eae3212f","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":123,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"63513cae-69eb-4f13-a2f7-aa5539c529ea","block_type":"box","text":"Water.","page_number":123,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"14129366-3b2c-4113-95c9-b104741a250b","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":123,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"d8342ea3-70f7-436e-9d96-d7e909684217","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":123,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"4421d438-a8b1-4c3f-a68f-f3dad049b161","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":123,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"9ec75c2c-14a5-4328-b4ba-0061ab182549","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":123,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"eba45c01-e68d-471f-b68f-3c285e2a8b5b","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":123,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"ca7b20bc-86cf-4814-8e05-8049d75b7529","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":123,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"ebfa849c-969c-4ecb-9dc1-abca033e1a57","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":123,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"0714a529-4eb2-4cdb-8151-c9c1bfd1c972","block_type":"box","text":"Utility Industries Generally.","page_number":123,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"b1b2e781-12d8-4fc8-8337-0be02cd571a6","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":123,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"6f75b066-a87a-4cfa-a8f1-52875fecee90","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":123,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"9f31c86a-046e-4d4a-a3e1-386208d21970","block_type":"box","text":"not develop in the future.","page_number":123,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"c22df76d-42ab-43ad-b0af-57d16d6b5ec5","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":123,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"746ffeb7-397e-4976-8cac-573091638f4c","block_type":"box","text":"A Fund may purchase or sell","page_number":123,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"2f58c4de-dfaf-491b-b52b-497f33119a79","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":123,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"5dc8df10-79e7-441e-b1af-4951f11c87ee","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":123,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"609e7af2-9c4d-48dc-b64e-fdf67cf7bb91","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":123,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"f0c81824-26e6-4793-a971-f38fabe7a845","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":123,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"e1193f26-3dd6-404b-bebc-f935999cdbcc","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":123,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"f081ce8d-cc8f-4776-9d53-b0ac405077ec","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":123,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"102455db-d6b8-468c-9e77-b0a6d8b9f055","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":123,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"07c03bfa-2e3c-426c-8452-e97fb4dbef68","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":123,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"4d4688f2-a4dd-4ad9-82a5-b09a07f8e728","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":123,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"3e5e7a18-1c4d-4b3c-8463-da481527b81b","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":123,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"3d52775b-56ac-4e5a-afba-e5bd4e3d4b88","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":123,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"d434829f-971c-4217-8476-dad0d1490d29","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":123,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"132f1f9f-27ff-48d0-a7c7-26df0a021525","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":123,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"506a4e15-f8ea-4415-b0bc-93ac04d2643d","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":123,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"747a0c33-b388-48b8-868d-de5cc11057dd","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":123,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"952d5a40-f9f8-4dcd-945f-3b46be760f59","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":123,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"a17550e8-9bc2-4751-86b7-3f1f89b473c4","block_type":"box","text":"II-79","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1bea258a-2830-42d8-acd5-578faeeb95b4","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8510f68-4bd2-45f5-b746-b11307e4fac5","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":124,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"4b560a6f-217b-4024-8e01-ebc7ac360c44","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":124,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"bd76b09e-e923-4db5-b0f9-1cc17b0da2ad","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":124,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"2f661700-0990-4c4c-b667-7866f648c56f","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":124,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"7a75fc67-1ca6-46bb-87bf-6b15fad9501b","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":124,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"7b24d9d8-4093-4b62-bfb5-08dc998f20a8","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":124,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"098b09e6-12f4-4771-bb73-fb73cc2a1729","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":124,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"6c5f0727-381a-4596-ac0a-c232c76fb39a","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":124,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"ad748020-4c5d-45d3-b05e-cb0185a750a7","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":124,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"b5a113d8-a460-44a9-9d46-bbd4c227724e","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":124,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"f35df41c-158b-4d24-9688-378aea922dee","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":124,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"6f9e4dee-d2ba-470f-b277-b80737659e39","block_type":"box","text":"securities (","page_number":124,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"e1d915cc-8a97-43fb-9d95-9f3ee157f581","block_type":"box","text":"e.g.","page_number":124,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"7521ecd9-18e4-4955-9a7a-170eeed94105","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":124,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"a93133e2-b038-4cca-ad4e-da2dad672527","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":124,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"28a7798d-d96e-482f-b465-da38be64f65b","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":124,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"31a26805-0115-4264-81a2-24d5c3d83b05","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":124,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"21804527-a1d1-4c73-ad3d-c49de04d845d","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":124,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"0272bcde-1025-4c1e-857e-73b43292d832","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":124,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"c6c286a4-f990-49dc-80a2-e7e9ddbd9dda","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"5397816d-412e-4c9b-abab-c3686eb92318","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":124,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"15812865-ef33-432f-844b-c1259f2fa5c9","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":124,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"03a629c3-b906-47e1-97c3-c667bc423136","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":124,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"a873cbf7-7d69-4ce3-84f4-3e5cf63f361d","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":124,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"74feaa9c-b708-4538-a7e9-ec9d642ba993","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":124,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"ce76735f-6441-4da2-b5e2-6514eb848560","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":124,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"63d8eaf1-1a12-417f-8e80-043fbed3a5a3","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":124,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"120b4cf4-7e48-4441-bde0-a5f99e373dac","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":124,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"f8e79138-1707-46b5-833b-6f2a9c676875","block_type":"box","text":"Yields and Ratings.","page_number":124,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"f21a6a8b-5eb1-467c-be83-63f8859e47a9","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":124,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"430842f7-9d0a-4231-aa77-fdebbdf5960b","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":124,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"1ab7f39d-c1d4-4fbd-a94c-779273b85ef4","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":124,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"c8a266cd-0bcb-4b82-ad1f-4312228f7bd2","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":124,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"ef7d3950-3ebf-401d-9361-a12e61bf3f82","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":124,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"0e711aef-7fd7-45de-98b1-b864952b8636","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":124,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"b99507e4-5100-433a-aa7a-407a77498948","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":124,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"294288cd-9692-44a6-ba6a-d0090e0f78c2","block_type":"box","text":"continue to hold the security.","page_number":124,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"19130b6f-5638-4f5f-9b48-8cd2676bc290","block_type":"box","text":"Zero Coupon Securities.","page_number":124,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"148a1fe2-b62b-4cfc-ae04-7ca9d412113f","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":124,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"90f08593-9fa1-4cb8-9294-38990d082e4a","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":124,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"32adc266-3ed9-4cc7-9cdb-4104bacee570","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":124,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"2ced2072-08ac-44cd-8a62-0c64f72f73c7","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":124,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"f678b648-51be-471b-a2cb-debc12c27e21","block_type":"box","text":"security.","page_number":124,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"4a601e6d-3ad1-4377-b03f-6f8e8cf77f71","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":124,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"c8c11f4d-3c59-4f27-bf16-b0127c251ec0","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":124,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"5470a4dc-279f-423f-bc34-746ddfc2e0f4","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":124,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"b3d52324-e7ae-439c-b5c8-46186d00e30c","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":124,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"6353111e-4a97-4c22-9a78-5871b4cbdc87","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":124,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"f5b5f8de-6a12-4445-a5ac-2f6bf5e69ecc","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":124,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"8bf07a07-e987-475c-9875-4a310e2223b3","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":124,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"5d65d537-68bc-4435-aec6-36a38cb7af16","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":124,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"f560b8da-61a6-4e35-9d3f-d212f90de814","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":124,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"170ec043-b940-4680-ac6d-c0489b50bdad","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":124,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"dbae73f1-1852-47e2-a56a-a7cfb6f4b0f4","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":124,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"36332388-c917-465c-a3d2-4dcaa3701aca","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":124,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"04fa43b6-f505-40c3-bf46-0a7e488d78b7","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":124,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"8ac63952-12ce-4139-aed1-a4d02d02098e","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":124,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"929b9d6d-539b-4023-bfaf-ef760e380cf3","block_type":"box","text":"intervals.","page_number":124,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"0ac24ead-b3df-40be-b5a7-e19d29e01113","block_type":"box","text":"II-80","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b7662c0-747a-43ab-a75a-b786503b36e8","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50b85abd-5a1c-425a-85bb-b21d329b165f","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":125,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"f424c3bf-0dcc-4f95-9828-5994768031e8","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":125,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"76903cb5-a686-4beb-991e-21ab5635a005","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":125,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"95edbeab-540b-427a-baea-10095f003e44","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":125,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"1577f107-f29c-4bf0-9463-3bb0a6edb5ea","block_type":"box","text":"exposure to zero coupon securities.","page_number":125,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"12570e14-884d-4c7c-b6a2-0bab181eb352","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":125,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"7dfeb50e-1681-43ae-9a99-b2cf4b9d77ec","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":125,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"b5e84e69-6bb1-4669-826a-49a12110c976","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":125,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"3cf6e48a-61ad-4aff-8314-767581fc99d7","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":125,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"64110c80-85d7-4270-8bca-53e613acbc55","block_type":"box","text":"Suitability. (All Funds)","page_number":125,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"4356436b-9f19-4b3d-9280-f738a30bebaa","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":125,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"30748df0-6cbb-4ef9-be00-a6fd764711c2","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":125,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"9438d80e-56d3-44c8-a397-c8200485fff5","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":125,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"c4b0dd24-fcde-439a-bcd9-0109f9256cdf","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":125,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"236f9734-b012-4e3e-a5fe-4a6067a67520","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":125,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"ae7085b7-ba54-4017-8b50-161c9e34fe6e","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":125,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"49d2e563-756f-4181-9cb3-8947fcb497d3","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":125,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"fb632be9-d4e1-4665-bba8-830e1eaa970d","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":125,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"7f3f8772-b5bc-4778-87cf-f86e67d37e7c","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":125,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"7b435be9-f8c7-4a6b-967c-3cebf9cbfddc","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":125,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"818f76ec-b99f-438b-803b-92ec241aabce","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":125,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"c813498b-1831-4a6b-9616-2c5a12a7a08c","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":125,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"119f400b-90ea-4a73-8a06-32cc01e26ee5","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":125,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"8136f521-6047-41aa-8c68-880ede4da4e8","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":125,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"c7f2c76a-1c3c-46cf-b55b-7fa96376299a","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":125,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"fcdd14c7-fd62-40f8-94a6-1de8f5a04e37","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":125,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"96b1e9ec-1dfa-4f3d-9d0b-ec1f5f966914","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":125,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"85c99a89-c9eb-45c7-859f-aa8d453791d0","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":125,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"e3a4d1b4-2abf-4302-87fd-f437dbe201ef","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":125,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"0b8f344e-3a6b-4a43-8d3a-2eb68e0eed4a","block_type":"box","text":"(","page_number":125,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"aec7daed-d3bc-4728-a4b9-12b058cb8f84","block_type":"box","text":"i.e.","page_number":125,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"53b90030-2467-4c4b-a6e2-09fc87e70cc4","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":125,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"9d1b8d6f-736d-46d0-9962-51b3bdf01724","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":125,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"6ad39450-8a61-40a1-bf32-a4f06e8a3cf4","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":125,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"fc504b5b-edec-41d5-9079-0bd2243a3565","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":125,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"ac4750d4-e0b8-46b0-b13b-124d500acb00","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":125,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"9612a135-26c2-4c46-8eca-d5b1f76eebee","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":125,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"e0258c1e-9cb9-4f39-8178-35d2647cfa2b","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":125,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"d98b000b-f0bf-44b8-9136-47fba4147c08","block_type":"box","text":"regarded as the sole issuer.","page_number":125,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"6e393038-d022-4252-a447-fd38b814a177","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":125,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"b4421011-9d12-4dc5-b3b4-86168d102da2","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":125,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"28cbadd7-acde-4c5c-b69c-f34238229bd4","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":125,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"3acc0239-ecda-4d66-997b-e958e7f3f971","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":125,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"070d466d-4896-4a8c-a8c3-126c5c5b4ab8","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":125,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"06a5efb0-dc37-4e1a-9303-1837b03ec1e0","block_type":"box","text":"75% of its total assets.","page_number":125,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"1628adfe-b1fa-415b-ae2b-7b5f25b0a546","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":125,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"012c4a10-dcf1-463f-a442-1267e2ce9cac","block_type":"box","text":"Directors and Officers","page_number":125,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"f86622cf-a3ba-4660-b1ec-633baa7beb61","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":125,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"d9f261b7-e5da-4293-8b6d-ccf970691f9f","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":125,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"ebd04486-2e86-40e5-b46e-16e9897ab55f","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":125,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"aadf2c83-9d0f-4103-bf97-73e4755893e1","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":125,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"4c983e89-341e-4bd9-bb4a-52830bbf3f3b","block_type":"box","text":"II-81","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a11704e-e890-4f2a-a704-d804144a0966","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c457b1b8-752b-41fc-91ec-ce6da9321de3","block_type":"box","text":"Management Arrangements","page_number":126,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"61dacb18-1988-49d5-9b6f-0f0b6f46a404","block_type":"box","text":"Management Services.","page_number":126,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"df86f50c-3209-45f6-93d1-afe9f1294c22","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":126,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"2c27f9e0-9310-4cf2-a417-204b8688907d","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":126,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"892093c3-0942-4054-8163-b534dafc326e","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":126,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"fbd875c4-0665-4ff7-8be9-944fd9211b69","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":126,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"a6c98b20-b76e-4bf8-9ef6-ffa769d39377","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":126,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"04af3eea-1987-4366-9f9d-dc3a12c4e9aa","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":126,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"e547030a-81bc-4706-b58d-89a531170a17","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":126,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"a49e4f50-76b6-4e09-991a-7ba5559d064b","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":126,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"685d478c-70a4-472a-89fc-3a765c0adc7f","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":126,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"b9231241-2658-465d-b0ad-d51bd43e0d9a","block_type":"box","text":"Management Fee.","page_number":126,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"9fd34481-5432-4700-bd21-0786a06a32e1","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":126,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"f496e0f2-f1e4-4781-a31b-a69b5557d736","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":126,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"17d545a4-fe51-4627-8d6e-f4b1595806d5","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":126,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"fdd0ef73-b4a1-4f3b-b87e-ff7ad7b72234","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":126,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"661b3b6b-2612-412c-89f5-63c77bac691e","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":126,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"82771c63-906a-4315-bc5d-640e58b47fc1","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":126,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"a33c1ff3-b49f-43eb-9caf-93acefcbbbcd","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":126,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"b94209f3-f071-457a-b169-a74a0ef5c182","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":126,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"793277f3-c077-4db7-835f-7b8cac73cd55","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":126,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"7cc068ac-31b7-4b03-945b-5ffdd786b70e","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":126,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"82f5a6fb-fb9b-4c2c-9643-c9e0cf2db360","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":126,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"dd927799-ba66-41b4-9785-258087d15906","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":126,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"10a798b5-5abe-4e6b-ab6f-58e4227f75cc","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":126,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"e3816eed-9cd0-4a8e-800b-43121f4bd98f","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":126,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"ce1c7b7d-6285-4d7e-8eb3-c71a5c3ac83f","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":126,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"6504fb31-c8d6-4422-a65a-8aedee6dd879","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":126,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"d230992e-610c-49b2-9615-36dc3fb8d8fc","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":126,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"e4c23d77-e5c0-46ec-a429-db393c627e62","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":126,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"d0295544-59a5-4089-9858-293d88b8d165","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":126,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"d59fa748-f4ac-434a-b4fc-1647e280445a","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":126,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"c36aba0a-4e97-4140-8b0f-04992ecd2bdd","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":126,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"36199ad6-e3f1-433b-a398-6b16bf3efa54","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":126,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"4d50ee30-a2c6-4916-8373-155fd5bed88c","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":126,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"3a2e69b3-0a07-41b5-b8d5-ca40638c8019","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":126,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"14603771-fc71-4929-9a1f-ba0dbbded3cd","block_type":"box","text":"Sub-Advisory Fee.","page_number":126,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"d864232a-227f-4c4f-8b05-73331fc4d27d","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":126,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"15ddb212-c146-4c33-b95d-993580c4260a","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":126,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"c3a33a24-59d8-47bc-9d28-6ebbdaf027af","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":126,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"ca8d901b-8a0f-4415-ac42-d33242ff82b6","block_type":"box","text":"Organization of the Manager.","page_number":126,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"6e57e45f-c0a1-4554-8de7-25ec4530157d","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":126,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"a979ab9a-7b94-4b5a-913d-b532a9f71920","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":126,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"c5f5d21b-c8bb-4d10-999f-039289682bb0","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":126,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"43025ae0-82f1-4d87-8e92-c7c6d538cc4f","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":126,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"372d5e31-f33b-42fe-b6b9-16a853053349","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":126,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"1d6ce693-5be3-494b-a77d-6c9358d77976","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":126,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"bc647b73-39dc-4076-b432-a10fb67fa9b0","block_type":"box","text":"Duration and Termination.","page_number":126,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"a26269d1-9bd6-46d9-b38e-27bfe0643fd5","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":126,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"31e87a87-0419-4d5c-b2c7-c09ce07a214e","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":126,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"406a2e6b-ed91-4e97-9d5b-73648c80cd7d","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":126,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"106c9e68-e35e-4025-9229-e7b456800be5","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":126,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"b789a52e-2098-4222-b3f8-a320ae6417d3","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":126,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"c3104cc0-6b7e-4c02-8a7b-32b945efba91","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":126,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"7d1e2e42-1348-468c-9217-2b7848b6b003","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":126,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"462fe17d-dfef-4031-a8ee-54920b4559c6","block_type":"box","text":"II-82","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cc7f21e-af11-45a5-a1d7-a1d2922e246d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ef22c88-2af0-4b69-92fa-fc9132930480","block_type":"box","text":"Other Service Arrangements","page_number":127,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"5bc1c8dc-26a5-4fca-a2b7-2c6157a1ba1f","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":127,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"7f448a2d-8199-415d-9234-dfc54a810ed2","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":127,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"fef7ddc4-d3a8-4593-a4e5-2a1ccd43ef87","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":127,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"ae8d6108-cc77-42ec-8a89-b7b210ca8766","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":127,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"da433cd5-43ee-4ab3-bdc5-a637639fa96f","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":127,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"4ac01e85-8363-4e9f-83f6-b954d8eac6ad","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":127,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"8d0391d9-a2c9-4a6d-bc54-7e8986ea2fdf","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":127,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"23654aeb-4cbd-47af-8721-34cd390cdbba","block_type":"box","text":"that Fund’s SAI.","page_number":127,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"375c2463-b5bb-4200-95f3-b78468ce5996","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":127,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"bdc15c67-b785-48d7-bae5-a0fc8449e1b0","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":127,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"f3ad6697-84de-42c1-996d-230b26226f38","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":127,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"b88a376b-217b-47db-ad40-4a220a7fd0a5","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":127,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"91b3e02a-2e7e-4333-b1f7-b13a181eb070","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":127,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"c1873808-96ce-44b8-82e7-096311eacd60","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":127,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"9e9468d4-5784-4654-b7c6-b385d1f313bf","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":127,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"fb62bcf3-1d2e-4adb-8a59-b880bfd96bdc","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":127,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"c1047318-736d-488b-8866-20a6ebeaa98b","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":127,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"2a04d6d1-3a1b-4c6d-bc81-f1f5bf1e13b7","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":127,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"96e0619a-9df3-49fc-9fa1-2eee1f15de4f","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":127,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"3457bd0d-ba83-4b75-be1b-2fb26bb12157","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":127,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"104fc509-2b3b-4bf1-ab5a-518c021e55f9","block_type":"box","text":"shareholders of the Fund.","page_number":127,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"0f3e6585-d901-48ce-a413-83c2290a36d8","block_type":"box","text":"Transfer Agency Services.","page_number":127,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"a1f7b5b2-529c-4082-9d97-eb2ab51a79d6","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":127,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"d3171f02-974b-4007-b563-0d1ac258e980","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":127,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"f92960af-e5ab-4f7d-993f-c190311c422c","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":127,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"146639e9-0c5c-454e-b574-2257740a5775","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":127,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"38e562ba-6ab8-46d1-b510-476c45944404","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":127,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"52923068-4ebf-4368-8c44-9d4dce792afb","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":127,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"41285f5c-9d14-41f2-9078-09c27f581092","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":127,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"b85bbb5a-06d1-4cc8-80fa-2d8be4247a15","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":127,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"a740e464-5ba3-4e0e-8532-70815be9386a","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":127,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"2dfdbc8d-715d-43ed-9884-91bfc304c2f3","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":127,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"f507159c-e428-4b87-a459-bd205f48dcbc","block_type":"box","text":"class on a recordkeeping system.","page_number":127,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"1c834828-10a9-4e5a-a12c-35c28274c543","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":127,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"67d1c0a2-0e6e-44f8-827d-6f1ea01b06e8","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":127,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"0b7d07d0-dce9-48ca-aca9-06ff780def0b","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":127,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"00dbe6c0-0c14-4cc1-a0b8-1b2b9c198333","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":127,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"06f49bb2-f4f2-4ad6-ad62-b0fb737479d7","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":127,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"910b22ce-e99b-4f15-9be4-9ef825adf3d3","block_type":"box","text":"Custodian Services.","page_number":127,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"2a12ff00-5525-475e-9d05-dc01c52bc4b9","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":127,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"5f2e0e14-5095-4fb9-a869-19e6d5b89385","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":127,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"92350177-f1da-4b7b-94be-75bc9eacf7eb","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":127,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"f5193d55-d904-44d3-9892-3e5d546cbef0","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":127,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"223c8c3c-cf1b-4c19-bbea-09490526a26e","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":127,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"b6548d73-49be-4858-8c3d-4e828d663fbb","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":127,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"3dfd0e2f-bbdd-4c09-acd4-c3ea269c32b6","block_type":"box","text":"cer tain assets.","page_number":127,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"94ac5f78-490e-4d3e-af33-70a1fdd82113","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":127,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"8058dfe6-3038-46d0-8c34-357fe5a2f001","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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These are considerations of which investors in a Fund","page_number":133,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"cf23e905-ac54-4225-9a85-bc77fcada439","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":133,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"946aa3d4-36f6-4e86-96bb-0115a89c9d6a","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":133,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"cc28bacb-fe63-4cfa-ba6d-c0fa9e62bf27","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":133,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"6ce4a54a-0d3d-4b91-97a5-7240a8fa3af3","block_type":"box","text":"or sold by a Fund.","page_number":133,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"ca8f16ea-dea0-4aa0-8938-f12e8090da1e","block_type":"box","text":"II-89","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"350e8dcf-b184-45dc-b403-a2174bc7a6d2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c335fe9-22da-497c-abdf-a75f1df57316","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":134,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"cfd93902-f4d1-45a2-878c-4763569232d1","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":134,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"33788268-ac26-43d1-8c8f-15c27a3efdfb","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":134,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"dcfc616c-878e-4ab2-af70-a56e6de781d6","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":134,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"ff9b6dae-fe61-4b1b-9f5a-24ed1fc3ce59","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":134,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"9b7c2e50-70c4-4e0a-a6c5-e140522c51c4","block_type":"box","text":"services provided by BlackRock","page_number":134,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"be095830-e65b-4e40-9548-10962e77d169","block_type":"box","text":".","page_number":134,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"8255d961-4f3f-4bc3-a78c-a87be8eeb105","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":134,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"10db2958-3b1a-472e-a217-c86f3a8f759c","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":134,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"f391a027-d0b5-425c-8999-bc36cff42ecc","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":134,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"f05cc156-be11-42f4-ab63-601138dd1a7d","block_type":"box","text":"a Fund invests.","page_number":134,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"4ff1d4b4-2028-4dfd-b650-4fbeb3cec596","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":134,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"57d5a2ec-5d39-48e1-910a-dcc534914881","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":134,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"7c42f9e4-87ac-4ab9-8fac-0b8ea93258ca","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":134,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"a4b250dd-b539-42a9-8ffb-761686e5ff18","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":134,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"bbbb3dc8-de57-40ee-a091-e30fd241d725","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":134,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"f71cfe06-ece1-49b3-92f9-ef0315b40120","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":134,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"fc400b13-14df-488e-87c7-1ded4bab2387","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":134,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"08894446-8b43-4a3c-a1b0-c40f7991e816","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":134,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"ce473349-2dd1-45aa-a5d4-9764ee378ef8","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":134,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"8b92904b-22a7-4b5e-83b7-78e949a57d6d","block_type":"box","text":"based on the information received.","page_number":134,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"d5556e10-25ef-4964-ac51-44f321e1f770","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":134,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"6d2c10ea-2c6c-445d-898e-d8502fa6a822","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":134,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"54072655-6bcb-4d53-886a-f133a029532d","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":134,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"bc1aa9da-28c1-434e-b7b8-9f6233ee0f3e","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":134,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"2f75d44e-6c9a-43a4-baf1-dda7214e6e16","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":134,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"9346874e-64f0-44ec-bf97-ebba65e2ec1c","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":134,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"a82eef93-7dda-44ca-8b5f-8c81b4348f1a","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":134,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"bb045fc1-2a07-412e-949e-c36b6207f247","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":134,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"8723aac7-719b-4cd9-a241-e4dcf15e6c6f","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":134,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"5f6ea655-7824-4a4b-9629-e1bacb4dcd11","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":134,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"463cc48f-d7b9-44fe-b598-6a213744f777","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":134,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"e1302c31-68a3-4eb6-b4d8-8682b95a03f9","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":134,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"bb8f3dfe-eba8-4ec8-a196-2d5a79007d5c","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":134,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"a793029f-eea9-4e65-91db-5a58be9b0186","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":134,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"3a83621f-ce6f-4ab7-8dc8-c131de014e0b","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":134,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"5830ae18-f4db-4219-9a7a-b5757197ecf4","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":134,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"06efcb9d-dde7-4ab5-aab6-bd12c6964169","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":134,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"51982f2e-9fa5-4b65-97cb-ab14f95e989d","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":134,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"307e7935-51d1-4b5e-9227-2492d4088bc3","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":134,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"00ec58a0-0780-44b4-b846-bcd108b6f67c","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":134,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"9cf5a93d-fd0a-4a2c-a8d7-8ab681df95fc","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":134,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"b85e1c6e-0b7d-47e9-b67b-e9bb8167eded","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":134,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"6f25e8d9-ebc1-4627-8dcb-672087cf098f","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":134,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"c19b7af6-8a4a-4343-9648-2c113705f7a9","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":134,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"15eaa39d-c19c-4540-af71-b88c03ef15e1","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":134,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"138eab1e-f7c4-4642-a3d3-3a47acd69587","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":134,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"25b25861-125f-4da9-ba68-3c25d5de04cc","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":134,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"b5ee5c3c-54ef-44ac-9f0a-876c3cd3bd25","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":134,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"c0854ba8-2b69-4433-8f93-0db607f7f208","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":134,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"afb80a50-7a71-493a-9f1e-e1f72a54d675","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":134,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"0e1c627f-4d11-4852-a95c-4c712446653e","block_type":"box","text":"Funds.","page_number":134,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"5810c8dc-5a8c-45e9-9f97-ec25880de85d","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":134,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"1464ffad-bd72-4da0-8777-8405b8bf5fa5","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":134,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"fe9920c3-472d-42d5-a87f-afa954552566","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":134,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"f4f27360-08fb-4f9a-99e4-c1808fddc757","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":134,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"9eadc05a-8288-4ff9-94f9-4a30d215585e","block_type":"box","text":"II-90","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b79df23e-6650-401a-a250-0445e602803f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bcc0fff-37e1-4b1b-8ddc-3a3505991265","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":135,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"4a46fa5e-a86a-4142-ac61-2f636f35db14","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":135,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"d862e8aa-bab0-45af-a1db-48546fe33f30","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":135,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"9ea4458f-a4dd-4c42-931b-532507990246","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":135,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"db4a5eac-8c4d-4507-b314-53e3c964891e","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":135,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"b327ac97-59e3-4d10-bc6f-a39f35e067ff","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":135,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"1194bdab-184f-4343-8a14-f54e19814b4e","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":135,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"be3711ce-a2cc-42b7-8b56-3d94d86c8ec7","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":135,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"5e868df4-b13b-428a-a5e9-9620768d32c4","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":135,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"bbec962b-51ae-4ac2-b9c0-23562811cb67","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":135,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"53b55873-3003-483f-b89c-aaa248dc766e","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":135,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"3b7ca79a-061b-4ee2-b72f-75b178879d1c","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":135,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"e513b695-d6e5-4a3d-af0e-99ff776d5354","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":135,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"84bed9e7-b839-4557-8828-6e6497cb8ee0","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":135,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"cb08dd78-ec2b-46d8-9159-4908c8bd4b17","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":135,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"dad1e5d2-afba-4666-b98f-f335a4ab03d2","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":135,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"3b0f9735-f417-4c17-9d74-320e3c5e80f2","block_type":"box","text":"case.","page_number":135,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"e244c1e7-276e-4ba8-9c6b-9eb94cff3b72","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":135,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"bde73784-a254-4ace-84e1-536e41eedf37","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":135,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"b41fbbb9-7416-43a6-bf33-e1d1256c7a38","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":135,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"3fdbca5b-021b-4eeb-adc0-a687268d2657","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":135,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"2161dbb8-3b32-4481-9c28-007a25baa76e","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":135,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"4ae4a084-6cc2-44b0-b87c-9f11ac2327e0","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":135,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"689dbb59-ce8c-4669-8792-cfe02901c2a5","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":135,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"cd345fa8-48e2-47f6-9f9a-e645f79c40d0","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":135,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"c5644924-b998-4c5e-91ac-64d0e0b7dc6b","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":135,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"6a89b391-52c7-4952-9a65-2c685a02a124","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":135,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"8af86c12-7a37-4efb-b0ab-e02bebed3c8c","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":135,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"e8b32070-355a-4db3-95b5-cbede38522f9","block_type":"box","text":"when position limits have been reached. 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BlackRock will not be under any obligation, however, to effect","page_number":135,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"0f91a654-6f1f-46d4-95a3-0c1dcd2358ff","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":135,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"71426009-5083-432f-a8f0-76f609c25239","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":135,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"905eaeba-d900-4699-a405-1d71e6e23610","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":135,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"036877d4-3dfc-4d88-af83-79f5c9c79f26","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":135,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"e0f44ece-6eac-408b-84be-1c0bde8f4dc6","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":135,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"08d124f2-bb03-4be1-bc3e-5da68a6eec82","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":135,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"56360521-9f3f-4158-af05-afe2e944f021","block_type":"box","text":"managing a Fund.","page_number":135,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"ff5e2393-ee2f-4712-bfd5-cc4ace4c7983","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":135,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"d16c8147-06a7-49a6-a5ce-de66db89093c","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":135,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"92c8b158-2e08-4fa6-97f8-d5a135fb45e1","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":135,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"fc541501-9ac3-4a91-85b5-cc4e774eb879","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":135,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"517528e4-ebf2-46fa-a68b-736382a04b65","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":135,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"644ed96d-c90b-41e2-84dd-d2d59817df25","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":135,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"fe1963a5-0d27-40d9-a86a-32d6ff4f2f80","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":135,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"e841994d-a4ab-48c4-b79b-25545092c5ef","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":135,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"dad17f63-15b6-494b-b718-e6482dd8f41b","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":135,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"7d61d6c8-e3f9-4920-9b72-b5fcc536bd6e","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":135,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"b2fb8a42-75b0-4812-a69d-9c7da9e8ba9e","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":135,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"37539489-4310-4e89-8e30-3fa6653e2b5c","block_type":"box","text":"as the counterpar ty, principal or issuer. 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In addition, the purchase, holding and sale of such investments by a","page_number":136,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"7c0cbbfa-f960-4271-9517-01728b92da26","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":136,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"72556e4a-d4d6-4e99-a7a5-6c4a43c24f2e","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":136,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"e89e7e12-eb16-4740-88f9-1d58927afd1a","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":136,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"c2c11d71-8956-4595-a5c2-94d33acec989","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":136,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"977f5638-8224-498b-806d-669707321aa2","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":136,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"3d231e50-7dee-4830-845b-80904682d00e","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":136,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"7ae8cbab-1ba5-4b45-9d29-7bc296229dc4","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":136,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"25acf528-2088-4a62-bbbf-196e71be8461","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":136,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"44109024-bc25-4771-a2c0-e9679c1651f2","block_type":"box","text":"under management for BlackRock.","page_number":136,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"8a1a4935-eac4-4ac7-a052-c3eff373ebac","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":136,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"2b5db5ec-72af-435a-82b5-c805209b2d5c","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":136,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"4857b27f-15e6-48cb-ae37-5e755df23b42","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":136,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"dd00eced-8620-42f3-81f7-710a9e189a8f","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":136,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"340a1bdf-30f9-4230-8c57-357f40d335f1","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":136,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"3b4ee7cf-7e4c-424e-82e0-244c90fa8ada","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":136,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"4baae86b-06d2-4b0d-adac-47c2e542ffde","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":136,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"2b352223-51db-4190-b864-72aa7716ee99","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":136,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"9000330c-802f-4e22-88b0-3b54087bea20","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":136,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"b257cb88-780d-45f5-8c56-6afc90727043","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":136,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"ed9c6f53-e1e2-4e4b-b48b-9d8d6aa43bcf","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":136,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"0bd7b35d-0266-41c1-b20c-6e959ac9d477","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":136,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"2a3754c8-c56f-4aba-99ac-16cc74439322","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":136,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"02af620f-79c4-48a9-867e-bda23363b470","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":136,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"8848bc6b-09b3-4d41-b153-6e21d143ced7","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":136,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"a82c6e6c-79ea-4ab2-9a0d-d01c56b9c442","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":136,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"d82b8039-6a7f-413b-ab91-45382fa759ba","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":136,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"da031ddf-9066-4c9d-b246-7a5780da53b7","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":136,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"ec013eb1-4cf8-4672-a0b3-395f4769a495","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":136,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"92505a28-6125-410d-a012-5ba4e0a24992","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":136,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"f098b514-9051-477e-92c4-80852a2ca6a9","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":136,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"b643201b-4751-4f0a-a255-e258a8ac6fa4","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":136,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"51225234-3f63-4335-9096-e5b81a250604","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":136,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"f76de604-3169-4e41-ad8d-534d5959bbb5","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":136,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"7c70af81-0def-4a9e-9055-1915d1078991","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":136,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"8869da70-8f8f-401f-9a36-6487da182c3d","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":136,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"553bac9b-3b40-4597-9c7c-5a7d40f56cd7","block_type":"box","text":"II-92","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51db1703-624a-4f56-bff0-5eafff38df02","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b6b7122-b0e4-48e5-b712-a80a78026d9a","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":137,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"7c780658-afe1-491b-98a9-ba49ebb5dd7d","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":137,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"cb474140-929c-4c72-899d-c644a4583859","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":137,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"fd6e9648-2489-4a1c-81f5-cc204445a294","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":137,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"3d9364da-bc3c-4765-9eb6-1941f0d959f5","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":137,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"fba60fca-5f6f-4523-986b-85d1a55f9d98","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":137,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"29bd8a34-f542-48b0-8320-f2f67c331ac6","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":137,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"85cc2623-d5ef-4a77-b610-afe5f550f31f","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":137,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"78e3a701-7308-4aef-9d6b-320aab1c15e8","block_type":"box","text":"regulation.","page_number":137,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"636076cf-655a-4255-9de0-2d73a33f94d7","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":137,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"8286f65c-b84d-45e4-898f-d2afb235254c","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":137,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"0bbb518c-51ce-4dc2-951d-1b353f3fce4f","block_type":"box","text":"various program limits (","page_number":137,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"91b7b0f7-c209-43ce-b495-3c172d05a78f","block_type":"box","text":"i.e.","page_number":137,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"c095a27b-d1ea-49b7-b671-2270168b0d1b","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":137,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"62e95529-b070-4fd8-a743-1574684e9ba6","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":137,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"a8679188-bb69-4979-b82f-2a5a15c55463","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":137,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"1d0244d1-d636-427f-a213-0f522d8e09af","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":137,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"3f2a8997-56f1-4546-b5fe-4d56cced461a","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":137,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"5ebeec19-62f6-41da-b66f-d22dbddc679c","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":137,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"bb3efb00-00f3-4578-9a1a-cec8cb998f57","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":137,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"1cdc1788-aa0d-4237-9a6b-a2582b76da0f","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":137,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"921cb18e-cb13-417b-8635-21420209d726","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":137,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"54363000-f0ca-4b24-bcec-3f9f43a88239","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":137,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"7c2a993c-af48-4e38-93b8-63947aeda682","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":137,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"697d986a-cd08-417e-9a1a-05a26f09fac5","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":137,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"53c23d10-be8a-4fa1-ae71-8302ec56bed0","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":137,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"3cf8baf0-b2f8-4e76-8b62-8174246e21c6","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":137,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"4e16196d-35c5-405e-9fcf-b01ae25265d3","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":137,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"ff055950-4273-4bd4-9aac-f1c397384b07","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":137,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"fb04dfc2-38f1-4dd9-8a7e-a978a19f3fbc","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":137,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"5db0ad5e-8e24-41b2-831a-d3e169a8e52f","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":137,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"ff08c3e1-62f1-4a9b-b1a1-253031f6c6c4","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":137,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"d9b10303-506b-4c67-b253-f60a802ec003","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":137,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"bffc7e18-8b4f-4c2e-9cd6-b8d304c0aaf1","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":137,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"21578a69-3138-4b9b-abc7-754f947613fe","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":137,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"b3f11b70-1026-467f-a4c8-2694990a0db8","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":137,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"cd099aa0-fa4f-4901-959e-fbfa617d3133","block_type":"box","text":"than through client commissions.","page_number":137,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"61aed7ed-2a82-4a59-8614-b82dd081c665","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":137,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"b85d3651-4848-474e-8d25-a05e8376ee0d","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":137,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"6acf48b2-6747-4277-97e1-28795256504e","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":137,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"34a272ef-4e9d-4fb1-a7d4-ed0cd0b130df","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":137,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"2447fcc3-3a6c-4793-85ea-2edbca06b44a","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":137,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"c58fbc28-6d62-4e81-bf6f-c9a014f9d6f1","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":137,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"7503c556-6438-4cca-9d33-4b8197ff5c8e","block_type":"box","text":"research-oriented software and other services and products.","page_number":137,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"693188f9-1e96-426b-91ce-0dd0a014cbba","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":137,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"818cdc21-d14a-4c90-91ea-41c7fff32e92","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":137,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"561c4381-06e6-47ac-a77b-b71d4fd20701","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":137,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"8bf39c2b-4a82-4e88-acfc-ee667c60bc61","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":137,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"e4d9c169-0754-43a4-a993-abc7ad85fc71","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":137,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"9758ce14-f71d-4d03-b07b-fb3d3744acab","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":137,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"2dc5b673-6501-4d62-918a-06aa8e48e8a9","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":137,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"f1f701d9-e672-4e87-a233-070bf1afad4f","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":137,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"c6705d12-dde4-474e-a9bd-335fcfd8a9c0","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":137,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"c585eafc-d345-443b-8a9c-a438bd4ca800","block_type":"box","text":"and services itself.","page_number":137,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"75578217-0331-406a-bd52-a4dca19eb106","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":137,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"e6e51f73-e3d7-49c1-8b73-55792419fbc4","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":137,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"4e8666a6-0219-48fe-ba6e-8ba5f513643d","block_type":"box","text":"II-93","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3db9ebb4-c915-4a07-b8de-0d54a98dcdb7","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd8486c2-a56e-41f2-bc8d-76bdc4c6e10b","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":138,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"afc8ec9d-2cfb-4cbd-bc34-ba6ac2feac83","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":138,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"de1b42a7-3537-45af-acc3-14514ebcf196","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":138,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"62a436bc-afb5-4da0-b2fa-335aa2edfac9","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":138,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"d29f5193-987f-494c-aac4-3ef0da8310a6","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":138,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"6c5957dc-55c3-4a8f-81bc-1e95fa1a90ea","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":138,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"ff4ee41e-231e-46be-8d2c-4e2f65d842f7","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":138,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"7d87a61d-317d-44d2-ac60-44bbf87539df","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":138,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"f7d1bdef-a36f-4f7d-8bfe-c225909f5c54","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":138,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"8421975b-ac61-4463-a693-d794fa17594a","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":138,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"9566dfd9-3bce-4101-95cd-4ae7e7d42902","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":138,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"1e9b3a4d-f634-4fe4-ab35-deebd1402334","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":138,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"c3d06664-2cf2-4354-bd10-097d63b263df","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":138,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"ed94e171-a32c-4ed6-9f97-c469efd4cf9a","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":138,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"6971739a-14ce-41db-a361-209247edd33c","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":138,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"911aabd3-43ba-449f-849c-10637f056175","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":138,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"63549640-fcdf-44d8-96be-1240ed3a964d","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":138,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"1a48fca4-bbb4-40f7-9020-13f6f3ea70d6","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":138,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"cf8a2e85-163c-4009-9656-2c5adf0f2a78","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":138,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"430491b2-7668-45e1-a009-ae6eeac2dcdb","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":138,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"1042f2be-35d0-4a27-a7e3-29e5084182fa","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":138,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"40c962ee-ec58-4169-b760-aef967656530","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":138,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"fdfffe09-8b3d-46c5-8ebd-0cd0142421cc","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":138,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"b1c65614-ea3b-4120-ac5e-e8ea6642d14e","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":138,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"709d5de4-6012-4d00-9be8-8123e8bf7645","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":138,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"2f1bfa84-d372-427d-a6f9-bf5733099a57","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":138,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"05bc6561-3eaf-485d-9d7c-13d15b417ee9","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":138,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"6adb9933-37ae-44b3-bf89-3fd01a3876eb","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":138,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"fe40f3d9-e5f0-4adf-8bc8-259089577463","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":138,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"17b255dd-1589-431b-b6c3-ea8253e9fa64","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":138,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"81bdd3a0-7a1c-4289-87f8-886ec328f3d9","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":138,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"f5f44abb-4dec-4245-8f05-1eb037503925","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":138,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"fbde7394-6b51-4e6e-b05b-a604de399f23","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":138,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"03c93591-c90f-4041-b0e1-d836f2f42071","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":138,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"95961fdc-977d-407a-b1cd-2b9d736bd112","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":138,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"79976846-04a8-491f-91b1-da07f586d545","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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BlackRock and its sales personnel may","page_number":138,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"e53534af-cf05-4c04-906f-a9ddac9f7d25","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":138,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"803ad0c5-7c63-4bdd-8808-57ce73ad1075","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":138,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"a48c025e-a2ea-41cd-ad23-4929badcbec3","block_type":"box","text":"management. 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While BlackRock will generally","page_number":139,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"d1e256e7-f5e6-4f9d-8e68-aa20d74a1d7e","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":139,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"25585f8b-1828-4326-93db-d0d2fbaaf587","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":139,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"b872565f-70c3-44d9-b492-008a8b9b674a","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":139,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"b88d313d-ad0d-4ca1-bd7f-9399125250ee","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":139,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"6ffe7fc9-7eae-4fe4-a539-2c1917807f73","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":139,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"5b95ffe3-bd99-4996-9c09-98e52400a449","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":139,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"f8ec4a32-7d52-468e-a272-5b6102a675cc","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":139,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"095175e5-7c4b-4b3f-96d3-7d1f42225397","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":139,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"086ca758-5d61-4c10-afc6-cf5c7ca647b8","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":139,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"a3c50365-0a46-40f2-9512-068b40234dd7","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":139,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"47073d87-50ac-4f15-bb6d-8d157ba4d640","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":139,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"1a338ccc-6d1e-4c9c-a477-9236a7470890","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":139,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"1bbcdef5-f1c8-4d31-87df-4b106f6f22ea","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":139,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"f0da9707-be5d-47af-a99c-0bd533d61b19","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":139,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"4786e880-0516-4726-9306-ae5fde9fe95e","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":139,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"9177d8df-7101-41ed-ad98-1721bfd089d1","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":139,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"4b40fed0-03c9-4a76-aa53-25b457410fc4","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":139,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"af7ff701-6104-4f19-866d-20c467d0a3e2","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":139,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"464b448f-fe5a-4205-92c2-683e8f4ac8de","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":139,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"6aecba1e-d34c-4990-bf48-2a0af2995869","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":139,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"076e5a6b-1ee6-45d9-ae41-2158ff8dc55c","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":139,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"68fca5e4-45ad-44b3-8aac-d852b13d99ae","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":139,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"3ceb9eef-e511-4575-a395-1d6e4e439404","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":139,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"ccb2734a-068e-49f9-bce5-ef58bb1faab9","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":139,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"01735bb0-9793-4cd6-9208-4045eca67518","block_type":"box","text":"some additional expenses.","page_number":139,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"9822897a-34e0-44cd-a4ba-c31c8b7c05a2","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":139,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"70f6d84c-04fb-41a6-8245-6d406da8ea52","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":139,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"feac5de1-3c54-4a4d-a148-31e0e6dfba4f","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":139,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"c13b9b30-abf4-4531-8315-6f22f7c8fbb6","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":139,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"8aefeea8-8c07-4819-9cca-290ea0b044b9","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":139,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"4cb44110-a2ae-45c6-a3ce-4167666c6d4e","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":139,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"f7a40af9-2a7e-41c3-b005-ef1dbbcc2418","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":139,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"f6d44614-fdb8-4897-8d81-48e88fdd2224","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":139,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"33fb7ec6-a35e-47c8-b009-ee5203bd1c64","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":139,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"b738ecea-d4dd-422c-96e0-2e676a1197e6","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":139,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"569148fb-9257-4391-aae0-398363f33fbf","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":139,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"a5fabb42-93df-44ec-a068-63a5fba08dcc","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":139,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"83b3ccc0-a6ed-416f-b771-64c16d995e48","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":139,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"7dd6d27f-2ded-4263-b83b-a8c8ce28debb","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":139,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"e928dfe2-1779-4025-87ab-c22c5a2617e5","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":139,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"25cc5ff4-1794-4edc-ab04-0f9a855c0601","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":139,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"ee73c7ea-680c-4ef8-bc39-4223fa246151","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":139,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"ea2dc400-6d60-46ad-8d31-fa34f55149e6","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":139,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"2f48ef1b-1221-4429-967e-5cd2c925f023","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":139,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"b9989b99-cf9d-42da-8758-82e6608f44a4","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":139,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"c98b5991-0ece-4241-a100-dcd043a325f1","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":139,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"6d103c69-2f97-4e00-b2a4-8a62c1a12eaa","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":139,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"8c211d29-830f-4585-bbe4-4c0d30db29cc","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":139,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"dd82ea81-d35f-4ebf-8458-71e416bf66b8","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":139,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"c8182d91-e74e-45ff-9b80-7b806d517d55","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":139,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"f1604381-05a9-47b0-8f2c-a34737e02d56","block_type":"box","text":"public information about the company (","page_number":139,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"8a7a6f02-17b7-408a-8ff0-8f3fdcb54607","block_type":"box","text":"e.g.","page_number":139,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"e80bdf95-45da-40fb-acb6-57024a682fb2","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":139,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"7c5db8f6-aadd-4f1a-bc93-42b454c18212","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":139,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"688aadfb-53ab-494e-a9f1-b448f95563e1","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":139,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"0e49b76b-7b67-474b-9433-5285c0f24160","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":139,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"fc2dffe9-1404-43c6-9ce5-a992a7dc41d2","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":139,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"ca0e6f08-37df-446b-ab89-7fdd558da02a","block_type":"box","text":"II-95","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d14044b-1323-4f5e-a381-4240f8cdc7ed","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0766576-9985-4ad0-8bbb-aad40a07da5f","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":140,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"af05e3e3-dc3e-4807-bb9f-639c528a0181","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":140,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"22853a74-712e-4a63-9d93-957b085103aa","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":140,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"aa4f83c7-7ed5-4e09-a143-4a5a8e80cc0a","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":140,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"b5be06e6-5763-4deb-81a0-820d616ca16c","block_type":"box","text":"of the issuer.","page_number":140,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"f02680ff-8ba7-4210-b032-b9dab9ed0fe8","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":140,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"1268398e-0221-46ae-93db-bc5bc0508ed2","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. 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Cer tain por tfolio management teams within BlackRock may","page_number":140,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"a6526f3d-fa83-4e02-9c55-4a428f59ca1b","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":140,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"94630ac6-31b0-4c1b-85dd-38f7f774d254","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":140,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"9fc80931-4976-44d3-9af0-2e376b6e7d87","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":140,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"88dfe575-0367-42cf-b1d1-3bf0bbaf1b7f","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":140,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"0f03a85f-ad97-487b-ba4b-14688d8142e1","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":140,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"cd146eeb-e33c-4b24-a05e-02168ec707b7","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":140,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"ec20ad37-c6f4-4d77-a56a-45731f4dd085","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":140,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"c1d2927e-d255-420c-b36a-fdb7ace5bab5","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":140,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"7b6fc1a3-b551-40f6-b2c3-84db4917a885","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":140,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"5448d626-c5e0-4513-912a-7c968fa7a368","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":140,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"caeddf76-e13f-4480-b4de-f4b421abf124","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":140,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"ecc78bb9-5578-4b58-9657-47ae35a04103","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":140,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"be6b4c06-0571-45e9-b894-6c235946726d","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":140,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"8414bc4c-3dd0-47a5-9b6d-dbc87aff53bb","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":140,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"36b26d00-f9b0-4456-91d3-3620a78eec62","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":140,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"02c6eaa8-23af-4aca-a14c-1c9a73fcc282","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":140,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"4c279754-1feb-4b74-aad2-611ddbe73e83","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":140,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"44ce7c56-0348-4c6a-b4b4-ef8cfdb5592b","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":140,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"d4d6c76b-69dd-4cc3-b616-8f68a59c88d2","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":140,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"20ddfe3e-3a79-46e1-b588-41f0e613311a","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":140,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"ad55d35d-c2d9-42e1-8117-0fa454637052","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":140,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"50dda919-a983-4941-80a0-241f34c06aa6","block_type":"box","text":"a barrier.","page_number":140,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"54778ced-eb4e-4f16-8c48-d38f9ba04736","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":140,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"e6f685c4-378a-4576-9ad8-53ee69489374","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":140,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"4c4494cb-5d14-4291-b352-aa9702a12185","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":140,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"a53a89fe-4752-4ff6-b8e3-41c802bf95e5","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":140,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"4f8b0ff7-9e21-41d2-9f72-518fa61e49ae","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":140,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"d53bedd3-ec0f-4204-9457-7a8b5fe167c4","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":140,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"27830308-83f0-4ba9-8d15-236ec0346eaf","block_type":"box","text":"that operate in cer tain industries (","page_number":140,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"d37ebc46-0828-4061-b3ec-c657b568f3cf","block_type":"box","text":"e.g.","page_number":140,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"74b9614f-cea3-4a54-8ef2-1680aa1e299d","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":140,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"95e28735-71c6-4ea2-845f-5b8358aff1d8","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":140,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"20607c05-46cc-4cb8-914c-a668f4ddc833","block_type":"box","text":"e.g.","page_number":140,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"b9f5f282-1a3f-452f-b452-9dfcb5349fcf","block_type":"box","text":", with mechanisms such as poison pills","page_number":140,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"5106845e-f84e-4acd-b758-c8eab7aee671","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":140,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"5324d4bf-7706-40d3-86ad-edb647b30f1f","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":140,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"369a968e-bd76-4515-a2c9-f5bd19ce9cc7","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":140,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"7a536bb1-5383-4ab8-99d3-4167b29075f9","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":140,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"4bcfe342-2346-4eef-8580-a29e4471b3bc","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":140,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"222c8104-c158-4cb5-92c6-15f3976e5762","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":140,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"3978a1ef-9163-44a2-b44c-6426a07e0392","block_type":"box","text":"seek to make indirect investments (","page_number":140,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"4d9c9297-05f2-46bc-a02a-4ad884db115d","block_type":"box","text":"e.g.","page_number":140,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"a9dc354c-6ce8-4481-b95c-d86d61b77fa4","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":140,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"5e57f8e9-9295-40a2-a3df-fe96aa7d3ac6","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":140,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"31e3d6d9-8193-4478-981d-93c820cc0294","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":140,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"3d9d5f56-2a5d-4cfe-bc75-d9287057f2a9","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":140,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"6bd12875-572d-4875-b26c-ddba3bd8dadd","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":140,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"2b942019-7bad-48c7-9628-ad46670af03f","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":140,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"d65fdfa4-f941-44d1-a832-35340af433cf","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":140,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"dd64fac9-8855-4291-8925-9919641c53f9","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":140,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"aa6caaa9-711e-4920-9f87-3bc222b74598","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":140,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"f259cd0b-207a-4a73-b4e1-4aaffc30866a","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":140,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"908de5fb-bacd-4653-acba-5a5a224e1f3c","block_type":"box","text":"II-96","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"727353c0-04fb-48a1-a756-0b3bd943edfa","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1077fb17-8d6a-4505-8c61-cdcd8d3f75f0","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":141,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"fcac2f99-41f2-48c0-9176-92ec9a8f2bb8","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":141,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"5bcf9870-d714-4f23-b8c9-e63723cb6269","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":141,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"d3a40ca7-a550-4254-a177-54a6b3dbe1e4","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":141,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"7eb524fe-2570-4d43-8cc8-39bc46792501","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":141,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"68b7139a-f42b-4940-b883-577aebe2b349","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":141,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"c235b4b5-b6cc-4462-995e-8fa828453a14","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":141,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"0dd6b2fd-5fb6-44b8-bd0a-ff7848e6d4a0","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":141,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"23edda2d-3034-4961-8c75-365052beaceb","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":141,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"2507cca8-efa8-45a0-ba7e-24804e5c3c6d","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":141,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"a1264754-8f6d-41d2-aa88-5dcc7db99f6d","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":141,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"4cc31697-8b08-464c-9d6f-c787f45ad512","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":141,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"063617d9-dbd1-40d9-93cd-dcc29bcc67da","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":141,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"db80da1a-9689-4cae-8cb3-564f2c0539e6","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":141,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"341e284d-35f2-4665-bd49-17ada86e4f64","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":141,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"c8a72420-8ef1-4821-aab7-8e1afe138801","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":141,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"54ae9086-f346-4e72-b237-2c3a2297b4d6","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":141,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"21f022be-d84e-4fb9-a404-bab475f1392e","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":141,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"4b718cc5-0f3b-4d5f-b90f-204e41c70874","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":141,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"d9ddd958-8ce3-4ae8-a7f3-7748575e3369","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":141,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"2c911181-9c9d-4429-8385-686d5328ec29","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":141,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"e854f018-5c7c-4bae-96c7-e0dd6ed3cad3","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":141,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"14d2a487-88b5-4814-a16b-cd4919c58734","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":141,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"8c5cfd5d-b599-4b42-a749-a5a882526fd5","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":141,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"826d5376-c5a1-4054-8977-ece16cda83e3","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":141,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"e3eaa007-3329-4215-92fa-5b427a03c257","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":141,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"88f88112-c7da-4699-ab05-222831e026b0","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":141,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"4ec51152-1882-49b5-bf9c-8e39bc01b68f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":141,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"cad7844e-9e05-4ed1-aeb5-592971d3aea4","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":141,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"91a94789-150f-4840-8a0d-15731d92fab3","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":141,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"6140e408-7970-4636-872d-5349a7b6bc0f","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":141,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"b7e2cfe9-77e2-4e6f-86c8-807f535f8822","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":141,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"bf9b74d2-748e-4bb5-93d2-49cb679db7ad","block_type":"box","text":"strategy with respect to such security or asset.","page_number":141,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"9d0e4513-f8ee-4028-aa7d-f3811c5520fd","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":141,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"d1b10a8f-2a72-4b14-a211-eb9deff4a434","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":141,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"3e38f52c-f55f-40ea-b0ae-b55e286f0432","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":141,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"dc4feaa2-94dd-445c-94fc-127807b19236","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":141,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"5c8a86cd-05ae-4452-807a-f25ab0f80c65","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":141,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"34ebd41c-87e6-42f7-af8e-c3b749c6dd5e","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":141,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"810b4c8c-e81e-4060-ac6f-cd8d6776d176","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":141,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"a370d82b-4838-4651-b95f-bca8cfc89d08","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":141,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"29a3752c-9843-4fc6-94ae-f89c25bfc58a","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":141,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"bd8ee71b-6d58-4a7d-a2a7-bc62553ddcd0","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":141,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"7cd8fe06-799b-4185-aa0a-544cb31ad12f","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":141,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"17f36598-a191-4477-b932-6867b7f20e1d","block_type":"box","text":"e.g.","page_number":141,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"b72d5f39-2242-4b3f-93ac-89affcf98f67","block_type":"box","text":", custodians,","page_number":141,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"32c437f9-9798-4181-b0de-dddeb7b65fd3","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":141,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"695ca322-341b-4941-84de-ce70dbf1b81d","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":141,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"76a46190-1406-4dc2-86c2-d585886bc271","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":141,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"d8f44cc0-ef3c-42c6-9446-d9cb8ca977a9","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":141,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"fc780046-df28-4215-97fc-6ec6a40bba65","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":141,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"157d3c9d-0ce2-433b-ab13-7b9d001893cf","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":141,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"050a48fa-c624-4372-8898-0955be33b442","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":141,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"f3cbfe03-fe1a-4145-8df9-5f555289a8cd","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":141,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"a23ee94e-8978-4fce-9a04-d02c31f79211","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":141,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"749c6763-7e38-4182-8bdd-8810fa3495c0","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":141,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"be4fb89c-5197-4227-9951-d889a2e30c88","block_type":"box","text":"II-97","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2ff81099-d6d3-4b9e-a53c-73f8b531ebfa","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee72c363-94ae-49a0-81dd-950c26993c92","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":142,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"1d7976f4-0cf3-4df7-a608-b53278861505","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":142,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"a9a1db7a-b2fc-4cb5-a285-e866ebe1e745","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":142,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"1ea2b73c-68ef-44f5-b703-69cba4dda5ef","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":142,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"e3876d0f-5bac-4f24-b338-eee4f312560c","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":142,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"73d2b382-e478-4dc3-bec1-ded5342f2982","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":142,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"0a740720-0cf2-4678-b325-a0ffb287d6f1","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":142,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"e94b216d-fa30-45f1-b732-c9ad1c2525b1","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":142,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"527cbe53-56b5-4f90-91fe-3a049388fb5a","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":142,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"544d1228-401a-45fe-8102-ae744087de81","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":142,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"fa1eed89-24ff-4f48-a694-7f8940ce9ccb","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":142,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"9175c17d-2a9f-4643-9c7b-1d8470d1bafa","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":142,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"036ea43d-6bbd-45b6-978f-951ffd4555a8","block_type":"box","text":"provider.","page_number":142,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"06181634-a091-4ae0-b65d-6d60e4a486ca","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":142,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"a4f37cfe-6e9a-4ebd-94ab-c046838d6030","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":142,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"3edf1361-d2ac-4b24-9bba-1cd4b2435f25","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":142,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"ee2f04e8-d365-461d-96a7-b29aa8ff0cc8","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":142,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"c989441e-d5bd-4765-8e38-688c4758a351","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":142,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"cb26bf29-858a-427d-9839-b7351317d603","block_type":"box","text":"PURCHASE OF SHARES","page_number":142,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"676314a7-9091-4fef-b9c9-bab9136b3e92","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":142,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"c6065723-bd6f-48f2-ab09-a66c69d1b8b6","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":142,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"058b669e-b0d6-4911-94ac-4d157ef90c7d","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":142,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"1d93bb3c-27d8-44a8-9d32-60462bc1116d","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":142,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"ac0e90d7-cf8f-4b28-8b0b-7db8d6244c07","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":142,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"c147fef4-6003-4e84-aa49-ff778d1d4c4d","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":142,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"4f67a53d-341c-450b-9dfe-4007c5e2e408","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":142,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"fcefd288-b8b3-47cc-a845-b6567b6b64bd","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":142,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"6af2b007-7814-4e36-aca2-7af1504ad622","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":142,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"42cefcff-0354-4753-a2af-d704fdac093a","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":142,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"21952e4e-7573-4b53-bb9f-c42033f79616","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":142,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"fd659fa7-4e72-45a6-9a8b-f08f6a601ac2","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":142,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"41ecb6de-fc4e-4a5e-b401-aab5b830cbac","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":142,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"a79aab9c-b296-4cea-af7e-aa983a76dc5d","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":142,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"2b087ccd-e728-4cb0-a9f2-50c00fcd27fc","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":142,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"2f411fb9-1642-498e-9c71-24601cc75abb","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":142,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"f5ae37c1-35e9-4e5b-848f-a2b77fb67a2b","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":142,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"c80c95b2-22ff-4524-8081-16fb00d6b228","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":142,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"43354858-5b1a-4c0e-863e-d66b2286a231","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":142,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"cbd19661-e27c-4897-bb88-e918dea1b6b8","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":142,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"2a75f82a-c4dc-41a9-83ac-8640f8223dfa","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":142,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"d8f3a67f-df6b-462c-9d72-b6d20e3643a4","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":142,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"b7aab60f-7113-40ac-9ca3-7f4a201b0efb","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":142,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"e90bcec1-372b-4348-b723-38fc76c35cc9","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":142,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"34592efc-1bf3-4c35-abf4-339e74a5f206","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":142,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"fdd448db-9b7d-413e-b7d6-2a59cf94f32e","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":142,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"017dc2dd-9bb6-4eda-b847-67ceb8dbbfc7","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":142,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"f131dd78-e601-4ced-9faf-82571ef0ed6c","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":142,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"6979b6a3-a14a-4d74-93ab-da5c5f06f2f9","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":142,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"d40f2eaf-98f3-472f-865c-9678a6e6a9b9","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":142,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"e4357adc-6d4e-4c52-8de3-d8611b88fbb8","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":142,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"fdb55250-42fa-44f5-94b6-86c0d15756e8","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":142,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"d3c6460f-45ed-4686-8e69-a4609a2efffd","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":142,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"38a9cfb5-e3db-4bc0-82f1-827b814688f4","block_type":"box","text":"investment is $25.","page_number":142,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"4ebb9054-9db3-4dc3-a716-75c4483338dd","block_type":"box","text":"II-98","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"433b99a0-c9bb-4908-b08c-a7593e63e545","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7b5857f-396f-46a0-bca9-515837c178a2","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":143,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"0739029f-ab09-4557-8521-8c31863ec6f2","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":143,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"2b246db2-a3ef-4a2c-88c4-ac1245d81e11","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":143,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"849f6d88-1291-472b-b3d4-cdecc061b456","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":143,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"65125994-3a83-4961-85a2-481a89e15ee4","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":143,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"34a6cf07-2e44-4133-8ab8-433e2c8d2da6","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":143,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"0219cfcd-ba18-4399-b845-0f2a966e7e2d","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":143,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"a5900f74-aa74-4377-b36a-ffaf032e6174","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":143,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"917efbe4-98c4-476a-ac19-4a7e539e171e","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":143,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"4680ecf3-641d-4ae9-8c12-7d391266e0f0","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":143,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"832ed5a9-8a94-40bb-979b-43d9a7eb6172","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":143,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"03fe910a-12a6-43e6-88da-7b98d59ee37b","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":143,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"771384fb-b036-4af3-8d33-f400e56eb92a","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":143,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"b5ff73fa-59f2-4457-bff8-a38ff5277130","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":143,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"0a436fbf-3891-41c2-bdc6-946a29f6d603","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":143,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"55ddc850-ca25-4f41-8c6c-bbdc5f7e3fe1","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":143,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"eb611554-fe3a-473d-87e3-da3f64717dab","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":143,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4bf3a07c-35ec-46e3-83e6-d3d53b098e7c","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":143,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"e819e166-2e30-43fc-87d5-e9453e5c0ed2","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":143,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"b0f12ab6-b3ef-4fdc-be8a-8600dcde08ab","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":143,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"dabbe517-b384-412a-a31b-976e046cb994","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":143,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"e87bd546-2fae-4c49-9444-ed7efd249400","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":143,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"74b19ed8-ad7f-40eb-9da9-7264d352a17f","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":143,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"a1b5a224-9939-4bbf-8be6-951a99ca0285","block_type":"box","text":"adviser.","page_number":143,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"8499d735-0891-4a7f-80ba-76088d972364","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":143,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"cf17e51f-d9ba-403d-84b3-ffa071776bfc","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":143,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"6ed753be-35e9-44d8-8f20-254ff812827c","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":143,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"054af249-17ea-4548-ae6d-443885d608b6","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":143,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"4bb21302-18fe-40e5-a8ee-195e14248388","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":143,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"49890901-0e25-41c5-b1ef-24b2f97e887e","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":143,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"08f04d7c-bbf2-4fa9-b5e1-042a12baed38","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":143,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"515fc0bd-cabd-462e-94d3-f4b95dc6c96e","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":143,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"6bf5698a-291d-4de9-8599-d1af97e834f1","block_type":"box","text":"also be restricted from making additional investments.","page_number":143,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"e111c38c-8341-4bd1-8b94-da194a74891e","block_type":"box","text":"In-Kind Purchases","page_number":143,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"da22adc5-7085-4043-8182-47098b1855f5","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":143,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"4350dc60-e853-4951-aab2-a96d701392ab","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":143,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"e9c603d7-a259-48da-8187-2f4be1a06488","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":143,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"b9573e07-25fd-47cc-9e22-7ea4b2d983e3","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":143,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"4a67c0bb-7dfe-486f-a5ec-d9fadd40765d","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":143,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"1e3994a2-ef9a-4363-a50c-4a53dea45e88","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":143,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"3f9f9f88-f98c-4d57-bab1-d22982b95c81","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":143,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"5e86c164-38d0-4988-a13e-6179b4761ead","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":143,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"187dc455-0c9c-4c79-9bae-5589110bf79e","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":143,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"9cae774a-4dd6-478d-ab24-88c0e451cfc1","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":143,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"38fdad5e-ed99-4871-ae40-2b51e93e2b41","block_type":"box","text":"has settled.","page_number":143,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"7998dd49-0725-4b2b-b505-314e20e0248d","block_type":"box","text":"Institutional Shares","page_number":143,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"091721be-4f19-4855-bafe-c3d1ddc7d727","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":143,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"2ce95d25-ecea-4217-a9ec-a1a51f8c995b","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":143,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"64b02379-27d2-4c4a-8602-4556526da01e","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":143,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"62f08b73-5b0f-41d5-bbe4-c8e2a74d2731","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":143,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"6ef0f5f8-3f65-4272-878e-82463658f613","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":143,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"795c3031-e206-4915-b4bf-7145469bf491","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":143,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"34fa0c7c-ff22-459d-81e8-d21745acff55","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":143,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"c3d09b91-7264-44ce-8eb0-7c233c129617","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":143,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"9f0baf76-c50b-4365-bb3d-dedc1311eff3","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":143,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"c0eacdf8-1cde-4eb1-964a-66a516c59e6b","block_type":"box","text":"II-99","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d11cb3e-d39d-4aeb-b986-1ebddb4cd819","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16d06cb5-4cee-4692-a11a-0e9d07d50bbe","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":144,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"1667aa38-573c-43ff-9f09-562abdf590c9","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":144,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"b766b64c-b232-4d9a-a6bb-7a78c4e31612","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":144,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"299548f2-1d71-4e0a-9f5e-c297b20afe88","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":144,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"22951236-ead4-4a9a-b0a1-afbba1027316","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":144,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"e74b7451-deef-4384-892c-57c01529d121","block_type":"box","text":"these fees and conditions.","page_number":144,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"c10588b0-0dab-4433-86b2-42d3ebb0161c","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":144,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"dfec486b-b6c7-420c-918a-f4bcf1f53cb0","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":144,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"0ec398a0-d86d-44cc-9838-7b284616664d","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":144,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"d2f4c63e-c979-49c9-a5b2-006a120eedf1","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":144,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"578a3e47-b8e6-4acf-aaf0-b2f3cd3eb670","block_type":"box","text":"incurred by the Fund.","page_number":144,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"ceab77df-e676-43bb-bfd1-1e2e7b6150a8","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":144,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"768c32f0-91e7-44b0-8ab0-c15b6465edf3","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":144,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"1c5fa670-db6d-4a8f-84ff-3854d0a04dff","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":144,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"449a7afc-f0dc-42a9-aae9-fbdd63784ded","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":144,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"524051a9-f2cc-4dea-81b4-7813fae9ae5f","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":144,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"db7b3a9e-3945-49f5-9369-564e9357b3e7","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":144,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"4f3fcf9c-fb6d-40af-bdf5-792266cc82cf","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":144,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"aa4339b5-d348-486d-8cb3-2d401e9db482","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":144,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"713828ce-b8bd-41c9-a8ab-8e77b80c6499","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":144,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"4c7d3028-eb49-4a97-bd19-261521a04d6d","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":144,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"2f00c174-d25b-42c8-8e33-553cd490f537","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":144,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"4e397ac3-10db-48fd-99bc-0ebd2a59e503","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":144,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"1caa79c1-edde-4a56-a3a4-81127e2a4b10","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":144,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"af4bb975-1edf-4f78-af8f-326849081033","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":144,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"6e8cbf53-d458-4d78-a8a7-3bf0aed2aabb","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":144,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"57d40513-438c-4894-be53-2c482f4543c7","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":144,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"bbc1af9c-f99f-4809-8d63-1b2879c7f70c","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":144,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"1070eb6d-83d5-4cf2-b7fa-cfd42c60b8f1","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":144,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"233c4f8a-4c56-411c-aff8-751db7f58751","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":144,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"9bbe0d93-dfac-496f-ba2c-9966e68f7bdc","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":144,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"12889394-b130-4228-bb48-e1d9352b7b7d","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":144,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"7e5b7cda-05e9-4f76-869a-856d7b3167e0","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":144,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"22f5155e-8ecd-4db6-ab91-e3f051279a26","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":144,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"c18d04f1-7185-451b-ba21-ced92d47f114","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":144,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"72fd7722-7015-4034-b32a-23abdd9adb37","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":144,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"c54cd360-4209-4f0b-a82d-489264701277","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":144,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"0bf93a79-eb40-4192-9aa6-15fdcd960449","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":144,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"735420b5-0fa0-4b8d-81f5-814cde6cdad5","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":144,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"c98c165e-6de4-456b-aa81-d31782b2240a","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":144,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"4e704bfe-68d0-4c67-87dc-8410ecbdf0b1","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":144,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"17d6c279-77fc-4f28-9ebc-7ce92b83a56f","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":144,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"61ece735-3c20-4785-9083-40929791e29c","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":144,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"8c643733-0298-4f43-b9ee-d27bde18b0fd","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":144,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"393a25f1-df15-482f-b5c2-981638cfe2de","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":144,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"97b900b7-3eba-4e8a-b0a2-2c45fa1b2ec9","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":144,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"7b8c4cfc-5e63-436c-ae4e-44b8c6e948c9","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":144,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"0e274560-fcad-485c-814d-b7f3c9936373","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":144,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"fcebc41f-7bbc-4677-b89b-343b6e2084db","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":144,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"15a881f5-e6fd-464f-8ccc-06f0c6d5b530","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":144,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"dc59ef9c-c140-4d4d-8cb1-085188532485","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":144,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"3ccae084-ab35-44a0-af3a-7e1a16403926","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":144,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"ffc1e77e-a61e-4f8c-8160-345b46a3d4d7","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":144,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"199ca4b2-b3cc-468c-b172-1d689eedcdbf","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":144,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"7660577a-55e2-4c2b-8646-e1b33753929f","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":144,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"1df81aff-62a5-497a-8334-ec4742e21c1d","block_type":"box","text":"II-100","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8f036196-7e34-4762-8598-679d64028eef","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a5855ed-1bdf-4230-ab04-0cb77eb2436a","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":145,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"30100376-5de5-4135-b032-b9e9c93d2d3a","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":145,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"61192bd7-b7b0-4144-8cf3-6827f12030bd","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":145,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"732cbe04-2400-492a-9a56-c0c34f77d64f","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":145,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"e27d1733-2459-4d18-93f7-c9e67c2f5c74","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":145,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"47dd2918-04d5-41c1-95ce-75985c4b5bba","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":145,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"d67b00a4-7af9-42fb-ae92-18127dc495f0","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":145,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"f60d0e2d-1dfa-493b-b010-a8a42b865f54","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":145,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"8f117e02-6585-4007-b237-da1e3a17cdda","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":145,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"7e9294cc-54df-4234-91bf-a3c7a6981158","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":145,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"db8d8efe-3201-4195-8a2f-471485555b18","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":145,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"3b2e30a9-7940-4fb1-b26f-82387ceda798","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":145,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"f05be728-d5f4-441f-99a5-54be1577c9e8","block_type":"box","text":"periods indicated.","page_number":145,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"742dac3f-daea-4466-8069-3f126c8e8db3","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":145,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"51ee33c0-43c8-4b3b-9904-f23701819ebf","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":145,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"40db6f8c-0fe7-4fc3-a85a-f94d4e109984","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":145,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"6f832e46-764a-4d6c-b29d-b2973ab6f8f6","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":145,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"11bded7e-349f-4ef8-9428-8e39e6370ef8","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":145,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"8c1df55a-3242-4cfb-8b49-a9a1fbc50e26","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":145,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"4ff09e82-ab96-4a7f-b66f-f302d90f2365","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":145,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"a5919c68-0d8f-4550-aacb-b4e3550a532a","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":145,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"0d8067e8-f69d-44c4-9ed2-55a01b1f418a","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":145,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"435d59f9-8549-400a-a73d-5fe2061e6105","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":145,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"04e9ad2c-3b8a-48b7-942d-5e16da44c55e","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":145,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"c4779c06-416e-48f5-83c4-8df0055dba57","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":145,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"0664faac-f096-4bb5-a28e-350ea8727cdf","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":145,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"5f23e8d2-17c1-4ccb-855c-ef6f47cbfc9f","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":145,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"62488ec6-0691-4e00-aab3-6da41ee799a5","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":145,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"9ae1a735-db28-464d-8a5f-b3a7ba97bd5b","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":145,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"2e2e5a29-041e-4c0a-b22f-f55aaa7e66c6","block_type":"box","text":"Reduced Initial Sales Charges","page_number":145,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"ac0bcdcf-0dba-4373-b8ff-56b48cc75ba5","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":145,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"34226da0-9c88-4a29-97dd-034992a640df","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":145,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"a0c11b1b-69b4-47d6-8016-6c4b5dc67755","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":145,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"af2dc402-d849-433c-af86-04ca27cfe4b7","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":145,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"0d88308e-36cb-4d8d-b075-6fa3efe9ee0c","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":145,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"a042e5b3-881b-4650-91f8-2c0dcd4834fa","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":145,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"575708df-c522-4d5c-9c19-9a36586c3354","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":145,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"84641edd-4a46-496a-bf50-5cb432e01d47","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":145,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"bf1d56f4-ba40-4c3c-98ba-52f38ec6d339","block_type":"box","text":"Reinvested Dividends.","page_number":145,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"a874ff43-bfa4-400f-abc7-654a62d69114","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":145,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"d1a5f37b-a0eb-4b6a-94ba-123032450d58","block_type":"box","text":"reinvestment of dividends.","page_number":145,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"b1db1b81-fa91-4212-8860-2f1cf460eac7","block_type":"box","text":"Right of Accumulation.","page_number":145,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"e8df721c-de3e-4d4e-95ca-a62ee70722f0","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":145,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"6eb1ff08-ea90-449d-8de6-3cf75e286e22","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":145,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"2940eacd-93b6-45b7-878d-279f127e0caf","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":145,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"3ee1bf1e-7545-4378-b06f-d34d79d586fe","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":145,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"725eebdf-173b-4165-b4be-629c837c31ce","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":145,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"37e99d35-5af9-4860-861b-12af6e3f203b","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":145,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"54a07b24-97f8-4479-a963-865488a27ed7","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":145,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"47826372-7b6f-4ce1-bcfa-960d1401dc8c","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":145,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"f9c222f5-58cd-414e-bb28-84b4c71f16f7","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":145,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"aa2d84a0-c180-4ae3-b257-b0c4562872c8","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":145,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"c8b74b66-4811-4229-b88c-4afe6cad7fc6","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":145,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"0e5c085f-d244-43fe-831b-7d40b32fe51d","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":145,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"1c5201bf-9d80-4fe3-96de-840b4127a5ed","block_type":"box","text":"II-101","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1a4a6004-ed3c-40bd-b360-8b327eac1001","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9340cc82-5873-462e-b883-d14f063f2c90","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":146,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"bdc45494-0afc-494e-9275-8f5818ddb3da","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":146,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"8064c585-7806-4e61-b681-c7a7dd1a529d","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":146,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"93e21a9d-c557-423c-bc0e-d05cb0dc889a","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":146,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"92438d9f-8be7-4945-b087-0ddbe6a2fda8","block_type":"box","text":"Letter of Intent.","page_number":146,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"570ee372-2192-4652-9871-412601b99e01","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":146,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"461b37ea-fc7a-426f-a264-1dc61fc20131","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":146,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"76f06eb5-9e69-46ff-bbc9-3cbf6b0878c7","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":146,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"5f618dc4-4390-427b-8903-3b95527c7fe5","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":146,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"5192e42a-416c-4d90-b71c-1e129cc7910f","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":146,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"e65235a4-f272-4a31-a6cc-dbbe56ed4f9b","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":146,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"604a5ec5-92e5-459c-8f4e-642ad30a79e6","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":146,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"fe0d520d-aad0-45d0-a826-38f41063d0ff","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":146,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"25528179-c023-40e9-96c5-796ece79eacf","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":146,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"da199c89-12cc-4608-bfff-fc0027009645","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":146,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"d4ef239b-607d-418d-bfc0-0d430dad5365","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":146,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"06c0becd-60a1-43f6-a436-26e0df96c941","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":146,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"f48ffecb-31d6-4a65-8f33-73a2da16aeee","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":146,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"772c25f9-e789-4466-93d8-3172c4e8231f","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":146,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"9f1e0603-5a44-4efa-a684-9595c36440a1","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":146,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"720a34d1-a1c0-4739-9d8f-00134389131b","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":146,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"6dbeba96-2d54-41d7-9ba1-4b5b77167868","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":146,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"7f8f1b41-c7db-41a1-a76a-f74e2b8f4df4","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":146,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"d896a221-92fa-46c3-a815-bdb7bcaa93f8","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":146,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"33f382c5-5273-46e6-912a-34ea1504cb11","block_type":"box","text":"Placement Fees.","page_number":146,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"f248c124-79a0-425f-b928-7ea76be70683","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":146,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"e66743c3-b3a8-4dcd-b707-85d758ac4c94","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":146,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"493bc0ae-4b9e-4064-8473-fb12453bf300","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":146,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"c5723d83-620a-4b24-b1e1-64390edbaa95","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"1989ea5c-a3be-4862-ad3a-e9815d439a8b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"33f99088-939f-4d1c-af3a-705fb9d87143","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"d9132734-36df-407a-a4dd-121b9e021308","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"6cd5c4d2-efaa-436d-b7f7-c6b7866c12b4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"e528db00-70b5-4138-9878-f6ed1982f2ba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"445d4f69-2801-40a5-9157-8d0adca041fe","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":146,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"fda0d4ce-9920-4ef6-8ba6-30e1b1742442","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":146,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"4f411a71-319d-4652-8e79-a265543c24db","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":146,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"a520e232-a457-4692-b836-e22abc082704","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"cb59b6c0-5e4e-4786-9398-808cb7ef95ac","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"bb1875d2-ab9c-4566-a01a-0635e63886e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"1846d8d9-9f18-449f-8ecf-68d8e096d1aa","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"61e0ff3a-8a9d-40fb-9d13-6486e84298af","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"203b0067-2ec7-43bd-a872-3c46cce6259f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"f10a958b-3523-41f2-a8eb-e9524bca5c8a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"f7c5f5b9-202a-4445-86ea-719aafa0fcee","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":146,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"5997694e-37b7-40eb-a8dc-cf36af1cd722","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":146,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"000154d9-bbc6-4b5d-a500-49deb6828004","block_type":"box","text":"SM","page_number":146,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"55477b6c-f793-4cdb-90f5-391a6feca17b","block_type":"box","text":",","page_number":146,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"f1ca9ac6-429d-4ed2-a620-afbe18ab120c","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":146,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"1a388380-111c-4af1-a259-3a71427eb65f","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":146,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"28c3503a-a823-4a51-87f0-c42ecec79996","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"45faf522-c9fa-4b2d-8494-a23474c4ed83","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"d85f9086-5b37-4574-8081-3909760c587a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"6c641675-46ee-49e4-82fe-40b557e354c2","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"ca6e0dfb-50af-4192-a23e-013874c9916c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"3c60bfa5-611c-4766-aeed-c909fd12f0c8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"5fadc693-b4d3-4070-a408-51660e584316","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"42f494da-1bca-49fb-80ca-bdf040631752","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":146,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"8caf12ea-347f-40fa-8896-0c21692cfe68","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"281a7865-1979-4f23-b9a8-642498d1670e","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"25d927d2-aa85-4397-a8a3-a483acdf4905","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"dc5b6832-7359-4905-a59c-3a903421ce1b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"0a103c18-44c4-4d43-a697-2203f777e133","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"0b1de0ad-e1b8-4155-bf44-a1e6d68e7b85","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"0ab282d2-4e8a-46b5-9710-15c29ae18e7f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"a3d7dd91-a6e8-469b-8d81-c5ca87b911a6","block_type":"box","text":"II-102","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"54b043b4-d6d1-413e-8e09-a4a5bbd82b2c","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2e4c7fb-fac9-4424-a4fd-fe5f18e41846","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":147,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"c5f8497c-e4df-4963-9469-b052169043e0","block_type":"box","text":"may be up to the following amounts:","page_number":147,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"23a2a1e2-d754-4b29-98f8-f9a646d4ec13","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"8c000c6a-f56a-47f6-8ecc-4b4dbf8d7153","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"524f163d-6e72-43bf-9ab8-391e903a67a9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"87ce03f3-23f1-4956-9167-caa96b5308d8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"0bf823c0-ac65-46da-8a62-05ada18857e6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"87591057-ed8f-45e7-873c-965c3dcd6f36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"cb1b57f5-20c9-4088-8310-72c264d4b440","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":147,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"1f2e318e-a199-4a3f-a613-7ab227ba4de7","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"c86892e0-3b64-414f-ab54-6db5a901ff2d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"479e8bc9-7401-419b-8dc0-243f29f6b1c5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"359d20e3-cd37-44c7-b804-87f9cae23078","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"7ef7b1d2-ec3a-4524-bcdf-3a81132c6cda","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":147,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"16e9e5ec-07bf-4886-becb-aca3fca256ea","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"1398a0dd-268a-4d44-b6c8-4204632b4ef2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":147,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"a592df05-3558-49f0-8080-53e977ed11b1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":147,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"d2d2b531-f5ab-4b23-9cc4-d827ed169afa","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":147,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"973a25ac-643f-4b9b-ae01-88ab046b963a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"c797b90d-abf7-4ddf-b8ef-d04b7c0ff87d","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"7089bb88-6a6e-4dc6-921d-f0cc56310b25","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":147,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"801e3330-5d11-4f63-8c80-3cef437bc4ce","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"15dd019b-ebb0-4110-9004-9c4a97a7276a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"3250bac0-81db-4b4c-9de5-8da566915387","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"cca34e23-cdb0-48d4-baf9-50421decb877","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"8204c034-a4ce-4c8b-a4c4-739fa4d034c7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"6586e6bc-507e-4f5a-a5b6-65f56c65b054","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":147,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"ac9a4d7c-e1e2-4554-9f1a-110275adc528","block_type":"box","text":"$250,000 and above . . . .","page_number":147,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"49b9d1e2-4a57-42a6-a7a4-497c98843299","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"2975da6b-8acd-4fed-876d-a0549574f1c4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"5cc5f756-ca94-4688-aa52-382b038b86ac","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":147,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"43e0a866-a2d6-424e-a5e9-91a2bf2ee83b","block_type":"box","text":"the following amounts:","page_number":147,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"708e2ce4-4a3b-48ee-859d-837182564f12","block_type":"box","text":"$100,000 and above . . . .","page_number":147,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"fdd4a7cf-3a20-4b1b-a190-4caf7612ab72","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"ffee258b-d96c-4fd1-b420-c6911836fd4b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"044ddf65-c92a-4c26-84c5-dbdd1ef12163","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":147,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"4230bd74-17bc-4f87-b99d-b7bac8506cb2","block_type":"box","text":"$250,000 and above . . . .","page_number":147,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"739a39af-1806-43d8-8114-aba3dcd40d69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"5e3570ae-d9fe-440b-86cd-a41de1337d4e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":147,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"8e787c62-7bef-4e65-af05-62fb3f5c5bbe","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":147,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"e04bf529-1adf-42a4-aac4-4948c9fd4eb9","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"00f197fd-b80f-4789-831a-8719da51aaea","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":147,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"06ce2522-3300-450d-80e6-7ee163587f0c","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"66667c3e-f2d3-4284-890d-4e65f0b60c8b","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"69df81b7-7c6b-4b5a-b3c7-d3e5206a0be5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"01e6626a-df6d-4d72-aa1b-e4eeca7b5609","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"a4069442-f7ae-41fe-a94b-de18aed48041","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"3facff33-a7b7-4d8e-bbbc-a1acae6c87e1","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"a464a8d6-be92-406b-a6d3-c18e9761ba50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"7f95191f-54b5-4b81-9c1f-7a1f4edc3c3e","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":147,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"fad9347d-5f0f-4c96-938d-31a0a0566d1b","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":147,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"85280d8d-bdd4-4c99-babc-079d9804502d","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":147,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"5e29afae-f0f8-4e34-b1d8-e083fd643733","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"6ee25472-581d-41c8-954d-d78b299a1f60","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"baa04bc7-1900-49b4-ad7c-4cfa743cc775","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":147,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"ccf3ec8e-4157-462e-8764-e2d5a97ac49a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"ff4a827e-d7d6-4fcc-8984-2c02fd634c6f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"f0e36052-13fc-4f83-b76b-e3f1ef38b4ac","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"c150c835-b717-4a5a-a53e-7ce229b5e915","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"d81e6980-f471-4086-9294-648358c66182","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":147,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"d427d06e-3e10-4df0-b5df-e33a178b2e5e","block_type":"box","text":"®","page_number":147,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"1739b6dc-0839-4ea5-97ee-10d38a189c7a","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":147,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"ec271b82-777e-45d8-b21b-04f493e0d33e","block_type":"box","text":"®","page_number":147,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"d53db790-9370-43f3-bc5f-444921a20db7","block_type":"box","text":"Index 2035","page_number":147,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"b275dfda-eeb9-4b7e-8308-3a87415a5817","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"f1438fb8-eda9-48aa-8b6b-72d3be917b7b","block_type":"box","text":"®","page_number":147,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"79245b68-5ff9-430e-9e34-94144c45f32f","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":147,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"0c9d59ae-91f1-41a0-9fa9-7eea542c77f4","block_type":"box","text":"®","page_number":147,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"32cc0d16-9c61-4d35-87ad-52fb7baf8fc9","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":147,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"9d837653-58b0-4843-9352-9009f5a0bc04","block_type":"box","text":"®","page_number":147,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"f6c27dc9-8b61-449f-a067-0db5a05257f5","block_type":"box","text":"Index 2050","page_number":147,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"d2053833-0d06-47c7-8726-7cd1e10752ad","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"bb3a1d47-24fc-4cfb-90a1-70649c7c7fcc","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"22e82ec0-9012-4738-ba56-c0fedca549f5","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":147,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"21a5654d-a41a-4fce-9ed9-7e39b83b1479","block_type":"box","text":"®","page_number":147,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"0be6a490-3643-4d26-877e-e8af0a68ffb5","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":147,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"950ffd8e-9738-44f4-957e-0512ca55524e","block_type":"box","text":"®","page_number":147,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"a6af33ce-06ea-446d-bebc-d726d6f05655","block_type":"box","text":"Index 2065","page_number":147,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"c4f38450-1419-4b13-aea2-3eca9e977628","block_type":"box","text":"II-103","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b7c17161-3ecc-4393-9549-8ac6094be824","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7612dab7-4e63-4a7d-9605-7a1f7e4d76ee","block_type":"box","text":"Fund, BlackRock LifePath","page_number":148,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"0e000445-6384-447e-9a48-7170bdb4f8e3","block_type":"box","text":"®","page_number":148,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"7c6477a4-2512-4611-9016-a663382a9add","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":148,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"14ef51ce-c426-4a5a-b057-8c72d5fce678","block_type":"box","text":"®","page_number":148,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"b864c9ee-7947-4554-b8b1-0d6bd4df72d7","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":148,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"830f3982-0940-4610-bef2-a1d426c143cf","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":148,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"83800a01-2f12-432b-8b19-9410a708a332","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":148,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"1b7f380f-afc4-4550-824d-1185856f98a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":148,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"1ff9d81d-1eff-4712-bc8e-c63ac3e9337d","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":148,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"cf972d71-4072-491c-b44b-d5a06a9e1e33","block_type":"box","text":"SM","page_number":148,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"a1eab033-c613-4505-92a3-4f742a4540ce","block_type":"box","text":", the placement","page_number":148,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"922e3e8f-f5f8-473a-8a68-f6579133b7db","block_type":"box","text":"fees may be up to the following amounts:","page_number":148,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"63ed6360-bb30-4525-bfce-c454b898cd37","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":148,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"2fd04fc0-556a-4f66-96c3-7294e9a53800","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"dfe87d9d-c937-43cf-b6e7-2f9754780be4","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":148,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"0dc2e1f5-d270-4de0-89b8-ed5ba03a8ac3","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":148,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"e8e5b97f-1ceb-4799-9ae7-cfcba96c296b","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":148,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"9c35a091-52c8-499a-b907-e317531c1a66","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":148,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"52b1d20b-15b8-42d4-93fd-97620e9f0559","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":148,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"20dcae0f-b78c-450e-b84f-00e5a920f407","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":148,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"5aa714a7-8f9e-4a5c-8997-5ac1e8d3679f","block_type":"box","text":"$1 million).","page_number":148,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"b220fb6c-cf8b-4d6e-8264-77505867e76a","block_type":"box","text":"Other.","page_number":148,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"4c6185d2-9dfb-415a-80a2-01ad9f0c9850","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":148,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"1dbb68ae-c626-4efd-90ae-952eb4c2b8e4","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":148,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"c48508c2-e0a8-4365-8980-e3aa5e1a715d","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":148,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"78bed62d-8cea-47cb-ba64-179b81bcec9a","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":148,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"bf904ed2-3970-4474-80a4-cb0d8ac9373d","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":148,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"e00728d7-eb32-461b-be9f-5961cb4964b5","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":148,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"51d0c476-843c-4c43-8489-fd00ac4e6475","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":148,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"da87d462-7afd-46e6-b943-5e71f957ff69","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":148,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"e1ed048a-2ce3-45a1-9ef4-8a8ce57790da","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":148,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"ff336510-39f2-4fcc-9c8d-dbcd38863402","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":148,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"c900e355-5c3e-4536-aec5-6e17883ca07a","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":148,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"f090ef0a-6789-4519-98c9-57d0623fbd50","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":148,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"30bf2c0c-6ee8-4fed-b22b-191ad348645d","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":148,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"b4c7671c-0fa7-432f-9ec0-9d4a2df09fa6","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":148,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"ba11554f-8284-4f1b-bd70-1bbda30f42c4","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":148,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"e0a3b78a-ed40-433b-9eb7-aebbad18b559","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":148,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"8fa308f3-a6bd-463a-b0d5-eee00b792c23","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":148,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"073b320b-e6a4-4064-a420-a6cbdf4deb70","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":148,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"fe4e2349-afac-4aa8-917c-967e43bf9f9b","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":148,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"4a5755fb-26c7-402e-84af-56b7f74cca59","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":148,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"3726e588-6831-4607-89da-3c643c416616","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":148,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"55761f69-e3e8-4027-9e2e-fb0e86c89dda","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":148,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"61c186fc-11a8-4ae7-b9c2-bc0955c8244f","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":148,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"e1840db3-734d-4b1d-927b-cb332910eefd","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":148,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"6169546f-ba19-4ac4-a965-dad5556a72e4","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":148,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"1cb976be-3990-4449-9e9d-b87574ae0fa4","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":148,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"25da832d-33bb-42ea-bb7c-02a1459f19cd","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":148,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"2f1589bf-11c8-4b40-bd98-d5c7d9ac2d57","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":148,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"e995db35-1e42-4f9d-9971-db0c2237df43","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":148,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"5f0927cb-0338-40e2-ba36-f0add15cd4e3","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":148,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"115efbe3-c522-44de-821a-f1141ae73d12","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"cb292162-9011-48ea-bfc7-944ad72fe5f1","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":148,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"74629725-98af-4f7f-b049-b5f7301ea87d","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":148,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"291749c1-a024-4535-b2b2-6756a7183dc8","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":148,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"dcdb6fc8-432d-4915-ad3a-a4fe324c650c","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":148,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"37302f82-35a3-4e54-8d4d-6422a4fbfc49","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":148,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"2cae1df7-8403-43a6-82e3-99fd74c54739","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":148,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"10a601c6-e096-4919-84a8-d8cb8aa22571","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":148,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"e5cbe640-9c26-42ca-b98e-73f15088af88","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":148,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"ab270286-c061-437a-987d-404e7d6161b2","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"569bac68-02ae-47cf-ba6a-65339277674d","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":148,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"e390b4d2-1ff5-4b0b-8b1c-6da1cd734079","block_type":"box","text":"II-104","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"268cbc55-f8cc-41e8-a54b-af210856ad69","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a2631ff-a138-438a-8303-8895f328dc88","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":149,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"930d363a-ebab-4439-80c6-2e78400fe73f","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":149,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"205dc85e-605b-4f35-bc83-4378288e4d8f","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":149,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"11f15182-91a8-402d-8afe-cee77b3552ad","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":149,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"177dfd49-3888-4553-b392-eb3ee35afc0d","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":149,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"2d602e69-0597-4b9f-ad89-8aa94b9c3280","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":149,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"c832899d-a6d7-4a41-8e92-3f1094c5977f","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":149,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"e3dfe7a7-aa37-4a45-ba17-27e5b2722718","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":149,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"a167f8fc-775f-4c6a-a850-cc2e40d7725e","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":149,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"068836cf-34c2-40df-9fad-7e6c2f9cbbd9","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":149,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"6b46b56d-6626-495f-b76c-5851bcb35a84","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":149,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"23906587-7dba-4e68-8935-913dcecdf2c8","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":149,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"c3331a77-2b9c-44a2-87d4-53cd1be9c755","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":149,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"43f1cf47-e515-48c0-8dc8-9c40d27b1ae1","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":149,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"013a7cff-fc71-4ca1-ad2c-2288250f9fc2","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":149,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"0b63e467-d9bb-44f7-9a8d-62fb5f27b32c","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":149,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"5bb6947f-f9ff-4253-ab2d-66c385197b06","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":149,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"94281d6e-1a04-4dd8-8b8e-ef85d9e1bf77","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":149,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"52e29253-8875-41f2-b29c-90a043f72c86","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":149,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"fbc84556-43a7-46a6-8f52-cee53b5b40fe","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":149,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"8905b055-e4aa-4739-806e-adb88071760a","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":149,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"6c2dc982-f381-4892-90d8-5e98d6562a2b","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":149,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"c7a0fea6-1091-4831-8e10-d325d5d99c38","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":149,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"3f2aec1a-da9a-4327-ab74-dbe652617628","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":149,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"59ab4e7d-0b54-40de-98e6-1267ac165b87","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":149,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"1ace5139-99b8-4888-a4ca-9305e78a224e","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":149,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"9d374f23-e97a-48ac-b9af-2309d2bbddf6","block_type":"box","text":"the absolute discretion of a Fund.","page_number":149,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"c91c0260-6235-4f7f-8700-efaf7593d102","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":149,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"84e5c866-1318-4033-a25d-748d511e96b1","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":149,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"45b9e37a-c6f3-40e6-90cc-5088874ccd64","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":149,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"5499072a-c3b9-42cd-9c78-c7d4ab51bdbb","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":149,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"fadfed6c-15b7-41be-9ad7-30df2f9d2ce2","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":149,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"03d8eba1-d9b4-4349-8d8b-a38167ea7c7a","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":149,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"0bd691cf-a539-4414-a60e-9867e9ad4c70","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":149,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"1b63f7e1-f9ef-4cc3-87d0-9cb85ca1fe23","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":149,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"54f96a76-ed66-47b8-8909-11a2d435d88a","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":149,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"e32f89d7-bf61-4408-9eda-a4eb2c1d561b","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":149,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"95f7aad2-68cc-4bd7-8339-ddb9df3dc748","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":149,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"a9382c77-6ce1-4e53-8ae1-6f1a7207705e","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":149,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"5a0de3a4-1f79-44f1-bcbd-012b721bef7e","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":149,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"baf870f8-400c-495f-8c55-d1c2b9c2d386","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":149,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"2feb3e0f-eb1e-44b4-8481-3a6c823f3967","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":149,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"7bc6830c-1766-45f1-901f-9a6c0f6247a8","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":149,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"474dd11c-764f-40de-8fb0-a9f3d6201f41","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":149,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"d1e5fdc3-486d-453e-b623-488315ae2740","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":149,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"8cd32319-56fd-4ba4-8b48-4c1cda4ab942","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":149,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"23ed6097-17d0-42d5-993b-34a36cc66b86","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":149,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"ed278ece-a627-4e04-81cf-9236c43a0a64","block_type":"box","text":"public or private investment company.","page_number":149,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"7090a37b-95cb-4eb4-88a7-b7980280576c","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":149,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"c49f2922-cdbd-4376-8677-b11457ac5e8f","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":149,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"25746c8c-ff27-427c-a9bb-1edc6ebb8f54","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":149,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"c636754e-b5d0-4297-8bf9-0e9d4e20790a","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":149,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"00ade278-1f5c-49f1-8ad3-e07becf04cd9","block_type":"box","text":"II-105","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"34c178d3-bce1-4637-9eff-76f7cb93c842","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8f248ed-d1b8-43fc-a07b-0e84c3b585ea","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":150,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"bd6d1b23-cda3-45cc-8aa2-9a52718ca813","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":150,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"b357b0d9-d6cc-4fa3-8c00-780dc7071b1f","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":150,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"931694e9-4ed2-462b-a9b6-6d77054bf831","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":150,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"60e688c4-b932-41d1-b96f-449d353ed47d","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":150,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"3efee04a-46f0-4953-a3ba-dd8688f8f81a","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":150,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"0f1f7b2f-8b33-4cd6-9fb0-870d915c5846","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":150,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"27557220-8e7c-4dbe-a36b-8a9095b8aa41","block_type":"box","text":"intermediary associated with the account.","page_number":150,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"218e0ecc-bb3d-414a-ad25-b0ea02615197","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":150,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"562b8474-6a41-423a-a80f-27bbbd394d3e","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":150,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"b2264370-8a96-4775-be1e-384431d43b8d","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":150,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"d983a612-f74a-4fe0-9a43-ea86e5a34735","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":150,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"ae1c8b36-a47e-4922-a36e-be95879b76e7","block_type":"box","text":"CDSC shares.","page_number":150,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"a7ac1cf1-ce1f-45f1-aa24-00956ad094e7","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":150,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"278b5db6-f541-42ef-9bef-e01b7bee75b0","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":150,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"94730114-f683-412e-a0d6-c77cf6656413","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":150,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"f413bcac-0e92-45eb-b42c-0dc31f3cac76","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":150,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"74687991-e150-4273-a37c-3699c7ea85a0","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":150,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"255c78de-a325-463c-a1f8-54c96ab5e425","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":150,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"571beb66-e135-405d-acb7-f2dc7766e3bc","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":150,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"85a9b32f-22fa-4a19-903b-55e22e9ca033","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":150,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"d031bfa8-8aaa-4aa1-b724-6601c1823aa8","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":150,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"b95a455d-a187-4654-821d-166ec8c21990","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":150,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"cf7b8669-cf28-4f15-809c-ee5202a87f8d","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":150,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"0954332e-7927-4dea-9c75-466f2a6f15c2","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":150,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"4f78deeb-cc83-443f-b601-035b3c76d4f2","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":150,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"136a6d7d-4c22-4d6d-8704-1a3275221b34","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":150,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"91f4c581-2cc0-4c7c-b611-b88aa78db01e","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"a422f081-7419-4fbf-86de-cfdaf48c9fe5","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":150,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"881f8b0d-7f25-485a-ae0f-d002bd775e4d","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":150,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"07ad06e3-dd34-4023-8511-9b90f5c1bc4a","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":150,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"b84a619b-4efe-4e7a-ae0b-0a3140489f0b","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":150,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"57d52984-ef4e-4522-bebf-3d0ccadb250a","block_type":"box","text":"Investor A Shares.","page_number":150,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"65826ea4-e2c6-4298-a8fb-d451a1488f19","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":150,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"19c5500e-a041-478c-8c2b-e4930438d532","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":150,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"b3db89ff-802e-4f44-87fe-f11c300247dc","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":150,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"424adc81-46a2-4ac6-a09d-a9be513c2043","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":150,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"037e0e59-2fc2-4ecb-821b-2054a887a044","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":150,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"36e08ccf-430b-467d-8e68-160969ea1512","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":150,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"21c10e86-6932-4c39-91dd-06daa7928bfe","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":150,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"3758194d-f16c-48ed-8165-61bb2041c3be","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":150,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"05cbdde4-4b8c-43cf-aca5-3bd09dd209e0","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":150,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"7127089a-225f-4a39-990b-c713dd329f60","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":150,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"0534956d-32f4-434d-852b-9d76001d1d6e","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":150,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"28271538-61ad-49ab-95a8-edb5396914c5","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":150,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"95c7abaa-0daa-43b6-82bd-7e69a419f189","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":150,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"24e350bf-660c-4719-86e0-12481f8aba0d","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":150,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"45a714e7-fd35-40c9-86f8-c5aefd31fd6d","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":150,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"a80c927f-4858-402f-b69f-d5a577a298f9","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":150,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"13f2a9ef-7e8b-4108-b040-94f5237ece8a","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":150,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"b468c434-56b1-44e4-9fe0-9b040e6f404c","block_type":"box","text":"“Investor C Conversions”).","page_number":150,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"2e24af83-8e43-4020-8bfe-99d2973a40c7","block_type":"box","text":"II-106","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"04707c64-e5fc-4951-9998-f87fd7fab20f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81456f90-aa98-486b-9bc4-c9d980b6abfd","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":151,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"acfa7f74-922a-49f1-abd2-ca19b2d9cf4d","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":151,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"b853e544-6ad6-4e79-978f-291d7a2d214f","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":151,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"ff1eb27a-62ea-460b-949f-4323016aa6bb","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":151,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"dacfe783-d241-4270-a0c8-16c79310e26b","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":151,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"98fc6890-e28a-4d91-b96c-978e4c02bf12","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":151,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"2d96aa0d-b03f-4d6c-b075-b5c824478059","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":151,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"4459936d-b3f1-4e8a-90e0-1d7be00866d3","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":151,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"d278cadd-6a43-4972-a5ff-d0006170ae90","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":151,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"f960e83c-db67-4760-8101-03e36a20d2bf","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":151,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"49bd8431-c07d-4b42-b1f7-0fb772386c2c","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":151,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"4ca08adf-51b4-48fc-a632-40a89f2e2642","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":151,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"b1d8f49c-6e21-4e83-9c42-77982516501c","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":151,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"e8d0f157-2735-4fcd-bdee-4916c5d3807d","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":151,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"577d95ac-f1c4-4b34-8db7-31a9af2ae845","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":151,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"1b31514e-c600-4537-aac9-1f88423c752b","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":151,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"3fd867ef-6042-4b87-9284-db1ce02b35ec","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":151,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"dd67769d-c938-4710-9191-a222457c986e","block_type":"box","text":"redemption.","page_number":151,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"ccfbaaed-5a4d-483a-85f9-6d85a25ae187","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":151,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"fb3c5e98-74bc-4892-aaf1-3d7fe180c0c1","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":151,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"d36241c6-0a6e-4234-a4a6-f1e6e4d4d423","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":151,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"89c070db-14d9-4a9a-b573-496b558f1d2f","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":151,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"d2e9a740-9ada-402f-aafe-be6853febc71","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":151,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"626effbd-01fb-43bb-81e7-eb4168cd7d23","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":151,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"a49e32e5-51b9-4e68-a077-674638328363","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":151,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"13462185-0bf4-4a9f-96df-1ceecaa8e282","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":151,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"e88d05f0-372c-41e8-afd0-f958f694a175","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":151,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"55573f23-348b-41d8-9ca9-5fb236aecf6c","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":151,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"29fe1c50-1b70-460c-b8ac-0a170d2bb2ac","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":151,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"87e9ec46-9ff6-4e4f-bbb9-d5f6c9eb5e96","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":151,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"b83bef6c-7add-4492-9588-2ad2c5cd92c9","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":151,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"e7ba7661-307e-46e9-a222-154bc1b0c5ee","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":151,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"23ac4478-00a2-4a39-9766-f0067cc209c6","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":151,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"9673e8eb-c1cd-4916-98c0-007d41d54750","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":151,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"09e5cebb-c984-41e1-8d9e-113f5d93c374","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":151,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"73debffd-3245-4f03-a910-7aafa5822687","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":151,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"01cf71a2-7070-4300-91db-d6dea231a869","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":151,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"604d8dbf-2b0e-438c-bac4-0f260eb09f24","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":151,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"b4e1dba4-9625-47d4-815d-d7b3be96cdaa","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":151,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"861edae2-016f-47f9-b755-6be6e81988c9","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":151,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"4b26e384-0e1e-41bf-8265-84830963cf84","block_type":"box","text":"Class R Shares","page_number":151,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"287adee1-fac4-41dc-849e-08526570f9e2","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":151,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"b958dd19-369c-412e-9bf8-99519ef0674d","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":151,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"2e69ddec-fcf6-4ea4-ac8d-2e80727f94c9","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":151,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"85b53440-5421-45ae-99a8-926d27a5bc7a","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":151,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"6e996ffd-acaa-489d-8ba6-ee4e1a18f09a","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":151,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"7ee85ee7-639e-4f58-8da4-e1e621cd7e6c","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":151,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"9dbdf06c-b169-4c89-9341-3e73f568360b","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":151,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"1e3dc2b7-f793-4439-ae61-2ac9e8f1e7f7","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":151,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"9558f40b-fa67-4afc-b6c7-2c114891c21a","block_type":"box","text":"II-107","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e6712efc-173e-45dc-be78-bdc7228399f3","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b63bb15-f424-4d93-88e2-fd4335a13273","block_type":"box","text":"Class K Shares","page_number":152,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"a03972ff-8eb7-4ccc-956d-0f2ddc92e86e","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":152,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"90a8f940-766b-4a5e-9559-e52cc2613802","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":152,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"98474fad-2f97-4cc1-bcad-f87164c9274f","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":152,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"15a45bef-fdb6-45fa-a93f-ae13712d1a4c","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":152,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"bfae781b-3950-4b60-8e11-8e2da419273c","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":152,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"faf310aa-a103-4fbf-b15d-417c1d39a1ad","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":152,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"aac24f80-4d6b-43a5-b8aa-1dfc07f6d2a8","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":152,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"4ca1bd01-4fcf-45c8-b7dc-b784682da17b","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":152,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"4acd5f8d-4dcc-4800-804b-9edd49488a6f","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":152,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"6e99c3e1-87ce-49d9-b474-ae9ab450e29a","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":152,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"9ef0e349-93d8-4532-b43b-33fe86fbd9f3","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":152,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"6fff0c3b-7edd-4f56-a0b0-24f002bd52ff","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":152,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"6287d6ae-fba4-490a-811f-3a0f17d137f7","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":152,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"b9ab94e3-96c1-4aa3-921a-b277fb3d70ab","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":152,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"c3d5fbc9-b7c7-4a97-8b0f-04028d0a2cda","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":152,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"3d4168d4-c502-4a53-aaa8-0fef666e890b","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":152,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"f8d1e4f8-567b-4c2e-b6f4-936cb4e97c99","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":152,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"c0fd639b-5033-4b93-a145-dd266fdd7195","block_type":"box","text":"distribution and marketing agreement.","page_number":152,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"84bf9dd6-fab2-4594-b15d-ea71f40ac87e","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":152,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"46775ecb-e803-4202-9c28-74ea5f834b55","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":152,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"3dd024e3-9058-4ed5-a0a5-985b4d5bbc23","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":152,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"94145330-1fe8-43d3-a16c-0ce5f91d8684","block_type":"box","text":"Class G Shares","page_number":152,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"c4ae5035-dc4c-4547-ad4a-35e8cd6edc5c","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":152,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"674fbea2-4c51-40f7-b4f2-c6747fea109c","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":152,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"c58914ff-5323-4b19-91bb-1f09b1079a36","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":152,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"cfebb488-9a1b-4537-aa88-3a4f65c280f0","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":152,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"01ce159b-7d33-458f-a40a-5883b25deb2b","block_type":"box","text":"eligibility requirements.","page_number":152,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"ba217e00-b07c-45b7-a8f8-efc1e0ea67fb","block_type":"box","text":"Service Shares","page_number":152,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"edd6b354-ecb8-499e-8ba1-116e5d4cace4","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":152,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"1a2ab4da-5941-4490-8f13-6ea46367ed5e","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":152,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"74b034bb-5163-43bf-a3fa-1486e1567e18","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":152,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"2b2e58db-168e-48db-8069-1f2f213027d2","block_type":"box","text":"®","page_number":152,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"f8ccfb31-1d67-46e3-9671-1e50b7159118","block_type":"box","text":"Fund in 1996; and","page_number":152,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"93dbc81f-4ea5-4acc-8a45-c393e99fa170","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":152,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"4208131e-67ba-44c7-85a3-a9f2d668e676","block_type":"box","text":"SM","page_number":152,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"e4bd9b97-a326-4b29-834f-785b059cb038","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":152,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"fc12a041-f1ee-4509-bace-a52ec572d3d7","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":152,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"84c539c8-4631-4cd8-908d-8dd4d499cbc9","block_type":"box","text":"BlackRock Shares","page_number":152,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"7131f8ea-c079-43da-8f0a-8cd318f01fbd","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":152,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"6dee2e27-49b4-4fac-b39b-f5126be136f7","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":152,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"589407e4-910d-4df6-8d78-4190c7ae552f","block_type":"box","text":"fee-based programs.","page_number":152,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"6c81b4b7-1746-4b1f-9c96-7e418b7860b8","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":152,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"10197400-a810-41d0-9953-0758773de8a3","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":152,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"15759bc8-f144-4fe7-913a-d47f8c55b9df","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":152,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"6590ad49-c580-4df4-9ca8-6577c7704555","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":152,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"34a32846-9fc6-4f8c-a9be-948d0f006f5b","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":152,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"e17fdba2-41ba-40a9-be3b-dbd324244e22","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":152,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"7ca599b7-e754-4cde-a329-dc64f361c680","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":152,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"edee19bf-909c-474a-b665-915ab84384a0","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":152,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"90522fce-0327-4d2d-9324-9b0776c1b893","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":152,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"02361474-67e4-4f6b-bf3c-0ea9a4ce8894","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":152,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"bf081f5e-6a15-4edf-81f7-95ea77344c70","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":152,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"64bedfb2-aaef-409e-ad13-f5b920659388","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":152,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"68869a41-b786-40fc-883a-eafe21ed7987","block_type":"box","text":"II-108","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da0674bd-2bae-49ba-8984-dd7252f19824","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7311a04-65e3-4d8c-8dc4-5c9e89de9890","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":153,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"a57af0b6-cb0b-4ef7-803d-cc241f54ac2c","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":153,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"4a1091a6-8569-4965-92ab-f31133ed4d29","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":153,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"49894b96-103a-44b9-8788-08282089331c","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":153,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"a20642c7-04ee-4a83-9eb7-b1165ab6bd66","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":153,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"25d65725-6800-4144-b3ee-ef0a33ca62e1","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":153,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"46b859a6-0a33-4a84-8ce9-252d9f2837ef","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":153,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"165181bd-755d-4517-8b30-10482f3eb6ac","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":153,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"e6d702c0-dfa1-4d05-a50e-4301362ec382","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":153,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"8619fb12-801f-4d31-bfac-7fcbf768255c","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":153,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"ca1e0bfc-835d-4575-918b-8bb42909f885","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":153,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"ea4e7d96-4ab1-479f-809b-4700d4a1e9f7","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":153,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"26d164ae-fcfd-4096-990a-f083c08324f7","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":153,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"c12ad8f8-58d5-40e1-b0ae-597c235a82d9","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":153,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"bdbd75a5-f9e3-4239-9474-2ac5e6eb81aa","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":153,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"9e7f4e3d-16e7-441b-b950-1b6a5d350223","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":153,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"44e666ac-06af-4f4d-90c3-83073367884d","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":153,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"c00693c9-c484-4e7e-ad9a-432164ac1b83","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":153,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"204f1b77-bf23-4b75-9c41-6b75e2caa649","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":153,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"db5c19e9-0171-4b8a-8a58-1c28fcba5077","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":153,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"835070ae-b029-4278-b653-8ea2ecc3f612","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":153,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"db641c03-0732-47d4-999b-a1a1a34369c5","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":153,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"1bfbec61-7a18-4ee0-abb8-8b3c95ca46be","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":153,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"ad1665d1-21dc-4ee2-9287-8030d326903e","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":153,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"ddf0d229-1859-4b81-ad3f-43b86b6ea93e","block_type":"box","text":"compensation for selling different classes of shares.","page_number":153,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"a2d05230-fe58-44e8-8785-2306e7dc206c","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":153,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"1d72eeca-d438-41ec-a28a-521819806ee5","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":153,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"37f4487d-0d1a-4621-baf5-b22861e45013","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":153,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"87c2b92d-e791-4bff-8331-f0f3ddba06e4","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":153,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"32de1969-49e0-491b-821c-0370751a2c32","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":153,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"e43fe548-f937-4482-a9d7-717387e046b1","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":153,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"3604dd9e-3ab5-453b-8e9b-a3dce1d99f95","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":153,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"2b3fc344-8afb-4e9f-8d67-02ff28c7e5ca","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":153,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"93d89e1a-0f5b-4f1e-a09c-ad317a4fdbfe","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":153,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"fbde7068-6f52-40f2-a901-4c9ec037c49b","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":153,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"58f7fe87-0883-4b7a-b026-711658023afd","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":153,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"82dde605-5fc9-484f-846c-84befdee8674","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":153,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"8c1af071-9aca-43a7-bb5d-e09963cb1503","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":153,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"8e2903c0-77b9-4d62-8499-8d76a669faba","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":153,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"0ff6b703-134c-4df8-8910-b10a8b0d3057","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":153,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"d6f1a252-4738-4460-8d14-634eca55571c","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":153,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"9eb4a673-7180-4a71-a670-feb5f56e06f6","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":153,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"5a47898b-2a43-41ce-b74b-71c6bdf41041","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":153,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"0af55dbd-4706-4687-8dab-75deceb4e765","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":153,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"955fb026-72da-41c7-9bc1-10aa9de22657","block_type":"box","text":"easily accessible place.","page_number":153,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"6c1cf744-bd4c-4808-b83f-fb3924a67694","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":153,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"a4cb3eaa-8b0a-4542-acde-9a6b925213c6","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":153,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"74a662cc-d659-497d-8693-f6b62fbd488b","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":153,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"2267b101-3f0e-4654-81ea-ba6c09f4699b","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":153,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"d3bd8f44-d110-4925-969b-b27fa8175ec6","block_type":"box","text":"fiscal year.","page_number":153,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"0670919f-86df-42cc-a6e2-0b3ddb98ff0b","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":153,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"2d6b01b4-d4d8-43a2-b931-2a2df68d92d6","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":153,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"097a16e3-e075-438b-a9c7-24cb590383e2","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":153,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"c4a8554d-d4aa-4a81-8e0a-bdecaf5f90d2","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":153,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"7c08681c-a1d2-4c16-80ce-03ac92752d2a","block_type":"box","text":"II-109","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"68ba6aaf-a691-4d92-aad6-fbdc0a28d36f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c5cf489-4d8c-4c6f-be95-1a99607afaf7","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":154,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"316a6b56-d470-4f01-86e2-faf99a541e7c","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":154,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"a9d4d59c-25be-4b3c-bdd7-fd8627435882","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":154,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"49ed3672-a245-4fba-bc7d-3de3bcc4309c","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":154,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"c71effa0-2770-4dcf-8219-25e343109f32","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":154,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"a3fedddd-6c6e-4bb0-a498-69ed28ad4bc7","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":154,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"24b32f88-8d07-49e8-9d62-30d77e15d9ce","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":154,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"3ee26c02-4eaa-4715-89f2-9bc345dc9ba7","block_type":"box","text":"and Class R Shares of your Fund.","page_number":154,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"29c9d786-e0d7-48ec-9157-76f5b638f55a","block_type":"box","text":"Other Payments by the Fund","page_number":154,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"a9453682-16d5-486c-996e-12a5703f6099","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":154,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"e140c1ba-e594-41de-afb0-a10a326e2f5b","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":154,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"78d0d295-0ca2-4eb2-8999-546e97134fcf","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":154,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"5f8498fd-250c-46c5-9f66-96435c6d4c1a","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":154,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"875de67b-b905-4b4c-89a0-3f69056d9ab6","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":154,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"954ce9d2-1c8a-49c0-8745-c241d9dd70e3","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":154,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"1be811b3-4264-43a8-aee2-c6293adcb457","block_type":"box","text":"of these payments may be substantial.","page_number":154,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"aa092cea-7cc6-4e51-8a14-70a1246b12db","block_type":"box","text":"Additional Payments by BlackRock","page_number":154,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"819e94c6-fca2-44df-884e-d554bd4c289f","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":154,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"c3d956ad-9857-4360-955b-ff6e09d990b5","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":154,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"7d690e40-578d-469a-bf98-0cdea20b78a5","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":154,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"8e17a3a4-e96f-421e-ab0b-cc4832470746","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":154,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"e1e1d5d6-70a9-4550-9077-9299ceff1ab6","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":154,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"e135ab59-3c3c-41c3-982b-2060420ae4e4","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":154,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"f064987f-cef9-45f5-b413-536258a7393d","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":154,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"f3ed6c90-884e-4d24-9000-7e224ceb656d","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":154,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"d92baf6a-8e83-4e0e-a47d-bd38a1312540","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":154,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"abfa7491-f3e7-4267-9d8e-5c9f9aa08370","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":154,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"6554c37b-53d6-443f-b1d0-20c9f667b921","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":154,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"84f514b3-6fc6-46a6-b28a-6bd51882e5e0","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":154,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"d8a45ba7-4b5a-42a7-9290-c5438be22c3c","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":154,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"7cff764c-a330-4a90-8236-826ed0fe5525","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":154,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"5f1d6714-a845-4978-825c-5a14cc0fc5bc","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":154,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"42d2e020-03ed-404b-86db-054610fdeaa8","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":154,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"3fe7b61b-3695-44d6-b97b-109bf58c933b","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":154,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"a9e07ac1-5897-470d-8962-f721cc8955b4","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":154,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"c97d7ef2-931d-4b5d-8626-61d8c965061e","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":154,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"aec7e055-6728-40b6-9803-31f49bb5eb8f","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":154,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"8dfc09b9-eaf2-41a2-846d-3d12c7e31246","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":154,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"159e3570-3624-4bab-873b-308664d5f09d","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":154,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"0b9984bb-8905-4de2-a9ca-ef8e35e48c30","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":154,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"3958cde9-ac2e-4b29-b929-4bb037d99b88","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":154,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"1f10c9de-b491-481c-bac0-57af804644bd","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":154,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"5e5e8ef0-1cbe-48ba-bd85-e46097c33921","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":154,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"a749976c-1829-4390-8bac-665455008f26","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":154,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"e33e80d5-b181-4e84-a5be-b18bbc865dea","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":154,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"de837dfb-f3d2-4734-8bbb-433c84a50d21","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":154,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"5a6f9658-92ff-455f-9aec-3d025a5718af","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":154,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"03320b72-771e-4df2-8b18-d7d97ff25566","block_type":"box","text":"Funds.","page_number":154,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"4d359218-590f-46f7-ab52-6beddd987720","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":154,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"5989eaf7-eae3-40d5-bb29-466533d37021","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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Conflicts","page_number":158,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"40373501-ac8b-491c-a2be-d07cda97b444","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":158,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"e9430022-4d80-4edf-b55d-b3fa3fd8adcc","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":158,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"dbe0e2ac-bb90-441d-90d2-3fa7a428af69","block_type":"box","text":"II-114","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7c7387a0-183b-4aa7-92fa-a0e5b71e4028","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6dd4795-9b71-4967-b759-a052919c2469","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":159,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"80a3688a-afa9-4f8f-bd31-18d7e5275d12","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":159,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"ac223056-ef43-4481-a056-d589000d4c66","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":159,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"98f97896-dd6c-491d-bb74-b730ae979b17","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":159,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"1a16389b-1a2f-46f0-8ca8-f9c6b99cda72","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":159,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"c9a6c610-9d8a-41f7-9fa6-f76ead2c7c76","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":159,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"ce25f5f0-6756-41f0-b85b-5e447d5d53a2","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":159,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"62bb2c31-5a1a-4a15-b1d4-6db2ca1dda9e","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":159,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"27e8c7d2-f6c9-416c-b6f5-95e32a5c0d25","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":159,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"1dd1d865-deb1-4002-8834-068ae2757f09","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":159,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"3f77f893-6d9c-4dd7-b979-4ee343edfe27","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":159,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"904964ee-ac49-4d5b-912d-1acc8254cf80","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":159,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"81eea609-142d-43bf-b011-d4faa4c923c0","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":159,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"acbb4694-b5bc-4c0d-a4b0-a50a790e5e19","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":159,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"b37d4cb1-5b74-423b-829f-b9807c910e3b","block_type":"box","text":"appropriate.","page_number":159,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"d9eb569e-022e-4d57-8ad8-eea42c5928a0","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":159,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"4d54439f-6bb5-4145-adeb-186922c39fc6","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":159,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"dea6c706-9287-4604-8ab3-bf8d430a5046","block_type":"box","text":"described above.","page_number":159,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"f026025e-2c9a-4217-a4f1-defe0b680ad2","block_type":"box","text":"REDEMPTION OF SHARES","page_number":159,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"9e368a77-a03c-4e0f-afc0-ba8c81d667a1","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":159,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"0d9894ab-a0af-4f0c-9eee-bd0170c712a0","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":159,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"59bd0b44-19d3-46ef-a06f-25d7321243ee","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":159,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"b2fa7aee-9107-4fb6-ab9c-6a27ccdb22d6","block_type":"box","text":"or to accommodate a request by a par ticular shareholder that does not adversely affect the interest of the remaining","page_number":159,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"79a6d151-5ee9-4313-b8e4-bbfbe4a452d7","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s por tfolio holdings at its discretion.","page_number":159,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"c9cb7eae-de2b-49b9-a788-2d91652bc335","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities and other assets rather than cash. If this occurs,","page_number":159,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"9ce6b1aa-4abc-4f57-8c6d-2f4648ba6bf1","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":159,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"4814e807-b20d-425d-a25e-4904cc8d5f5d","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata por tion of a Fund’s por tfolio holdings will generally be distributed","page_number":159,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"63500f21-82bd-46f2-ae0f-c5982388fcde","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":159,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"9cd86a8c-9992-4f18-9762-b7206a91cd7e","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of por tfolio holdings and","page_number":159,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"795e0ef2-69ec-4b7a-a739-a9f7a56e8410","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":159,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"34979c03-7262-41f9-a541-f682b18ec20f","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":159,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"7020b203-1a8a-4447-b660-3daad829388a","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":159,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"89f6c0b0-255f-4df9-ac35-7e09817c121d","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":159,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"b10e5d2b-906a-40e4-9c14-a6ddf6d01fbe","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":159,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"ccbd52cd-87f1-483a-8df6-4db388bddc51","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":159,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"5a174144-88d1-43a4-b474-0079da7414eb","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":159,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"c6821953-dcd6-4a3a-8e3c-c3975c445b5c","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":159,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"c6545bbe-f0ec-41db-8cde-3cc17c941419","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":159,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"94342030-94ac-466e-8ac6-cdcaf0dc0d29","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":159,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"82f86335-e591-4ab3-8c9d-fbdcb14e9a98","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":159,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"ab51782d-950c-4d7c-a85a-145ea08f8fae","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":159,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"b76ae850-581e-40cd-988b-416b8ff7b29f","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":159,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"aa26135e-3fbc-43a8-9be7-3d802eff3245","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":159,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"70aedc44-a316-4bf5-99dc-3984b90836e0","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":159,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"02ad63c4-0b02-45ee-8b92-105ac51a6c5d","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":159,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"8401b310-7326-4ac6-9fff-73c6ff43f01a","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":159,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"cb94bf74-f876-49aa-b3b4-d45a6ddf00db","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":159,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"76051980-9ab9-4539-8b95-516766db1f5f","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":159,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"72eb6e3d-07c5-4928-84b2-8168dd4d3a96","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":159,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"c7a70e46-d6c9-4935-9873-c96a3863cd08","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":159,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"38c7d421-59a3-44e9-9f83-8db50e89188b","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":159,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"7023d738-6a5b-4085-8a04-efa3a5b93296","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":159,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"1be4a8d0-7b3c-4fdc-a69d-e7c8747fd53e","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":159,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"184c0756-0b86-48c5-a42c-f16230569266","block_type":"box","text":"II-115","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1d295a66-fb08-45fa-b237-3412f3ae0b85","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe02f34b-52c0-4dfe-a747-d91f3fb61d34","block_type":"box","text":"Redemption","page_number":160,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"23879339-3b5b-4999-b4b1-0515b9de19ef","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":160,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"68792aec-f58b-4cab-8bd0-24a1b48b6a38","block_type":"box","text":"Redeem by Telephone:","page_number":160,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"4f599f9f-d032-4a6c-b65b-b06b2c0118ad","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":160,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"e6e71275-7c83-4f5f-97ec-cb56e5c35509","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":160,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"c1703470-4295-4c1b-b4ed-5ae46fe48d2f","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":160,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"e5566391-38b8-4dd6-8bfc-02a1f31474d8","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":160,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"f7d65c4c-500b-45df-a95d-c06c1e9125c3","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":160,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"3a23817a-57da-402e-aa71-6c858bdd0274","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":160,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"6ba45b8c-1cc4-4b69-a99a-d8beaee2318b","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":160,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"8dd76f64-6abb-466a-99be-d06f4406e2c2","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":160,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"7750a9e1-e2ac-4fe8-808f-41dce41fa430","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":160,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"f03f7eef-4ac2-4fbf-997a-1a9ef3b2c05d","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":160,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"1db26703-02a1-4cc3-bff6-5557a8067011","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":160,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"28fee6fe-88dc-4288-842e-f8f18517823c","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":160,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"380284ae-49a2-49e6-8138-16b70ac3cd1d","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":160,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"f831be2c-c391-4434-93ef-c40b90ca0277","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":160,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"ed644375-7fc9-44f5-81c2-066f2f28b9d2","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":160,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"19728b44-f5b6-4209-855a-7229ddfce570","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":160,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"46386928-edf8-4eae-a812-bfc885aeea14","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":160,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"f6f28b87-8fc3-4f74-8794-7906143d1d17","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":160,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"744451cc-d87d-4587-9cc0-ff2dbab1f3a7","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":160,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"e46e7caa-c6f0-46a2-a7f1-032164bb7c2a","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":160,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"9072d121-428b-41e7-845d-c7d9f46b590c","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":160,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"d4b7664a-6dde-4b1a-9031-1870611c2848","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":160,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"a88161ff-71d2-4e99-b54d-1ba440840ec1","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":160,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"6b057b7b-cae5-4276-8cf7-81785652b50f","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":160,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"250db79a-cf35-42e9-a1c9-ab8e764f62b6","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":160,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"09b81851-d59c-4657-9e7c-5deb76f48c44","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":160,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"2461ff40-c0aa-4669-9a94-f089e3819d54","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":160,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"e31d994b-e7c6-48d4-9468-ad2b5c352089","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":160,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"539f1635-44bc-4e5e-a22a-5a8a2a55f007","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":160,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"eba5a1a4-08e6-46a6-a701-6860ff53814c","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":160,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"247cd91e-53e2-4504-b694-30913ec57278","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":160,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"764f826d-d4d0-4af0-b0bb-62213de07588","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":160,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"18837fbc-37a4-4d32-81ed-0009cdc3e514","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":160,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"f64d15a9-bd4c-4aa1-9fa7-46173df81c0f","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":160,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"3ac34661-30c6-4af2-a267-5cee08275f60","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":160,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"fb28d790-2493-4cdd-866e-85d712ba4fbc","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":160,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"2fd172be-5a7d-49de-80a3-6b9a8702b733","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":160,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"0e29783c-d913-4390-98a9-5b0f84e742f1","block_type":"box","text":"Redeem by VRU:","page_number":160,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"60b97714-0e32-413d-ae24-d2c8f11c1c7b","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":160,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"85dce4ef-45ce-49b6-bced-2c159cc5b04f","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":160,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"2ab13d68-ca89-4258-b3b3-531d4521d59e","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":160,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"bd44de4d-5009-4438-9a40-54f5d8dbe279","block_type":"box","text":"Redeem by Internet:","page_number":160,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"0645fe64-de7b-40c6-9732-bd69542177b6","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":160,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"27762f75-835c-40dd-b5b1-6ab6ba0053be","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":160,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"63335f19-6de4-4817-b2a4-ac48adb3ed32","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":160,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"462d5715-3790-445b-98ef-e8bc9343662e","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":160,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"284e5cc5-a464-4da7-97e2-975d50d11e2e","block_type":"box","text":"institutional investors.","page_number":160,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"73c09e2f-78c8-44a1-a175-b147a011bbfb","block_type":"box","text":"Redeem in Writing:","page_number":160,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"89549154-dd9f-4044-b201-eb5ae4c3c157","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":160,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"b1b31837-21c8-46eb-91f9-125dd7f06bb6","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":160,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"5bfbb139-5e10-45d0-9bca-9f1c95495676","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":160,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"77c72afd-cd70-4a7d-94df-5bd2eaf9b6b1","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":160,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"852d6607-4a91-4d07-8d36-6e42ce6472c1","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":160,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"1c41306e-3c88-4596-bfc5-6a74f9530fa3","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":160,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"759ac9e4-1b43-4875-a751-cbaa50120bc7","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":160,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"728d8b60-b1d7-466d-8b1e-12304d165653","block_type":"box","text":"II-116","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d85aa378-6e32-4288-b3d1-ad5a2b68df07","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8cf850c-fd74-434c-85b8-276f73e54dcc","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":161,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"c10ce73d-b8b7-4fa1-b4a9-e0ca9c50a8aa","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":161,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"88b47ea9-38c7-41fa-8234-393c7f46e343","block_type":"box","text":"or wire to the bank account of record.","page_number":161,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"bd415040-74cb-47d9-a364-601972470fe5","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":161,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"3d52bf48-d265-4dbd-bb02-acdb197283ce","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":161,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"a658ebf4-5697-42de-9122-1132be1c8463","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":161,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"fbec9bbe-f70d-4459-9022-0f21b81c35a9","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":161,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"fb2730c5-4f29-4106-b6bd-e351223c1b48","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":161,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"7b0965b5-684d-4581-ab06-39d54ff86d13","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":161,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"1166293b-43e5-467b-b1de-e4abb0ffe631","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":161,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"df3eca76-57ee-46d4-80fe-c4e92ada4a4e","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":161,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"e2733f44-4e05-44dd-99ec-40c4d67c7955","block_type":"box","text":"redeemed by the Fund.","page_number":161,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"1ee30db7-95f1-473f-a8db-2b696fb06996","block_type":"box","text":"Note on Low Balance Accounts.","page_number":161,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"5401e771-744f-4a71-a71b-47e9e7c3a654","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":161,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"e5d93ab2-4675-4ec7-9626-d34a95c2fa66","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":161,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"e27c8950-e6c2-4f6a-8029-3cf7f24309f5","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":161,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"d3916890-7327-4a12-ae26-e40bd2123205","block_type":"box","text":"for any reason, including market fluctuation.","page_number":161,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"bfc539ac-13c5-4e7e-896f-a09989675220","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":161,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"edc40513-55b3-480e-bdbc-25126c48fcd8","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":161,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"ff78be91-4d53-4291-89db-18f3e93fd2f7","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":161,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"751031e9-dc98-4c69-b1d5-3496d4b33846","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":161,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"77e19d1f-05fd-4a6f-959a-e8498066bfdc","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":161,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"0e8b8401-b212-40e4-936d-98df79580c3a","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":161,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"b2b03a45-6f18-4de0-b9a0-9b6e0dfc9c2a","block_type":"box","text":"Repurchase","page_number":161,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"ba2b3a74-8e34-4420-9af5-122f10b0f7a8","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":161,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"e3a69398-150a-4620-8e69-8e819f376777","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":161,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"a550aab7-2923-440e-861a-29cfc0a72f36","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":161,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"7677af9b-6fab-45b7-8c07-3859a78f26f9","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":161,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"0ee7b2bd-0727-4b2f-9003-b8b910d929fa","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":161,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"0b161257-26cf-4ece-8973-35b939033b25","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":161,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"792c8ce1-d7b6-4904-b24d-ef18976e5ec9","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":161,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"078e3149-fd7e-48ab-94dd-09396fca4b4e","block_type":"box","text":"next business day.","page_number":161,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"65019910-239e-4542-b3a9-3e674528c7aa","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":161,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"305916df-f2c6-44e8-ad27-295b4f8d665b","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":161,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"c066155b-7dc8-4154-b74f-7a49ef36d72e","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":161,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"093b20ee-bd85-466a-9971-deec062ef371","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":161,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"064c872f-66c8-476b-aba1-05f00292843c","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":161,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"e0e806ed-5d27-433a-a7d0-e28ba245ed28","block_type":"box","text":"redeem shares as set out above.","page_number":161,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"2b1bd02a-310d-4c4e-aec6-8c4616088b9c","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":161,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"470c09ea-1161-43c1-b3b1-fb7b4c586203","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":161,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"db4d965c-2ea3-43cf-aa80-75f9dd4be3ef","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":161,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"bd0cb1ae-29c2-48d2-b31d-fc0b936c067c","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":161,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"d73086e9-63fe-43ab-afaa-0a6c8b343c5e","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":161,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"b8567d92-f76a-4487-83a7-ac03aca5a901","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":161,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"05e48c76-3c27-45b2-a385-bdb290a1f329","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":161,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"16fc87b9-6317-4b0e-a8be-138ece119d06","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":161,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"c2bbcb38-49cd-4b89-b741-c2cfc8dd0e05","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":161,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"72b0d7ab-c4d3-40aa-9640-4e26e1c4970e","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":161,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"7b9c8c73-fafa-4ecd-a18d-af0dceb5622d","block_type":"box","text":"II-117","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eddedc95-44ce-482d-9d50-0ff7811ad76e","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c6d77ba-2ce0-45f4-b6a0-29becb6b59ac","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":162,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"a86966b9-4b69-430d-8c2d-26a96eda7b94","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":162,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"7b4eeb3b-164e-47f1-8c29-fc79bafcde39","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":162,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"79cdffa2-43a4-49a4-bb79-437c5ada577a","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":162,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"085895d3-93fc-4133-8185-74f09276d310","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":162,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"35188415-e9fc-4d10-999a-f4839d10f63f","block_type":"box","text":"Investment Account","page_number":162,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"bbf29ed1-f2b9-42e4-a093-e153663e0094","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":162,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"357a665e-ad79-42a2-9122-4ea6429b5b21","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":162,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"1a3bfcbb-9d83-46e9-a97b-c8916c241285","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":162,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"53ea3e76-e8b6-4e70-8999-38d2fa06b7d5","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":162,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"cde07e27-167c-4649-9fc0-6d5fb1de9a2e","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":162,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"3f161f0a-1958-412c-8bd7-e3748509f363","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":162,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"29acc78b-7bb1-4395-a94e-7f9a64be7991","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":162,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"611fa66d-d6cf-41b5-b2f5-1a992e0066dc","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":162,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"b3c1baf9-6e11-4d68-be75-a8ccd0bbdb32","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":162,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"7061f02d-d94e-443f-b161-d44a01bf5f4c","block_type":"box","text":"automatically at the Transfer Agent.","page_number":162,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"ae1938c4-6a9a-44c5-8a35-fcd18d010e8d","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":162,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"679d3bb7-eec7-448c-9adf-cd576b20ad2a","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":162,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"c50e7f02-74e8-4ef5-b469-608490d89031","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":162,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"45fd78a7-7b79-4f89-8391-a7ca02fedcb2","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":162,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"9af9b1ff-d002-4bc8-9c5a-b188ee87d511","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":162,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"3d498164-2177-489b-9c6e-574c7b3fe02f","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":162,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"e9113e4d-bea1-4090-97cb-152d69238153","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":162,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"b98eaee9-07b5-45ad-9220-4b3adba5afd7","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":162,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"76f11b98-823a-4fb4-8eef-cf6dc0f91dee","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":162,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"007bb678-8a7a-49c3-906d-45dc8c560db5","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":162,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"a850f7f4-b95a-40e8-9c22-c8415f3390d5","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":162,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"8565591e-4809-4aad-84e5-2693d9249900","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":162,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"64648bf2-4550-44a2-82cf-4c3d963b22ff","block_type":"box","text":"issued.","page_number":162,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"189f7a6b-64d4-41b9-8301-ed792e86e0c0","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":162,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"b858714e-6baf-4607-992c-b37aed9119a7","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":162,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"c3d7b98b-0665-4dfa-be5b-f83c335306f5","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":162,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"fc518869-93cb-480c-a260-22d1939d7d78","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":162,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"d5cb28d7-1e6d-4725-b3fe-cd90680d2025","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":162,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"1c719e2f-7076-4be3-bb22-4bb5a73861db","block_type":"box","text":"Exchange Privilege","page_number":162,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"fa2bdef2-fa97-423c-8f6b-7ad5a09498bd","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":162,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"62a60f96-c682-443f-95f4-d8205e19b978","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":162,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"ecb15824-3440-4c7b-be0d-81948cae5671","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":162,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"4c7edd99-8f69-4942-b708-49c6a906d8de","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":162,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"5c9db1f3-29bd-4e8f-a40a-ba7669744dae","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":162,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"b07b7aaf-432d-4eac-a0da-30147c36c32c","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":162,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"d774f972-7b7b-419e-992c-85a15a906064","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":162,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"c779f053-a512-47cc-bdac-c3d05828546e","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":162,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"1f0c13cc-543a-4b97-88da-159e959b4b9f","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":162,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"18918700-f321-4b6f-8739-d7300dabcb48","block_type":"box","text":"Institutional Shares","page_number":162,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"18a7d86c-c5c9-433d-ac1c-b37490a46670","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":162,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"b935c42c-3e1e-4fd5-b96e-5019dac8a51b","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":162,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"85b32de1-33b3-4cbc-84d2-fe8a6d07d56a","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":162,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"1199719d-3708-4ed5-8474-6fe5e0b9ccfe","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":162,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"f9ee93ac-efd7-4cdf-8518-eb49d5d4c8c5","block_type":"box","text":"for Class G Shares of other Funds.","page_number":162,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"8f4f6911-5332-4f37-b926-0ccaf388896f","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":162,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"8247732f-e67f-4539-837b-22c6f523d630","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":162,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"b3d1b275-8c0c-4777-b3b6-0457fc1e83af","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":162,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"15cc4d5f-84e1-45f7-84d1-6a1fee603603","block_type":"box","text":"II-118","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b15b35ab-a9ce-454e-8a31-4cbc797734b3","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd52c5f4-0e21-445c-87e8-e36832e6d285","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":163,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"ee6fe2e1-d7b4-49a4-a618-c51a4c0aa0b0","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":163,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"64d5dc48-f63f-4726-bdb5-2d4b2540f934","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":163,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"9ac56174-9530-4e3d-96ce-a0e97913408c","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":163,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"942d7ae6-f50d-4f5f-98a5-6c0e6d876042","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":163,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"e96f43b8-e6a2-462f-9053-c458e0c4eeb8","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":163,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"8a6f0487-59d3-4de3-b18c-0abb0cceec08","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":163,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"a81d2455-8154-42f3-9e87-2b3d15f48eba","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":163,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"b62f1cf6-3db8-4f1e-b4f2-9aaab5dddc7d","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":163,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"38929cc9-2f82-4ed3-908f-ddfa678f5d45","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":163,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"f155be63-5db9-49e8-8615-915a846bbe59","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":163,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"d305003d-9d67-44af-a2da-1b8b9ceb8d3b","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":163,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"f8e9d8de-1acc-4619-b99a-41c23a1fc698","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":163,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"2a738715-e98d-4a5c-9c77-4119e94add62","block_type":"box","text":"Exchanges of Service Shares.","page_number":163,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"7ca68dc0-4a24-4302-bca4-a94d7207c1a0","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":163,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"c0f8acbb-09f0-43a0-8f2f-bf8eb06d4dca","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":163,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"fa0280b5-3de4-42ad-84ac-e5da1f1c69ef","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":163,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"0d20811f-a848-4177-b043-21201d7d8998","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":163,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"a41f91b8-50ab-4acf-ae2f-ad14c4df4d22","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":163,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"0b1047b9-b491-452b-8ba5-583bc715be3e","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":163,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"96eca0bb-dcc5-4b74-b25a-66339ae070c2","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":163,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"15dae7ce-b455-429c-8f8e-9449b3772fd6","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":163,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"a4c381d9-81ce-4180-865f-e4c858a529a5","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":163,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"70342c28-7b5e-4d0e-9e8c-5d764d3274f8","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":163,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"3afbe228-14aa-4089-9062-1baa87e27705","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":163,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"551b9909-b9d8-49a2-8297-3c3772c7878b","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":163,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"45399266-9b95-4447-9cd2-1f83051a44e2","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":163,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"fde76757-3b03-4788-965a-96a5cf2924c0","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":163,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"a97d6f1a-551d-46d1-a63f-a8afb20f01b7","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":163,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"263bc1ae-6f16-4085-80e1-2c16af64d123","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":163,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"709cc26c-bb63-4119-a7bc-91d45a961c5c","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":163,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"319e9058-c2c2-47b9-a2f6-3158bae64074","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":163,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"e1ca9fa9-f362-4351-b932-f8bdc0404e8c","block_type":"box","text":"exchange.","page_number":163,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"5ad40885-ff0d-4f43-9d39-ee68c18929b0","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":163,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"2bfb3a57-7fe9-476f-8b90-c27db7f1cf16","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":163,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"8e6bb936-8c62-4fe8-8378-84bfe43c2282","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":163,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"e775840b-cbbc-432a-b676-22d17e32531c","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":163,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"1e6d3ae5-5e0b-475d-bc5f-95cd2e2bf662","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":163,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"21c48246-2d72-400a-9dc7-3e6506a85990","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":163,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"9b02bce4-b40b-400e-9a84-e6227812ad11","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":163,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"b43773ca-a2d9-4c7d-9ff1-eadd7f6d1f4e","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":163,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"554dec94-5d05-45f5-8ca8-68dbc3dd6ec7","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":163,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"11542cd6-ad8d-4c56-b81f-e4e71754ed55","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":163,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"8f1021f9-ffe2-40e5-a9f1-a18caa2f0f59","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":163,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"ce1d987b-f82a-464d-aa49-ebe4ba0124ba","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":163,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"586f8dc6-b271-4172-b880-4e77a05e3e89","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":163,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"7516d213-84f3-4046-a25a-d1275f9b2f93","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":163,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"acf6251d-4444-44ea-b18c-d7996748b7ed","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":163,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"4af3a9bb-41d2-4ec9-9f06-edc4963741ef","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":163,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"b4218e86-72e8-40e5-bbcb-18618edd3246","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":163,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"dc0a902f-5b7b-4db0-961f-22b21a73d573","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":163,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"4a07b5b5-53db-434b-9fc3-5ed2c263d451","block_type":"box","text":"Transfer Agent in writing.","page_number":163,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"1f35383f-5084-489b-b7b9-497656e92267","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":163,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"9491a65a-b75a-409c-a2b3-c0a43a26a0bc","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":163,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"c9c1a25e-7465-4e7c-a8d2-38c764a75b57","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":163,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"e0b8e021-0b70-4f96-9840-7f7e01460a5a","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":163,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"46f40bb5-0ee7-47a8-b55b-a0c5ed55efc4","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":163,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"ffbf925a-8b65-43c2-bd8c-0fd43c13a3aa","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":163,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"e522d7d0-c2ff-4d61-92e4-00957c0f656b","block_type":"box","text":"II-119","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5102136b-a884-4f99-a3ae-b271b4e2233c","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b93c2cdd-ac4b-49a2-851b-af4d9beee072","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":164,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"5902638b-45b2-44f9-8a04-cc5948208856","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":164,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"6c79859f-9c30-4d1c-8281-dce6271bb90b","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":164,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"b32e3c33-6034-4121-8145-8c92d61300ba","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":164,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"2e56b5ff-d689-48d5-b70f-f063ad36828c","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":164,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"771323d4-1b3f-4b2f-8948-04bb8e7d7d17","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":164,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"6b30afd1-f59a-47c1-98df-b790b87907c0","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":164,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"96e90387-ed43-4e97-a40a-bca0aac45e04","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":164,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"0e5711e7-b7af-4a57-9550-2c4eb7cb716e","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":164,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"8f0a10c8-3e3a-45ea-b48c-f2f1a4541fa0","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":164,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"be273a7c-ec6f-42c7-9f39-5d5b65521415","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":164,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"3b06377b-bde4-418f-b926-01ae031f70b3","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":164,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"cb0f5404-f32e-4544-921b-e44eb5fe277c","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":164,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"8317852c-0b83-40fb-81dc-acc5e025c9c8","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":164,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"8fd0ab2e-a030-47f9-8259-97ceef323224","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":164,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"58376d08-326f-43f1-a221-be664bf21df4","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":164,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"512f540f-ede0-43f8-9ce2-90903f9d7377","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":164,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"d436a2d7-9758-4fc4-aa18-b8052cf31766","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":164,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"4e8b9ed3-0721-4ac0-b7cb-a1346e1ff7f3","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":164,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"b6db1655-5591-4c21-b9a8-65644c70a952","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":164,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"30e06a06-76e7-44e9-8838-7e38799a7fd0","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":164,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"4c851f49-3a09-4222-a662-7a60b9a99350","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":164,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"c1046347-8874-454f-9fdc-52ead6df7512","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":164,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"4d71ab52-f1a8-4203-a151-ef6a3d79a0b7","block_type":"box","text":"may be distributed by the Distributor.","page_number":164,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"d1829dfd-a44f-4d5e-b44f-1dcf09b33c6b","block_type":"box","text":"Participation in Fee-Based Programs","page_number":164,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"3b425685-8fdc-44fe-bc83-5d3921184b10","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":164,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"dd44e4e6-9dd5-453e-b655-bcbdffad0173","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":164,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"a429cac4-f263-4ed8-9a4d-dba5abe3fae9","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":164,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"40e5ab00-24d6-434d-816f-42f5ac3095a8","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":164,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"349d73cb-14f3-46e7-9b83-82114e70737a","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":164,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"16f532d6-c008-4bd4-9855-86f8d2c26fd8","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":164,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"15589f8c-dc43-4def-9789-af5181883cb4","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":164,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"fc7e65b2-7a87-405b-b182-dfae97c06a48","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":164,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"32d8cd5b-2027-404f-950d-4ddd7031773d","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":164,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"4d7cf2bf-08bd-498f-b765-83fbb05fc174","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":164,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"9607cac0-cf72-466d-a053-976a5503531a","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":164,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"3a2735de-177b-40e0-bead-c5b29ed3728b","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":164,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"0311fda7-6439-40ea-be73-1381438ec2cf","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":164,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"e095414c-30cc-420f-a79b-cce1aa028d66","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":164,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"ab65594f-2cff-4cb6-bb93-9a8b37811631","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":164,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"a37d3d8e-27fa-4700-ade5-6e81e7aa65fc","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":164,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"d79df0df-db83-4370-8463-ccbaff38c348","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":164,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"4f01c8c7-3aa2-45ed-8025-dd639be84e22","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":164,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"0414d386-b06a-44d5-9a1f-2fb1ed115c59","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":164,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"ec3031a9-54ec-4c58-b31f-fa3619d3611b","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":164,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"6251238b-2411-4a2d-b5d8-8d3dbc3428c3","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":164,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"d8797b35-c03f-4fef-a790-8269b86bf385","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":164,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"67fdcb00-71bf-48b9-8ddf-100f15ee017c","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":164,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"3da337eb-5bf6-4570-b866-4eeeb668c4e2","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":164,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"b23c6c30-756e-404f-a560-8ad85a9ff2ab","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":164,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"b3cc0cb6-e8fe-4982-99dc-8ffc44543e96","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":164,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"7de4af6f-fb4d-430e-b057-f869b2830bb4","block_type":"box","text":"information.","page_number":164,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"3a259825-61f8-4ee5-862b-39c84fc00534","block_type":"box","text":"II-120","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f19bda1f-8a36-4836-9fc7-efd085bf3493","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f3f9eb3-2e55-4431-8a8a-37a33810928d","block_type":"box","text":"Retirement and Education Savings Plans","page_number":165,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"7e4cedcd-2621-4475-b630-6276424287ff","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":165,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"3e6fa2f9-bfa4-4fcf-affd-1bf9249571e2","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":165,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"4494d430-f411-4de2-aaf3-df8b49ecbc6f","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":165,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"c1c826dd-0ebc-4729-a654-a8d629b175ed","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":165,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"3258e61c-cd82-4aa6-bf5e-7fc118f66038","block_type":"box","text":"your financial intermediary.","page_number":165,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"9a4049ec-1de3-4cec-98b2-8f1ee9de09e7","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":165,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"7c8d16f6-22ec-4e18-a5e0-07bc920a5078","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":165,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"ef52cb00-a328-41b3-abbc-3c3588dd576a","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":165,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"e2a734ac-13de-4ed3-9bce-86e801076545","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":165,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"5ea06735-8a20-4d03-ab33-3ce149c491f4","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":165,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"3b8b7a9c-9f96-43e2-bb4f-d85d36dd5164","block_type":"box","text":"Automatic Investment Plans","page_number":165,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"2adb6dc7-bb46-4ed1-a5b0-00dbbc07eb05","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":165,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"51826366-0a36-4a68-9275-7afd0cc0dcb8","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":165,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"d534eee6-ffce-49b9-85b1-d5b8192f7c50","block_type":"box","text":"®","page_number":165,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"e85533d7-c725-4345-b704-a17e05204f89","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":165,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"2ea42d94-f443-433c-a629-f989f1652ae2","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":165,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"a95dd021-e98a-4ebe-b3eb-70deb0d34e0b","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":165,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"24303c62-45ec-4f79-82eb-93cfd6ef44f1","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":165,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"5ff06ba2-8967-4777-bb25-ebc93f161956","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":165,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"de4e3eb5-7c55-4bf8-bebc-b8dc20496390","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":165,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"08340390-53bd-4af7-85aa-bbe81b4906db","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":165,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"3d36394a-03fa-4c82-b52c-e34c5c090081","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":165,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"5065d2a3-5783-4c91-bd67-e9ca554b2e24","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":165,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"431dd501-38bc-4574-b6c8-d69c9f0963b6","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":165,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"1d344e3b-ca12-4d7f-83a6-4dfa893d684b","block_type":"box","text":"Systematic Withdrawal Plans","page_number":165,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"b9fd0680-7f9e-496f-a58b-d36fe5fab8d5","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":165,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"a9cfc239-eaff-48ac-8606-bbf6880767df","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":165,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"c345b4e1-c47b-4c28-bec4-5b5cec9b563d","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":165,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"9dff4ae5-fb96-4a8b-8b47-b3211cc97076","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":165,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"bc6d991c-9ce1-4a26-8d77-381bde11c2c5","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":165,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"58821f47-a52d-4a4d-a334-b20340890cce","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":165,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"09171b64-85a6-4c65-85c4-d5d1a4dde868","block_type":"box","text":"www.blackrock.com.","page_number":165,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"b8949e94-e616-430e-8778-ab26726db967","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":165,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"6c9947e6-d601-4772-9e2c-55e3242ef269","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":165,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"d9a049be-4eba-4a64-91ef-1122b4f64210","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":165,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"5521823b-45bf-41ba-aa8c-e8017e80e94a","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":165,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"2e948e72-e81c-406f-8a11-38588b832f8c","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":165,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"45630d4d-b182-4e31-a779-62c74605d5fa","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":165,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"7fa86d8b-3785-4b5d-98b4-27f3e7c147ab","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":165,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"240260c4-a592-42d3-8151-baccf91cf6d1","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":165,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"6e7040d7-62f6-49a2-887f-44ebe522f3e4","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":165,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"065d6bba-fd39-42b1-909b-6354b3662283","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":165,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"7952de59-dde4-4801-bc5d-d79328789140","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":165,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"d8c250c5-e93c-4ee7-bb78-0a13e577fd1b","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":165,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"cfacea76-434d-477c-bb73-3d778ca0dff4","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":165,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"1761a81a-8567-4115-a7f8-06996b30b923","block_type":"box","text":"Dividend Allocation Plan","page_number":165,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"22b40957-1007-4802-b962-f0f707f6f500","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":165,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"c724239b-4a79-4b13-bd27-5560dbfd6703","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":165,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"2d809802-8b96-4fe8-9ceb-e664d4a2c0d9","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":165,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"ca8e6f0d-cf7c-4fe9-bb1e-ecb7fd8f1d50","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":165,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"088ad646-d55b-4c47-87dd-ab59dd079a2e","block_type":"box","text":"II-121","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"606b4d23-eb81-4870-88d0-c62b575d409f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4ccf350-93af-4f91-b603-10093a3ae266","block_type":"box","text":"PRICING OF SHARES","page_number":166,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"cc6cd77a-3589-4b11-9284-d55788cd0e87","block_type":"box","text":"Determination of Net Asset Value","page_number":166,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"eebc948d-460e-4380-9e71-55143b51a74d","block_type":"box","text":"Valuation of Shares.","page_number":166,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"29f195f8-abe6-433b-a380-0cf2f2b9e4a1","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":166,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"d92dd574-88c9-462e-95de-22c6def85102","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":166,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"59e754b2-92e4-4a59-ae31-53483f64c79c","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":166,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"0d45805c-15fc-4e40-95eb-9ebe9fd354f3","block_type":"box","text":"Equity Investments.","page_number":166,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"fb641bf2-a4b1-43f9-a4f8-7956b55af540","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":166,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"8d37ea30-71d0-4a95-8942-c67d056bde6d","block_type":"box","text":"e.g.","page_number":166,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"20d6ff54-189c-49c5-9979-dd1870f06809","block_type":"box","text":", NYSE), on separate","page_number":166,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"98f6beed-6cf4-4afb-aaf8-45c9252bc4e8","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":166,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"907cd6ef-5605-4a1d-b882-fc281f28582c","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":166,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"6890a040-fe74-477d-93c4-0af479783f5a","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":166,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"0e7e5da5-6b28-4b24-882a-18741706944b","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":166,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"229ab97b-53ff-485e-a570-176e09ac3cf4","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":166,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"abb5bbc2-fd04-482e-ab74-2e86672f25b6","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":166,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"e4e7d4b4-d7a4-47bc-b725-f7096403c1c0","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":166,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"c82f69d7-6015-4b54-845e-b798522342c5","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":166,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"fe3ec531-e18e-4e1c-8530-2aa856ea104c","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":166,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"ee4a3166-a331-4d64-9908-5ca9246e9638","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":166,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"b1138e23-6925-4d5d-b64b-67668e3953e1","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":166,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"98e3650a-059d-4af2-8932-eb773ce35caa","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":166,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"74235270-3a80-436a-abd1-34a27c436e1f","block_type":"box","text":"defined below).","page_number":166,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"647b4610-ce2f-44d0-94f9-ff797b52d08b","block_type":"box","text":"Fixed-Income Investments.","page_number":166,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"24b0c45c-3cba-486f-9a04-e1e0b375b85d","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":166,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"2eaa8b35-f18e-47a0-a863-340303dea80d","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":166,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"986129f5-8c62-4699-89eb-b09c7e502b8e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":166,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"3ec58c87-f7a9-4737-b6eb-232cfafcbc7a","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":166,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"2b8103cb-67eb-479a-ac13-f502899718f4","block_type":"box","text":"e.g.","page_number":166,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"71b1a4b3-b05f-416e-9d23-3456e7a25b79","block_type":"box","text":", recent representative bids and offers), credit","page_number":166,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"419d5d1f-a329-4619-859a-0e92b77ed6aa","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":166,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"0332ef87-cd44-4dd2-915a-a21a06635beb","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":166,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"2a23ab46-b0e6-42d5-8ee8-d2b63281f395","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":166,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"92fdc739-c072-42bb-ba92-2ee57ae8dad7","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":166,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"09b7ce26-5613-4296-a15c-79d962c1f40b","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":166,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"8adad224-cdf0-4240-8eb1-77d318aa71b8","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":166,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"38ba3bbd-fc0b-452b-8ae1-8641da3400be","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":166,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"a1435996-2c78-48f3-93cf-66d695092a8f","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":166,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"2790f1f4-1178-438e-bf9f-7167e4ae867c","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":166,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"70e48ec0-ec6f-480a-8470-969552b0b83b","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":166,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"8a06eef0-dd17-4dfc-ab19-197f79fd5951","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":166,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"90a0d4ea-8982-4689-b22e-21bca6325a6b","block_type":"box","text":"attributes of the tranche.","page_number":166,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"a55ec97a-bd08-4818-8e75-89fc00a27eaf","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":166,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"2f29cab5-a6ca-4520-aef7-dc7d47edb34a","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":166,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"78574ad6-454c-428c-a94e-6601bda16bca","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":166,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"0967d032-e172-4a23-8a74-5564d91d6de4","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":166,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"3821e37a-96cc-4569-b7b8-f085ff0dcac4","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":166,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"d3d927f9-98d1-44f0-a99a-934da653a785","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":166,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"3872fb7d-6a05-4d81-afbd-7c768d0816d5","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":166,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"5aa08353-0a82-45b7-9643-f93c5373e4a6","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":166,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"63e92056-dc6a-4562-8528-66bb9c86509a","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":166,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"f850e31f-c5dd-4383-81a1-13160096f1ee","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":166,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"424dbbb4-b454-471e-96ec-c5f6d81c8865","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":166,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"4b53b7a2-ab44-4289-8be5-b0ef70c52691","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":166,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"7173d43d-58db-4546-86e9-87452de84868","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":166,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"597d6e6d-a181-4982-98c4-405ce6e31168","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":166,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"302b238c-2840-493c-a066-4861ac50b8b7","block_type":"box","text":"Underlying Funds.","page_number":166,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"0318c82e-eaf6-499e-8a47-41870a5e5721","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":166,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"148a29fc-c0b2-4643-a898-ace60aa10112","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":166,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"b22db8a7-633f-4051-87ca-f900c7e866a8","block_type":"box","text":"General Valuation Information.","page_number":166,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"7ebddeb9-fc98-4f9d-b390-70a4bf03a99c","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":166,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"ece2a593-93af-443f-b871-539facac31fd","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":166,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"2e30b13d-1be3-49af-994c-08c82f20df57","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":166,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"bdf802b5-b361-4142-b68e-9455c2b3b94b","block_type":"box","text":"II-122","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f4d6ae04-8451-4e27-bdac-18064ecbbd61","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88cfa580-0780-44dd-bca8-92301bd9dfb7","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":167,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"764e1cfb-b52f-4ba9-8d3e-8b83acfad768","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":167,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"c45444a0-6b4d-43d4-8ef5-fdfff70f384f","block_type":"box","text":"the revision.","page_number":167,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"20e0802b-7e91-4dac-8826-59bc9cc37fac","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":167,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"42be72d0-0996-4f53-b708-e418ec634c5a","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":167,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"1dd89a78-2076-4f28-bcc5-c94701b49651","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":167,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"6f211652-6e47-4ca8-bfe1-f055207d561e","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":167,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"c77f2fe3-cfdc-4db6-a060-b4ffcdd74fdf","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":167,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"b43fa60e-a4f3-4817-a8ff-2fbae5756940","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":167,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"0d59b174-8082-497b-b8fc-e696def873c9","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":167,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"38b9fcba-b291-4e04-8983-d357a2f1cef4","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":167,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"404ad340-9d55-47b2-a1e2-add7c2c3a8ff","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":167,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"c595da36-294a-43cb-a0f5-8322e7c26a0e","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":167,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"6546b264-38ba-49c3-9809-277ca56bfc28","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":167,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"a3b9723e-f3a2-4c38-ab0c-50c4087601af","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":167,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"4d24d7f8-0a13-4c28-a77a-9027669f9788","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":167,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"7044080a-0fcf-401c-ba14-f0d6fb6c8068","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":167,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"be3b0ab2-fefe-40eb-85e9-0e8b0fcdd191","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":167,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"843942b3-8862-4aee-a468-b2fb4d883412","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":167,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"505ecc30-2fce-4bee-8150-aa7533fd9e1b","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":167,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"6e0c93d0-4b04-4186-b629-f373cd8f3fef","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":167,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"ab9fe39b-3501-4e0a-b422-f912513a39be","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":167,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"a4cf3401-2314-48ae-948a-9b7ab31cca64","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":167,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"9a9d0f85-a26e-4977-994f-dd3991241d02","block_type":"box","text":"Fair Value.","page_number":167,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"f5c0b72c-2aff-41ae-93f9-39c1a8eca85a","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":167,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"fc7ae65a-7a34-4be3-877f-02c2b468b88d","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":167,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"69cd0fd1-f236-4060-a14e-a1a6cdb02319","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":167,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"b3a93613-46ce-4457-b9e9-5fc70cd5cc06","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":167,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"0953e4b7-1947-4b09-8628-7454636b34fd","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":167,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"3e9f3dc3-d16c-4a1f-a3e9-fc5228f8b4d4","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":167,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"4d12b1b1-a0c7-41ca-8e3d-e0380b601d9a","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":167,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"3feed01d-95ed-41a3-9dfe-4f0d8174c745","block_type":"box","text":"(","page_number":167,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"d7e351f2-9878-4059-b954-bf4dc2a13ac9","block_type":"box","text":"e.g.","page_number":167,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"28d1480c-7baa-41ec-9df7-a4db22686c46","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":167,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"00f937d5-bb91-481b-bb38-25a9f1ebbdba","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":167,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"d25c24c3-8f15-4897-a07e-3a21a01411ab","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":167,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"4af55222-c62b-46f0-b975-2915d94b5dc2","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":167,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"d5240aec-6505-4829-856d-2eee25441487","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":167,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"5e7230ab-7ee3-4f44-80dc-18a260f15d13","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":167,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"894603df-c5bc-4051-8542-926b44e0879d","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":167,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"8c729a5b-0cd8-448e-98d2-fe4dc2f4aaf3","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":167,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"b4c7a386-7a69-4460-89b8-ffc0cdf1cb45","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":167,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"38e19e80-e6a9-4626-a1ae-392e4eca3e61","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":167,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"a5b3c8bb-7437-48eb-bf2b-9b5df69f31d8","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":167,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"e7f295d6-b6a9-412f-8788-9574817f828f","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":167,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"0e3d19c9-6068-4138-9905-b2cc07f45bf1","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":167,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"eb539cc5-b169-4437-aab1-7a7aacabe277","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":167,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"685710a6-452a-4bf5-b4e6-4d7dcea9ae38","block_type":"box","text":"pricing time.","page_number":167,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"65e96f45-8a1a-4da1-bc4d-6ef9d7c8b98a","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":167,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"59e78172-fe09-4da5-a10e-f12d53edca17","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":167,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"08afd3cb-9541-448e-a4df-d384accf0697","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":167,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"0f4108bd-3834-45b8-ae5e-ec19fccc32b7","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":167,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"d75c0d5b-8ba7-4d1b-aa4e-e65b6165fa58","block_type":"box","text":"assets and liabilities of the Funds.","page_number":167,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"73bc00b3-3cb7-4a85-9fec-a6e2d40bdf9f","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":167,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"3e3ac68a-aff8-49c5-9c51-4fa333183455","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":167,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"b55bf341-72e6-434c-88b7-05e140155227","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":167,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"9c407976-f67e-4169-aa0d-1af67a34d443","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":167,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"642c85cd-9817-46c2-8106-2639cdc6ba49","block_type":"box","text":"II-123","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"26410e95-9bd5-40a7-9b17-fac0cf49fae9","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"990aeba8-a36a-4789-8de8-0161fa92b3e2","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":168,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"d6594ddc-bb12-45d4-947f-5be75431479d","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":168,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"733a782f-3b79-4bef-b313-7353ffaf3dc4","block_type":"box","text":"valuation models.","page_number":168,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"a168d10e-85ac-4fd9-8a06-b3b2814fb162","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":168,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"f74cb50a-0dae-4e30-afd3-bd1195ea6059","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":168,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"97487c2d-01b2-4ea7-ae3c-664cc7636282","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":168,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"eb2bfdc6-9a81-46b9-98c5-a0d129204356","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":168,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"33baa34d-4b25-46ae-803f-5a1d35828714","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":168,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"9d00a38d-d7a3-4ce6-83f2-a7f8eb2a4277","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":168,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"79732e79-af70-4b4d-8b61-937678ab39de","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":168,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"6f76263e-bc64-4ad8-ad29-414c627fef86","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":168,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"f6d9f256-234f-4062-9a4b-34dc2af421d5","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":168,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"ac994764-70a0-45d4-a596-41cfb8a582ff","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":168,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"3ae997ce-04eb-496a-b9b2-59bac00257ba","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":168,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"4d2f7d54-c80a-4cfa-8b76-bf7b5fcc0493","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":168,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"d4eccfd7-10b2-4adc-b04d-a798eabe7b38","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":168,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"f2336f03-2a21-4186-960d-086a9f599575","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":168,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"104a72dd-b875-4978-bc18-6b5c59a94195","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":168,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"15f6d54e-eb75-4b9a-84b9-ee4e7d1f5399","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":168,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"df20da00-08cb-49c7-9fc7-b46f36ea3cee","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":168,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"e6754ae5-b55c-4931-9c97-c927c76a40bf","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":168,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"07c54832-360a-4d20-aeda-5c9bdfbcf91a","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":168,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"236423df-aa72-479b-ba89-40ecfa6626fd","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":168,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"b1287116-49b0-49a1-a3a5-be050be4cb6c","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":168,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"34c89243-0222-48a6-a3e2-7c00549b2f25","block_type":"box","text":"par ty determination of fair market value.","page_number":168,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"788599e9-dc23-4916-81f0-b4afe15d215d","block_type":"box","text":"Computation of Offering Price Per Share","page_number":168,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"e685f1e9-6716-4972-b719-235f4774c609","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":168,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"c936896d-826d-4a11-b0dd-71f1253da2f4","block_type":"box","text":"the offering price for shares of your Fund.","page_number":168,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"9cff31a4-37fb-43f4-ba2b-c0d7b58c7e9d","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":168,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"b1bdb8f3-b9fd-4128-91b2-4c15b5189f42","block_type":"box","text":"Transactions in Portfolio Securities","page_number":168,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"bf6a3725-a8ef-4c62-9715-91c794e2d42d","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":168,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"f25f2cba-89fb-4d70-801f-4364a604e2f7","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":168,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"f105152e-77b3-4a5d-979a-dfc96bbd3375","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":168,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"210b3566-9460-4656-a1cb-9a223f51119f","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":168,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"59301e9e-41e3-4810-a130-7d451b511dc3","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":168,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"d6b17bfd-23e2-4718-8a71-100d11c37ab5","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":168,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"4e443043-2ad0-4a5b-8df2-5fe00c4c617c","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":168,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"497780d3-28ac-4430-a3c4-41035f1ecdb4","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":168,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"f297a913-f710-487d-a9e7-082a5a807b00","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":168,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"aaae0e8c-0cb0-4278-944d-6f8d82316e68","block_type":"box","text":"reasonable in relation to the services provided.","page_number":168,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"3fac28ec-9833-4189-8567-341aa73a8464","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":168,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"534c2e35-5af9-474c-ba1b-878b3fe73ac3","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":168,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"e8cd403e-d5f7-47c7-90d4-d0e19f8d731c","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":168,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"31e43ddd-9ad3-4074-8c0f-3539b7646270","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":168,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"41e7eb0c-cdef-4083-a569-9e9a7538fb97","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":168,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"a82dc049-2293-4786-a6e4-6279a05f1b61","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":168,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"d24a069e-499a-4902-85b7-f47807ebf64a","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":168,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"cc0a769d-b774-4b20-8e12-4e185f897095","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":168,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"cffc11df-d676-41d7-a8ac-d962ca037294","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":168,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"697bc9f1-b54d-4fe5-8071-5db9b737b193","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":168,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"301baee3-9f5a-49ec-b39d-739fe4ffd89c","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":168,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"53b8a87f-5b93-46bb-8846-fcbfc6f5a02c","block_type":"box","text":"II-124","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a9b79dc1-4209-4f8c-8fd6-e03ab98ef6f7","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce6c3816-5995-4692-85b3-dc7e23829c8b","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":169,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"0d4f71f1-5924-471d-9fbd-f17f3853f499","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":169,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"dc2e3a6f-f124-41b9-bff2-6648bdfe5d14","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":169,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"51649dd0-7200-4ee4-b67c-1c6295b971c4","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":169,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"64233cf7-656a-4c0c-bbb1-cc7383586194","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":169,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"cdd9d478-9ba5-425c-b281-e94ccf212ecd","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":169,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"e25cc4f2-5675-47e5-963c-9cec77d31312","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":169,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"6fc38f0f-f449-4985-8087-cfb2ce3be772","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":169,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"ab549937-500a-4980-99ae-d176d0666f29","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":169,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"eea41ca8-8b55-45e1-9887-3bb41905d2a4","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":169,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"6c972914-6fca-4c0e-aa7d-e13803b24631","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":169,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"1559f98b-beda-41fa-870a-035436726a88","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":169,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"37ebf7eb-6b4f-4283-8ebe-a92cad4c3633","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":169,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"bedf8fe5-5427-487d-9522-015faeab1cca","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":169,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"a3529e8b-5bea-46e9-9d9e-9a092060173e","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":169,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"91188cac-c98f-46a5-b9b9-e7e7769ad6c1","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":169,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"9e4e0f57-7851-46b0-9bcb-85b0085b16c3","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":169,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"588fefc5-3667-4e20-a3c4-544803c5facb","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":169,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"3600f024-ef4e-40de-845e-735e4c6799e6","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":169,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"20583b2f-d42c-4ff3-971c-62e28160cb0d","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"e3e6dd04-d4ce-4a23-928d-770bc4c1aa60","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":169,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"1843cca4-35ad-4df9-9656-c9cb08c49b68","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":169,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"72cb8c2e-67ff-424e-b468-693ad37604ed","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":169,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"de3eabc1-7a0a-487d-bf3d-691d6e59c3b3","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":169,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"a43a7c35-ac9e-4f62-a74e-3e1808e97761","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":169,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"7c890852-dd14-4ee8-b002-c2f9c0737c63","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":169,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"8f50e01e-a484-4e23-ab13-bd18d8b2ecc4","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":169,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"91513221-6394-4676-88fe-3af46e926435","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":169,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"79054dbf-d37f-4eeb-bc64-d9d85f319e46","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":169,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"5152f095-22d3-4f64-9bc0-2307d2034414","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":169,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"a379546a-10d6-4f1a-8695-5dfee8e4c11a","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":169,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"1afa160c-01e5-4624-ac17-0c8768e5110f","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":169,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"fb21cb7c-4884-43f8-8f74-502083f952ac","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":169,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"99ce6801-259c-4c55-8061-ee81ce5853e6","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":169,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"d1cb80ee-d27a-4edf-bc9d-0de56d2d109b","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":169,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"a9d5cb15-13d8-4fb7-84eb-be942cdbac06","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":169,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"5834133e-a70c-47f5-9421-89a46dad7713","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":169,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"fe57142c-f0a4-4801-8ee3-dac6640f2922","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":169,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"f9d05171-e778-4af9-acdf-546a24870b44","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":169,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"9d72781b-d163-45b6-8793-4d83de078caa","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":169,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"f25b97be-dce3-453c-9377-4981c83a7e13","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":169,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"c957aa3d-be6f-4912-954a-6809096b6a44","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":169,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"98bc405d-a7c8-407a-81e3-2a6385d7ddcb","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":169,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"89f9712b-e175-4928-8ac4-28b8b50fa3c2","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":169,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"431c8212-77fc-44f4-b9f6-34f1ccf57d1a","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":169,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"eb2482ad-c8bd-412e-86d3-5b5b18a44ab9","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":169,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"24751c8d-e684-4eed-a399-9865bceb1f79","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":169,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"0e757f2b-3c10-4720-98ed-0a25a9698856","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":169,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"255f63b3-b69b-4b58-aff8-7eb03a49d469","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":169,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"c9a8bee1-4b0b-4beb-a9ec-c6e86c3a28e3","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":169,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"4befac93-3ec9-448d-b2e1-336813435ac2","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":169,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"2dcfdcb4-1f22-4696-8f3f-41e3a452f299","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":169,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"040fac48-2d69-48e8-a23d-f4401a2dcc63","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":169,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"a20f800f-b740-41e7-99d2-3e16fe329ffa","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":169,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"0ae8cf70-9f0a-4803-8500-4df26b4afbcc","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":169,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"93320ef5-a183-443a-9ba4-3d52f6b962aa","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":169,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"36e4ecdb-038e-4459-a7f1-76d313261900","block_type":"box","text":"II-125","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"26244171-23c6-4867-b78e-be4bc2fba773","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed5bb873-f449-49fb-a302-ba75c4713f7b","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":170,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"4770f632-1699-4e17-9126-5e5d4e80cdc1","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"8d3ca8e1-e9b2-4b33-beca-0cb28f58c26c","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":170,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"ffd5a44f-27c1-49ca-8e8d-37c7f029a600","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":170,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"c7b919ca-8d5d-4c8c-9341-fda32eeefd82","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":170,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"225003f7-a6d9-43fc-9135-e4e4b36686fc","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":170,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"8eb0c7b7-089e-4161-9b15-6596f1db6744","block_type":"box","text":"brokerage.","page_number":170,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"bc5a12d7-24f6-45bc-a906-28680cede923","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":170,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"4e2cf5b6-7dee-430d-a43b-cb5ac0900866","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":170,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"69b5bf49-f965-4ca1-897f-9d957384225d","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":170,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"72def169-849a-4879-bca6-e8608149904e","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":170,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"76484fae-816a-4398-86e3-4849f400eafd","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":170,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"e31e2c34-4a98-4616-9127-a85e643f69f4","block_type":"box","text":"Section 28(e).","page_number":170,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"7c7b5e0d-8610-4da1-8269-29dfb59087a5","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":170,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"20cfa0a2-0226-4758-85fc-05ebbdcee696","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":170,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"21f84515-a9db-4ee3-bb45-e3fd179a2880","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":170,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"ea9533b5-54dd-46e2-a217-7575a440dfcb","block_type":"box","text":"execute transactions for those mutual funds.","page_number":170,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"70dbff3e-2e07-47ee-8b8d-f2bff5cc728a","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":170,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"982552c8-4a12-4b4d-adbd-bd4a5e5a3b40","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":170,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"2145dcc8-1f97-4463-9eef-080948308667","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":170,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"31591b40-437c-45f5-a601-992ac6c1de17","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":170,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"fdd9ff4c-845d-4963-8441-86eab6e46410","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":170,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"c55a0122-2fc4-4cbf-9a9c-7d46173ed9bd","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":170,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"7599b7e2-7263-4e5e-b65c-26faf200ca79","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":170,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"6555b2f5-a28c-479a-a152-eff0911228fe","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":170,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"1a49f161-d27c-4bf6-92d6-132c70f77998","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":170,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"f69d6ce1-f8d6-4781-ba45-1cc23e5fb67e","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":170,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"02cf7cea-86c7-44be-99c3-3f5a10724a92","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":170,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"1a4a8b29-bc4f-4315-81b4-86d66afbb933","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":170,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"4553d6c6-289d-4487-aa3e-bbd7e3c9e37b","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":170,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"c068cd0e-76e0-491f-8c00-40da5d424631","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":170,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"04dd7a7c-71b3-41eb-9af0-3bc341492295","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":170,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"16fbebb9-8ad6-4b92-8896-1278f106dce5","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":170,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"18085495-113f-47cc-af2d-4cfd3b8993fb","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":170,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"a684cb1d-7465-4a77-a964-86d57af89c6a","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":170,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"d884a067-ff67-4097-983d-fb1144c3cb03","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":170,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"e5c50b78-bbef-44e4-aa48-b3f238aa5a5e","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":170,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"b607ec7a-cf8f-475d-8ec1-93c5ba868d11","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":170,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"3cafeadf-ed07-4dfc-841c-3db31427aa49","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":170,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"f6a3befe-eb5a-409d-815f-08e3f9ad492c","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":170,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"850e2687-63fe-4a2d-a1db-f1f881729b44","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":170,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"72f98249-7995-4e99-a7ef-938c4d57d32e","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":170,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"17601c43-90a7-4f9a-aa47-23dd0379fb8d","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":170,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"3bd5d318-367d-48fe-8b5f-ab14e013f14d","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":170,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"f3d5a101-4081-4bed-8f00-7113eb5cdd26","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":170,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"e83ec05d-21fe-4e97-aa51-759a467f34f5","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":170,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"5a6222a6-6c2c-4158-af79-92dd112be81f","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":170,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"425edf27-ffb3-42fd-a993-0bdd8294fedf","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":170,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"d8b8fb01-7919-4874-ae56-85a37a5aeca1","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":170,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"2ed7a591-ca0f-49e8-8ce5-4fa9002ab73d","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":170,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"997bd1e5-e272-4783-b18f-d08e2b22fde3","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":170,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"d5332f74-aa57-497b-81f1-d83e94cc2bcc","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":170,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"e9834cda-91ed-4899-9698-a0b879d635ae","block_type":"box","text":"II-126","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2823a388-c53f-40ce-bcc7-6da9d9237ff0","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"189245a0-7f86-45c0-84e0-ad301c0936c6","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":171,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"3bba698e-0c96-4c67-a05a-60e153ebd189","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":171,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"c4741e81-c664-4b9a-b197-186b180f1781","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":171,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"18e0d0ea-6315-4733-bf75-766f4f9c96c0","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":171,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"63bf44a3-d955-4dd5-8607-0ec1a361edef","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":171,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"cfe1e7b8-7bd4-44be-879c-28b1b7ce0730","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":171,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"b2bef370-70de-4a89-84cf-83c4548481b3","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":171,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"1c3d6c12-d7a5-40de-8cf3-0fb6b9c897ee","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":171,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"6b75b67a-13a7-4f02-97dc-6f9d2ad92259","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":171,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"c29d1438-abca-46b0-b505-492bf49e3ce9","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":171,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"9f6c1426-6d6a-449d-943d-5e80505dfcd1","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":171,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"384be552-0fe7-4942-9f93-3d25d6fc617f","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":171,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"d74b997a-7e0c-46d9-9781-b762db95c40d","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":171,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"8eb71217-6a3f-49b5-a4e2-27e91f9bf7d1","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":171,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"9f1ed3bd-1c01-4c23-99e2-29d12d337bfc","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":171,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"1c3955dc-5196-4136-9e58-d91aa7238f3c","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":171,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"0bda1307-5b3a-4b6e-b785-ac941fda7e40","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":171,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"7d41c1ae-93ec-4e18-b07c-7d5e4091c638","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":171,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"bb6027c2-88f5-4710-ad23-7110d30f4170","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":171,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"a9d1426c-5231-4886-828a-022eb26823d3","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":171,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"38d2acdd-ac65-47c5-aeed-6c8213b25baa","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":171,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"ba8be907-c4e1-4590-a4db-f25b3cc4031f","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":171,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"d29c004b-8701-488a-b014-adadccd1e4a8","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":171,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"146f414a-cc18-426a-af7d-f54ce7c1a591","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":171,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"9f55bb34-fb90-4e22-93d3-18ec588458c3","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":171,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"a0cbdc27-5fdd-49d1-97f0-6e96249701f3","block_type":"box","text":"accounts and compliance constraints.","page_number":171,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"afd3af54-fcba-4569-82e3-023e3a86acdc","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":171,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"9817dd53-7132-4913-a6ac-2b276bed9324","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":171,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"b0ce14db-7264-4fc2-b42b-7313c5ad68a8","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":171,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"43be6a4e-9edc-4cb4-8560-5ee813881a0a","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":171,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"598b598d-4809-450f-a78e-b144ab63ef2b","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":171,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"98134bf5-39ad-4f0b-9d3b-ea3992ea835f","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":171,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"4979deb8-9cb1-4ce6-ba60-d67377b14eee","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":171,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"64ff5ad5-ffd2-4932-be8d-e3fd442ceb58","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":171,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"14a43d06-a61f-4707-af47-8641b8ad091f","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":171,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"81abeb57-0430-49aa-aaee-8c5f19d52abf","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":171,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"4aa1400b-f7f4-473c-ae4c-09df7ffdd6ce","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":171,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"785a2b8d-31e5-4aa9-8877-7e23ce52b396","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":171,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"0791d809-6e57-465e-954a-df41bbbf1e6c","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":171,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"929b69b9-e737-42f3-ab57-30d442656d34","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":171,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"690fb5d7-3b08-40c6-810c-83f64ce5bb42","block_type":"box","text":"clients may be used as well.","page_number":171,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"7a375955-6c0a-4477-a7f6-ee6854c7fd7a","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":171,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"0126512d-2749-4fbe-af48-15c340942221","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":171,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"4ccd5610-912d-4f2c-9ce5-a089455d8da6","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":171,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"6bbfe5ed-c266-4541-bcd9-e011e846c6a6","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":171,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"f0745507-f667-42c8-84bd-e9715eef66ad","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":171,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"aae1ecc7-ac33-415f-9c7f-517fab14962c","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":171,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"31503226-1620-43e2-b610-4183ccd9526b","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":171,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"c6f129d5-9d62-48b5-9628-5424df6b409d","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":171,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"54f5fd86-43f3-4974-8f20-03b9ac45a8c2","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":171,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"52c4afb4-99a3-444b-8d3c-5eb6673bde89","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":171,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"7d8a7de3-c249-4278-8f54-cb2cd31767c1","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":171,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"8df594a1-8582-4edb-8d64-76712ca1d5d3","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":171,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"ce28f3d8-9519-4e2c-ba56-ef6f1a6674b0","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":171,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"f79b77a3-e7da-4a2f-b316-2af514d90834","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":171,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"ec624f99-0b46-485b-9dd9-8ba09ff3de15","block_type":"box","text":"II-127","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74c171b2-6974-4820-a90c-65c55f112ac7","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf0f7c3c-3d40-46ff-b1fc-b9a2206a3bf2","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":172,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"6c9436eb-22ff-4982-ab0e-d45f57805b7d","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":172,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8eef3cba-0577-4e3d-9dfd-7cb05a4d5682","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":172,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"3282c436-f5aa-44d6-beee-5cdeaf52e085","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":172,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"9fc81133-879b-4294-a3f5-35d70b5e57af","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":172,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"d7fa0863-1f57-45f5-942b-15ca669683f8","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":172,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"1bf15e8f-36a0-4ab5-a7de-1fd15311ab16","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":172,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"fc8d0f6a-132f-4ab5-8b4c-22272f1cc5c5","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":172,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"b7799475-f918-4a4e-8426-cb355c66e3dd","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":172,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"079b5550-da3b-4ebf-ba84-08e26049c4ff","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":172,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"e2d2ab87-8f89-4bf8-913c-021da1a858e0","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":172,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"03dadcc8-aecf-4b9b-a207-0917956765ca","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":172,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"970e9b02-d2de-4710-8deb-60acecb024d2","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":172,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"8fe80d9a-a679-4f90-8f51-d502d62a745d","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":172,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"dc36f538-a468-468a-84b2-26dd6e187f32","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":172,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"6c9d9fc6-d684-4a6f-877f-8a53e3eaea92","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":172,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"61ba9318-5be6-43a3-8638-65f36190fe6c","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":172,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"7f0139fa-05a6-48ee-b13e-8924e9215244","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":172,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"e77e903e-991d-4624-a290-1105f6590116","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":172,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"f02e42d9-8f32-4803-93d6-338a74b07668","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":172,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"770d8131-e20c-4a18-b0e9-01383b02bc90","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":172,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"d990afc7-01b0-4306-b44d-4a5ec546fc5d","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":172,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"a20784b9-6a75-410c-b27a-d258ea6cbea4","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":172,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"f54ad635-4d17-43d8-be65-9fe3d931a959","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":172,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"f6864b00-276b-44dc-bc3f-611e8526f58a","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":172,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"1c23f71a-688c-4132-9573-2bbda2fb63d3","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":172,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"2745cfeb-4b36-43e5-b6b2-aa1683e94334","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":172,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"38f3f39b-c350-4026-8e8b-153d15508aeb","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":172,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"64cdd522-763b-4299-b4f4-1a0977dd9db6","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":172,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"02a32dab-534b-4f83-9f49-0ee076b16a24","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":172,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"17491022-98b2-425f-8c22-27d627480aa2","block_type":"box","text":"Portfolio Turnover","page_number":172,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"54113879-879b-45cd-886a-509964e7b63e","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":172,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"6b647476-ae85-493f-b19c-369bcb29bf24","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":172,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"ec69018e-136a-441e-82f4-39d0b7c92562","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":172,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"98ea85b3-5408-481c-8aa3-9a5a5395a043","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":172,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"8e9e6e92-1143-45b1-b117-50ceea4a5637","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":172,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"f3f5b008-54fb-4e01-9b7e-e4e70d4e8cd2","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":172,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"1a782a10-2631-44fe-b1fe-3ed519224eb1","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":172,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"1cb315d2-5c78-4820-9cb2-661d9b4fef25","block_type":"box","text":"Dividends","page_number":172,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"37e4db25-b8e2-4866-8c03-d76832f29553","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":172,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"9f696428-d859-46f6-a5ac-04daa35a51fd","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":172,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"768dfba6-2f09-410c-b6ad-5782836c43b7","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":172,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"fb744c03-6fd2-4b85-96cd-0ef2a0a1ffd7","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":172,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"93f4e2c4-1b3f-4ad2-ab91-659e597411b6","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":172,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"502de585-7fb2-4f44-9da9-72b3ab3483a4","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":172,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"7f4f0493-340b-48cc-a95e-d27f0fe6afc6","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":172,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"7d838045-b6fd-4e24-9e8a-2147e433b884","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":172,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"8f011d44-d98c-40c1-97bc-d5484033ce4e","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":172,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"ea04548c-33f0-49e6-a63d-a26a82ce89d3","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":172,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"046914d0-f236-4fed-a070-194e80e8b361","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":172,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"5e4b77cd-2350-4c4c-ba14-126078530788","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":172,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"16b8bb1d-f33f-499d-b2f5-5840716941e7","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":172,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"f2e58e67-af39-44c7-bf89-e09a6c174892","block_type":"box","text":"II-128","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1bc17d09-2141-44e2-a84b-4f9a6d92a37b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f33579a-54ab-43ac-b267-a1f8b064b850","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":173,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"a688b95a-e4ec-44de-b749-84585a822928","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":173,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"b2d6cf02-77a6-4f11-b0ec-1eb2e5b41fc0","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":173,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"2d3c6446-f5de-4236-9162-201a7e312627","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":173,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"2afc1023-8dbe-4054-a068-580e75c8f382","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":173,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"e5ce4a30-5296-4d01-9bdc-0011db9fb89d","block_type":"box","text":"Taxes","page_number":173,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"86c9a298-7384-40fe-a486-e3155ceef85b","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":173,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"896b637e-5dc0-4d49-99a6-f8eac579c8b1","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":173,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"8658e994-b6fb-47ff-8774-321f7e46aa7a","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":173,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"d64ab3d9-628a-4ac1-ba7c-d4032c819e19","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":173,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"400b46ea-d256-4854-a4d4-9a451a05e815","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":173,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"0941cc3e-8798-462e-bad6-58caaff0f2b2","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":173,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"c89e3924-6613-4838-bc57-8693fa38a736","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":173,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"01afc1bc-e76d-4cca-88d8-f0de0563403f","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":173,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"6d9e600d-a55e-4032-bc1c-0126d18e89b2","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":173,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"07448bf6-b71e-4ae6-8ffe-361edce8ab40","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":173,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"9e03b90a-b74f-4fb5-a019-0be7f1339f09","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":173,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"0face07d-c976-4daf-9453-137cc26e6724","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":173,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"6d424fff-f075-42ca-b90f-1ed7788fafcf","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":173,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"c1a4c0e6-ae50-4ad4-9161-ef31ed715c82","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":173,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"a2a8c5bb-389c-4568-9d64-c4816d7a0cd0","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":173,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"a76cdb11-067f-4eb0-9d54-792e6557cf65","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":173,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"e96c7470-c865-4174-848d-e6c5fcc31d6b","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":173,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"9d8c7e05-a769-4644-9ceb-2d419834a1fe","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":173,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"9c8f6cb2-afec-48ef-a798-2101c1c3bf0d","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":173,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"a78a05ad-22a7-4e64-a9bc-64d9b721265b","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":173,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"0e7b7e28-fb75-44e3-aa11-aa9ce664ccce","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":173,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"4970173a-f2af-47b1-88bf-644ff323d427","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":173,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"22c85f0b-539e-4a9b-8207-79c8388c41ac","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":173,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"86c6f095-345a-4126-865a-b0c7ae0e08f3","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":173,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"bf11614a-fd33-4991-b103-41ed913ccfdd","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":173,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"69d5e762-ccd1-4de1-bf29-484a72d002f2","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":173,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"faff24b8-4b3d-41e7-ae2f-371512a85369","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":173,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"86756bcf-896b-41cb-a282-181e9351d488","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":173,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"9d4faac1-6665-445f-a00b-42fb3b17471c","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":173,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"e6a9c0ac-1c87-4a28-bcd0-825dcc1cb444","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":173,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"f9393aa8-1762-4085-8230-566518748c50","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":173,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"76d164a1-cbb7-4837-8efc-376f6fab15a4","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":173,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"2e2ec58c-aaa4-48be-aab3-47af6bd07e94","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":173,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"842f3ad3-ba6b-49ff-80be-f54a64a4d29a","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":173,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"f96b8dcc-a4f7-4270-be89-bded1ec94f3f","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":173,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"f889ad63-fd5f-4585-8c7e-caa576ba1964","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":173,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"205c8a5f-be2c-4cb2-ab84-2b650dd670dc","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":173,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"d5ac405c-24ac-4f19-9081-cfc56ebede4e","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":173,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"9eab2cac-cdfb-4a78-97f2-43f09a68f6e8","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":173,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"3c3253e4-929e-407f-a696-48eca48e04ae","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":173,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"85ab9d0a-4cf3-4398-a24e-8a35ef6f8fde","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":173,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"390134a0-b731-4b28-a6e5-67e260050e14","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":173,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"d22d3086-578a-43c7-90e8-d7f819775c55","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":173,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"a5360a75-cf3f-4211-bdef-723bb0fdc5ab","block_type":"box","text":"limitation.","page_number":173,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"f259a6f7-fcc7-454f-ae80-8e907157edea","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":173,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"87b526a7-f773-408c-bb35-450d35bd561e","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":173,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"fc4b3761-1988-44db-aaed-7813fcfe2397","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":173,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"623fd2dc-407c-4bde-82f0-30e8d8ee9971","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":173,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"ed068b2b-4051-4f76-aafd-f7e5025a0d1f","block_type":"box","text":"II-129","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4c9d6407-8d06-41f2-aa16-5f981e7b9aaa","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33154033-a38a-4a9f-b240-3ea24809f881","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":174,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"7b375684-bdd0-4c6c-b9a4-86d2e8577992","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":174,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"dd74cfb9-2000-4d73-8276-3b69589c81b2","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":174,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"11abc836-9ed8-49e6-a7d9-93a486ba1073","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":174,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"00d4577f-ea4d-4c22-a758-379387ee3600","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":174,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"09c6de27-3040-47a1-a661-8da9c9416fc1","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":174,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"4023f6ae-4ec0-4d90-a80c-569a490d3089","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":174,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"269a9078-8168-40dd-838f-4efd0b965379","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":174,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"2d5f6872-c1a0-4e73-8f44-5462fe3e5aef","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":174,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"aa6a5fe6-ff2a-4e12-852e-195c7a0eebd0","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":174,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"f8bd1bd4-9461-49f8-ae21-e94c0972ba87","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":174,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"798e0036-d7ca-4927-b8de-0ae0364c2a7a","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":174,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"2c57aa87-5ab3-4186-9d33-29bbd630669e","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":174,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"00075b04-9bef-4500-bfd9-d3c162e52e1c","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":174,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"2b0c5bf4-a88b-4e91-ae82-6882e04c2604","block_type":"box","text":"constitute “qualified dividend income.”","page_number":174,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"28620126-4ff5-4e8e-bf02-415d8964d439","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":174,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"0a3cc35b-ed12-4f52-ba24-3345ed69b87f","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":174,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"1e5d2b5b-9141-4bf5-a9eb-0573be989b0b","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":174,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"c228dbc9-d294-4379-b57e-bb34dd21da8a","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":174,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"e1c4f5c4-91f0-40d6-aaf9-2015c0545678","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":174,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"d168041e-ff57-465a-a50b-d2a06c23f955","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":174,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"b1e8ec7d-b9d5-4eab-bfa0-1739ab6f8422","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":174,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"d3b350d9-d34f-43bb-a743-e0d34947768d","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":174,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"04b7c61d-687d-4cdd-a396-3930c7591464","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":174,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"bf828614-c6bb-4eea-9381-a48495f949c3","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":174,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"f64ac32f-9b04-41ba-b946-59a62d535eaa","block_type":"box","text":"against their taxes.","page_number":174,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"546b89f6-50ba-4f15-8391-981fbbe3068e","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":174,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"7826d808-8285-481d-b1c2-7913b20e1ab5","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":174,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"0186dccb-c7a0-4524-9c97-f9970f8f8212","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":174,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"54ca6a58-a8f6-4400-86cb-beeaeee250d4","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":174,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"af6a8d7b-af4e-49be-8efc-96be51b11d4e","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":174,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"51fdde95-2cdd-4170-8572-7082bffe26dd","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":174,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"2fb893ac-0902-4a2c-880b-56f28f5003f3","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":174,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"4d7a1dd5-572b-4510-a95e-9e1fcf786f33","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":174,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"39ffc646-0725-4937-8e35-ed5656d4f871","block_type":"box","text":"dividends received by the shareholder.","page_number":174,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"bb70e4a2-acbd-4386-851f-858bd7582f6d","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":174,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"62de0720-de6b-415e-9deb-2a7d1c08784b","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":174,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"2988572a-2f71-4ba5-9056-f3e0bd8f84ba","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":174,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"c5ef6b38-7552-467e-aa06-86d96542d3e7","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":174,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"519273a7-d118-46b8-9bef-a69cc6c5f31d","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":174,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"8e1db756-d792-461c-b1aa-400be430c0bf","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":174,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"235eeae6-7bb4-47c2-8638-3ed1f27c0304","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":174,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"c7e12dd1-ba2b-419c-8e02-eca5363db82f","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":174,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"175c653e-4b4e-4fe4-a8e4-7a02fe8ef753","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":174,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"8c16cd9e-2620-44a8-8a74-03168c2d07af","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":174,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"3af4f567-2bf4-49cd-bcc4-2fa481ea680a","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":174,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"1af83506-886d-4841-84fb-c05861068948","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":174,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"239b1af5-e8e0-4a23-b2a9-fded84f27bb9","block_type":"box","text":"taxable year.","page_number":174,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"9cfa69e9-b93e-4e4f-bd91-b7b8984274a4","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":174,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"0fe9ec87-909d-4a1f-b2bb-525f81fa9ef2","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":174,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"b90e4811-80c5-4b79-a9a5-5bd17d9bee54","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":174,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"647b3b6f-1706-4012-8752-ff5ff9d5b655","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":174,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"17a568f5-605a-4cf6-ac39-2642f858ed17","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":174,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"e154b2e2-58e1-4c3d-b50d-21c5c7fafb16","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":174,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"94ff1a05-cad7-4f54-b058-2da7b616f10f","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":174,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"d01116f9-147d-4d54-8e44-a29b7c57f092","block_type":"box","text":"II-130","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c33312e2-8f92-4e52-a7e0-a7fc4ab4b346","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0369b2b-dfcf-4bdf-bb77-7a0e316131c4","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":175,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"d7a50566-27ad-4976-a843-bd18c1668624","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":175,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"b69a3c25-c6fd-4c1e-9f86-8a5030cfcd88","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":175,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"3bdcf075-008b-413a-97f3-7af2791510cb","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":175,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"2637932f-3331-4518-8470-7c0aad5f3216","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":175,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"b864a5f8-7f59-4ddd-9a80-e2d11fa713c2","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":175,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"892225df-29af-4713-9a28-5ebafb8f503b","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":175,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"3c2bd9dd-c3be-4eb6-9de0-699f66968c75","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":175,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"6023410e-490c-4bb0-8d2d-6fb4c2fbb08a","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":175,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"b0eca0d5-c868-4b39-b48d-30683ad7d0be","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":175,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"df7047c2-27ff-4678-803a-4eda4a64af19","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":175,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"fb7ce241-5eed-44b8-96a8-6ede58a2eba5","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":175,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"563fea26-0dfc-4dc6-a6b5-8b22a695418a","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":175,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"aaf2dd58-e338-4f59-ae47-1d197dd12b53","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":175,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"ef1f5350-7f7d-487d-9367-c411671ff5f3","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":175,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"d75838c6-40ef-4e8a-9aef-341f9b864508","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":175,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"5ebf631c-65ab-46fe-808a-6893ecee98f1","block_type":"box","text":"redemption of such shares.","page_number":175,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"bd3a7b70-0f2d-46d9-babb-16d3c3c3b131","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":175,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"19661c5c-c9a3-4dc9-87fb-dcc1358939a7","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":175,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"fe935f8d-6671-4f32-b086-73db71e4276b","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":175,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"f36d23d9-f1c5-4f29-a7e2-ebcd11937647","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":175,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"e97b4902-ac3b-4277-8d59-14963de36d42","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":175,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"ad8ee1b3-e928-472f-a438-0664f7749919","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":175,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"6791bc6c-b498-4264-8e6b-40c0933338f8","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":175,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"ccd5ce7e-33b3-4d2c-b0d5-83201d978993","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":175,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"c4bd810a-66e4-4dab-a508-208439759fce","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":175,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"157eba5c-0764-447b-a9cb-6d149596eb8e","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":175,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"6b80b3cc-2247-42a6-9a89-9d75a36d02b1","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":175,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"fbc24ac1-79a7-4ac5-ab4d-7c1f4452b5d6","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":175,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"48453ba3-b717-4ed4-8481-66f5a2551d3c","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":175,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"6b982733-1988-4bfe-b284-44c91967aa7b","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":175,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"2def9051-dfc0-473d-81d4-d0452f346660","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":175,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"ee04bffd-90f2-442d-b67b-86474337183e","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":175,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"dc1377e0-1611-4b9c-845c-9b33ac9f90b6","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":175,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"cbc456c9-d16d-4b4b-a529-daa41c075781","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":175,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"ff7251ac-1582-43cb-bbe9-d936ff9a7244","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":175,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"fe6714bc-d576-406f-89c6-531e0697c68f","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":175,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"8b36b7ca-d97f-43fb-9c63-d0fd5db15d15","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":175,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"22671e47-a589-4972-b93e-f76a0b46ca63","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":175,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"1e711c73-6b71-4eac-8289-0193281602a7","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":175,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"c2969c56-83da-44e5-985b-9e78088f876a","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":175,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"ad3e9af5-25e0-4ff8-8eb4-79f0962fa2e4","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":175,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"77de4cf7-25f0-4a06-bd80-5985653a5ef4","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":175,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"a336275d-23ea-4baa-af4a-596cb2772e33","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":175,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"dfafe3e6-21b8-49d2-82c4-198d7efcb680","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":175,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"b2649cdc-d13a-4440-b8c6-ef91273e485b","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":175,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"90076659-c170-489b-a32f-e4cc17f451d0","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":175,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"d603f33d-329c-487a-b60c-04e55920f64e","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":175,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"fcd8b253-49b4-40d3-86e9-fcacc582805a","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":175,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"4932e7a0-3529-41ed-8bf0-cb666cbe60d3","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":175,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"388a3ad0-0451-4a02-8f67-5053167ab636","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":175,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"3e759b70-7b9d-411e-ac61-3907f7d6da7f","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":175,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"bc97f7de-2e1e-44a3-893c-11865ce8658c","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":175,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"41d90139-2318-40be-ba36-e9551d3e5a1e","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":175,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"50363d38-a505-46a9-a5f8-9a56535d5b99","block_type":"box","text":"II-131","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c2769d8d-485f-4995-9912-3f629b25fab5","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80640cc4-cd88-44a8-b639-95b521286bcb","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":176,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"cb6ac352-5fa8-47ca-a815-fb69c1913edc","block_type":"box","text":"in subsequent taxable years.","page_number":176,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"1722d27a-be24-4111-8881-6e4b78f82c80","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":176,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"5fc23a85-0834-4ea9-812a-a102fc321f6d","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":176,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"d87c1820-9e18-4d61-ba13-79e86ec5e385","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":176,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"8a53befd-7d91-4c2a-8241-f5f581e9f038","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":176,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"47a1ed65-60de-4d63-a6a8-1e87f0163a24","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":176,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"a3c2084a-34de-4242-846a-026cd83cc776","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":176,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"ce9f43ed-2ed9-47e1-b403-294eb7734116","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":176,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"62203cc4-3bb1-4510-90b0-0710f0e5ed66","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":176,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"25ea629a-fe4b-466b-8b7a-3c2a498e2268","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":176,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"507638d7-7fda-417d-b589-d6cc2d54f8a2","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":176,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"6ef61759-0f32-4d04-9747-45e58520e2d6","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":176,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"b79bdbe7-d5f7-4791-95d1-3ec9236722e9","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":176,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"5eecb193-44e6-4b1b-a01f-56e688d45f98","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":176,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"9f64d89b-f069-4384-b0f9-a0c18df0e181","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":176,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"51381ab5-8e1c-41c9-8e42-430002697481","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":176,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"0405e489-3f2a-412f-b543-94460a31a798","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":176,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"2db7484e-ebbf-494a-aecd-e3b57b6904e0","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":176,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"3e1d0422-7582-4f1c-90d3-17dbebabc299","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":176,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"da9acd2f-7ed6-4c1a-a828-3e670f3013e4","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":176,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"387e87c7-6f29-4c92-b629-31fa09890359","block_type":"box","text":"dividends under these rules.","page_number":176,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"ba297d0f-36bc-45f0-b361-67f3a6841c55","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":176,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"0c890887-56b4-44b8-b386-43e70bf9e54d","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":176,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"b5b0d92c-9fa5-4945-b146-ccc7958a2455","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":176,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"ec6f10c0-f147-4156-93c1-8ff37dcfa7dd","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":176,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"ab24a758-3525-4a13-aa91-9bb914f86944","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":176,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"ac5734cc-ec88-4394-9da2-f47bf63714db","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":176,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"5dda4401-d54b-444e-ae2f-cd1822b49988","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":176,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"03722df3-0748-450e-8cb2-3827dcffabf6","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":176,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"33089d1b-84bc-4e02-a14b-c775f807148e","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":176,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"299f456d-631f-457e-9f5c-937e5c054806","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":176,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"fef06b45-4064-4aa4-8dca-87ae5772d569","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":176,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"252e18b3-a048-4804-99cb-6c99ca02cc04","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":176,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"6d7de5df-31ac-4364-8232-ab9605275fdc","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":176,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"a801cd9d-6df6-4c62-aeba-65d0a938e2eb","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":176,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"568923e1-2ba4-4195-93a6-c70910e166b5","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":176,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"5e13edde-3311-4c61-be3c-3f3cf93bd62c","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":176,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"18e2c2af-d11d-4e0b-986c-f21ad0f636b3","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":176,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"541223b4-a9da-417c-a115-69876e97c829","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":176,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"e38fe630-ac8a-4132-b59d-101f0ccd6ffe","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":176,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"5794ad99-4d4a-4e9f-8c30-3383a53976cd","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":176,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"242e7c7a-975d-49a9-9c70-b9bcce99a647","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":176,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"68992ff3-2e20-44d7-aa0d-10e0e26cf053","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":176,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"89a42c43-f9eb-4fe8-93ac-cc76b1957325","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":176,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"57551bbf-88ef-4143-a61b-c2a056b7019a","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":176,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"6dc32fd3-8beb-4c7d-ac2b-5c0c90d6383d","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":176,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"3e13aba0-8cf1-4193-bf2a-429a41b6914f","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":176,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"f4d58ac3-207a-4684-a40e-51627cd7f32e","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":176,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"adfb9ced-6611-48f0-bb4a-c5bf3391fefe","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":176,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"f9e42fa0-c6e5-4988-abfa-ec5efff16307","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":176,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"425c6da4-a932-4949-bd54-0adfb2e9ad42","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":176,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"7814ca9c-4856-4188-8fea-2c2931333edf","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":176,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"f37be78b-62a9-4590-9658-963e6905afd1","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":176,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"a66c97ec-ba53-4396-ae2b-46f0c3e670f0","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":176,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"967a28d4-3ffd-4bf2-bcee-fbf939274ecc","block_type":"box","text":"II-132","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8e221568-4823-44e1-b31c-d7428df740a5","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b00f60e-3def-4da7-979a-a5ee62071877","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":177,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"b3765498-636e-4681-93c4-d4ab4cee6eb5","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":177,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"76bd6cb7-85cc-412a-9944-068f81f7cd51","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":177,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"c2072d57-4361-4fba-86d0-5ce596854a7c","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":177,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"f4d83b1a-c66a-46a8-9c1f-c9cb50a05298","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":177,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"62ca7ee6-90d4-47b3-888b-ab5d3a73880f","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":177,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"53a9c1ff-6f3e-4e0c-9f46-0aeb0b7b42b7","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":177,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"e8539c64-70e7-41e6-b763-d034340f7a4a","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":177,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"b5013c69-833e-4477-ba71-38dcabbbe069","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":177,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"685ffab2-53aa-468c-a0b4-f232dc4a40db","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":177,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"4527daad-5aae-4e6b-82dc-4cf920a50b65","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":177,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"02970298-b1fa-4585-949a-e3853b3cd692","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":177,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"c005cd38-de2c-4578-bce1-6fb7ddc645ba","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":177,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"4faebb00-8eec-47a3-b960-e02283c25e52","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":177,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"fb3dac30-d43e-4e63-b9a1-abc180346196","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":177,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"6009fa5e-71d0-4e9a-836e-0f58cf95ea4b","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":177,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"dc0b171c-7ef0-46ab-81cc-fb3b6543da56","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":177,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"8c2be96f-8b62-44e9-8ac0-f451767fb5c0","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":177,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"3ba0ae85-2a9c-4516-b875-57aacfcdd685","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":177,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"8b4b4a23-45ff-4bd2-8453-610306041cbc","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":177,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"d9c3fc74-9580-419d-9d26-30eb604269e8","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":177,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"a097fc4d-3935-4262-aa34-1b3dd0a1f007","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":177,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"f21ae08c-24f1-4ab7-a212-787257391ad1","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":177,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"455837ea-4d37-4ec3-bfa0-94f53975479b","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":177,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"568a6e43-0aa1-4394-8b92-39b7554260b7","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":177,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"e589494a-4c3f-4912-a8d7-77f4a13c6c98","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":177,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"6404ef75-0b26-443d-8ff9-1958a44af5ec","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":177,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"4d297602-673c-425b-9113-704f24d17326","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":177,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"1673bffe-9efb-4aed-a82d-d8876c2297a1","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":177,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"e22f3094-ab02-4bf1-8d26-63fc6b25184f","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":177,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"0a0ed400-33e5-4040-814c-d93bd83a3838","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":177,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"077e789a-ad01-4d69-a42e-abc122dd41b1","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":177,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"59548d9d-6e07-40d8-9755-263f8ada76eb","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":177,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"ad6c2ad1-31e2-4482-8eaa-a800e859d51e","block_type":"box","text":"investment oppor tunities.","page_number":177,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"ba3aa77e-7223-437c-a983-d0be7eeb252e","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":177,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"47445b7a-7428-4e49-aea8-298ac5c76877","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":177,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"43b10935-5ce2-4a20-833c-dcb544b3f66f","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":177,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"0c6ab394-2619-4133-9b4e-5990a35e701c","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":177,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"cd1e5ec9-7e2c-4064-9d99-2e122f563bcd","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":177,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"c78e1fa1-70b1-4f05-8952-0ca9823e707e","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":177,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"fe5a4e50-45b4-42f7-bd16-3ec36ac409e1","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":177,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"73ba6c52-bf3d-4283-add3-571db0d55133","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":177,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"889813db-01ac-42c5-8ec1-19764c9f2c6f","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":177,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"a8122e15-5253-4a19-a0d6-56f0bed6ed8b","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":177,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"e904231f-1dd5-4c22-8e8f-dda469b45401","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":177,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"5f91e102-51ed-423c-a4f2-1acfe68fe412","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":177,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"23d6d201-edb1-4335-841b-e3406396a951","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":177,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"80b6d10a-ca4e-4742-ab0f-bba35a29bea6","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":177,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"ed1c29d3-68de-4691-b65c-b7aac9fde0f5","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":177,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"5161add9-ab2f-4be6-a70b-7952e74b5ff4","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":177,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"2ee3e8b7-dc57-4a09-b79d-96f0e33f4e94","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":177,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"c6e9f5ee-a022-454e-9bca-d4c892d62b7f","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":177,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"82f607c1-7be4-415d-b324-46afb25be84a","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":177,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"0b8e9f59-9f58-43b0-93f0-8b16ff732443","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":177,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"ad2eb5bd-aefe-47d7-9ce5-3e9f59c6eb2d","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":177,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"32feb5f8-7a86-4400-b390-0663dc6df679","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":177,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"7d11cc05-5576-41e0-a8e5-3e4378549ec8","block_type":"box","text":"II-133","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"81628d43-2376-45e3-a92a-0fbc256c7ce0","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a641ce3d-00c9-4807-89b5-233ebe7f131c","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":178,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"b73e3edf-823a-480b-9096-e378097964df","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":178,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"47343b52-1988-4b92-84d1-9ab0596e72ad","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":178,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"46a1d7bd-ae5a-4b87-ba95-43612f8535b9","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":178,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"31ce24fc-7df1-4587-acae-c9f2c616482b","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":178,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"eafe8ee6-a779-4fb5-a323-dd7f76edaf67","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":178,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"5a1c13f0-09ab-4bc9-b365-996e1c9035e7","block_type":"box","text":"positions in its por tfolio (","page_number":178,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"a16abdb3-c74f-4c50-ba98-915ab0bc9680","block_type":"box","text":"i.e.","page_number":178,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"5f77837e-869b-4446-aa08-7075ee0fe5ee","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":178,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"2e2297d0-a515-4fe5-a3d2-ac59deef1001","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":178,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"325a6300-0a02-40de-a3a0-dd858c2d050c","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":178,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"e67c8774-bbe0-4014-9b6d-2b75dc6efe0a","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":178,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"80688c29-1c21-4cae-afee-44040cecd61e","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":178,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"e20153ed-b419-4155-9ea1-00ea0cf04491","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":178,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"cbb5e321-1e19-401b-9587-701df335914b","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":178,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"e5bd9cbb-e5a4-4fdb-8c64-bb9d02417517","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":178,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"40f9d5ce-f1a9-4a9f-8e8c-f5de96695aa6","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":178,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"ebe64e11-fe78-42c2-ad2c-527473bd3c19","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":178,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"a1c0511c-4862-4324-8aa5-497d30207977","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":178,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"be3f22c1-4271-4302-950e-fdcee5d609d9","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":178,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"acef434f-ac90-4b6a-93c5-dbd966044cac","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":178,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"efdc37dd-7430-474d-b978-fd02d8c4b1d4","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":178,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"69432bdb-8ee7-49c9-bc1c-8800088d293f","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":178,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"6d4a5e12-e37d-4f02-81cf-2f02f8b37d8e","block_type":"box","text":"capital asset.","page_number":178,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"3de48b2e-804c-40f3-ba12-2176c1da369f","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":178,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"e04bd2a4-d94e-40f6-b421-3262af579cb2","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":178,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"e05316f3-6676-4dcb-8cae-2c272b4c73db","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":178,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"2ca1145c-602f-4b61-a582-2d7a48f6c512","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":178,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"1fef1292-ccd8-4717-9df9-2bd09d906356","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":178,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"2b7b4f2e-c8b4-4c1c-9d22-a28926b60fbf","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":178,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"0cd2ec6f-d56a-4cb7-b6d5-80df2f2d0375","block_type":"box","text":"Fund were to invest otherwise.","page_number":178,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"2fa2701c-18ed-4004-95ae-84dde7e31e23","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":178,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"539ec608-e202-440b-ba74-7c7818c730f1","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":178,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"1d256577-5eab-4efc-b4f2-825200f74b67","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":178,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"ef22eacf-d263-40e4-883d-614af9e4422e","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":178,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"38856a08-6821-44c5-b83d-4af3e51feb2f","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":178,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"700e4bda-a51d-4ada-9acb-3688f1932906","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":178,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"e7d88333-e082-4d12-8e29-8b6add3e4f93","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":178,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"10fb561b-6165-4c9c-a7a7-bdaba51c28ab","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":178,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"cfce1c21-24b2-4155-a636-968dc55eacc1","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":178,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"7db31455-4a04-4fe7-94b3-447654a7752f","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":178,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"0703b022-a721-4bd7-9cdd-e3cfb2f55823","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":178,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"36fd2795-f047-4dad-b477-1a2dbbffa784","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":178,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"360c6998-6b8f-488c-b8d4-5b4b75799227","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":178,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"61d259f3-5f09-4987-a580-7e46c627fc32","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":178,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"ab2557be-8da1-4c19-a1e7-c11246229439","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":178,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"76c6fe50-4c92-460c-a22f-780efbf98922","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":178,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"e88a1d69-c7ae-478b-8136-3b8d404bc095","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":178,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"c3c0e310-5624-4028-8183-58423b3a8652","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":178,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"f474a33d-e2cd-40bc-8459-e9167cd273dd","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":178,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"2e6729d7-8fca-4acb-bbc6-852f78075c52","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":178,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"135f9215-52e1-4040-a3e9-dcdcd4d34c20","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":178,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"41d286ad-9a95-45dd-9c40-3d559632b40a","block_type":"box","text":"PFICs.","page_number":178,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"8655b85f-2f37-4630-bfa7-8b22fcd3c950","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":178,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"7efb948f-346e-4a61-8ee4-84ec66d20abd","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":178,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"3249c0cb-c0d5-4a8d-a510-db7775a648ec","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":178,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"13805693-c19e-44ba-9fbe-6b43955c9d84","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":178,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"31d80201-d59f-4e6a-b72b-90d7c44d2212","block_type":"box","text":"II-134","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e725a1e8-5ecf-499d-b4d7-8d191bb058b2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e06b1896-7ec8-461c-a1d3-3e4e514dea32","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":179,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"db9381cb-4b28-4774-ae97-c2cb5c001763","block_type":"box","text":"difficult or impossible to obtain.","page_number":179,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"ef6db511-45e6-4158-be5a-9f0681bf18eb","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":179,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"8685f312-7d2e-488e-ad45-02c2a9f328d2","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":179,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"6a1aebc5-3c84-49bc-9341-d9acb5a1cf5b","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":179,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"9a8bcb23-8e1e-4fdc-bc3b-6d758066bf15","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":179,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"08117622-4efd-4b1f-847a-81b9f245f5d7","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":179,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"7c4c2fca-baab-4cf8-ab08-b601b73b9ca7","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":179,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"425c15d8-bbda-408c-988b-5f50baae7225","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":179,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"ef77d59c-2533-4fda-af19-f64fc34e6952","block_type":"box","text":"Municipal Funds","page_number":179,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"c7c93b18-3dfa-4d9c-8b32-844462a0f673","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":179,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"ec4b30d5-614e-484a-99e2-5bb3415f7aee","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":179,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"93b2da60-4285-4b8a-a3b6-538b63c5bcc8","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":179,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"f69545f0-6b40-4e6b-8788-c323c2f3fba3","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":179,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"2f64fd48-7f8d-4340-8075-724964d45d7d","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":179,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"1682685d-4a8a-4e42-b611-25e4fa37f511","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":179,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"cbf6ea0e-a12d-4bcf-950f-01afd94674f3","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":179,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"a9955be9-4d7d-4785-96dc-c5ce34da8e00","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":179,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"e7eef261-8363-4e07-8915-81de13e96b5c","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":179,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"a35033c4-c7df-4318-bdba-a8a1baa0d163","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":179,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"45373717-8a6a-477c-90f2-757287587556","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":179,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"8ad75d00-53d2-44c5-98fd-6591e6810569","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":179,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"e73e0401-e540-48ee-bc42-3173c4664966","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":179,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"a24ff088-7f74-489b-b255-3f5fb367e1ea","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":179,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"dbd8135e-f993-4847-aa3d-369303e66522","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":179,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"a82c7170-811b-4bf6-b266-2a9712910f88","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":179,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"bda0fb33-9adc-46e2-b23c-11c3193ea631","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":179,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"cc6b32e0-5d9f-4d36-aecc-8f002c2ceffc","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":179,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"e1558b2a-2442-4600-9e74-570790306b47","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":179,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"a1290478-420a-4160-a7d9-39d50706406f","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":179,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"31a7f654-e663-4313-93bf-24c8cc2b9a7f","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":179,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"c250886d-b98a-4c90-937c-b658f004767e","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":179,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"5762304f-0476-4df4-af83-0f8108726eda","block_type":"box","text":"constitute exempt-interest dividends.","page_number":179,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"0ffdd7bc-69a6-4240-87eb-49036a0c0e07","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":179,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"4150d611-f2d4-43e0-a324-c087732f29b1","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":179,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"ab0da2c7-803e-47ed-85ac-6317ec01f9f7","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":179,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"05bb134e-d006-45da-968a-ee7f5b77dcbf","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":179,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"49697fa7-403f-47df-bfef-19b5dba09d72","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":179,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"ac8c7c06-7c13-4ab5-acd1-2b724ab4a439","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":179,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"63a0b70b-a186-401f-950b-8c3512531ac4","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":179,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"b9a96bfa-3bc9-4926-9aff-46cfa5f17074","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":179,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"33ae5c5f-089e-4d29-934c-320ac6d87b28","block_type":"box","text":"income dividends received by shareholders.","page_number":179,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"945b0b42-d423-4000-9b1c-039478885515","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":179,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"784996b5-60db-490f-8924-54643f245704","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":179,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"e174235d-e14c-4b7d-b543-f4b09a38a21a","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":179,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"824cc361-dfb6-4dc2-afe2-e3cc42919aac","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":179,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"cb2de6fb-795c-4b52-af7d-a0f0db3eb657","block_type":"box","text":"the accrued market discount.","page_number":179,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"cfb4c321-30cd-4d13-a2aa-a6d6c647264a","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":179,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"b35362b1-a3dc-40c1-b27a-172471a9d7f1","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":179,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"5ba0bf98-63b3-491a-9a19-59e3e9c80957","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":179,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"97c876f5-ae78-4c0a-9cac-e9f060cb304e","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":179,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"014fb93a-8c41-476c-aa58-7f4303d4c4c9","block_type":"box","text":"e.g.","page_number":179,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"f1b44486-4515-4d14-9653-1e681dbe30c4","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":179,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"a28cbf31-16fa-4690-b24a-0db81ba50956","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":179,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"270fb686-679f-4db4-86ad-45cf95bd6555","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":179,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"193bd5bc-237d-4d96-87df-fafe60799b50","block_type":"box","text":"II-135","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d7e9e8e7-5ac8-4412-bcc0-05bb7807c53a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93b4407a-58e0-4a23-8e4b-94e47b58b8f0","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":180,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"69e2d70c-7227-4634-ae6a-3172ac4468ab","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":180,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"4ff6998d-e9b3-4028-aef6-73ae14d31945","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":180,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"0710a6de-ab85-4463-85cf-0b869af19d1b","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":180,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"f32491f3-a6fd-459d-a7e4-f279992467f7","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":180,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"a055c6d5-b05b-4eac-960a-9274cda4b727","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":180,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"83015c65-1698-4f09-9231-9ece6bf891a1","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":180,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"7f80bb30-a990-4b0d-89b9-1ce11e16f7cd","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":180,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"89ae898b-cbec-4123-8f0d-36afbe2f542d","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":180,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"11e07ebc-2904-40ee-9a2b-33d7c0b38ecf","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":180,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"d913d735-681a-41e1-8b35-557a6638be61","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":180,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"823a8000-fb70-408b-811a-806981934106","block_type":"box","text":"within each applicable state.","page_number":180,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"c337145f-f8d8-4a89-9459-35e58828ef95","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":180,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"3172683f-d806-4327-9a79-8c17c8466ff5","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":180,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"b824d38d-a094-4190-ab23-277c30a7bccb","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":180,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"6f114bf0-9dd0-4ea2-b65b-5109673f3b6b","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":180,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"7ffbaa53-37b8-4b93-bb48-7e10d0a8a181","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":180,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"c8e72ca0-fce0-42b1-8617-3dbe97cd8f0a","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":180,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"994a4ec5-6915-44f5-83f4-5f3041318a4c","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":180,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"6cb22aa4-1ca0-4e5d-a84c-dee816948fac","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":180,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"eb1438fd-11b8-4bcb-8edb-d74421b21b31","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":180,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"eb7f7a95-6455-4dd1-ac93-9d3739afd7ef","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":180,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"b5ff21f3-2ff9-41bd-9e19-6f025deaea11","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":180,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"41c4f648-9387-477f-bde2-fdeb8038eef3","block_type":"box","text":"exempt from state income tax.","page_number":180,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"60d533a4-4fc2-4d13-8aa8-d124ffb08e87","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":180,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"4d40d345-a216-4bd3-967d-e32f39861d63","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":180,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"12231303-fc5e-49b0-91e6-649178ac9bab","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":180,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"c911a576-90e2-4cf6-9ccb-c8adbb95f255","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":180,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"524e71ab-1861-4abe-ae07-51eabdfaae39","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":180,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"145e694a-2307-4c81-9f41-d487a6715e51","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":180,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"107bd87a-5265-46cb-a7e9-47163320975b","block_type":"box","text":"decisions may have a retroactive effect.","page_number":180,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"c638287b-7cb8-470d-a96f-1cdd9e2d9502","block_type":"box","text":"PERFORMANCE DATA","page_number":180,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"0ab43df6-15c0-4d5a-8c3a-28fc899ee255","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":180,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"acd9e9f0-7ec2-4fd8-bd48-a8806a16e1ec","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":180,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"4068cb49-9b53-42c5-ae43-dba21a5daabd","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":180,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"fb4732f6-acbd-44d4-a6ec-21327a032890","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":180,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"41a72f33-37aa-4d09-9386-66db27026aec","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":180,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"0e97f235-5b28-4454-be25-867ffb6b02b6","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":180,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"d4950004-1469-475e-8cb4-2567cf31bf72","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":180,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"806400fd-3ea5-440b-a974-83042d99c5c4","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":180,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"99cb732d-17c3-44cc-9fdb-11c5997ecdfc","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":180,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"45d6f2d6-394b-4f7a-98f8-13ee888a77c4","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":180,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"03c6195d-e594-491e-8cc5-c881235db5c6","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":180,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"b43ec26e-0f27-4733-b94e-0c7816bcfc26","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":180,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"8d9cc832-90f5-4ba0-a2fa-0f56dab9c3a4","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":180,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"03629416-74ca-4374-b897-87f5bd78aba2","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":180,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"0f7039cf-507d-4b3a-9f5e-8faf16b814f1","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":180,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"6b723229-09f2-410e-b269-c17264acc76e","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":180,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"c6c849d6-1591-4806-8908-8b40278ec9bc","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":180,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"e486799e-321a-4e70-9695-9cdf2b36c727","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":180,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"b839434e-a7ed-4077-8fca-7c957423d077","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":180,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"ee88a881-1d7f-4a6c-a1c9-665b87ed9417","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":180,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"b804084e-27de-4c69-9082-74e0e5aa88b5","block_type":"box","text":"II-136","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"21a520ae-3c73-42e6-86a3-0232f5d73c0c","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26168c7a-ef3e-4702-b9a8-5f68a48c7b21","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":181,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"fe5a15b0-24c1-4741-bd33-4293a4e842cf","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":181,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"4dea0d8e-a6de-4b8c-8129-8447959e8ce8","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":181,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"1788b503-97d8-43df-b061-746acc52caea","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":181,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"4b040b48-0c91-4ece-a0ac-47494cae7380","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"adee17c7-30e5-4fc4-8bdc-45ccdb8d3526","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"3654bf7e-818e-4f25-acfd-dc4c0eafcf79","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":181,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"7a9881dc-e33d-49f2-a786-1bfe79b52c08","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":181,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"b94a18e6-2622-4299-a9e1-902be1d73b11","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":181,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"3a7a9d70-a835-4e83-9848-9266f18d8949","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":181,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"2d95a7b4-4d51-4f7b-849b-2560ad748866","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":181,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"5ead34b6-4f97-46c3-b6bb-d1566ddb296f","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":181,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"c7774972-90f3-446e-820e-0c1e63f14b33","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":181,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"34668fac-a6dc-4f2c-8055-b9807c0e03b2","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":181,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"14154699-a550-4a22-9b7d-6fe877278de9","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":181,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"5214500d-9ea1-490e-afc5-ef5cf33284eb","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":181,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"7a80cf66-9c48-4b51-9086-c5ff94dd6bd7","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":181,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"c0ccb76c-d9b4-4c25-b7e5-bc9d236a1558","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":181,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"65978cd7-f337-4d5a-a348-3d7e662294de","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":181,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"915466ae-f45b-4e5a-90fb-e9fe03981112","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":181,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"2a3cc76a-94d2-41f8-902e-c80d106399e4","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":181,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"d764a6cc-f84f-40d0-a982-0b1f8caf1a0e","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":181,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"d69d3dbf-ae80-406b-8b5c-399e2ebf48da","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"87785dd6-67a7-4958-aa73-1209f3d48faa","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"cce798aa-2dc1-4de1-b1ce-6625d07e11e0","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":181,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"669dae71-6aa1-4848-b847-0b4599018218","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":181,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"15b61863-3901-4ce9-989a-17cca0776186","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":181,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"d92a35e8-6b3f-460b-aef0-a4f142677f5e","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":181,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"f3fbb1ea-4f10-46ff-b317-9679dfc3ec99","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":181,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"d47730ac-9bc4-4711-abc2-75ade3ae48c1","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":181,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"9e5739d5-4c23-4d65-9f34-0889e601ba84","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":181,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"602fd6d8-b0b4-4d0d-81ff-582f9f25b020","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":181,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"e2fd2559-15a4-4376-a0be-b68e53498c62","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":181,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"c4037811-989f-4203-9ec1-f5ccd9851474","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":181,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"67313f88-d026-40e0-9a6d-7a44125e20db","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":181,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"8c5ff844-02c0-4666-90f4-c93029d26ce9","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":181,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"f85cea51-8b0f-41cf-8aa5-ebb58c4f4cc8","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":181,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"d8f9a8a3-67d1-45c2-814e-89fa8d9f251d","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":181,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"a73d7946-7e66-4052-addc-9eb4ed2a54c4","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":181,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"6101aedc-0832-43a9-9eb0-0a28c59d897f","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":181,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"8ff62e97-3945-4be0-b26c-a5c4673107a9","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":181,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"2426c584-9d31-47d6-96f9-e12d7e7078e0","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":181,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"0b27aced-63a3-4034-81e7-db59f68fbcf9","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":181,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"f07a2179-e1d4-4851-8a06-dab5c7267184","block_type":"box","text":"less than their original cost.","page_number":181,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"eb303a83-dada-4785-9be3-49db5adad7b6","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":181,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"6816b842-6439-45b8-b599-4067d9dba38c","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":181,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"bd41b347-8629-4041-bfbe-452d1b5ca56b","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":181,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"1f4c5beb-73e3-4cff-8d6f-70e063a513a7","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":181,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"a5ca3415-23d1-44c9-9c19-8f6b029fd908","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":181,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"93e3e89a-411b-4f53-afda-ff246a365c70","block_type":"box","text":"lower amount of expenses is deducted.","page_number":181,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"5590cd70-7c98-4c85-baae-1333f1f745b4","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":181,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"cebdb75d-7688-4e81-8251-8fe6007d9293","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":181,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"40bba4f9-17bd-479b-95ac-464d8063cfe4","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":181,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"1efdff4c-4df0-4c4c-8d39-7fc8702d668e","block_type":"box","text":"Money Magazine, U.S.","page_number":181,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"b337dd21-34ab-4b92-acc6-ae49b5705697","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":181,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"bbd42778-928b-419e-93c7-ec814f38ea88","block_type":"box","text":"or other industry publications. When","page_number":181,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"ea1ad671-055c-4fbe-821a-77ed896b3db0","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":181,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"7073b499-071d-4caf-a65c-bdddd84caa56","block_type":"box","text":"II-137","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b0cd7b72-eeff-446f-9f19-8456b40df1ca","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aec671a1-b680-4372-adb6-75557393acdd","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":182,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"ef5f1737-5738-43d5-bc79-9c4518f06a7b","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":182,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"983b9473-3147-4f6a-9a31-72aeda77de89","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":182,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"d1b2ae84-899f-4c9d-bd44-b723fc9cae01","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":182,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"bc9521b6-e9c2-47d1-86a9-198e7876141b","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":182,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"da95aae9-e7ac-45bf-8430-9cc1e813f90f","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":182,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"50d5ceaf-52a5-43ce-a187-a25eb3038e77","block_type":"box","text":"developed by Fund management.","page_number":182,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"d3ee2cdc-57ae-446c-9c3d-8772cd79c409","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":182,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"8fdc461c-c3d3-4a06-a2ae-1e50f1c0758b","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":182,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"a6ad76f6-e372-4607-8b79-a5ba11526b49","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":182,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"7add57c9-b349-4ca8-abba-588a359d7b8d","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":182,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"b512bc19-330c-496b-b25f-116134561b89","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":182,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"e1784d73-33e0-4735-8f0f-5ae22643f363","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":182,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"9721973f-8424-4e1a-a53c-d7fbada8077b","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":182,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"7b160b14-7094-4a8e-a863-6f95f20c701f","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":182,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"95d29307-7d87-44c6-902b-4f1d8698e2e8","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":182,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"a8a67604-712e-482d-a1dd-73d661815cb7","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":182,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"314454d8-dc4f-434d-b0c2-055babeebd18","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":182,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"7fc35454-d5fa-47d8-8077-8cb84bec27dd","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":182,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"f38077e0-cc7c-42a8-ae91-927127b99341","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":182,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"a4434be8-ac11-4973-93ca-9c284679a88c","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":182,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"12679f86-5b65-4578-bca1-2a06e1ee6778","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":182,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"0e6b3fb0-6d14-4188-a770-c97a890872a3","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":182,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"c6bb54ed-d7e7-4cd7-a5f2-258b1d275259","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":182,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"15d5b5b4-7701-4614-af18-052466601a19","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"224cb186-eaa0-4561-b70b-26b6f1b1dae9","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":182,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"97108980-2be5-4fb9-8944-751ab30e5ca6","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":182,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"a33cfe06-0467-4e33-935c-da0f93322651","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":182,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"b904c61e-9005-4764-9ee1-0f26fa8eb864","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":182,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"da090eec-5e42-4e15-a87f-47f5d5683330","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":182,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"0ceda6ad-1feb-4c35-8741-b113285961d5","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"25f98257-a8c5-48d3-8bc9-0f4ab155ada5","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":182,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"46b3dc9c-fc19-4d89-a824-e7cf417df2c6","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":182,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"0c3727ed-0c4b-41a6-adf1-ff086623b19b","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":182,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"3a0e9df6-00c4-45b9-ab26-4097d20b09ab","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":182,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"ddceea99-9132-45c5-98a1-f841517b7f5c","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":182,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"5935721c-9b27-4dfa-940a-29524011df9c","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":182,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"41ca498c-4842-4134-a2c5-c7839d49efe2","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":182,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"223412f7-1626-4ed6-9ec6-2d2251462964","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":182,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"d854043a-5017-4e09-92a0-0640b1333c8e","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":182,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"1072b978-e647-4198-bd1f-66b0c3c7b565","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":182,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"c9793d16-d6ca-4d29-a489-76421a505f7a","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":182,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"0ce98997-006c-4dd9-9a9a-eab5e1bb4ac3","block_type":"box","text":"GENERAL INFORMATION","page_number":182,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"5bb5a76c-62af-4143-ac6b-4e5a962e786b","block_type":"box","text":"Description of Shares","page_number":182,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"6cf45751-05b6-4888-9fd1-35b1e81c86db","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":182,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"9a2ef18f-64cf-4cb5-8e7e-b00860c96d19","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":182,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"35014bb2-9514-450d-8620-4e70d29de43b","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":182,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"e2705ad4-aa08-4cc1-bdb2-ee5c12c7d54f","block_type":"box","text":"matters relating to such distribution and service expenditures. 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Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":183,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e005c12f-aea8-413a-915a-6d182dbdcfd1","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":183,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"a45b4d04-30fe-449c-b5b8-580e0b406ade","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":183,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"a8070d03-fc55-4273-a379-93d1b5d9056e","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":183,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"d9c74185-fd40-422d-9330-61d0cca3b2d2","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":183,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"c37804a6-770a-4dcb-9d00-6b689274cb59","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":183,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"44eafda5-b5fe-4c3c-a01b-50fc08201f81","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":183,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"0fb155ce-d739-4af0-a7cb-be2024a0ca5f","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":183,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"49e11dcf-d9a6-4325-97f1-ec659228f4a9","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":183,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"f9e75108-7026-4169-b74e-71cfdad106af","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":183,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"0b10271a-1eb8-4c45-b4d1-7d86107f7303","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":183,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"1d898d84-4d22-492f-a001-8d3c8831ca5e","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":183,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"9aaa2418-335a-42b7-98a4-0f0468bf434d","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":183,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"1679022e-5d8b-4348-9cc7-a54112378ce2","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":183,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"f373df4c-5823-4b78-9efa-4745b8105b37","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":183,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"52a32f94-9490-4f73-bfa7-499eb67ffaed","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":183,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"bf7c1213-306c-4b32-afba-71f71c9ed51f","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":183,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"496634d9-2651-4b6c-a6b0-6eeadae485e7","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":183,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"9b38beb4-ff8b-46b3-86bd-bad7049a2ffa","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":183,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"f59f0ad1-43ce-4e80-b867-258e581e2082","block_type":"box","text":"Additional Information","page_number":183,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"4b386c5e-b56e-4eeb-b71c-4b13981e7905","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":183,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"9524c30c-3864-42a5-9b85-632b0f9fd013","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":183,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"8a8eb49c-fee0-4c0f-87be-37514532c386","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":183,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"fc0dda4b-a860-419e-a2d1-c713df2b8362","block_type":"box","text":"such name to any other company.","page_number":183,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"9c852105-def1-484f-a2f6-328127e43369","block_type":"box","text":"II-139","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7cb6f1ae-2508-491b-ab59-b9a6407c4721","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f3f110f-9766-4d9a-98a5-7600ad5a1102","block_type":"box","text":"APPENDIX A","page_number":184,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"2cae7629-14d1-448a-a5c7-62dba8e44ec2","block_type":"box","text":"Description of Bond Ratings","page_number":184,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"2449a2cf-c1ae-40af-84ff-460e6c49508c","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":184,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"625954ec-8cc8-4328-8e3b-2286434e6844","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":184,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"e63450f4-68a2-4d79-a4df-2dc09b9baea0","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":184,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"3b1d295f-0e3e-4364-aff0-2440c4df18bc","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":184,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"84577817-9424-4491-91c4-33bdd419df07","block_type":"box","text":"date.","page_number":184,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"b05a8b91-094c-4a6a-a2af-e396c5748fbe","block_type":"box","text":"NRSROs may rate specific investments (","page_number":184,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"c584e301-ab41-4e86-b230-01706c9ef1c3","block_type":"box","text":"e.g.","page_number":184,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"5521eb5b-ff01-42ab-93eb-8a3eb69a2427","block_type":"box","text":", bonds), issuers (","page_number":184,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"31d102e1-e279-4359-a1e3-aa94f12aee93","block_type":"box","text":"e.g.","page_number":184,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"07177c2a-e6f2-492a-a1c3-84f7ee90db8f","block_type":"box","text":", corporations, governments and financial","page_number":184,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"0f78ac12-3a16-40b8-b7ab-6741ecf8ef01","block_type":"box","text":"institutions) and/or programs (","page_number":184,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"4d3a5296-0d10-43f8-9b69-ef22f6cb9d82","block_type":"box","text":"e.g.","page_number":184,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"9a8401c1-4cc1-4dd3-a647-78460ebab14f","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":184,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"7ae1d6a1-2d6f-423a-bbee-5f08e517167e","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":184,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"0611107d-5066-4be3-bddb-13539016f767","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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If applicable, when","page_number":184,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"c9d99351-8e74-4ae9-90b9-043c3c0f2cd6","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":184,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"58cc9ead-f678-4566-9afc-72d83b72b3d7","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":184,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"5db31440-1566-4b3a-b76b-c09cbd81cddf","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":184,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"e2c2f1e5-b59d-40f1-b4c7-3a0af00e345f","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":184,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"82d7a426-1593-4c73-a26c-506b055c67d1","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":184,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"19dcd890-674c-4c43-a39a-b568f8e87abb","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":184,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"1839568c-d329-40f7-8a90-6c922fa31c17","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":184,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"140991d3-ff8f-44d3-b510-248adad225ef","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. 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Fur ther, the fund may","page_number":184,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"c97d244c-b52e-45a6-94e9-9dfea72f77c8","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":184,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"7db29c46-1cc3-4ee6-b8c1-91ca82f2d5d7","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":184,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"766c374d-4aed-4313-9507-f1a6cff087f4","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":184,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"b6ef6c97-e14a-45ad-b72e-07a758fbf8be","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":184,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"0f9ec688-d0e9-46e7-9665-c8ff4a739f8c","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":184,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"28dea2fc-0ee7-4f8c-b7f0-3497c1070016","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. 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Moody’s defines credit risk as the risk that an","page_number":184,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"ab34aa71-2aa1-4411-908c-e245e0f59a6f","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":184,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"81f2c0d9-47f8-46c0-b3bc-9595859ce47a","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":184,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"c7de5a24-ff06-4f5f-9600-b1b048a7be41","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":184,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"21ba75a0-a59f-4467-8880-b664f0a1eb0a","block_type":"box","text":"sources of variation (","page_number":184,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"c1e8c4fa-d554-421d-bbae-cbe0721d573d","block_type":"box","text":"e.g.","page_number":184,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"15e7c90e-9299-40b2-b71e-da690f407fcc","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":184,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"931bc15d-7bf4-4c3c-9968-7ad5dd699e16","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":184,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"f357a93e-0b54-458b-84cc-f01eb75fe761","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":184,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"46f29580-d42a-4c54-88c7-ffe483b6c198","block_type":"box","text":"e.g.","page_number":184,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"8f1412a5-f671-4b8c-af1a-9f766febfff4","block_type":"box","text":", equity indexed), absent an express","page_number":184,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"074a1f61-9914-46a0-ab7d-299bae197e82","block_type":"box","text":"A-1","page_number":184,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"cdf5cd00-961c-4ffd-905e-4803a7e3da42","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"663a92b9-bfe4-4ac7-b60c-6d242fed13bb","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":185,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"809b43e8-d8d8-41d2-b51f-3263d6fdade3","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":185,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"e5c2cf1e-ab31-48ff-919d-9cc6b7d8e470","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":185,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"05ec6001-bcc8-48c8-a6c5-1a4ebfb39665","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":185,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"94410055-a894-4be8-a260-bc66ad531e33","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":185,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"ca453863-0cc1-4ed9-9fe4-5edccc977ca8","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":185,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"e20eb8b0-6768-416a-91ac-baca422ff5fa","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":185,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"5fa53818-49fc-4d94-9f2f-6be0a1f878dc","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":185,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"9582dc62-4ea8-4016-bf47-46659c1b875b","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":185,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"02cb573b-a7c6-4636-8915-49573eeed9f8","block_type":"box","text":"i.e.","page_number":185,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"ac373781-c1fc-4f25-bfa1-4506e8646d1e","block_type":"box","text":", ratings on nonfinancial","page_number":185,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"e0520171-108a-4890-80b8-d601d0b1f841","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":185,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"3544de3e-8612-44b8-a105-a50c30dd4629","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":185,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"646f6000-7e50-4c17-95dc-eca16ab1feb9","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":185,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"a8463cea-b602-496c-9209-c6aa66b8d468","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":185,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"ba0e6065-4a30-49bd-8d59-90059fa1df94","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":185,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"120de21e-5ce3-43fa-809e-7f1366325094","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":185,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"3ca2c307-5a7d-412d-8dc6-8bf685a7f434","block_type":"box","text":"of time.","page_number":185,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"bf3daaef-36f9-45e5-ac2b-7ba494f00be1","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":185,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"343826f3-17a0-497d-8414-60a0a9a3c578","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":185,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"7548f961-7930-406b-9b74-526d58b9e959","block_type":"box","text":"risk.","page_number":185,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"063f2d3c-ab57-4c76-8d95-c1aef48ff344","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":185,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"e1290938-0aa8-4a65-9da0-f3eded6c5bab","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":185,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"2decd58b-8855-4789-9560-57a7e53b0c47","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":185,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"242801be-44f2-4512-8ad7-ffbe9b01009b","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":185,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"6add92b1-a6cd-484a-bb85-2acf8bbe7990","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":185,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"cb0cbef7-1c7b-4eba-8d71-b5f84a1e0938","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":185,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"59387157-5cf6-4d0c-a5d3-4d4f3ecc7d55","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":185,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"1fe5c711-9d4a-4e1f-b6da-a805b2a1a3f9","block_type":"box","text":"credit risk.","page_number":185,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"94cd4493-7abd-441f-a04a-72b2a95320db","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":185,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"d8b42d55-b333-46d9-9167-e986e9cb41ad","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":185,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"715a4414-57f0-4c80-a131-499b6ebb8e70","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":185,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"a82ad32e-b6d0-4e92-9d40-d81b4688a09c","block_type":"box","text":"of principal or interest.","page_number":185,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"f410737c-3c2f-4b81-83e8-ea1db58bf4d2","block_type":"box","text":"Note:","page_number":185,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"21d87e76-472d-4ed3-a24e-7b2a4330615a","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":185,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"fc0e91e0-ae75-4016-b027-e88e259f8a2e","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":185,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"1836cd6f-f189-4c6c-a593-adeae97ec2c9","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":185,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"5b029558-c59d-412e-b083-bd7424fd7b17","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":185,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"7ba3fa45-a0b6-473e-88e2-a3aaa57dcf85","block_type":"box","text":"companies, and securities firms.","page_number":185,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"891f9594-6970-43ec-a179-cd53b6f9d21d","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":185,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"7306825c-af74-437c-9a1c-a7bc316ebc36","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":185,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"a19af985-2230-4a0b-8af9-9b7f2da1d7e2","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":185,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"c1759963-45fa-432f-886f-5017ee544af9","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":185,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"63979f3f-73ad-44ff-ac27-0f68f45569f5","block_type":"box","text":"that security.","page_number":185,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"01e8d1ad-a39a-4e2d-9e3c-d7a6f99903b8","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":185,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"32ca6649-33f4-405f-8a97-83c6d6cbbddc","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"757867b9-80a2-4da4-864a-2f000edc0678","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"d9cf442d-ba7d-4aa3-a63e-4ae43fdb366b","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"6f9dd3cb-0829-470d-9ea6-2d6d2056998b","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":185,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"522d9374-5b13-4707-95c5-2bd26d1c543f","block_type":"box","text":"categories.","page_number":185,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"be946f5a-130f-4fae-8c3d-bfb99819ba50","block_type":"box","text":"A-2","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"4a9cee73-6fd7-4951-b94c-9e7d8b4aecf6","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a99e9985-21ac-4fe2-808a-3c7f480b365d","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":186,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"8f691ab7-d662-43c4-83d8-c10ef5220a48","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":186,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"93c7e16d-5a49-435f-b443-7d4824f41a98","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":186,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"dbbd504c-1b79-41ee-b7d1-594e33db9526","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":186,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"ab93c298-21a6-4e59-b776-cf966636fe08","block_type":"box","text":"an issuer’s self-liquidity.","page_number":186,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"19c0df21-7ec0-4f1a-b923-cd7d0db1d513","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":186,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"46cf2953-c97f-405a-8db0-2f8ebac26695","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":186,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"a22bc78f-0ae3-49f3-a546-93b6daf3d322","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":186,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"b22ed5d7-664f-4448-acf9-a172c215c3bb","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":186,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"0a973fbd-3b3d-43ce-8de0-65c2ff7f13de","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":186,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"8e727b5e-fb89-467d-a07b-19eb5fa922dc","block_type":"box","text":"MIG Scale","page_number":186,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"7c14ce44-8593-4f89-9924-d49320f0ad22","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":186,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"87783bdd-5e84-497b-a137-c6e7a2b32e38","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":186,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"e4e0b9cf-bfe4-49c3-844a-dacfe58c1fb5","block_type":"box","text":"refinancing.","page_number":186,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"02a868d9-9543-4c3d-86c1-73dffc714701","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":186,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"7b4ad6fb-7d21-4ee7-8517-517994094d6a","block_type":"box","text":"large as in the preceding group.","page_number":186,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"6578c560-ba49-4c3d-80ac-20edfd324ccc","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":186,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"1058af24-b25f-461f-add5-fd08acc4a088","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":186,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"62368231-6f76-4a61-b323-a01e60aff561","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":186,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"1f73e141-2e54-468e-89d5-a666bcf8d888","block_type":"box","text":"lack sufficient margins of protection.","page_number":186,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"131fa9c7-2c68-4cae-ae17-d39c5b285f29","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":186,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"cea54286-005a-404f-9d86-1526609b2397","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":186,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"c483fe8f-5b6a-430a-821b-a172b3e0dc35","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":186,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"73855890-2c73-46af-b02f-ee8ead602d19","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":186,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"5e062880-ed30-4d66-812c-1a8082856471","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":186,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"6f7a7e71-ddbb-4575-98a7-7191b7144b4f","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":186,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"4be2a57d-627e-46e0-90df-2f2228a92970","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":186,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"550f1e70-4638-43da-8fc6-b08d2942f9e6","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":186,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"ab068813-b4fa-4a0a-a3c0-e1e4cdd8c974","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":186,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"6f7d72f3-465e-49a1-979d-f35c1679fec3","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":186,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"42095a0a-c5ad-453a-bcf5-4219fbe27c62","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":186,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"114e5609-1a8d-44da-86ed-d68dcc07c5b2","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":186,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"4721547a-d0e2-4fdd-ac01-2a89a5db5270","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":186,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"2319fbb3-a159-4287-92ab-95d4c893fa40","block_type":"box","text":"VMIG Scale","page_number":186,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"70614a71-9314-4d8d-a576-12ee2769ee38","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":186,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"7b8f47e0-e340-4a3b-901c-2cb9a9789e75","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":186,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"a8e3d52d-0855-4f89-89e4-b4211ff9d64a","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":186,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"4930e468-2bed-4912-b91f-7c4299d4340c","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":186,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"2b6290a5-6a0c-410c-917f-cdde4f6c21e0","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":186,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"8ba7a541-1f02-402d-bf89-d4bb00387ea6","block_type":"box","text":"payment of purchase price upon demand.","page_number":186,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"9b310153-a811-49ea-ac82-82e200003a8a","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":186,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"f2bb0c79-e0c9-4596-a995-cd73b8384d33","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":186,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"9e2e6f56-e4dd-45c4-afc9-b2419d36a481","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":186,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"4f4aea57-7a3f-4d53-b292-b876cb3c3f34","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":186,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"a9f610c1-3487-462d-a3da-b070dead7809","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":186,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"5185687c-e1aa-46c8-9276-fc45600bef3b","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":186,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"f7566498-0eb9-42a7-b1db-2fb87a042ffe","block_type":"box","text":"price upon demand.","page_number":186,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"51ef316f-d764-4cba-9f55-80c95e1dd1da","block_type":"box","text":"A-3","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2cf58fb1-9482-48cd-a6a9-5250e013cfb2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dbc8c57e-fb19-4201-855e-5738e9d5f50d","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":187,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"c401a22d-57eb-4e8e-b8a7-5d304393afc1","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":187,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"293e35af-82f6-4cb0-aa02-839e16149206","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":187,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"167c4aa5-f4a2-4e7e-807f-09861d3534bb","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":187,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"4fb9ed91-ff51-41c1-b85f-8adcae3eadcc","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":187,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"1c598440-321b-4eb8-b792-44ef03330c2a","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":187,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"e6909a0e-762d-45a5-b2e3-491349be1978","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":187,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"5c48e4c8-8afc-46fb-8423-1e40681ff72d","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":187,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"c3282d73-0845-43bf-a4ee-1fd3fc2c7e07","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":187,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"4f84880e-951f-4b01-9776-5f34d4077b2b","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":187,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"3fc4c134-a597-4476-a257-f4147b68c1e1","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":187,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"97b898c1-a007-4a62-9a3f-839f1a93bf2b","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":187,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"522a1c59-a81c-4317-b253-64865c95136c","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":187,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"d28195f0-bdfd-4f17-80ea-6a27498c167b","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":187,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"a6605fd5-9bf8-4106-8946-5bccabf27665","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":187,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"e8c748f2-ca48-4a4c-8a4a-481c8bef81e4","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"e79d4a4f-ca9f-4880-835f-4e2163896c4d","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":187,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"554a7f81-876b-4c27-a1d1-b97fded896d6","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":187,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"d528456c-19c1-433f-bf8f-63a50d5ce136","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"ae528d78-4a6d-4317-a559-aa97766ffa53","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":187,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"63104c20-2f56-42d8-9164-52aafbdcf429","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"2f7ce7fa-95c6-48a1-ae9a-519a1a20bc5b","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":187,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"6ce45212-2c27-46ee-b886-9c9b27436f00","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":187,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"3ea6506b-5ba7-47d2-977c-b87dd10bb5b7","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":187,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"cc9d868b-f920-4310-b5d0-a4bdeff24f65","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":187,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"938e606d-a574-4431-9fa7-438cfefddc96","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":187,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"53188104-cd2d-4d9d-9fa0-c1b923430691","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":187,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"9404516c-97ac-4223-9344-11f994d02fff","block_type":"box","text":"obligations.)","page_number":187,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"8788d363-5521-4fa0-91bb-2bce088bdcd3","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":187,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"36a99564-3f64-41fa-a32c-881a34764749","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":187,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"e6fd5358-d2f5-498b-a17f-096e085c11bc","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":187,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"98516533-0e3a-47f3-9796-3f750e866c61","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":187,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"35ecdb2d-b55c-497c-bfc0-fd1a4b7dbffe","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":187,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"ab10cb2b-b825-4440-836b-1b324d6558e5","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":187,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"dfb53442-dacb-4ee3-ba6b-b92d20462364","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":187,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"72f3c3ca-92e3-4b49-bd93-fbe109c1a44c","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":187,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"a004be4c-a558-4eab-94dc-50e96a1c4bc7","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":187,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"f4f8311d-d5d9-46e0-9971-dd03c0fbbdaa","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":187,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"5cf5191a-1d1a-4102-a578-b3e10cfc89dd","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"04306bd1-2055-447a-bcdd-8ef7c15380c4","block_type":"box","text":"BB,","page_number":187,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"6d71b962-fb76-4a16-8109-a147de2787ec","block_type":"box","text":"B,","page_number":187,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"de5d31c8-0e1a-44f0-a988-c25bbe2f095c","block_type":"box","text":"CCC,","page_number":187,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"93634b82-9967-458e-95bc-429dc8fd0b92","block_type":"box","text":"CC,","page_number":187,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"0e7e74da-1785-4bd5-8836-0e8b6abe39b1","block_type":"box","text":"and C","page_number":187,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"c563cd95-2a75-4efb-9762-915bd8d2a85a","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":187,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"69692f38-56d0-4328-a14f-9b34a8a2a1ca","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":187,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"8f44e9f4-81b3-4453-a1fb-9ec337e2d52e","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":187,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"c1859410-0803-45f3-bf8c-03f8c36555d4","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":187,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"54f7b4ba-49b8-464f-aae6-de69d03dcf3a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":187,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"41084c3d-8738-421c-9271-9064433f09d6","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":187,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"541f8f7e-2b28-4b50-8d38-fa1e1d8a5495","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":187,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"48882647-a935-4c2d-aa3b-881c4340148e","block_type":"box","text":"on the obligation.","page_number":187,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"7d3ab8a1-f979-4eb7-a7f5-c88c13bfb59d","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":187,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"bf9b8b85-16b2-4ea8-8746-d9f179fff79c","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":187,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"919adc03-8835-462c-95cd-178c0c6ed9ef","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":187,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"7907263b-4186-4c4d-a170-ed60ead819c1","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"d875e0ab-eddd-4134-8576-63752c2a40a4","block_type":"box","text":"A-4","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"59ccf512-2bfe-4532-8fc6-28ed5dd1b6d8","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35e9f846-85d6-47d0-be5c-72e78518022b","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":188,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"619282dd-dbf5-4a1f-aee7-c45208600870","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":188,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"480a7ffd-f141-4f89-b1b7-de61c318174e","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":188,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"a5ee9254-7c23-41c4-9608-1db24a3b81a8","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"6cb3822b-a9fd-41bb-b6df-d03432a6df10","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":188,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"55192a33-b949-4f2d-b04e-e25d92ad1296","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":188,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"5b8a8876-2dcc-4fac-8e09-6157363c0d83","block_type":"box","text":"anticipated time to default.","page_number":188,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"938807c2-47ad-4817-b38b-e4a3cf4184d6","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":188,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"d2cea9c8-850f-4e05-8960-f48055456f7b","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":188,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"5478345c-5a6c-43fc-94dc-625f9ba72dd9","block_type":"box","text":"higher.","page_number":188,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"38279bfb-93e5-454e-8e5f-cfe1d6584b5b","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":188,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"27ae58bc-e74f-4f20-96be-d6bf3566d3ce","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":188,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"c001b143-b59a-4ba2-ac92-9354a477e6d5","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":188,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"4a9f2119-d24d-4c89-b56f-c7706af51822","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":188,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"78620314-86d1-4a2d-89fb-1da242fa65f0","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":188,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"e6a03b96-41d2-4e97-8eb8-9b192a081c71","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":188,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"99b27324-4493-4f00-9eae-4fcf4170e378","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":188,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"15b42419-028c-433b-9dd4-631bd659c815","block_type":"box","text":"restructuring.","page_number":188,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"a7e613af-ccdd-42a4-b12c-6365710cfe16","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":188,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"2d8c5b5d-1cd0-4bbf-8ea0-8b30679be27b","block_type":"box","text":"standing within the rating categories.","page_number":188,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"8c442933-4a2e-40d5-b559-bab07cd05e08","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":188,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"9f1e96fe-ee6c-4d75-8f3d-73198dc663d3","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":188,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"162b9f13-5de9-45bf-a93e-76d6bcf7c9c3","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":188,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"6924a7c5-aa96-4991-baf0-4ca1024cc278","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":188,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"14e27b50-93c5-420d-90b4-09a3ef5903f3","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":188,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"5ffdf748-cf9e-4c8b-b8cb-6da09b5af109","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":188,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"52bb4806-c216-4e14-aa7a-35e13d52c683","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":188,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"6d16c5d6-d635-4d2f-958c-0655e7394333","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":188,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"4addc412-6292-411d-9e04-a7110eb904ae","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":188,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"36d8570a-eda5-4cc0-bed0-ff1fb5189306","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":188,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"f4a96882-4d17-42c9-a02a-3174779627b4","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"bb2e7a01-3798-4843-a12a-782b36e1ade2","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":188,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"dcdb326d-d2b7-42f4-8c7f-8ae8133654fe","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":188,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"754c1d29-6b95-425c-9e76-f9f97bedcc28","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":188,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"ee0539ab-04cd-47a1-b867-97bb6c6330c3","block_type":"box","text":"financial commitments.","page_number":188,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"b8879a80-918b-4cbf-8bb2-bed192533f02","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":188,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"0866a9ca-9e08-4683-bf91-94e318bb648c","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":188,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"25ab6915-17d9-4ef6-af53-4fd7aef4c5d2","block_type":"box","text":"commitments on the obligation.","page_number":188,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"03e2383e-e174-46d0-9df5-2aa399dd85cd","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":188,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"93a31dae-b950-446c-8a4f-3435ba21a3ba","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":188,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"f7e59e81-9475-4826-ae34-b1442bc9fcce","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":188,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"90eda633-2c22-4968-8497-86c5c818acfa","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":188,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"80840c91-f501-4daa-b50f-feea4e09ef58","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":188,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"46501027-e6fc-4c90-97da-7c8669feb7be","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":188,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"24e49ee4-7f3a-47b8-a75e-fbaf06a47eed","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":188,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"9ca101a3-ad69-4664-ae2e-1b2681174812","block_type":"box","text":"debt restructuring.","page_number":188,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"da71070f-5395-4bb0-a8a3-406d36088cfa","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":188,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"a9848e24-714d-49af-9e23-8a5df3766d57","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":188,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"623c1ff1-4713-41a8-8b1a-51c4fca816af","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":188,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"defe08f7-1795-47d4-907f-09499a3d869b","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":188,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"181ade81-e08a-4007-bf09-4c9e3ddbc960","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":188,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"b380de6c-ca34-4dbe-90fd-fcd8825c8a65","block_type":"box","text":"A-5","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"b3ac4ff2-d80c-40e0-8792-e41a5695d992","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa88cf90-ec79-414d-b554-95bb5f5ff6f4","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"93792c0b-45e1-48ce-93f2-de4b2e14b27f","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":189,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"ad81b245-7b13-4c87-979e-31bfc2ff5b34","block_type":"box","text":"as a note; and","page_number":189,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"4bb612d3-619e-48bf-8398-c55c69bc37c3","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"fbd2a18f-0eae-486d-b112-306ff85c5039","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":189,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"731a4182-b3a1-4329-970d-2caaacf64306","block_type":"box","text":"treated as a note.","page_number":189,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"fea36a09-be5f-4f23-bcb0-b5e1b12464af","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":189,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"f871d8be-e2ed-425e-bcd2-0378b7b0436e","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":189,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"6dfce0dd-1a85-4b64-8b80-aaec8f15f2be","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":189,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"82e7413f-ee57-41d3-bae0-14c4c5a6d27e","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":189,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"5d9efec8-dc44-45d1-9dab-9475386675af","block_type":"box","text":"economic changes over the term of the notes.","page_number":189,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"babd33f5-ba55-45ef-bc90-a1568925f66e","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":189,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"f6c48001-6d04-478d-8295-ea7ea7be90a6","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":189,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"f9b35963-39e1-49ed-a787-34a42e7c3d00","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":189,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"6f72a1ff-0604-457a-b698-9bb959acaee7","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":189,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"4bea948e-72a9-4a00-95c4-cd554a298c06","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":189,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"5d2d3f68-7851-4071-a9e9-94dff1b03d14","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":189,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"eefe0c40-ff4f-4c92-b214-8fe4c8dafcff","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":189,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"fc2370b4-f3bd-46f2-873a-6e48739b4349","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":189,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"c61e819a-f508-4812-a8e8-da221df49836","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":189,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"00669f1b-70c6-47ae-a9cf-b0e3394618b6","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":189,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"483f4f41-c232-453e-829a-b636e9a7399d","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":189,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"8080a1b6-298b-405b-91fc-8dde7561c37f","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":189,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"173f5242-f0be-4807-9df7-1cc793aaada0","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":189,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"b609aed2-8990-4dcf-a878-46eac08b66d1","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":189,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"91c58591-c0ed-4ead-ae30-908562e6b5de","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":189,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"564beda0-a5e2-4e69-917d-b96a74bca07f","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":189,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"cfd1d738-8460-4e2e-99f5-a4068f97059b","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":189,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"46f9dfb7-f84c-4739-ba48-f685314654d2","block_type":"box","text":"receivables or other financial assets.","page_number":189,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"7d63b766-496a-4bef-9bed-7e8279b144bb","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":189,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"ad9ef2b8-0d76-4c38-8ae9-62302bd7fb9b","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":189,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"6af5324c-97e3-4e10-918c-c37439ff62a2","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":189,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"e3834998-6d2e-4eb1-8dc9-0e2d7cfbdf2b","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":189,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"8f1cf899-15d8-4ebd-8be9-180e122b7cba","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":189,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"d8fec300-99b2-4ba0-806f-b4ded74d69e7","block_type":"box","text":"occurred.","page_number":189,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"ea24f5e5-bc44-4eac-8d84-7b08d4b94fbb","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":189,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"d21fb892-745f-4e23-a4b8-ed8f1ea6d78c","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":189,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"9afef691-7ce1-40c5-9889-beb31da82ae8","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":189,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"75be8f69-855f-4118-afce-2ed9dbc999ce","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":189,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"8f03f2b8-4318-4d1f-9925-05f898ed9133","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":189,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"1c0ceb6c-0950-4431-8f7a-85692721f80d","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":189,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"5685452f-71dc-45e5-8cd9-d9f16ba14fb7","block_type":"box","text":"rates.","page_number":189,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"06345a33-f638-42ed-ade7-09fde794d82b","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":189,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"586c35de-3183-419c-a8f2-6a056017cdcf","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":189,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"668f1638-0a6d-470b-aa12-0cfd42258b0b","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":189,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"0e828b46-3805-43e6-9498-17cbf7c7cdaf","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":189,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"e5a49898-594a-4e66-b769-60b046dd8061","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":189,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"4c5be488-6120-476e-be45-4c1e39fafce4","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":189,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"018aee62-ef6f-426b-a55d-9795dd237953","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":189,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"eeecac48-d803-4932-82b4-8f8d27e8fe8f","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":189,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"2b674320-0ff2-4e3f-b914-35d8bdca69f9","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":189,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"737b73b0-d94b-4918-9bf4-e44f38397569","block_type":"box","text":"i.e.","page_number":189,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"11b4a010-852a-4521-8757-fe4328fea915","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":189,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"74f555ae-7445-454b-8175-c66c7cf7d35e","block_type":"box","text":"the obligation’s documentation).","page_number":189,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"8e095edd-5961-4a84-a18e-825e160f8a44","block_type":"box","text":"A-6","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"becf112f-ea50-4e49-a247-0351678790ea","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb89f800-8e41-4f5b-ae90-2281ec1aed9d","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":190,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"00720f97-feb8-47ba-902e-8369186e6098","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":190,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"1d10fcf5-940f-476e-97fc-145e72bb8379","block_type":"box","text":"agents in the form of a rating letter.","page_number":190,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"8e0d4ce8-c693-447a-b2fb-eb0a82901c5c","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":190,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"6747200e-7a46-4266-870d-89de5ea5f077","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":190,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b715a619-0458-4706-993d-043e681fcacb","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":190,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"55e0812b-6fe9-4ea6-a342-2119ad1ef703","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":190,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"c210b90c-07a1-4840-a79c-fe8d739a60d4","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":190,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"a5a112b5-3b1c-46fc-a787-2873abbc01f4","block_type":"box","text":"e.g.","page_number":190,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"f84b5008-b6ca-4706-9e7b-0590a554dde9","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":190,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"af887a80-db0a-4f3f-bade-58b1f0cf17f7","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":190,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"7b010c9d-018d-48a0-b07b-83d0d8e2712a","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":190,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"0205d495-803a-480b-b6a4-fc931dc0de47","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":190,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"d2eb2518-430c-4e4e-8298-2e742b913247","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":190,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"3729bae9-0559-43f6-a5dc-0756f8d06ed6","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":190,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"3f35cfa2-d923-4fde-bfe6-e83210f9924e","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":190,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"5df0257d-fd0f-4f50-9514-d5d07204349a","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":190,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"3e44b89e-17b6-46a9-b7e1-ec4f39459c6b","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":190,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"e908de54-0011-478a-9db7-3f36e9e6b67a","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":190,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"2d4e99df-283c-454e-8d28-7a36f3029e31","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":190,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"1c3eda82-a3cc-41e5-8dc5-bf070b4e27bb","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":190,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"f572c0fe-3bf1-41a3-a8a9-4018229db423","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":190,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"a2740f69-92c1-4fdb-a1e7-b0d6774d11cf","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":190,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"d55c4559-6b36-4591-bdcb-10dd268e6540","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":190,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"90527a6c-9620-49ac-a892-6d43f7c3fdfb","block_type":"box","text":"Ratings.","page_number":190,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"b41933c6-3a97-4497-b498-a6c02c8b892a","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":190,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"63bb51d7-6c32-4324-b177-a39f3d52ce90","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":190,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"e69884b3-7f48-4707-bec3-8395ab8090a0","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":190,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"0890a658-cb37-48e5-8c36-a487d62803bd","block_type":"box","text":"obligation ratings.","page_number":190,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"ec1b5575-4cc8-4629-943e-833e071aa782","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":190,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"e03cc6d9-51f6-4cbd-8f79-9388ec8a946f","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":190,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"dc672406-a770-4c19-a453-a03201abc9d0","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":190,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"1f155224-994e-4ca8-8867-3d20724fe56b","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":190,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"10354560-bf44-43b0-83dc-84fb4d05a8df","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":190,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"91f1363b-7db5-4af3-be4b-1c6441ff69ba","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":190,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"00656a70-bb5d-4701-acc3-1585235e0af8","block_type":"box","text":"to foreseeable events.","page_number":190,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"fd5c048b-0cb1-41fb-97dc-30767fb3612c","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":190,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"4270046d-ae49-4cbc-9057-90fa55aff2ce","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":190,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"d11d2e6c-f0a0-484a-bab3-2e2017fc1669","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":190,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"ee6afb91-629a-4622-802a-1477596765c3","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":190,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"f1049c70-1166-473e-aa16-20d0f6eed881","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":190,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"ae40f92b-6eb5-4c93-ad59-353d5f63fc1c","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":190,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"11edad25-6ee6-41aa-b4e8-399b6037f145","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":190,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"a7d06ce7-75f2-4ff9-aa6c-57d7c90d5c78","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":190,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"fdcc207e-ba74-435d-850c-23174147caf2","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":190,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"1b7455a8-3d2c-4715-a34a-e9245d7c4ac8","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":190,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"9967ad7d-40a5-402c-8ad6-b02efa83f04e","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":190,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"8a8bff4b-bf95-4a78-9fa9-64a2ba57f1f7","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":190,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"a6b15591-e1dd-487f-b59c-7d28634fede6","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":190,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"f6d5c641-6456-4973-841e-511245ef113b","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":190,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"a2ed569b-4854-48c6-92d7-e09f0cd4e925","block_type":"box","text":"relative status within major rating categories.","page_number":190,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"94ed5937-0e02-4539-8988-505bad0627cb","block_type":"box","text":"A-7","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"57fa2d25-5d62-4ba9-b5c3-a287b1fe7fb0","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b66bba9-73fd-4a0c-abe5-b6439e81232f","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":191,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"b323205d-7926-47b2-a7d8-699ae9d743c9","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":191,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"63db9873-f725-46c0-b3b0-75bc563b8d12","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":191,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"a4b98f3d-ac10-45b1-bb51-195d4a1049b2","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":191,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"b3caa65b-6dcc-4211-80a9-1d5ba70ab314","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":191,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"a00fc10e-0b5d-4168-8f46-a86091cfc67a","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":191,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8be321b7-a6de-4a0e-84b4-10d8461dfa1a","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":191,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"40a7cae3-0c77-431c-aef7-a81b44005d8e","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":191,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"f07b3153-69ab-4c2c-a7a5-e4c2a1391bab","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":191,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"0c15ebfe-b0f5-430a-8c8f-bd25c42cbf55","block_type":"box","text":"finance markets.","page_number":191,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"d9ad5624-792f-494e-8946-fdd48ab14817","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":191,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"b23ee951-366e-48dc-818a-3861596f29b1","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":191,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"cad574d3-ea0e-4e25-b09e-c0fe0e89c75b","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":191,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"9dba146f-e671-44b9-a180-ff0b2aa7edba","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":191,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"2da7300b-2c46-4ba6-84cd-2f2fba63fcf7","block_type":"box","text":"commitments.","page_number":191,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"29ee918f-7d79-4a2c-9b87-61f56e860fcb","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":191,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"abee4243-39ac-4257-8107-551b23c47cfb","block_type":"box","text":"adequate.","page_number":191,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"fac697fe-d7a3-4d77-97ff-aec898c24588","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":191,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"842f8b0e-4b0c-4226-b814-45b881b707aa","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":191,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"968b23bb-2baa-48a7-a160-1b81c5c15271","block_type":"box","text":"economic conditions.","page_number":191,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"78969959-1427-483b-bcfa-efae380be1ed","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":191,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"d26e2d8e-c359-445a-8840-9d83bb55bdfc","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":191,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"b0a571b5-28dc-4cb3-aaa3-73d77941d48c","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":191,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"67a64bdf-def4-4c07-bb99-9a25c1a2375f","block_type":"box","text":"ratings only.","page_number":191,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"ed0b87c4-9364-498f-8a4d-85a2e7cdc51c","block_type":"box","text":"D Default. 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subject to the","page_number":192,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"7221602e-f965-48d5-be56-9be6f7acccdb","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":192,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"bf3ae612-2211-4bcf-8593-799746e11524","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":192,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"60843884-e1d7-4845-bd01-3f2613309ce6","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":192,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"d70c72eb-00fb-491d-8fff-f6acb105e690","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":192,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"7780632c-8182-465d-849f-eaab1a72929f","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":192,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"8b2f2868-0180-4e90-bf6a-3509fc165370","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":192,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"44811bd3-49b4-4acf-8041-0cfe78aed74d","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":192,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"c40e7742-8c79-4208-8392-1123792d4744","block_type":"box","text":"Conflicts Management","page_number":192,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"7e3f2c1d-a234-4792-a708-451cb0aee768","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":192,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"9f70e17c-65c9-43f6-bf82-c1c5b9dfa9dd","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":192,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"a93c9a1f-0c09-412f-b02b-ce672c0fcbe8","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":192,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"2dbcc3d9-42ae-49fb-9b28-068926419219","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":192,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"32912c87-a30e-499a-b81e-034a23681726","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":192,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"89366140-9d25-4a9f-b57f-7df72022caab","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":192,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"aa0482e4-37f4-426f-bb6e-456088c79cc6","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":192,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"d50d180c-ccf4-4523-8e6d-0d39efccb0f4","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":192,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"265b1369-1f49-44f5-a521-72cf03932fc7","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":192,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"17eb362f-337c-4cb9-8302-cd9dab1abfdd","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":192,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"c9bbff52-1b22-42b5-ba5b-c061f25d8dc6","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":192,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"4f5d320c-f49e-4feb-8f4e-a5c62c1096d6","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":192,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"a1ee1d3a-05b5-4850-9e1c-55b83d4123e1","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":192,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"2386309a-3975-4074-8c39-d03fcc969cbe","block_type":"box","text":"connection with proxy voting.","page_number":192,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"62358d37-c143-4bb5-abaf-8f3bc46dea21","block_type":"box","text":"Reports to the Board","page_number":192,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"4db02a1c-94f8-4d0f-9387-ac0eec858743","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":192,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"16407ad5-05f2-4651-a541-69ce2fce3826","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"1c38a44e-7f1f-415e-a458-14c635d666c4","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":195,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"4a356ba1-9498-4572-9b66-28142878ed7d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"06571882-93de-4693-bdaf-065f60e58f2d","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":195,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"318f6bdf-c7af-4028-84dd-a1a7fc23cda9","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT 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2","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"06d0ca90-ed73-4dfe-a8cf-66b7ed06990e","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddbd98ed-5613-4cca-8730-98301294c6e2","block_type":"box","text":"OVERVIEW","page_number":196,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"52c6e46f-672a-4bec-9c0e-7f05b61baaf6","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":196,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"5787a35c-a455-4cf1-ac26-6046fa777de4","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":196,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"ac65bcf2-ff7c-401e-b804-6c86cd21bc5a","block_type":"box","text":"issuers.","page_number":196,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"2474f7e0-5117-490d-926c-826aabbbc712","block_type":"box","text":"1","page_number":196,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"3fe4a9bc-9fe4-40c0-8c79-03eb4d435b2e","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":196,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"86838f5e-7a81-4e4a-a484-6964cb1d64ea","block_type":"box","text":"2","page_number":196,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"c782dd19-ca8e-4e96-999b-5c2de96a526e","block_type":"box","text":", providing exper tise","page_number":196,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"e5f861d6-5bf9-4e15-94a8-d348e843fe58","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":196,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"e475eea3-cd02-4c61-85da-30d3ed3cd7f2","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":196,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"f022f095-56c4-49a5-8a6c-4cb50bfa080d","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":196,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"a48cc8b7-c336-4a8b-a938-5770a435c780","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":196,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"a8398041-b42d-42a6-bbc8-a17d35ece8b7","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":196,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"b5f6fe4d-ba9c-41d6-9a9d-f02671568ae2","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":196,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"b88c3575-fce8-4974-9787-fcd1be6f890c","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":196,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"aec7fcfa-5807-477c-8fa8-a2c6e2b9a203","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":196,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"a713ed39-7e62-4878-b574-e66429804879","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":196,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"3a23db0e-8b9b-4009-b47e-51349fd38f5d","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":196,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"de461738-9817-4ebb-b65e-c1902cf00ead","block_type":"box","text":"1","page_number":196,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"de05a533-eed6-4198-b295-d08b4e456c5d","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":196,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"6cdf7ba4-b259-4564-8369-2b4bedd06102","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":196,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"e1253651-b991-4f9d-b23a-e5e0056a29c9","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":196,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"18ba5e77-6b4c-487d-8a23-011040e2baf0","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":196,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"8e35a8fb-ac31-4e90-8ac1-cf5022785a82","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":196,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"c80520a4-a869-4105-87ac-510b69e14706","block_type":"box","text":"2","page_number":196,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"845c47d1-4e14-4e57-8cc1-c73f49f4e7f7","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":196,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"97047855-9213-46b8-9b17-d3c00e721de8","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":196,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"9016909c-db2e-4db0-8c2a-5c68db113ee7","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":196,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"7f7454a0-ad37-45fe-96b6-c72a38eb7f20","block_type":"box","text":"policies.","page_number":196,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"d5bc37f5-daed-49e7-b028-77bfc7e41ad1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bf2512d6-67e0-46b4-8f44-85b5ded9db2b","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5366f887-3f7c-4d0a-b307-8035fdcb3cda","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee7f6b7d-92f9-4592-952d-d525e700f032","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":197,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"04a9f55b-0ed9-4395-811e-b03856db5ce8","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":197,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"0e475096-c751-4f69-9cbb-22eb1882608a","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":197,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"78af648e-dabc-4dd6-b82d-b8dc60c6703c","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":197,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"ce048b13-3ec2-4d6a-9e96-7c0bb122829b","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":197,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"e32fd07d-ac10-4ec9-992e-aa750def3249","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":197,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"d3e5aaa3-43ac-4769-bc8d-ca07c659efc4","block_type":"box","text":"this work with research, data and analytics.","page_number":197,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"7ec7a070-2c78-49de-9223-08de3ef1a204","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":197,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"c5900d7f-4604-4a05-b1d6-48236f7310f4","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":197,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"3282c8d6-ce0a-46ae-a536-b62d1af73e46","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":197,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"f99878ea-570a-4368-93ed-83c4e4901e69","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":197,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"9ae69e4b-f16f-43d0-be14-c20554d22e11","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":197,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"63a2d65e-be12-4380-b71d-82a6e95271e6","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":197,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"ee71854c-ed2d-4eae-be61-edc935f84254","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":197,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"2ab48ca3-4981-4a4d-98fe-39c4b26ed162","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":197,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"d7950555-c012-44c2-a81d-1c890ebcd1cd","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":197,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"5b50b18b-da66-4cb6-a01f-36f2e150c731","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":197,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"7aa89428-9a2b-441a-82c9-15b3d40e9d09","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":197,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"5e7439b1-2253-45cf-b50e-3800f6486f71","block_type":"box","text":"shareholder meetings.","page_number":197,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"1d616413-9eff-41a0-88c0-9fcc7b7d7e0e","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":197,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"01b03b65-c8b1-4c46-af4a-ee0d100af679","block_type":"box","text":"investing.","page_number":197,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"edccadc0-0a58-43f0-a7e6-955d1577d3d0","block_type":"box","text":"3","page_number":197,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"884340b2-5067-4363-b86d-168e6b37849e","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":197,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"59a2c9e7-6d33-4b62-b0b8-cde309e7c02c","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":197,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"43c14009-4c82-4cfd-ba21-4c60b0738c15","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":197,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"9394f571-2a29-42d0-9b1d-51e6b35ad14e","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":197,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"61596c91-b924-44d2-b06c-abb73dcf37cf","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":197,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"f73ccfb3-c6e8-415a-a347-d9f34b613f47","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":197,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"e7c6c0b7-ef9b-4194-81b3-ad5dfd8c13bc","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":197,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"97b72852-bec4-4d0a-883a-f1a2ccdabf0f","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":197,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"94f6fe6e-cce0-40db-ab45-8b6a6994ca66","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":197,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"1cb64bfb-2dc8-4af5-8d56-84606704193f","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":197,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"a1df9f41-20e5-4934-b271-e2b59bc6550b","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":197,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"f2609f4f-fdb8-435e-b35c-f1bae757dc5a","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":197,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"156cca3b-f76f-449b-9b0f-2400ce0119d0","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":197,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"377cde0a-2e8d-47ce-a9b2-24717c42ae0a","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":197,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"42fcdff5-1829-41a3-a525-52c9c54f54b2","block_type":"box","text":"management teams and board directors","page_number":197,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"5b02baf7-b8ca-4b48-8053-79c34c2a2ecc","block_type":"box","text":"4","page_number":197,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"120ef34b-909a-4005-b494-cc0e2b77b52e","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":197,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"61a35f36-0828-4bbc-8b09-87dfc4be4c33","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":197,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"5162ee6a-e225-4f84-93bf-d8659eaebc94","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":197,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"6863afb3-50e7-495f-b8da-6ce3cda3d409","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":197,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"0c77123e-dc1b-4c2d-9f32-5908c6f57c13","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":197,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"3e6625a0-a316-41a8-89de-39aa59e6a4b7","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":197,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"eb08ee79-36cc-494d-b18e-9b206d04a27e","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":197,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"25f42491-af50-4892-828d-7026fedfcd71","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":197,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"8f4db7b4-c1ae-4367-9615-6746888dbc89","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":197,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"ad27a60b-bec0-4590-a5ff-6d62b6bbbf47","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":197,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"40f59cc0-7629-4c35-b494-37e8409832dc","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":197,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"b3e81eab-bce8-4ff2-8785-fd10e2f6a05c","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":197,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"4dca7a09-0d06-431b-90d0-f69745064489","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":197,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"f240957e-cbbd-4c2a-8623-90a34d28ccce","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":197,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"bb8a021e-3165-4073-903a-211bdeec35f5","block_type":"box","text":"3","page_number":197,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"ac7b993e-a136-498a-b097-4d7e8c141b6c","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":197,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"6bb27f11-6e2d-4cca-bd77-f94b47ac4b9f","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":197,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"80572370-58b3-4210-8d36-8d33602aece5","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":197,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"2892c9ad-88b2-4db8-b718-3fe036433e88","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":197,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"3b7412b3-c2ba-465f-90bb-8ffbf2583901","block_type":"box","text":"4","page_number":197,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"e14b1742-30a6-4fce-862f-8b5c58bf4b81","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":197,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"90fb224f-61e1-4f40-b626-25469aacbfba","block_type":"box","text":"boards and their members, where relevant.","page_number":197,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"0d254ab0-859a-4f15-9c2c-85d438d8fe5c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d0ad756b-43b8-4d1b-92c3-e2fe7bfb5303","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fc1bbf6f-1616-4176-88a2-314cef0e850a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"481df5ca-6660-4b80-9956-23f312a47265","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":198,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"bef7618a-7379-40b9-aa6e-8d848f8bac50","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":198,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"9c84397d-4c93-4a92-a856-758c51c797cf","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":198,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"4f34a4ec-c515-4854-9f21-f7f6d6547ada","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":198,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"c801c3d1-d997-46ed-a27e-fc272f0570b5","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":198,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"2571a256-79ed-451a-abb2-99d860ad85f0","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":198,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"d3c4d889-59cb-45d6-8655-39ffd313bb82","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":198,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"8359d40e-742a-407b-a501-2d47bc38c75f","block_type":"box","text":"5","page_number":198,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"3aff43a8-2ca7-4e3b-ba93-29e711d050d5","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":198,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"cb232987-8818-4d5b-bcc2-df45183745e1","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":198,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"f8cc464f-d889-40dd-9449-b81201712aad","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":198,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"77c93bb7-aed9-41fe-8de1-dfa1aff067fa","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":198,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"f8204b02-e8d6-4b52-8154-ba428923cacf","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":198,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"e39ddc3e-97b6-42a7-b398-70e31146faa0","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":198,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"cfcea962-7d1b-4c87-acfc-d674d3b5c026","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":198,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"b09b69ab-d7e5-4dfb-8b4b-be91709bbd35","block_type":"box","text":"5","page_number":198,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"6684c6b2-2a03-499b-83f3-af7e2d04d65b","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":198,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"42a88d2d-dc52-4ad9-9ae1-daa2fbf28bf4","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":198,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"32989aa9-cad4-4f2e-a177-4d8dbcf0f23d","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":198,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"134dcde3-bc97-4c4d-b85f-dd323437ed1a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"69d474c9-9964-46e4-a1ba-82b896fd283c","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"56d5ae3a-301b-4c9e-8a09-827750ebcf48","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb5edec1-2b95-4dd9-a4f2-e4c83fbe03b1","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":199,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"d7f0f351-9185-42e0-9aba-04f7f28ff8e1","block_type":"box","text":"Roles and responsibilities","page_number":199,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"057b027c-e3d9-4545-b0fb-330298ed5ae9","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":199,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"52434901-be00-441c-8e6a-6228162a02ac","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":199,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"00699ab1-ee97-43f9-b4f6-dae5c0dc8c03","block_type":"box","text":"6","page_number":199,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"e3303dd8-c587-4752-9062-496dcf7aa456","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":199,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"d349bfb6-0d1b-49d1-ac7a-21dcfd5b2576","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":199,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"e4892c89-2190-415e-90c1-c5fc0eafab58","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":199,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"061fc97c-509e-45f7-9414-8ce40b874217","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":199,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"53ca08ec-763c-4097-81df-77849cc76bee","block_type":"box","text":"per formance over time.","page_number":199,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"9954cb57-9654-415e-9af2-d4286d291c04","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":199,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"fbc824e5-8f4b-4a61-a93a-0d7eb5f4c131","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":199,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"1bc66c92-b15e-423a-8726-c5720ef671cb","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":199,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"d3d1479f-470c-41c9-838c-a4cd9bb22b96","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":199,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"c9de819b-986c-4e94-82e5-9e444c8bb228","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":199,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"781842a8-ac87-4c65-971e-a7f980ae07d0","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":199,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"46b7d13b-b271-4b48-a854-46afc84d12e3","block_type":"box","text":"Composition and effectiveness","page_number":199,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"d4ce2aa3-2c10-4dad-a2ac-1fb348dfa2ef","block_type":"box","text":"Appointment process","page_number":199,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"6557f7ec-5384-4b1b-8e34-b5b5e73d8d4e","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":199,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"e9a1a502-0411-42c8-af45-eabe84943a37","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":199,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"c297bd11-076c-42ad-815f-9270e26cc648","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":199,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"255325bb-d0ed-4917-a08d-17ed62a55fe2","block_type":"box","text":"e.g.","page_number":199,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"b18161d4-c2e6-4021-b4a5-13f75e9e6bdd","block_type":"box","text":", sector, maturity, geographic","page_number":199,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"ae3b8084-2a39-4e16-a76a-8a326fc5b896","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":199,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"fb5fc761-d7e7-44db-822f-b7307598d7d6","block_type":"box","text":"e.g.","page_number":199,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"938907f0-6fc1-4641-b7bd-f9db58a810d5","block_type":"box","text":", financial exper tise, industry track record). To","page_number":199,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"c0fde78b-b8a6-480b-907b-de0b9088e74d","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":199,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"c918f6ac-c8a3-40a9-b24c-2d4d1956c3de","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":199,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"b86fb63c-b99d-4ea9-a38e-8c7085efa776","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":199,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"f66e19a3-ce0d-415e-9848-0cb390d1e02b","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":199,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"9cd3351c-70e5-40e7-84b3-6314660a6306","block_type":"box","text":"and local market requirements.","page_number":199,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"8a1627f0-2622-4187-a4ab-af2001cf693d","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":199,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"1216c878-8251-4afe-9d03-ae2f9596ac3f","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":199,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"2f01f2ba-846e-45e6-b18a-dd23c4740015","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":199,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"35c4c476-1a6a-4d88-81ef-4da6cfa369bf","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":199,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"219e4f47-979c-4751-ac40-2ee5956a6744","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":199,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"c64c8be0-73cd-49f2-8284-c66896e58dcc","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":199,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"99b1ef37-9035-4516-8478-08193135ea72","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":199,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"82b04cc3-99cd-4a43-8896-9a2856c3a8da","block_type":"box","text":"Independence","page_number":199,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"728c4c64-5f0c-4b14-9876-015beac26cb2","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":199,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"6b74a531-ad89-4cba-b95b-dc24f0eb9aaf","block_type":"box","text":"e.g.","page_number":199,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"21400f21-e18d-4679-86b3-a32946893942","block_type":"box","text":", government or","page_number":199,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"9cf251c2-4b7b-413f-8ce2-8928fa900151","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":199,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"e65e237c-94ec-4e76-b949-f8bac5c1f381","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":199,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"9dd24da9-626b-445c-b4cd-8d5696b30f85","block_type":"box","text":"conflicts of interest or undue influence.","page_number":199,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"bea08eb0-750e-499d-9223-99e20957d3af","block_type":"box","text":"7","page_number":199,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"a69007b6-afbf-44ae-a7b9-45342859a760","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":199,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"98489dab-d78a-4fc6-8c62-d79c70f82d19","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":199,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"339c4598-84f7-4940-8f8c-1ef592e1b2c9","block_type":"box","text":"independence should meet those local requirements.","page_number":199,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"5bde9d7f-2edf-4e31-945f-6d51d0b9d1f7","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":199,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"3def14cd-eae3-4a57-8fdb-dcbd6539a319","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":199,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"83a2f1fa-e7d1-4c72-9a19-43090848aeeb","block_type":"box","text":"composition if this is a perennial issue.","page_number":199,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"7c6575d6-8431-424f-9531-5f80c36fedfe","block_type":"box","text":"6","page_number":199,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"fb7cd4d0-9593-4ddc-8367-93d01cb1101a","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":199,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"d274441e-3afe-4b87-a707-4102ebed18bc","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":199,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"b3d48f97-4935-46ea-bc71-f5f94c58de3e","block_type":"box","text":"7","page_number":199,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"7eebfa32-b3a6-4474-a20a-f542b72c705f","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":199,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"c883c3e8-528a-4c6c-9027-265381f24204","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":199,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"c092a4f8-0f7e-4f09-9e04-b8690bd1a78f","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":199,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"e8486f86-19e1-4dcf-b940-c11ef44592a8","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":199,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"e40bd22a-dd6d-446b-98ea-991392c27ec7","block_type":"box","text":"of the company and shareholders.","page_number":199,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"ace04e35-2577-4b75-8bf0-476335bdedce","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b6d0eb3c-5176-44f1-8656-e492e6b78744","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"9c09590e-37b2-4ea2-b1b1-349d499dd2f4","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"052e96aa-f440-49f7-afb5-abf5881ad879","block_type":"box","text":"Independent board leadership","page_number":200,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"22fb19ae-1c32-4434-a3fe-575d3d41a05f","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":200,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"b79b54b3-439e-4791-ae24-d0ac402e8716","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":200,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"8ee1fef2-5f41-4ebd-831a-86817ec31533","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":200,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"4d6388fc-893b-4c35-b069-aebdd076b47a","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":200,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"3632bad7-6f30-4fb7-9a3f-80d4e8a45648","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":200,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"7e52e573-156c-484b-98ff-caf791e383e2","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":200,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"c77851f4-6d08-4fb7-82bb-38c45efff630","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":200,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"c602d225-b325-4e00-951a-e3382643c915","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":200,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"9d056655-608f-4d43-8c1f-d10ce13985f6","block_type":"box","text":"how it serves the interests of shareholders.","page_number":200,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"3ccc886f-c8c4-4118-8e2b-6af29ff989e2","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":200,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"2a4d2977-3f9c-4a5e-a5d4-b5af7057c182","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":200,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"2cefbfc2-5327-42c1-ac05-239ef946a13d","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":200,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"8dd42eff-e676-4130-8c99-c8d3e8483c99","block_type":"box","text":"Tenure and succession","page_number":200,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"f9542518-0a3c-4ba0-a354-2667be1c0cf7","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":200,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"ed533c27-cd23-4469-abd7-6f48c415e4f9","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":200,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"8858106a-75ab-44e2-909a-51d0f200597e","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":200,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"d97c9c00-96d0-41a9-befd-cd551a3e9876","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":200,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"3f20d96d-484c-4b53-a554-dd55131d4188","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":200,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"02442f87-ec2c-4e04-82f8-d705fdd2d367","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":200,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"a1d1823e-af9e-4ace-b0cd-1cb7f36be9d9","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":200,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"4c837583-6447-4720-9c6e-87f85a49c37c","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":200,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"15f9e6f2-7c97-4596-85d5-13684ebb1788","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":200,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"f48d421a-481e-4d61-b37e-201ad9445c9f","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":200,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"90c09bbd-3f55-4a9b-9384-d71e5d7a5631","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":200,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"206852ba-8a0b-4b6d-834e-dd3c07d8b8b2","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":200,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"51cd2d2b-7afa-4015-b95d-ad854513db2a","block_type":"box","text":"for their continued service is not evident.","page_number":200,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"c0bd4254-415e-4291-a79c-1bd455074645","block_type":"box","text":"Capacity","page_number":200,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"755b78a6-0c10-40da-aa2d-8674ac0dee98","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":200,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"a8fbdd10-0a25-4cfa-af8e-9f8476278e2a","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":200,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"0b1ea1bd-f592-4e6e-80cb-555408994894","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":200,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"916fd293-6c35-46ee-9a5f-272c0880f0ed","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":200,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"cae488c6-1349-4c97-a4cb-589ee355c4b1","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":200,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"8d84c5f5-0c48-4113-8de1-fd78206b0d0a","block_type":"box","text":"determinations across markets.","page_number":200,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"c95576a4-5434-452c-9a46-2ed070ed9d09","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":200,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"3486eb36-2b7a-4137-959b-602ae76c4a7b","block_type":"box","text":"their duties to the board and company.","page_number":200,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"27765cc5-c121-46ef-aa0d-ff367c79d2bf","block_type":"box","text":"Director elections","page_number":200,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"a9cbbe41-96e5-4714-ac9b-e40bf8a983f3","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":200,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"33f7aa65-7367-4766-9fc3-0beea5b3fe20","block_type":"box","text":"structure","page_number":200,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"8b5a00bc-b4b2-4dd3-b580-593b2029eadd","block_type":"box","text":"8","page_number":200,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"e4362f5f-6cdf-4152-b436-690e8178fde0","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":200,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"d4c0f781-af1e-4537-a5bc-e045e4e161fe","block_type":"box","text":"basis of its business model (","page_number":200,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"54a6725c-c9a9-41ef-b456-1ee12efbde3e","block_type":"box","text":"e.g.","page_number":200,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"a028d2a5-4ed2-4daa-96ff-c6426aa5cdff","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":200,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"f29f6585-5ec1-4af3-af0f-f1dd8a7b6f05","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":200,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"d3317ae9-0fd5-46c1-a232-3e0991eeb9a4","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":200,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"50b9e03b-1beb-4e9a-b641-0341ce9127ca","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":200,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"26b92a7f-6b79-4445-bbbb-62e56d1bb768","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":200,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"541d0377-a33c-46e0-8950-f03adffe96fb","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":200,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"c909b5f7-2d71-492c-9b5a-f9bf4e00d122","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":200,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"89e1ee04-f0aa-46c4-93d5-c3a318eb6a33","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":200,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"26e7f7fc-7a24-49b1-9638-8896e1df5c65","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":200,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"969a58c3-aebf-49ff-9928-77c692eb79fc","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":200,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"efd68eca-e2fd-4e30-8c6b-ad7719fcebb6","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":200,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"e9abc7f6-4f3e-4650-893f-29358c90e441","block_type":"box","text":"8","page_number":200,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"97fcdbe5-5080-41de-bcba-bde278c93021","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":200,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"92ebed4e-7691-4f5d-b9f5-0ca009686e27","block_type":"box","text":"directors stands for election in any one year.","page_number":200,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"87fc9f9d-db79-4cf3-9bb9-b35e435d467a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0c48b551-00ca-40c5-8ae2-2851166195df","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"23eddd0e-70bc-4df2-955a-4c3673587b58","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76ec6a4e-16b9-4a1d-9295-3824703bee11","block_type":"box","text":"Committees","page_number":201,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"6c0683a3-e4e1-4b53-aaee-488e6c71b44f","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":201,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"ce4ddf3f-18d8-46a3-b957-2030e67592a7","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":201,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"1ed3e551-a70d-4038-83fa-163870d6f951","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":201,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"3e384bbb-bff3-491c-85a1-46747ac3c422","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":201,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"4ac01e13-c5dc-4457-9994-e4179ddd091a","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":201,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"aabc5ff8-731f-4eb6-891d-f42fab053a0e","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":201,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"1252920c-29c7-4399-924e-d3c85e2af276","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":201,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"fa44b5ca-c5aa-40ba-a480-1efc5b55c983","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":201,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"5ba32c34-3c88-468a-ba11-5d2d16d016d0","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"38cb1fd4-a5be-4063-9f14-63a48081b85d","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":201,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"7a538c9e-899f-4a34-8e11-625387d1a5e4","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":201,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"2c667aab-cbff-466b-930f-dbfdea72c062","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":201,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"f5efaa30-0de7-459e-bd76-e06db6f18ecb","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"5ff0dc25-2600-46ec-b654-f585103d3f28","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":201,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"ed677640-b96a-42f2-9765-26e575c9699e","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":201,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"627ae931-09d6-4bba-b5ea-b4d3c3f25ba4","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":201,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"06d894f9-b00b-48b6-bdef-8bc4595e358e","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":201,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"04d83284-4747-40c7-b0bd-a7778f7358b4","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"591c972e-005a-43cc-80fd-8817a6ba3b80","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":201,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"153ffd4d-949b-433c-98f4-bf3357cf73db","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":201,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"600c4925-246d-4bec-8f14-d4df578d2266","block_type":"box","text":"firm-wide compensation policies.","page_number":201,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"c9d20d66-f765-40a8-be9e-c63c6812332e","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":201,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"b64fe61a-f499-48a8-8cc7-05b0e46a4e30","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":201,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"ba028a30-47d2-4e01-bbcd-9066a22dd5e2","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":201,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"0c142878-7ccd-46e8-b16d-a5d329169ecf","block_type":"box","text":"Board and director evaluation","page_number":201,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"d87287cf-44a5-4b2b-b30b-2564b8d05372","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":201,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"1d2f334c-78f9-43bd-9b4f-dbe0d91ff4c8","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":201,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"f8b97566-4988-42ed-b3a4-d6b0d912b0e1","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":201,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"a64a64cd-54df-46a4-ae76-b41be1eccaf3","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":201,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"448f0ce0-02e1-4453-90a0-d5b31212cfc0","block_type":"box","text":"a result.","page_number":201,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"658f15fd-dd3f-494e-a2b6-ff46eb46f274","block_type":"box","text":"Access to independent advice","page_number":201,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"8aff9ce8-bca0-4f14-901e-55293c3348df","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":201,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"901ab45c-03eb-4468-867c-05355b2d137f","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":201,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"e938701b-be8f-4c82-9a2c-38f65b023614","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":201,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"007bf431-3764-44e3-890e-a1b2ff6a46ed","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":201,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"ce98e948-87f2-432a-87b1-5c618644f5cb","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":201,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"88642435-9253-4b0e-94b6-f1b00992eaa0","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":201,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"ee368da8-8114-4250-a720-f11a35b73ce9","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":201,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"943c9f0d-2fc9-4de2-ad43-b602ce1143f7","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":201,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"39de01b9-ec70-43de-97fe-7d6e8c9e2e03","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":201,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"1040da08-9aeb-4e87-9efd-2d76c556d1e6","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":201,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"6a7370ac-c36a-4239-8a8b-29da771e98cb","block_type":"box","text":"per formance.","page_number":201,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"b24a9985-5705-4752-993d-8aa2658a50aa","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":201,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"2a8d9938-e855-44de-97fc-1b69e3c6ae90","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":201,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"2a59af2a-dc25-4504-aa85-8dcd3e852086","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":201,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"a698eb97-efec-4788-8272-708b3f74952a","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":201,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"e4b1d521-0ee4-474d-ba20-522b277ed3b7","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":201,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"c398a5ce-0109-43df-b3d0-2d163f8547b3","block_type":"box","text":"recruit and motivate.","page_number":201,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"bc1a9b14-2644-439c-82a9-b5a7ae0894c9","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":201,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"de0e94e7-cb59-4ea4-88c3-ee18cf670270","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":201,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"2fef0314-9ee8-4fbd-a301-f2ba46af11d5","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":201,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"d6e000ed-5d76-4f4d-b4dc-bf59a4068f3c","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":201,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"59646eef-df59-42c6-b709-b9a49b73caf1","block_type":"box","text":"arrangements include:","page_number":201,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"623aaba6-47ed-4d27-8c45-0eea70bd80cf","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"099685b6-3eb3-447f-940c-c63423668172","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":201,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"d40341bc-bdd0-4110-b320-51947afbb8c4","block_type":"box","text":"the company’s size, sector and market.","page_number":201,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"1051047c-c547-4192-8448-3ec74b149f2b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"13945fa5-c9bb-4c81-be00-92cc3b315624","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"aa33b993-eea1-4a03-9752-240c2bce3055","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77ba4f77-95a2-41b9-9add-c9f248b26bc6","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"a52dc7a4-23af-4756-8b0f-b3c50dba9c0b","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":202,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"d15e3c6d-dd07-40cc-9cae-307b797868a7","block_type":"box","text":"strategic objectives.","page_number":202,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"7deaff56-bd84-4024-bb45-655b80195829","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"b3f8ec6f-e0d6-46bd-a497-4a96ae5c4805","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":202,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"94ad5212-a25e-49fe-a397-0d363cd0305d","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"1d331745-1700-4c67-8615-73aca31605ea","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":202,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"15e16140-ee36-4b18-8044-7455113ebd4d","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":202,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"fb4b44df-ae8c-4353-acab-9a471c43acd6","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"39873b32-1b1c-4300-894b-a9ca0f542f3f","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":202,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"cc66a9d5-484d-4b18-ba58-f92868530437","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"29c4fada-d79d-4721-adf9-7fedac852b23","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":202,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"6126db0b-77ff-406e-9be1-78098e3b5232","block_type":"box","text":"transparently.","page_number":202,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"b82af5ac-c9f9-4917-a9df-e7893adf3c29","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"d7eaa7dd-3757-4a9a-aadd-65c6d357085c","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":202,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"b2e92bcb-3781-48f0-b7a2-7bb907791b9f","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":202,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"32044f1f-f86e-4d9e-8983-9cde0843b0f1","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"7db2c120-8354-4c85-81d0-81c132cf1379","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":202,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"a864038a-6953-4ddb-9f7c-8739f0b8461b","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"e7566020-349d-4bfd-9aae-f05a87cf5814","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":202,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"2f1bdcf4-eb87-4455-9661-6374690215b5","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":202,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"f620fddf-7ff7-4f71-b49c-ff8b6c98bdc0","block_type":"box","text":"misconduct.","page_number":202,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"ccd4ab93-0bfd-41ef-a5ee-899b26ab7f15","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"8cd6fd2f-53ee-4a1d-8742-81203a185fa7","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":202,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"cfe3d49c-7a81-4de4-ad11-6c7640cf90bc","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":202,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"4634a474-f6ea-4cc4-aef0-d1a68e601c2e","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":202,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"099adb51-5c09-4f2f-b9ae-c6099e705432","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":202,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"16683409-1287-4aa2-b76d-17f2e1fb2074","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":202,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"c0fa0f7d-eaa6-4a98-b6b2-d3c4d865858e","block_type":"box","text":"committee, or the most senior independent director.","page_number":202,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"a153d461-b5b2-49e9-aab4-ddd5e318b350","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":202,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"64c04e8b-cfff-4858-ba47-0b98f758232d","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":202,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"63c7c450-205f-4582-9eb3-7b3e4240606e","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":202,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"94c3f387-73e7-4bdb-b197-f0cd40b315fe","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":202,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"3b4014ae-defc-4ba4-99f1-91fc801c3a1e","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":202,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"bc262690-452e-48cd-a764-e0403b1df8c6","block_type":"box","text":"CAPITAL STRUCTURE","page_number":202,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"363e6912-675d-431a-9d36-6a3733633cfb","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":202,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"d97af93c-8287-49c3-8ce6-41af802be11b","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":202,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"b8414ca9-0d95-42ef-9b1c-f755f6dcb8ee","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":202,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"d53a2c72-aeb8-438b-b5eb-cf8170b80a62","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":202,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"4c50b6e9-3dd4-4b08-92ff-19f4f43f1c72","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":202,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"ec67421b-70ca-4279-b2da-4af374169e28","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":202,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"e778d2b4-922f-47a9-8973-b3bde9c2aa43","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":202,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"303e6b28-ab26-40d3-a54f-169efe9ec885","block_type":"box","text":"Share issuance","page_number":202,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"f04c5476-599e-45cc-973e-371a666c0cf3","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":202,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"7d91c9f4-6df4-4c4c-aab3-020b7e970d77","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":202,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"9d54133a-1603-4669-9d2c-b58204ede174","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":202,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"1be62af4-f91a-443d-8e60-fb2876325866","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":202,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"925e58fb-f063-43ed-becb-a02fbc120f0c","block_type":"box","text":"market environment.","page_number":202,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"4cfbd8fe-ee3a-42e1-b627-174f94fca52b","block_type":"box","text":"Share buybacks","page_number":202,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"0fce7377-bcfa-4d5c-baf7-3db310a1fb09","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":202,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"c7b0510a-cccf-4c16-9bd6-598f3c54dcce","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":202,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"aee01482-7467-4f05-a729-49fdd9f71114","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":202,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"6a5f9f76-3bef-4672-9ecd-dd90e91e7b83","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":202,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"6e2a7a6d-d2ca-48a9-9d5f-0cdea0ed8d76","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":202,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"8d647f1b-b6f3-4718-b9ca-1479dee3ed09","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":202,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"611cee59-dadd-406f-b620-5cd99ae8575e","block_type":"box","text":"of the company and the market environment.","page_number":202,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"89dd038b-e883-4333-bc3e-4f5171d00a41","block_type":"box","text":"Dividends","page_number":202,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"7003296f-dda5-4195-92aa-59e3556b0257","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":202,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"38fff606-598e-462f-8638-2d192f6ad9f6","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":202,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"809cae29-2aec-4643-983e-12753e48799c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"808856bf-43d2-499b-911f-820528e77ba4","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fea51f9c-cfee-4bf2-b621-476c3d298cc2","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"887fd2b1-1cc9-446d-937c-e39b83ebf81f","block_type":"box","text":"Differentiated voting rights","page_number":203,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"b5d83a8a-9c66-4762-8d74-886525e5390c","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":203,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"43b33d4a-c29b-4dc7-9e11-17ad29b3bee9","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":203,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"cf518936-9563-4e95-8fe5-e44011fbed32","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":203,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"a22d47c1-5c2a-45e7-8d85-ad9be64dd2e9","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":203,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"2cd535b0-5c03-4915-96a7-c4b8e60a08c6","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":203,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"1c4cdcb0-9c86-4e5f-a930-68025ee91f6e","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":203,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"82ae154b-d454-4ca9-b1b3-f6a465886ec5","block_type":"box","text":"analyses of proposals.","page_number":203,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"37c90565-2e3c-4229-9bb9-9c8e6a706f61","block_type":"box","text":"Mergers and acquisitions","page_number":203,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"de991099-2d37-46f0-be7c-2f4f8b13a9c6","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":203,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"9c497327-9006-47d8-ac8a-429e154e9269","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":203,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"878ce03d-8377-464f-bc0d-b125c9f21655","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":203,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"6662ee6e-1c26-4141-8694-dd86256321a7","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":203,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"69f03702-e11f-4e53-8cd2-d18129e6cf25","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":203,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"d0608709-705b-4c16-ab55-93a59b1b67f9","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":203,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"93114dee-d3de-48df-bb32-6711b33aaf08","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":203,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"308153b0-8e3c-4fb2-a59c-1dd42b06a135","block_type":"box","text":"Anti-takeover defenses","page_number":203,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"2e6032b2-1729-483a-8dc6-80d1339f62f7","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":203,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"f3d42bb1-f2f1-44b1-9eb9-c477fbf22160","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":203,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"c00539a7-09a4-4e91-8f46-fa523ba65467","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":203,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"462a5220-6b50-4ec4-8a87-c72fb34aea32","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":203,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"b897d607-a9e0-455a-abdf-353bf29d9cc4","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":203,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"2fae8574-6a9e-4216-89c6-ac4c35caaeb4","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":203,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"881d10d2-934d-41da-aafd-040109d25d5b","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":203,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"f51bfbd8-b25a-4f38-a21b-f294bed8c164","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":203,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"c9fd313d-690f-4e31-902a-0c9624bd8f4a","block_type":"box","text":"Shareholder activism","page_number":203,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"af90a7d1-7cb4-4f16-8e85-cbed1adb3d79","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":203,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"87bfacde-9597-4808-8381-8e000ce37f71","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":203,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"8da435c2-93ae-42bf-a26e-ef11b24a86c5","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":203,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"809eb101-4578-4374-883e-34e5db0c4023","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":203,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"6b0d3f0c-a9d2-4bc4-8845-30275f1caf9b","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":203,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"9c2fb2b9-787e-4742-960d-315d64167abd","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":203,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"535d88a4-e8b6-45c8-927f-ed0c17625c98","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":203,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"1700163d-d2ec-4e89-a7b3-051625f6f7f0","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":203,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"1039aada-078b-4c5d-a22e-3f590cc416d2","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":203,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"decf0190-72e5-447c-8cad-32e801db5402","block_type":"box","text":"protecting shareholders’ interests.","page_number":203,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"f8394a0c-ebce-499f-ac44-4ea811c0446f","block_type":"box","text":"Significant shareholders and related party transactions","page_number":203,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"31ada0f8-46a3-4417-b84f-a66b5aa8c014","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":203,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"9b0ed21e-29ec-4a21-802a-15f762b63981","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":203,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"58492f77-1ce1-4dec-8c29-569d5e669caf","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":203,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"31f15642-8ee5-4fed-9f8b-72703303d10e","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":203,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"e35d1231-147a-408c-b5b5-d65d2ae1bc2a","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":203,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"4296752d-c59d-4575-92e7-6edbf158d1be","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":203,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"e7684045-484f-4bc9-8e6d-9ca8f74f8c77","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":203,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"bebd80f2-4389-4567-84b6-cf5e2588acfd","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":203,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"67a8a199-52d3-48b8-ae28-694c1e6bd747","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":203,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"ca158872-c008-42dd-bb43-8b3662215493","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":203,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"211402b0-733f-409f-a89e-4a797c5a2769","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":203,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"5d28465b-0c1b-45ad-ba32-c02f56d3265c","block_type":"box","text":"audit.","page_number":203,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"b028dbe8-1efd-4ad9-b6a3-630683e4bb33","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":203,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"fb6df052-3e02-45ae-a28f-50c003e699ae","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":203,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"7b71a8e3-8c10-4783-b978-0e92cbbb3bb3","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":203,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"107bd32c-eb45-4770-b164-9baba4952024","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c0bd6a16-89d1-4e61-8bdb-677cb4327114","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8894d192-fca1-47d9-a5db-abb613eccf6f","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c2c642d-f1b8-462c-a306-163406928d84","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":204,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"47664286-b748-4e38-900f-ee4780902960","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":204,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"cc5d8d8e-8c9e-407f-b51a-25649ef60903","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":204,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"0ba90094-1bc0-4e43-8b82-d661c57a2c50","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":204,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"2ad67bfb-edeb-41ce-b113-928b3f336f5d","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":204,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"2be2e949-c367-4dc7-8c3f-197e1c248988","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":204,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"6a085106-1463-4888-9367-6cd62073be3b","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":204,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"a2b728dc-843a-42a7-85e4-dc00b5f514fb","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":204,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"e5ba8288-d071-45fe-b306-69157cf041cd","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":204,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"e036f396-537a-4aee-9778-16c0063ebf58","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":204,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"0d73f7ce-2b4f-4db1-a65b-cdfd86fbebf7","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":204,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"bb33913b-4f84-48ac-84d5-33a1c7da2b05","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":204,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"752ba81f-cef1-48f4-852f-2dd169138d6a","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":204,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"1ef62787-e457-44f5-87d7-23447a9c277d","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":204,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"ee432684-8fb2-4407-a0a7-8a2899fe4ce4","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":204,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"03635df2-ca3a-4120-ad71-6855ddec4cb3","block_type":"box","text":"9","page_number":204,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"fdd80add-8432-41c5-a35c-ff846d7cd1cc","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":204,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"58a7f3ed-4cb5-43d6-a685-e3b0bc0a8e90","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":204,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"a7ef386b-e3a5-479d-a282-523413fd540e","block_type":"box","text":"standards specified by policy makers.","page_number":204,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"808c0748-55f5-496a-a852-d42f806cdc8d","block_type":"box","text":"10","page_number":204,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"f8885a8f-25f7-4b4b-acdc-5878bd7b32e4","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":204,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"48698e09-f39a-40fc-bd04-9866411f0024","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":204,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"4b5e9cee-0d46-483c-9261-094dbabec071","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":204,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"0187a53a-aff1-4755-90dd-34c05d088b5e","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":204,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"f360936d-f754-49a0-a14f-0ebf2f295ad4","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":204,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"f8a003a0-6512-4b81-8e58-7a66f4af2f7c","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":204,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"b2dda45f-627b-49c0-ad27-11ca8b6d0cd9","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":204,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"c38adef0-0b6a-487a-817b-878fd2bf2fee","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":204,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"68aa1268-17cd-4903-896f-82dfc024a96f","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":204,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"57e05670-79e4-4443-89ca-f87ec58433d5","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":204,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"9a54334b-bae1-4dde-b176-3bc2626cf9f0","block_type":"box","text":"remained independent.","page_number":204,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"d6e3d5f6-995d-427d-b604-faae40c7b50c","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":204,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"a0507c62-c75f-4f2d-a0e7-fd09b69ff576","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":204,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"fdeaa912-5226-4e89-99cd-f0d75f4294f5","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":204,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"8ab582b8-1e59-45cf-aaf0-99608296fb71","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":204,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"2907370e-4742-4902-bdab-a58740209e36","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":204,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"8390699e-142b-42b2-8f2d-d27beaf92504","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":204,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"33a89c5f-1d92-4585-a9c6-39c265ee82e2","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":204,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"da894b45-53c6-4a17-bdc9-e538f1f9fc46","block_type":"box","text":"General shareholder meetings","page_number":204,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"e9861411-a026-4e3a-8def-d0f6a17fbe48","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":204,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"73975d44-967d-4aee-8f23-91e1cc6cacaa","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":204,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"6333ade3-b64d-49c8-b111-2fe34aac229d","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":204,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"f8737daf-ec30-4aec-a1a6-7646787947e8","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":204,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"5e6646e4-ad62-493c-b0a7-b0e4aa4c8be3","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":204,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"6e602b91-1432-4995-8b40-e8a57afca955","block_type":"box","text":"an in-person meeting.","page_number":204,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"3e622cea-8875-4684-a732-32bf5cf6e663","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":204,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"0d8e96e7-65b1-45f4-a72e-4b091b20da42","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":204,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"c4c89134-0fdc-4aec-9265-c8032743c6b3","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":204,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"537c3bd7-2fe8-4655-8116-b8488a9b66e2","block_type":"box","text":"par ticipation.","page_number":204,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"634a54cb-8e55-4859-9993-d8b87e0e26b3","block_type":"box","text":"9","page_number":204,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"3b889f95-8ccb-4401-b7ee-cf4ca0a06db1","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":204,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"f8dc972c-8afb-4746-8b41-f2c37c4df2d2","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":204,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"db398a39-50fc-48dc-9fc8-254a050c1c69","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":204,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"dd8febeb-7bdf-4535-a1b9-17e68a3efedc","block_type":"box","text":"Disclosures.”","page_number":204,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"0cb18046-a671-46ba-b638-79bc0c2834ba","block_type":"box","text":"10","page_number":204,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"6bb11a5f-c0b9-47f7-899e-6bb19cd8159c","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":204,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"41292466-0391-4366-9a2d-1a4360e7be1c","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":204,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"83ab927e-8a10-4f67-bc1d-11f32c4be39e","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":204,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"5d33ac2e-760a-4fb1-a480-cc99d5f33413","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c713bc19-de26-49c0-932a-50888c6a85ce","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b42e9b90-137f-4006-b8b6-524656a80c40","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"082e3c77-17c0-4545-ac5b-79b3d4e390e6","block_type":"box","text":"Bylaw amendments","page_number":205,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"6d205001-69f2-415e-ae5d-9e27444f13a7","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":205,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"ad052732-c331-42d0-b571-3f95e73f79d9","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":205,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"857b9f92-2eb5-409c-a2ab-c52399ebf817","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":205,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"29981054-dd2b-47ad-8b32-81f0dcff25c0","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":205,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"12c9dcd3-4c44-4416-a3a0-f61d4c73a81b","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":205,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"2c4bc4f5-231b-4c6d-bb9b-e59e29cbca5e","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"8b0e7110-3a56-4ef2-aca5-4190576d8844","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":205,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"946cf5fa-44f1-4604-9dbc-f63695331b47","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":205,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"2bf186e9-5302-4932-8734-f193e9a0811e","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"bc474467-41e9-46e8-8876-e386ec8740c7","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":205,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"56f4a6f7-73b6-43cb-9261-e44b60f56670","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":205,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"0cd510db-6584-4a36-88ca-77389c64ab17","block_type":"box","text":"nomination process.","page_number":205,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"b7bfdd56-5217-4054-b5fd-de0f52e22698","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":205,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"06f77141-6d55-4743-93e3-f3668560d544","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":205,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"2b40d77f-71b4-4c02-8744-27c8e62b2217","block_type":"box","text":"Change of domicile","page_number":205,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"1f0bd2b8-56a1-429b-9cc2-38aa7949986f","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":205,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"4df2bad4-fdd5-4bfd-b013-80e526097b61","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":205,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"2d031db9-e3cb-4919-9674-cd46443e9991","block_type":"box","text":"immaterial.","page_number":205,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"0cc0962b-b383-49dc-8311-939f3a1fe776","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":205,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"3393a570-aac0-47b6-b36e-d9bdc22a63b8","block_type":"box","text":"with our clients’ financial interests.","page_number":205,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"91e37d66-3241-4fa7-b332-a470451f1b93","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":205,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"448e120b-d2ef-4588-923a-092261ce50b1","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":205,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"13c23dc6-b047-49e2-bc77-04b30965b3e7","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":205,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"58ba828f-86b0-4824-82e1-93afdd3abb97","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":205,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"7e9fd2f4-dd8a-4f7a-9ddc-d7a467cc625d","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":205,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"9694ed57-9598-43ef-82b3-a8ad9e3159fb","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":205,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"e3b702c2-3866-461f-862a-640eb2b92112","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":205,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"2b534a67-b5d0-48e5-986b-ed15ba7a6a88","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":205,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"cb70667b-871b-46fa-a17a-c9bcbf35d9b6","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":205,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"03dad93a-e74c-47c8-aec3-2d1478244546","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":205,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"645291f0-cbb0-47be-b1ce-892327a06678","block_type":"box","text":"relevant to a company’s business.","page_number":205,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"a8e0c338-8034-474a-a6ff-b5dcc12c57e4","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":205,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"eaf394de-d1f3-4094-8368-5f71611d862d","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":205,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"e5fa3bf2-8570-4807-9a2d-e293b949ea7a","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":205,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"9d773d8a-8999-4c14-bd5d-61ef6cdc96eb","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":205,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"000b2f95-22d4-4388-a03e-837474c64871","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":205,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"e8387c27-1c73-4565-aedf-46585d481b9d","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":205,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"47d09a06-d65f-4e69-8e01-6a879418b61b","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":205,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"baf158ca-04a9-41f5-80fb-d01dea975afe","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":205,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"9553751e-6304-4171-96bf-f42f0cb34f6e","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":205,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"14bf592f-f0e8-436a-9cb3-c4c98b43922c","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":205,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"19e62672-6282-4fc7-8d7d-6aaf175e49a9","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":205,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"ee3e6c2b-1608-4cfa-ad5f-bfd1c404b18f","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":205,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"14aaa310-42e7-4fe7-be26-e49cf266ec71","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":205,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"516b67f9-6537-4da9-ac5d-5b24e6edd2ee","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":205,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"f64efe8a-250c-4bab-a2b7-590a58574b4f","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":205,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"e2fa9f8d-e838-4402-9ec5-c26e4b27d948","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":205,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"ebd4adb0-e82a-47a4-bfd1-ccfb1d728057","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":205,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"b3dff53f-f6d3-427a-b43c-25e095d37cdf","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":205,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"6e815023-85a9-4dfc-b4fa-4aedab284a18","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":205,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"dcd11d79-d242-47f4-9ba4-25add3475b77","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":205,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"ea6a7c67-2c53-47f0-95cd-db497266335c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d5f9a3ce-551e-47d7-b567-52e0cf00e1ff","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b3aae822-739b-4086-b738-18ac80c37ccd","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d68c6a2d-1524-4771-bd9a-b3aa2233ce82","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":206,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"1e205b3e-4505-4db9-a21c-d101218d0ed4","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":206,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"6c0dcbf8-df61-47cf-a4fe-11f2bc013d3e","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":206,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"2f893e99-4ccb-4717-a111-7c3cceb01613","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":206,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"19949e23-c981-490a-a833-d0391161dd39","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":206,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"3f4d96be-3f67-44d1-bd19-5ddf60fe30bf","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":206,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"266c0c0f-afa6-401d-825a-15309262ebf6","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":206,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"0be736ba-73da-4813-b259-d7b3dc747e34","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":206,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"cef32742-c048-4719-9903-da58f61c0901","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"511d10b9-46b1-489c-9c20-dfb8bd2c16d4","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c27cd9e7-8a53-461d-a77e-f402d19d0d4b","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ea6b303-56ea-4dc6-a2ad-2903c842229b","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":207,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"00a261e8-781c-4770-b91b-6f68453b4de5","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":207,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"3a10e8a6-b340-4169-9ad0-0293708c17a4","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":207,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"7e110c87-2b5f-4b45-82f4-ee330b9db96e","block_type":"box","text":"11","page_number":207,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"3d60bbfa-033b-471c-90eb-47b2e8aaba3e","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":207,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"f7d0b15d-8425-42ac-9244-66ba4a8e14d9","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":207,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"03bf5b77-dae3-4dee-b4a1-e9ac083b87a3","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":207,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"05c1035f-cfe6-4a5c-9e53-17369065a254","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":207,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"6167a4de-f9c6-47a6-8029-d65fff963e0e","block_type":"box","text":"regulatory requirements.","page_number":207,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"038b59a5-6f6e-451a-8a75-df56ff3c3de8","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":207,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"dcb3c339-4505-4151-ad14-3dbdc1fe7d4c","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":207,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"4644be60-ca87-4280-b69a-fd3f5628323a","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":207,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"b3abbb16-05bd-41f3-bff8-9eeec514f840","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":207,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"fd4f7aaf-d67c-44be-a1a1-35420b99bd20","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":207,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"b477a49b-f000-491a-b3b8-6148d172abac","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":207,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"57cb33ef-9ea6-4e8f-824f-a2d1b59c2288","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":207,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"9f41ac94-8283-46f4-8ad3-b574792d5b49","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":207,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"edafbae5-486d-403a-b861-70cf18393f87","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"ecb33c58-a005-436a-a2b3-830c03f0eee1","block_type":"box","text":"KEY STAKEHOLDERS","page_number":207,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"8194737d-823f-4175-a198-5b886c623d1b","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":207,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"9b138e88-51c1-4bdb-bdaa-44e6f414c48e","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":207,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"5fba28d1-1a1e-448d-8d76-33174b288068","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":207,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"4198c904-9e4e-436f-973c-766b145a90d9","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":207,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"6639b428-dca1-41ef-b194-8c521c56ca1d","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":207,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"3cf84b8d-c529-4fef-b240-e99a61b0914d","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":207,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"b14d0d19-75e7-4f0f-8afd-b9020d5ac9eb","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":207,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"483e4a9f-6eae-47ab-9302-1c2656c920bc","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":207,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"38a57f99-c68d-4d39-a08f-5934b8ff7d2e","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":207,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"b5b92fe7-a9dd-4279-8165-dd7685029084","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":207,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"716eb6b6-e177-40fd-b565-1952eed53ea1","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":207,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"310e9bb3-c850-4089-8fa8-c2e6e0dbddeb","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":207,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"a7096e0a-732d-4584-aa1a-714404bdd687","block_type":"box","text":"i.e.","page_number":207,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"5d0119b5-87ff-4b20-9b92-36b14ec506c9","block_type":"box","text":", one in which global","page_number":207,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"d401f16e-1d77-4698-86dd-51f53db032c4","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":207,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"d20ed519-fe8e-4695-8486-100526741ae3","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":207,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"09b98e86-17a9-4c40-8680-c43bc2ed62c2","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":207,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"d8a8a205-d939-49d3-bb9b-9d4bd9c83a12","block_type":"box","text":"client.","page_number":207,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"c0566d20-bb39-4321-a5da-e20223f61f76","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":207,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"377a3678-293b-4654-8e5d-8aae864df8c7","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":207,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"107c44d8-50c0-4cf9-b844-b44c05d6096c","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":207,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"b7fb1381-7c3c-4191-bfc8-162fbf4d17dd","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":207,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"976489e8-3da2-4cf6-b56f-bea89aebae1c","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":207,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"b5fc7068-22e6-4027-b3da-500ee68a5c2d","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":207,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"cbb6bcce-b4d0-4487-bcfb-5d38c5780af7","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":207,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"c96bddf7-30f2-437e-afb5-9220fc0a007e","block_type":"box","text":"1 and 2 emissions.","page_number":207,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"6013462b-bd67-4cc5-87ad-be570ce9afbf","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":207,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"55fcf36c-cfb9-4e99-9472-dc29bdaf61ca","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":207,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"5dca5c09-8af1-41a4-b7ba-f871603b1040","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":207,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"84433400-e5be-4e5b-89c7-0ba24bcb62e8","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":207,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"02871aed-d9fd-46eb-85f2-9a86c4e22ae2","block_type":"box","text":"11","page_number":207,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"14bee9cc-bc79-47a7-b5d7-d2eb3bdcaa9b","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":207,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"c08b835b-624e-4d15-b7b7-d6bf6ea5078e","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":207,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"27ba65f8-88e4-46c1-a460-5e59157dc9e1","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":207,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"a70856a5-fe9a-4efd-afe8-0f1e35a952cf","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":207,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"4964d719-c2f0-434f-a3d8-be55f1b81a8f","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":207,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"371c8392-4ae4-4561-adbc-995970aec5ca","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":207,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"f81d8f33-3d9c-4c4a-886a-08ebaa79462e","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":207,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"f71f6572-2e21-49e9-9707-f25ea826891d","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":207,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"810429fa-c44e-4395-9bdf-271e9d92b9b9","block_type":"box","text":"sound governance framework.","page_number":207,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"28b72e1f-403d-491f-b83e-6b1657fb3b30","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ef0e2297-15e7-4f57-bea4-e288a0c47aef","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c769f680-7951-41e5-8ccc-8db1f37e7f08","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c3e677f-5aac-4d77-a76d-408d8dcc8010","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":208,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"acc4ade2-7414-4236-8e1c-176248d3b1a2","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":208,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"bd0db4da-0c4d-45c7-95aa-c5976bfd4971","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":208,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"44ef67ed-948a-4309-9faa-5a45ee35a6c1","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":208,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"c65e5716-3ef6-4892-910d-2979e2726414","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":208,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"af3954c4-e8b4-4e3b-adf3-79375a8dface","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":208,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"77b56fe6-a750-404a-a464-46742fe0ebea","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"82481263-f283-403e-8d6c-546b21c2c12b","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2509d9d9-94ca-40fe-96d4-79f836a64832","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c06c865-cc6e-4931-b26c-b2e87dfc865b","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":209,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"fa731b2f-a850-4989-9d80-052197306ff5","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":209,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"82c4bd55-53c9-43e8-aaa2-35d5f3cfa3f6","block_type":"box","text":"Oversight","page_number":209,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"931e7f64-c491-4410-8e96-ef8550520c6d","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":209,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"842b6bbc-5d0d-4bfc-8cd4-1639cba180ed","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":209,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"7d26eaff-ea83-4ae5-bd77-afd3c20e1acb","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":209,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"063b60a3-6ce8-4555-ad36-3da3b41ad66c","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":209,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"28410417-644c-4912-aef8-b18f576c813d","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":209,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"fe59d6c7-cc5e-4ca8-be5e-a0e9e384c648","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":209,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"cb536396-9187-435f-84b9-40c0fcacc9c5","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":209,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"762f21ca-342a-4100-b244-c5991042fd38","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":209,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"2010b3d5-3cda-4648-985c-fc66ddd56ebf","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":209,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"c1fab765-5020-4469-adcb-dfae5e606151","block_type":"box","text":"relevant active equity investors.","page_number":209,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"c1be6164-0f72-48ee-8b69-10b7aeffc6e8","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":209,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"420617e4-5b05-4737-828f-f10256457c31","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"1444cd81-6019-4fbe-af4c-98fc8b5eb22a","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":209,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"1fa7de5b-bae3-4f04-a40b-431b82f76db7","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":209,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"b659d95f-f96b-46cd-9ecf-11f9f4af9511","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":209,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"e93c90d3-fa41-4cf2-84c9-7329ca97b240","block_type":"box","text":"third-par ty vote services providers” below).","page_number":209,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"b860ac3e-be67-4192-b3f8-b91dd23453fd","block_type":"box","text":"Voting guidelines and vote execution","page_number":209,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"a467ecc5-ec66-4b0f-a1a2-147f00530e55","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":209,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"421943b0-1a4e-4fff-aa22-6096e0dca98d","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":209,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"5184f5c8-b03d-4778-abce-4e000e7278b2","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":209,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"d5e5df14-05de-4057-a2e9-95c2559410dc","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":209,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"73114392-ae91-4145-babb-0abf80542100","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":209,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"626169ff-6da7-4b4b-8be8-422026afeb7c","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":209,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"a69cf9e3-fa67-40e7-be75-ef800ba5fc57","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":209,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"67465461-3c5a-4498-904c-643e1ba2627d","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":209,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"d77e6630-a728-40bb-8f49-10a5133716c9","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":209,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"55f0338b-b8e1-455e-8746-3fc1cf00a30e","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":209,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"d074a6f9-f080-4b0f-8580-5af2ee580c10","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":209,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"b2c16f9c-cd48-4f07-8362-522111a3cc28","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":209,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"c7815826-99e2-4740-a539-1bf8f8ecbef1","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":209,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"8c1e9a3c-6010-41ad-aca6-31dec5e4346c","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":209,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"e921ecea-8b57-4e4a-90a9-f6fb8b797098","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":209,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"bd9db99a-7b40-401a-8f4f-1c3cc8e32a9c","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":209,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"3ee4a338-0e8d-40e4-b2ed-3b54dac6875e","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":209,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"cb439aa3-3768-4033-ac7d-8c84587498ba","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":209,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"f382f24d-cf1d-4efd-845d-aec25d5ce045","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not suppor tive of impediments to the","page_number":209,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"d9ade59b-0b86-4d2a-a1be-110764358397","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":209,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"fbf34697-bb0c-4dd5-8d13-13d96be22c1c","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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Our clients have greater","page_number":210,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"d821f738-2c0f-469f-964a-7453c46604e2","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":210,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"320c1d4e-8d07-4c58-bed4-ae06fd09881e","block_type":"box","text":"13","page_number":210,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"e29d9646-1cb9-4fe6-98ba-e595e3a4fb82","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":210,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"9d2874a7-2f0d-4958-b3e8-3e90292b065f","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":210,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"ea498737-bed4-48c5-9b37-2b3c48c8f6c8","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":210,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"a18fdb64-5cfe-4b76-aff8-08db1f495aa2","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":210,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"448d2ae3-0c45-41c0-80c2-d6512e7e317b","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":210,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"1014b729-41e2-4778-9da3-6b650db90471","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":210,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"588835ce-7578-446a-ad63-6dece392054c","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":210,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"6b7e20e0-91b8-4964-b89c-765de7fc25ac","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":210,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"223c5908-5f16-4656-ae40-1841ddd46bbe","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":210,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"34b612aa-bce8-48ae-86c9-66e4657d142d","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":210,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"ebbadeee-8a96-429b-9ccc-18234f224dde","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":210,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"58a4fb4a-9b55-4cb8-af00-70d4a4a49559","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":210,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"09fd3076-c2b4-4781-b9e8-cf994960ad71","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":210,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"883ff6ab-e405-4f75-9741-3e3c5a077772","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":210,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"eafe104e-9bfb-4f03-96aa-d2886b03205c","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":210,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"b37e07ab-3014-46e7-a2f2-895461c27166","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":210,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"96cde91c-48e7-4ec0-b806-943f141f98ef","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":210,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"31db17ce-384c-4699-a6d0-98b67d24d2c4","block_type":"box","text":"interest. 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BlackRock","page_number":210,"box":{"x":102,"y":689,"width":163,"height":11}},{"id":"034d8bf8-159f-44e8-8c23-43622ecfa572","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":210,"box":{"x":102,"y":707,"width":785,"height":11}},{"id":"a4aa3bc5-060e-42ea-b6cb-223d472a6b9c","block_type":"box","text":"following:","page_number":210,"box":{"x":68,"y":722,"width":66,"height":11}},{"id":"64e4770a-f7cc-4a17-950c-485db6b3d0ab","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":742,"width":6,"height":5}},{"id":"62214748-a553-4dca-954e-a16fcdfbf187","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":210,"box":{"x":101,"y":739,"width":741,"height":11}},{"id":"0caccece-a055-4e70-8d12-4577fa237768","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":210,"box":{"x":101,"y":754,"width":383,"height":11}},{"id":"1c65e824-0284-4598-af7e-c3753b3cccce","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":774,"width":6,"height":5}},{"id":"75df435b-fe7d-4045-add0-ce0bceafef10","block_type":"box","text":"Established a repor ting structure that separates BAIS from employees with sales, vendor management, or","page_number":210,"box":{"x":102,"y":771,"width":757,"height":12}},{"id":"f59ff655-afe6-45f3-9395-00ba819272b3","block_type":"box","text":"business par tnership roles. 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In mitigating conflicts,","page_number":213,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"34c91ffd-9ce7-4c88-a5b8-2b4607fe2678","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":213,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"dc757174-3e21-4b7a-9622-2fc53bc42d92","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":213,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"08e2c187-d4a8-4082-a173-e84134154e80","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":213,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"581c9bad-b855-40a4-8065-5b20a8b390a3","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":213,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"fb65863f-7ea2-4e67-8850-180efd261b60","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":213,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"8d260780-f011-4081-9a16-3c21f8943c65","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":213,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"ecf0ec6e-ccc2-4c51-b5da-ac1f7105adff","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":213,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"e49bf560-1a0a-4273-b380-3b47f7154f8b","block_type":"box","text":"connection with proxy voting.","page_number":213,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"a23935e9-4136-48b8-9316-17f62041740b","block_type":"box","text":"Reports to the Board","page_number":213,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"b4e9bf05-590f-4ea3-862e-64d3d9c103f2","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":213,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"f349025c-7adc-45f2-b402-6380e1daa60b","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Reporting on our activities to inform clients","page_number":217,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"bb3eca4a-0f90-4092-b4c6-e51ba2e6a59f","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":217,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"27017c02-3f4a-49cb-b467-aa910ddf9cbb","block_type":"box","text":"publications on our website and direct client communications.","page_number":217,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"09e74ca7-32e4-40a4-89e6-f2a447d52696","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":217,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"679384ce-3c19-4dbc-b6ab-cff623903867","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":217,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"6f055a80-4328-40ad-bb62-d2dbf460a326","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":217,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"e74f3371-a98c-4950-ad55-aad89c0504a3","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":217,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"bf14835b-1365-4fdf-ba04-e13b3b5222ec","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":217,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"49677d3f-06a1-4474-b884-52de7586f07f","block_type":"box","text":"2","page_number":217,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"835f0969-330c-483e-b6b8-95bb3a4067e5","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":217,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"cb11f137-bcc6-41a4-8e45-4ffab4fdeaf8","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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Engagements provide companies with the","page_number":217,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"7182f5bb-d458-48a9-b7d7-0b8d40842362","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":217,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"316e526d-3023-471a-81c6-987fa4bb0f11","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":217,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"07829069-0da7-4867-8a95-799eb55610e5","block_type":"box","text":"1","page_number":217,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"c3e797b7-997a-4837-adf3-0bb16362222a","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":217,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"3637d90c-640e-4d3c-9627-0c59dedb770a","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":217,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"36e8f3f7-abe7-4148-9c2a-7e02bd2f5dee","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":217,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"c7db9817-9ee4-4d69-a75c-68cdd5cf697b","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":217,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"2820cd26-f132-4b2b-b682-358eea34ac19","block_type":"box","text":"2","page_number":217,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"4c4108ef-b322-4e7b-9770-72ffff8d0289","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":217,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"abf21ea4-c73d-46c5-af3c-e1bd1e71cc70","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":217,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"18415a6c-cb61-4bfe-993a-26e27ca3fad7","block_type":"box","text":"material business risk or oppor tunity.","page_number":217,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"53673c28-eda0-4964-9169-710badbe2d0b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"53933b44-2639-4535-a926-9d6e1090bbb6","block_type":"box","text":"Global Principles | 3","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6454ea83-01ac-41c8-8924-5c9d68cc3039","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60a73464-8e3b-4ff3-b226-7de4fc7b340b","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":218,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"ba5b7c54-640f-4a29-ac2d-aca6ed168214","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":218,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"4f9b7c0d-6b4f-4c67-aabf-6ad09291383f","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":218,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"55bddae9-13fb-4bfa-a6e1-76fcb37cb483","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":218,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"19f377de-be7d-4a5d-bcc7-4bf91295c2db","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. 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When we determine it is in our","page_number":218,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"b524b517-3bc6-4553-84bb-1c66af26c096","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":218,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"76d008ce-b7bf-4801-a51c-f70c767bb504","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":218,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"2c9dc423-e73e-4a67-a63c-c8c724576ca4","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":218,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"b9143990-c686-4078-95a9-3056fdf6af3e","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":218,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"d05e1adf-a462-4084-b2aa-26108438735a","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":218,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"9b089276-c4b8-4270-bbe9-8d7e5c969d4e","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":218,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"6251f95c-5fae-46d4-96b8-f177887d16b1","block_type":"box","text":"3","page_number":218,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"0997de55-b64a-41b3-8b31-b38238f33cec","block_type":"box","text":"For example, in","page_number":218,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"147cd4ca-611a-4212-b2c6-fff1840001c0","block_type":"box","text":"most markets, shareholders have the right to:","page_number":218,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"8a14c787-f271-403a-ac9c-1151bca8e7a1","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"42013ff9-d093-4808-8f4c-c9ac50cfb63d","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":218,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"7b5a360a-1ca1-4be1-a7e0-af80acc17fd3","block_type":"box","text":"char ter or bylaws.","page_number":218,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"b19a9b3d-c38d-4fe1-8bb0-1c10b927ed2e","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"b75584f3-1224-4221-bf0f-47cf0233ee6e","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":218,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"3dd2eab6-687b-41dc-8996-2ac8352c479e","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":218,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"e2cca829-2eec-4741-8b9e-b6cbaa5236dd","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"ca76d4f5-5d36-43fd-bc3b-94bda21fd066","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":218,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"63881edd-f09c-416d-a104-d01815cd1ce9","block_type":"box","text":"are material — to make informed decisions.","page_number":218,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"0c394c21-3177-459e-a1fd-cc6653e6104d","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":218,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"8bdf2bab-b39e-4524-8b31-2991829f3efd","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":218,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"74839277-ba21-4eeb-8985-6fe8d35baa66","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":218,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"4b311048-7138-4139-8daf-c49d851ef465","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":218,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"cbd874a2-64a0-4115-ae3f-9deb93b3f4a4","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"8473144c-bd56-4f87-9331-49f3d6913579","block_type":"box","text":"Boards and directors","page_number":218,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"8eb5fd59-55a5-4932-974c-810546e7eadf","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"fa488a96-fe35-454c-92fc-8791261fa860","block_type":"box","text":"Auditors and audit-related issues","page_number":218,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"eafbee40-da7d-4d4d-bbec-1fc498db2165","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"3f8982fd-41fa-4106-9ec5-9322e06709bc","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":218,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"217cf9fb-96ff-466f-83b2-e00d08d576dc","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"db3677ff-5279-4f3c-b141-efab9c57635e","block_type":"box","text":"Executive compensation","page_number":218,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"49c7606d-74e6-4b32-bf55-cd5837824c22","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"134276eb-80ab-4f88-923b-ef535c5e96ce","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":218,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"88adca75-5c7d-4a6a-a9ee-3b92299c15f5","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"c56c63a6-d66f-4bc2-924c-0f08b75967d3","block_type":"box","text":"Shareholder proposals","page_number":218,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"96caf297-e916-4000-b046-430970742383","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":218,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"128154ce-8736-494c-9a8f-dcb38977232e","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":218,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"2d038b8a-f597-49f5-b322-0c80cc4b470f","block_type":"box","text":"which companies operate.","page_number":218,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"7fcbcdb8-1260-4f16-a3ba-694fb0244e8e","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":218,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"1a2355fc-9995-4a8d-86b0-68a9ca3be5c0","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":218,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"5588147d-9f05-4bca-b829-9fc3b6692cc4","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":218,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"439dd113-b89c-4daa-b062-204a6dabceaf","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":218,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"72445ac9-e016-453d-b30b-0c25ca0177df","block_type":"box","text":"4","page_number":218,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"893fcaf1-8932-49f6-8ea8-670d4626eee6","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"dc489d4e-a407-4f14-805a-810915dff1fa","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":218,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"645dcf69-3670-4a2f-b9b5-e876e50a9e15","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":218,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"e5eec87a-c0bf-4774-ba77-bd7d4bf0b6c2","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":218,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"6b23ae77-c4d3-4354-bf75-fee4ada3badb","block_type":"box","text":"4","page_number":218,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"19dcf22d-0c3c-40d6-be68-daa2dddd0c02","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":218,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"ef8677a2-a953-4843-ae95-038a70f27018","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":218,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"467ae68d-f1a7-4c4a-a3d3-302c409d1d28","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":218,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"8ad429a2-6e02-4118-abb3-9ba2a8f00435","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":218,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"aa2ce1bb-718f-4549-ba91-9ad51c666812","block_type":"box","text":"guidelines.","page_number":218,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"737ea9fe-2411-44ef-90fc-37faffaae961","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bb535c68-c4f7-493b-884f-0872917504ce","block_type":"box","text":"Global Principles | 4","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"8fda526f-6624-4d2d-bbda-284b3e024441","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"036c52b3-de52-471d-a14f-058d31a70394","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":219,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"63739af7-1795-48a4-901a-f6a5a8efea47","block_type":"box","text":"Oversight role of the board","page_number":219,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"82e688a1-1c32-4f8b-97d7-ab295da4e405","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":219,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"4b5e847a-dcab-42c7-80c6-9ebf8b590100","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":219,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"49b8b3c6-4e4b-49d0-be70-f74874afb2fc","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":219,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"6bf4e929-114f-459e-a386-6474c779ce7f","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":219,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0ed7b6f3-03bf-401f-b192-d785ad1a9575","block_type":"box","text":"long-term financial per formance.","page_number":219,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"300e466b-8155-4533-8a20-5fb85f875907","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":219,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"93f78570-0e9d-4226-a7fb-cc1937651983","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":219,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"4dd9c7bb-02b0-497b-b8fd-107e9c2f94e2","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":219,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"10705fde-0f9b-4039-b1b7-cfdbd26faed1","block_type":"box","text":"the business environment in which a company is operating.","page_number":219,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"516b6ec4-a01f-45b3-80ef-e5ca77e74649","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":219,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"0de41f83-8dbb-4883-bd8e-ca3c52759e28","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":219,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"4a880896-2285-4901-91d3-5f88118f37cd","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":219,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"7d58b663-3b50-4ccd-87ef-b8d82b58005b","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":219,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"e0943ca7-24ea-42ce-9b2e-5b433f09c4e6","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":219,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"5db26786-349b-4f3e-bb9f-17e2d60b9a20","block_type":"box","text":"mitigating such risks.","page_number":219,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"94f9b935-6afb-4b5b-bb91-8d4dd73a574b","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":219,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"cd8dac88-b71c-4082-93e3-153f565e2624","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":219,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"4fcd9b91-1f33-4310-8ae7-95d53a6a522f","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":219,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"37f18c46-7988-4aa0-ba7e-665b57964e4c","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":219,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"7cb012a5-bb25-4a59-b55b-09e831b67065","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":219,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"3703420f-693a-4433-a3e4-1a02d2b5902d","block_type":"box","text":"strategy.","page_number":219,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"262883c0-b8b5-433d-b81a-82451644ff36","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":219,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"dd42de93-fc30-4d56-a2aa-6815e0fb70b4","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":219,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"d4566db8-4b8b-4f76-a8fc-c8a9bc0a54b4","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":219,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"85cff736-ab0b-4f15-964c-b9d5546355ce","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":219,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"85463c79-fad8-405c-bc3b-2548251d25fa","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":219,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"43c40fc3-438c-4c06-a901-1280f7efecf1","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":219,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"5b4a21a2-e230-4d9c-92ec-f52113723899","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":219,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"6114b16b-3d35-4b44-86c4-547c0177bae1","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":219,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"24d7cc36-64dc-4821-bbd3-fa3e88a26324","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":219,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"ea241094-c018-4ba9-ab72-e3ef6f9c2ad3","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":219,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"a1bedcab-2a85-487c-b2da-719587d3a016","block_type":"box","text":"Regular accountability through director elections","page_number":219,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"2657d279-3f55-488e-be5b-0b77d8d691ef","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":219,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"b9568d40-5b17-4958-9873-a74935a596fa","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":219,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"8cb103d8-f741-47fc-8267-b42d3ec7c8d0","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":219,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"4668026c-bcbc-4e30-8522-6c38acd9b321","block_type":"box","text":"5","page_number":219,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"3290f1cd-a47d-42b0-a40b-933c9f9a7874","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":219,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"1176033a-32f8-4d04-906c-d77be9f52590","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":219,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"5f040a0b-2099-4480-a87e-41e1d9d8e870","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":219,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"e1b7f043-5b06-4b1a-91a6-8a2954cde02d","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":219,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"78929d52-70af-45d0-b9d1-84a429456697","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":219,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"40b39178-adcc-44f3-bd0b-0ace445595bc","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":219,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"258e8e63-cea1-4153-949c-139494bbd77b","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":219,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"cdd25a1a-3c02-48fe-bf55-e7a0a21c3db2","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":219,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"914ee1f5-847d-4435-99f2-d2bfb4c81968","block_type":"box","text":"5","page_number":219,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"0fd1ff2a-0dbc-4fd9-8cab-fc15c0f7293e","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":219,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"1fe06cfd-e6b2-4b5e-9d80-50f73804b2d4","block_type":"box","text":"market regulation or voluntary best practice.","page_number":219,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"dbadf456-9197-4f14-aea0-9f81a4bd96f5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"23986f2e-92f0-453b-85b5-13bd83478c97","block_type":"box","text":"Global Principles | 5","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"327515fd-d65e-4ae0-915a-7cfed227899e","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0aa60821-3888-4946-8ff6-a025039260bd","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":220,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"c29747a6-3122-4a18-a472-ad69d1620919","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":220,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"b4ae52e2-0cf6-4355-854e-5e6c2abd4ee8","block_type":"box","text":"recently.","page_number":220,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"3a5f4171-c441-452a-8ded-916b39de2868","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":220,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"471378ca-610e-4e28-a98c-08349d736fc1","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":220,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"095524b3-cee3-4133-90fb-599363794cae","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":220,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"7445ad22-31ed-43ff-a3d6-be25606c296f","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":220,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"4978357c-e865-47a9-a6ec-cedacad54cce","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":220,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"80611691-6607-4e4f-84f4-d54c202bfabe","block_type":"box","text":"Director independence","page_number":220,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"0f52cd70-de29-41ef-8b4b-da53c0b8abad","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":220,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"a7e37bad-2bc4-40aa-bdba-fe5377cda487","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":220,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"6e529f81-c5af-4771-b81e-3ca7ea518e39","block_type":"box","text":"6","page_number":220,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"3b7c6312-0c15-4dd9-9102-9a22e38fe19e","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":220,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"bf639843-2a1a-4ab9-9bb6-b9c3f7f6d75f","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":220,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"0e2d8fa6-1918-4ee1-9dd6-798baab11be6","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":220,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"d92a0b70-da63-414b-b23c-a919d8c22232","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":220,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"615a0aff-b272-419b-aded-6203a44134a2","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":220,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"c0205dfc-1ddd-4fb6-929d-c345e0b48b35","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"3ada8c4b-5801-4591-9813-5883d7b7772a","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":220,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"2c371d08-f187-48e5-8934-3bfd02803e7a","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"7f32f9a0-a286-43f6-b83b-6460ccc8a093","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":220,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"4c7f9116-d3fa-49f6-b6cc-81322baff3fb","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"1a823326-6c90-4aa4-b654-91a4b7faba9f","block_type":"box","text":"Interlocking directorates","page_number":220,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"4e80cf50-179c-4a74-9ab2-0b3889b9a835","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"1f02b3a9-16ea-41c1-9053-fa60ed350329","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":220,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"373f089b-b3d0-4049-992e-9df0e028a7c4","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":220,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"5f060c9a-19e0-4f49-98b2-07812d2b7022","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":220,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"e11d1b2f-148c-4cfa-8589-ab0e1afb287c","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":220,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"c268374a-13ad-4ab8-832e-3a17d3230efe","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":220,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"6ad5691e-0c4c-4529-bb80-6b891d361fa5","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":220,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"3dc5d9f8-cdbf-4ed4-a1e2-fe6d27f2037e","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":220,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"e2df7052-ce1b-4a18-ac8f-30e021b9e1b4","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":220,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"e8dc06a2-5d21-4371-846d-4f2793126e1a","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":220,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"934ee3f0-a968-4efa-8532-fc2aa866debe","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":220,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"86d1fd75-75e1-4140-86e0-ba6751539714","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":220,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"d0cf2a46-0df3-4a73-9552-135dda44691c","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":220,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"34b58d34-dac3-43a0-8fd9-b7abe14843af","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":220,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"157c6f0a-4cb7-4498-ad36-1f1dfc2dd374","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":220,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"543fcbe2-8250-4d78-bd8d-35f756fa5e25","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":220,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"d4ceb357-add2-4a8e-8f16-2fc0bb1726f7","block_type":"box","text":"Sufficient capacity","page_number":220,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"01bd68f1-7d6f-4cce-a7ce-e4fa417941b2","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":220,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"0f45d500-92da-4224-b3fd-e45c187c4b6a","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":220,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"d1aa3bfe-9a0a-42f2-ba69-37a31ef9a901","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":220,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"05c21db1-01e5-49cf-a7db-e025bf0c4b32","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":220,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"69a439e6-c0c9-4e10-8cce-2a0c45a14725","block_type":"box","text":"Board composition","page_number":220,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"35e4b06c-f27f-4e1a-8d7a-4ba420e1fb38","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":220,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"4531eb81-cbc6-4e24-9c46-cb9ecf587d78","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":220,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"c937946f-c09a-4a65-a763-e94e18116686","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":220,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"fc6b4dbf-ffdc-49fa-855e-67e670088d08","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":220,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"cf42ea9c-ff02-43e0-b7a6-38dfe2814c78","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":220,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"928e7d7f-dd2f-412e-900e-a796733ffc05","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":220,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"f579232e-6e79-4580-b792-2a04e45df56b","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":220,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"73fb8277-bfad-4873-beea-ada6f696c582","block_type":"box","text":"6","page_number":220,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"826b4588-d6c7-4555-bcff-4b7329e05846","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":220,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"786f5125-cefd-4246-95c9-e8808f5c7ad2","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":220,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"46b05139-58da-4841-9c55-23eea76436ba","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ee888111-c537-434f-8d2b-d78182775822","block_type":"box","text":"Global Principles | 6","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"9fce0553-c7b0-4a9e-b08b-289aa89f39cf","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"598707ef-231a-441b-a1b6-3047b2bcc9f2","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":221,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"f46fd40c-b0b1-4a8c-ae9a-40a03a1009b1","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":221,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"b81af4b7-d597-428e-981f-1a2dfbf37a7f","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":221,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"814d261f-7bf8-4884-86c2-f6915100717e","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":221,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"78ca222c-6ccd-4d65-9288-da35248749bf","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":221,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"821911e9-9082-4f21-b2cc-ed1b257e6567","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":221,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"b45c8021-3adf-4e0e-9613-0e3c32dc3c1b","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":221,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"cb92abfb-91d9-429f-bf88-ebd773bfcbf1","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":221,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"8234b8ab-1f0f-4fb1-b475-9b4fa5062b8a","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":221,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"f949f68a-b8db-41c8-a034-74b7ec148435","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":221,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"80ed5402-00ac-407f-8331-91d8cec5867b","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":221,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"ce3cc7ee-226f-43d5-b2aa-7cb4a411701d","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":221,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"cabdebcf-d2aa-4fae-ac9f-0ef2d0e4e5fa","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":221,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"5c362330-e40b-43b6-b5fc-1e3388c036b3","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":221,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"0a989e39-6389-4422-8e33-27fda0e9df84","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":221,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"5711b406-2dd0-4c8a-af68-221b58a90018","block_type":"box","text":"systems.","page_number":221,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"b9469082-a0ed-4a9a-b731-1f81573de255","block_type":"box","text":"7","page_number":221,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"4d561f9f-628d-4e55-8391-ab1185f42b27","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":221,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"9566ce32-5980-478b-a56c-d590c244d7b4","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":221,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"c0cc1b58-0a84-4a04-9fb6-8cb4e218e187","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":221,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"d6a01e97-48ee-46d8-8a5b-eace7477d402","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":221,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"d842c054-c6c7-4fce-a7cc-e32e6cb7c081","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":221,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"a07eb7f6-5b42-4c6d-9b8d-cc477822b9ce","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":221,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"9a0a8d55-d22a-46ae-a701-985dddb19bf3","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":221,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"285e8120-54fe-4333-812e-17e4a730cb76","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":221,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"e459b051-1c9d-4503-bfb9-fa3f0205d609","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":221,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"e7e8dbbe-6079-4ae1-a82f-cb4cd311cf0c","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":221,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"a204b15d-796d-4bf9-9694-88d04136afff","block_type":"box","text":"or internal audit function.","page_number":221,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"c797233e-c466-4b25-af0a-a8eb65535a68","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":221,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"3137c892-1366-4dc5-bd61-2f4e9180bd97","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":221,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"2dec5089-e5e8-43cb-bd3d-5f824e64c49b","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":221,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"aaf527c0-97c2-4a05-9333-f7daf2fcbda5","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":221,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"1709ff43-9a6e-4585-80e0-db6dd1c83ed1","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":221,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"3d2e5f6a-e93a-4a8d-82b0-bf43f21d3e8d","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":221,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"9a2da96d-a7ad-4aee-8750-d42623c3925a","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":221,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"43f499ad-263c-4f07-a4ed-70695073d0f5","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":221,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"765d20bf-21e7-41ed-88cb-a4520922e7bf","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":221,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"51c022b0-2f6b-4b7b-a5f9-e36fa73b736b","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":221,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"11ad739a-9727-42e2-b388-613d59d5486e","block_type":"box","text":"risk.","page_number":221,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"6bcdeadd-5b8a-49b5-99a6-8fb60c9bc376","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":221,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"ef0e8f46-6b33-4597-95e8-dc34904901f7","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":221,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"9828863e-780c-4c96-83e0-477796ca695c","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":221,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"5338f7f5-f893-44a8-bd1a-68c2dafe5e12","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":221,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"84e54769-9b72-4470-b372-f91ce80c112e","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":221,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"57d61ff8-d941-4171-b909-06d26c6a72e2","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":221,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"9f583245-920a-4cc8-8e7a-d797f8f24e7d","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":221,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"61314ce1-d626-492f-8d36-1e29213c0f3b","block_type":"box","text":"7","page_number":221,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"c7db2911-df3c-42df-b7a8-262876a8fd0c","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":221,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"f4761851-626a-485a-a11b-7f7dee9bc7c1","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":221,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"9bd6a6b6-0e85-47e4-8fe7-8edc9e9ae00c","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":221,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"78a73d19-7661-4729-9c14-d851058c634e","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":221,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"8d983f55-e9c6-4599-bd25-7950d20e38a2","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":221,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"76e9062f-8406-470e-a45e-f032ad97bab6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"548103ec-f68a-44cf-8b54-5165edf7be4c","block_type":"box","text":"Global Principles | 7","page_number":221,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"1ccf6839-50ba-40ea-bcdf-c23732faa4bd","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"670054d2-fd7d-42e8-9561-d7f384fc04f7","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":222,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"ea5ca76a-1f43-439e-aa77-d111dc3285ed","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":222,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"ea2da4a6-acf2-46df-bb36-6f00235c7a60","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":222,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"62c9b361-5c62-4e42-bcd2-2b3235f8fbb3","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":222,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"7f781933-c6b9-46d5-ac17-268b3cff6263","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":222,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"23e8d288-0f90-48ab-896a-8b30b3385f2f","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":222,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"5373f31d-0bd3-445c-9e58-6478d2dde51a","block_type":"box","text":"minimizing costs to shareholders.","page_number":222,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"267f1e35-bffe-43a2-9fa3-dbe82f58e893","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":222,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"090ec6cf-33cb-4cf6-a777-73d7efb82630","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":222,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"916cdaf0-fbcb-4601-a5de-e8c6ce2cc2bc","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":222,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"50ed2c3d-a30e-4c25-ba36-eb27e2e200ae","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":222,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"20c21626-f32f-4c6f-9ed4-499b2e9e65da","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":222,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"9435e309-d96b-4293-abc1-b635d9e29c16","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":222,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"aaf31dc6-ddd2-48bc-ae43-3e6124d72e56","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":222,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"9f27bf6b-d059-4b83-a952-60171b94b232","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":222,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"bd139eb7-7bb0-4863-809d-f7ac39cf21f8","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":222,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"f92c5471-f400-40bd-9b79-93fe82c6d0b0","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":222,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"aa044325-e582-44de-9b58-82cbb36373bd","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":222,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"f2c761bb-2576-46dd-a82e-77763d3aa956","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":222,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"c49818cf-a88f-4385-8700-7c95df85b4ba","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":222,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"b7eebea9-2c97-4703-9974-d6fbe97e51d6","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":222,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"cedd6a7a-e589-41b3-8d48-bcba3cc9155d","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":222,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"722ab0c0-0a63-40e7-b718-e57fbfad0913","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":222,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"a2f2a39a-fb3e-43db-8d3f-a1a39c228957","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":222,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"39a495f5-7a89-49db-9aa6-7782fe3c89e3","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":222,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"50e42fd4-43ad-47f0-95bd-b35d97a1b68c","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":222,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"f31224dc-75b7-42d5-aed8-976b72d1b1ed","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":222,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"c0452d22-fcce-4c55-8397-28a3d0962e20","block_type":"box","text":"ownership.","page_number":222,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"5fbbf180-436e-4716-8669-d41ac896e8d2","block_type":"box","text":"8","page_number":222,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"06f477b2-3105-4972-b279-326feda9f175","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":222,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"af993555-812c-4467-9b9b-31ec1d60a8e8","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":222,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"e8950f9c-2058-4fac-9c2d-be96222b58ca","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":222,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"137a6895-a206-48be-b15a-c202ec850a70","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":222,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"5cefbb7d-bfe9-464d-972b-cd99e13acecf","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":222,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"9230e771-31f6-4d91-ab7a-ab46ebb5e557","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":222,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"c2605b89-1531-48fe-bd64-de33e7d2df0f","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":222,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"de68e5fb-3219-4b57-89cb-8986f3450399","block_type":"box","text":"results over a period of years.","page_number":222,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"8c40aa48-9dd0-4936-8e5b-db61b74b00ff","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":222,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"dfe50bfc-7a2b-4d6e-9691-5dc5a89a23c1","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":222,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"345229d5-d05d-4498-828f-b6231409cb36","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":222,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"b5a09370-c72c-436f-9965-ea8c03a5966a","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":222,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"7dd62fcf-5155-4976-9629-aa82f6d0de8f","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":222,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"e562c1c5-eb2c-49f2-82ec-c3bd35ff2655","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":222,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"122ad258-547e-4fcf-9602-8636e46796ad","block_type":"box","text":"executive compensation strategies.","page_number":222,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"359c5c18-1035-4fe0-b2ec-ce948a17b255","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":222,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"369d52a5-8dbe-42d5-ad07-ba451028a1bf","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":222,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"2b3c801f-3b41-45c3-bf60-317a68961aee","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":222,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"ab87bf04-7018-4541-a299-5a32458ea31e","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":222,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"e1cc6a38-8d4e-4de4-8181-31b42f1ecfa8","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":222,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"87d21496-3dfc-46d5-a63b-0b3c86271b40","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":222,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"5ec0e987-f4ab-4556-8830-2d7060deca36","block_type":"box","text":"8","page_number":222,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"68ca9ae7-9cda-4ef0-96b2-7ad42b369420","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":222,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"1dbf18fd-9a20-4175-84a6-e9afbe5ba640","block_type":"box","text":"different markets.","page_number":222,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"cf5ded63-b104-4a56-b5f5-4e60c50a081c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a151ab37-ef76-4a2b-a75c-5addcfb84d52","block_type":"box","text":"Global Principles | 8","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4ba25f07-f7d7-48ac-b464-8660b42c090a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"276f806c-a16a-493b-8e0a-13f28cc12ac7","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":223,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"7b3deae9-0d6b-44ef-beea-a8e7e079334c","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":223,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"3933f553-64fa-4f29-9a3c-8296681b3959","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":223,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"32f4d92d-7ad9-4f41-a84e-71abb08749a8","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":223,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"cdca553d-d46d-4696-b079-f7e897ef419d","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":223,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"991365c0-f78d-4d9f-8559-ea7267a039a4","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":223,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"7ad13fe8-aef9-4caf-8707-93e4cd7a0034","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"22cdf42f-d45b-4bd4-8858-abcf8ff96674","block_type":"box","text":"whom they are charged with overseeing.","page_number":223,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"3c7e6fec-cb26-4af8-ad2c-2971c476aa28","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":223,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"6a9406f8-8ae9-4f6a-b409-5d6907a94f52","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":223,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"8c36bc69-46cf-40cc-85be-d17275a91f4b","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":223,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"83003a1d-47f0-480e-bb76-29554c511545","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":223,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"287221f6-e662-4d38-ac60-cb4c87aaea4c","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":223,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"40f7d50e-30c1-4902-b004-df2adfcd2813","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":223,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"569754bf-7de8-45cf-a7e5-657a71a0ba47","block_type":"box","text":"structures.","page_number":223,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"fb3bae36-8c1d-4295-b73c-f8718fbf4a1d","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":223,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"4084b3c1-d62e-4f39-91da-befbbcf8553c","block_type":"box","text":"Corporate form","page_number":223,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"857ef447-bcf5-482c-a5de-0aa18112dcd8","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":223,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"eb187bce-ccf9-4479-98b2-40c43879953c","block_type":"box","text":"the company’s purpose and business model.","page_number":223,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"cb37d16e-2c48-4964-8a6f-1d82d5d2d7b8","block_type":"box","text":"9","page_number":223,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"cbcdb8a8-fb08-42cd-b612-0d62ab5edede","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":223,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"0a3cbc38-f52f-4db2-b0b5-cd488de21181","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":223,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"c8dc217b-7579-4ef8-9be1-29f811ce6836","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":223,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"eb32c1fd-8e38-4e8b-add8-412b57ffef01","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":223,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"709f9521-8686-4f3b-8276-183de6976822","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":223,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"401dd82d-cd46-4c06-a408-774ef61ea69e","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":223,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"0124fd36-f703-4ee8-b55b-c92cf68ba991","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":223,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"6277d711-a34b-43c7-9f83-44d22df5ed71","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":223,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"d7ff8063-a9c0-4dc8-86d8-d2de3f609aa0","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":223,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"b99ae71c-0856-4cd5-a813-a5abbeb2c0f2","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":223,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"c4ad32bf-a5b2-4586-bf7c-65391f7b7a36","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":223,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"3048bcd4-0edd-46c1-b92a-3f6d4aafc211","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":223,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"05076b0c-1b93-4b75-ab7f-993672d78a3d","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":223,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"78b0f026-a783-43df-92fd-3c21bdc3662e","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":223,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"e485fe12-5b40-40a6-8e18-b356d24012da","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":223,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"78d36508-7e71-4605-b7d7-5c05b95e3efe","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":223,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"499100c6-a1a7-481a-9429-4d451ee1a6d8","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":223,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"7469296c-a00d-4729-9365-75eb381c5e9a","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":223,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"8019cc02-420e-4bb1-8977-32b792770656","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":223,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"d0117727-4986-4693-81d9-f9d699af3060","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":223,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"2a62808c-289e-4429-b7b4-a7837d4c83f4","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":223,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"f5d759b3-67fa-44f5-84a6-20070e2f0c6c","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":223,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"ffbaa330-9045-416a-bbbf-f80e4d8a341a","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":223,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"616eac3f-60b6-43e2-80e2-63db7d25d7a5","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":223,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"09ad8442-ed23-4ab6-a3be-6e46cf12a27c","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":223,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"e7d29ba0-be54-4e1d-90ee-d5873922c32e","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":223,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"dac68960-2730-458c-a7ae-08892ebd6d5b","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":223,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"71cf3caf-8f20-4dd1-a6d7-d715742b72d8","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":223,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"fceee265-a338-429b-8b6a-ee32a56d8495","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":223,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"708c25d7-850e-408e-93e7-11865f6702af","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":223,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"dec6bac2-6b1b-45e1-b845-c22d59596030","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":223,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"6f45c836-986b-4c49-be62-3dabc9c33eaa","block_type":"box","text":"9","page_number":223,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"f887c9bd-987c-4d17-a7be-b2e1ec519910","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":223,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"8269f0be-b965-4187-b5c8-e5c04f3a0453","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e409de6e-6318-442b-a9b5-a8e8fb7f0d1c","block_type":"box","text":"Global Principles | 9","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"1ef9be8a-02ba-4f0e-a77a-f3dd70cb4802","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36717a08-f07b-40a9-88bf-31f975cc4038","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":224,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"c094827d-4771-4007-8bea-b912f96115f0","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":224,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"057a484f-4124-470e-9720-479456f07f49","block_type":"box","text":"long-term financial interests.","page_number":224,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"da453b46-dd24-47c1-9a80-d401ad18fe09","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":224,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"d61c8cda-4731-4d45-9d6c-18ed2c0c9af3","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":224,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"920f2116-e353-4bbd-8a85-dfd9e715b40f","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":224,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"222adb7f-600c-46b7-803c-3d5a1cb63359","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":224,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"5c04970d-90c5-4a9e-a085-bf0708026bbe","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":224,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"5201ab51-9d5e-4a32-bb9b-5fce76784af6","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":224,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"e968429a-5d96-46a8-9c5c-55e94ed69a91","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":224,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"a8366ac8-4b4c-4d0c-a770-9670ce3a1211","block_type":"box","text":"term financial value creation.","page_number":224,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"7b90464d-558b-44dc-92f5-9a6ab2711aee","block_type":"box","text":"10","page_number":224,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"2743ad6c-66de-490b-83a3-26361a19f64d","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":224,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"1b42e3b6-759a-4be6-8ea5-503054c2bf70","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":224,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"1d122c0c-b956-4cc8-8859-f35f32c05797","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":224,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"2ca78be4-bfc4-4fae-9a05-62fabc72dbaa","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":224,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"c1e6582c-476e-4716-afa2-8f5609c92f92","block_type":"box","text":"industry-specific metrics.","page_number":224,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"d1a1483a-acf8-4024-a5b3-d2fdcf398664","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":224,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"0c3ddd22-26cc-4115-9582-a75ff12c4dd0","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":224,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"5ff3736e-250b-4def-a727-5f3c0bd8a42a","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":224,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"f559c6eb-2e45-4397-97cc-fc9b21fa2615","block_type":"box","text":"11","page_number":224,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"8825d13e-4a0a-44c1-8312-82ca4da891af","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":224,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"90d97f2a-2a78-483f-b57f-767a927dace4","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":224,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"acdf3563-cc09-45aa-90f4-4b0ad94fe875","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":224,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"2f7c3720-81c4-4817-ad16-9db81caa3edc","block_type":"box","text":"specific.","page_number":224,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"4ef46266-99b7-4865-9a24-3e34a282438c","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":224,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"f2f67ba9-6a61-4dc9-b44a-11d47dea712f","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":224,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"f1f001a4-6bc3-4e02-b68f-d783cff9b16a","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":224,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"7465b5ff-99db-41b3-bace-da7b3cf71aca","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":224,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"5ee5e6cb-802c-4556-8f1f-c0105685d014","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":224,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"316faca1-bdb7-4fac-99bf-05434f0d4e6b","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":224,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"990a7f16-8d21-4424-8db3-faa9d327a082","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":224,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"2c30d946-9e52-4e62-800a-ed7e04d92b62","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":224,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"3e1c5f8f-dc8f-48a3-9822-571d0be8247c","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":224,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"0941e3bb-b3de-4c72-8626-165cf6259bba","block_type":"box","text":"10","page_number":224,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"a33aeb11-8f48-4966-9c59-554792b82085","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":224,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"5ff7c73a-8585-434c-bb35-ea6378fcbf9d","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":224,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"3874ede6-5a05-45e7-ad77-a8c84d650af5","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":224,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"322702f2-232b-404c-bc5a-d9b6b7aff3ce","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":224,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"af203dcf-99fe-487b-b15d-85dcfb883e69","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":224,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"cba52437-5581-452f-a228-9724e5188072","block_type":"box","text":"11","page_number":224,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"13686f35-e9e4-45d2-b0d7-a307d1a40f1c","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":224,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"dea75e0c-07bb-461f-8c4d-53db91e29152","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":224,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"5f2a77aa-34f9-4473-8e85-97a7d252dc3e","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":224,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"a186b7b2-6213-42fb-85c2-59a004f7adeb","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":224,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"633a1c0c-7ad8-4c38-a5f4-eb76ef1e0105","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":224,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"b5c67401-f598-49e3-b6e1-e248a7eccf3c","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":224,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"9d64ed08-df7c-4f01-9fa5-53acf6d487e5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a5006aa8-b378-42a6-b19f-0c46b123e22e","block_type":"box","text":"Global Principles | 10","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"37a3ac54-8500-4294-aa09-0d1cdfecee5a","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bff434b-3f62-441a-87e0-50af63f4210d","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":225,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"bc2aaa8d-9d80-4b4c-b8b9-a1a17c284002","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":225,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"02cc2945-7911-4e76-b212-089cab419dc1","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":225,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"aec026e6-7c77-46ef-bf88-b41784cb068b","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":225,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"f92fbaa1-5826-4653-90b2-548f8fdbe339","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":225,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"73fae13d-0c00-448b-84d0-1ac81bbb542e","block_type":"box","text":"12, 13","page_number":225,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"443c2a0e-a46e-4ca2-8d51-ff8c58e9103b","block_type":"box","text":"From company disclosures and","page_number":225,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"1412db68-d9e0-40f3-8803-5036e5879ad8","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":225,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"bb5ea2bc-1c0d-402f-b144-503cdeb2e26d","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":225,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"798d09d4-72a5-47ac-92bd-a9d13f89011c","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":225,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"bf9cd126-f024-40c8-bdc8-82e743337559","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":225,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"12e389cc-6177-4866-a171-d0573ed57101","block_type":"box","text":"viewed as best practice in the market.","page_number":225,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"4839fed4-37cf-47ce-b4b9-cac9871b4097","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":225,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"3574c376-d1a4-4cc3-ba8c-86d52adf60d8","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":225,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"0d68f67a-1cf9-4b81-b873-d2571a35eddc","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":225,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"733136c8-1faf-48bf-adbf-fd50c22f7258","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":225,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"014b62d6-fab4-44d2-80eb-ea43fe389941","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":225,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"de18de84-d72f-4d52-abc3-ca6937023a2e","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":225,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"88d5aec5-9d89-4643-9c6c-f9b0ef736e6a","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":225,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"c6e24c8a-caa8-485c-a770-a7ffb0208b22","block_type":"box","text":"interests of their investors.","page_number":225,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"dd1d9866-56af-4a8d-809c-3d9ab2da3355","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":225,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"df951bfb-541c-4f07-a2c0-6e33b55def6b","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":225,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"2bcf1d27-71d1-42d1-a64b-5d0c2982cdfd","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":225,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"87cd5eef-ac38-4646-ae53-3a1918f2c65d","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":225,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"7f3be7d0-5096-4757-ae93-073719c4ec2f","block_type":"box","text":"good-faith basis as methodology develops.","page_number":225,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"29580325-0a2d-4358-9872-613f44b727d1","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":225,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"5bab8f3d-d78e-4055-91e8-7b66f9ccc04a","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":225,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"040b8c30-0224-487d-b2b7-915b393424d1","block_type":"box","text":"generate long-term financial returns.","page_number":225,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"7ff6ac6e-df61-4b53-a476-934cd627ca16","block_type":"box","text":"14","page_number":225,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"d9c124a8-15bf-474d-b1fb-150bb3c26ce7","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":225,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"2d5056a6-cf47-478b-a718-7f1de4468c68","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":225,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"1e138f39-e449-4f28-8ed9-73a6b162b205","block_type":"box","text":"15","page_number":225,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"04a9acde-f781-491e-8c7e-0e6797cdcfe2","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":225,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"1339b22d-c3eb-48e5-95e2-030690514b87","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":225,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"c454c3aa-2683-42a6-8ef0-693a82623091","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":225,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"135b3de0-d089-4f38-adee-2960e710418a","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":225,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"33102e61-e70c-4796-bfa6-50f7c42d50c6","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":225,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"6f6b3523-d75c-4603-af47-131f78cd1d4a","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":225,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"73b2774d-fb06-475a-8963-a158d6282abf","block_type":"box","text":"12","page_number":225,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"dcf865f7-7909-44d8-ab24-b938217fd248","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":225,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"ea9a1b08-6dbd-4804-8055-515f09882cd9","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":225,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"d76c21e3-be27-43d0-ada8-ad691f6b2915","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":225,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"97eaae3b-53a2-4cf6-8087-f9b5adcc6900","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":225,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"1641dbc3-6a9b-4dd0-8be4-92f5279ea8ab","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":225,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"6f48172f-8197-46f3-a7d2-3bfccd068226","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":225,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"a528179a-943f-4501-a3d8-5c6bc7bee810","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":225,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"7a6509f6-6316-43e8-9398-1ce69c549588","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":225,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"2f462243-1279-4f35-ad89-0c2c0ca8bae9","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"5a836fdd-f9e7-4e15-9e2f-67464b1feac6","block_type":"box","text":"13","page_number":225,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"83b2a4f3-44c8-4683-b3ee-f69145e20000","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":225,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"44f3c9cb-fc2e-417d-b5d7-37682d185b94","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"7a8c7d2d-99d6-4b55-a229-20541a7b2f18","block_type":"box","text":"14","page_number":225,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"28bf14d6-ac60-4fc1-9f66-67412da8ae15","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":225,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"a7f7291e-eca7-421e-943c-d8eb254cd757","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"256c37f0-f394-4e4a-82db-f148cb225131","block_type":"box","text":"15","page_number":225,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"91fdd012-042f-4fc3-80e0-f01123a17881","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":225,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"635b17f5-d9a1-4f09-8b0b-4208ad8c7b64","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":225,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"763aa224-f3ea-4b17-8d40-17fc64273f40","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":225,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"e44503d7-7c9e-4d7d-93cd-96b1f60d5be1","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":225,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"2701caac-6bc9-463e-af81-8b66bf83b297","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"df510a70-dae5-4023-9241-0524ff962e38","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fdbf5467-638f-459c-aee4-fb7a360a1ee2","block_type":"box","text":"Global Principles | 11","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"365dc02a-984a-403f-9750-c17b2d0a41fd","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"365cfc01-31f9-4f7b-b233-ac6b6191fe44","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":226,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"f15e9cff-b104-4c88-9b01-07fb63dbdf4e","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":226,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"8da37338-13f7-452c-9394-f6ba28cc2f72","block_type":"box","text":"16","page_number":226,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"4bd98123-823f-4cf8-b8db-f9384272b7b8","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":226,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"e4361f16-5ed0-4f56-9df1-f07a618c5f1b","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":226,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"7908236d-264d-42e2-820a-f84a952e0bed","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":226,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"127b7637-b9bd-4705-8c1c-8ed4e2cb177b","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":226,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"bc44e3e2-9415-4e15-925e-c3dfb1cc944b","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":226,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"de9ac37d-03eb-4c30-bc99-1ac66156503e","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":226,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"81eceaf9-0f9c-4a50-8583-de2e445bca84","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":226,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"49c34171-c263-419b-89a1-b34cbef5fc36","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":226,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"e6d24f90-4f56-4762-b163-600c36a48c5a","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":226,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"890383d5-df7a-4fd3-a161-70fbe3a9e7a2","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":226,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8f221c6d-6f06-49da-9b9a-569ebe1574c6","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":226,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"fbdad77e-fdc3-4ed9-9b42-18edee42ba5b","block_type":"box","text":"impacts.","page_number":226,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"ad8424b0-779a-4bce-b864-871130dd9339","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":226,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"674d19af-1604-4cb1-a8c2-28f22b57f3a7","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":226,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"e8dd9af7-d0df-4de4-aec3-1a64967f8494","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":226,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"a5bc84b2-221e-4f5c-9bd4-fe90e85f1196","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":226,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"035f9c89-3402-4312-996e-713180666607","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":226,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"68e8f7c2-2f7f-4f3e-89a3-1e7a90487359","block_type":"box","text":"clients at the global and regional level.","page_number":226,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"f06fcef3-c152-40c4-9a6f-ddcf8c2ec9e4","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":226,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"0631bc2d-f2bd-4c2c-b228-abd4fb5e0585","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":226,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"07a18a88-877a-4a04-a3ce-5649535be443","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":226,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"53fa9c79-6d28-4320-b168-defce2188f41","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":226,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"980f257f-f04d-40db-986c-a14c79d88701","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":226,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"8e3c6209-62c3-41ba-9065-442c8f1b6b81","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":226,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"75c0d218-42ac-445d-950c-1de547b08ef6","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":226,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"cf35e036-a5f5-41bf-b863-c186e9ee6237","block_type":"box","text":"are independent from the investment stewardship function.","page_number":226,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"bea15a3e-55c8-459d-a1ea-80a2ca6c2434","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":226,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"9e29609d-e777-4eae-ba63-c05c2022f611","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":226,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"bb01e6d8-79b2-438b-a02c-6d1b9a847bf9","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":226,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"c077d86b-85e7-4d61-b2f0-aed529d8d041","block_type":"box","text":"VOTE EXECUTION","page_number":226,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"b560432f-ce44-4b35-a1ad-dfbd6ed735df","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":226,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"c72c43b0-b02f-4768-ae95-a0edf553d810","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":226,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"378926ef-35b7-418f-bc48-9975a46c4913","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":226,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"e01a0312-5ccf-419d-bc3d-3859768becfa","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":226,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"49bc0892-d82c-42dc-874e-d9c26a02c438","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":226,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"d31738e6-2dea-4cec-a37d-7a267f2918b8","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":226,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"85ee3209-019a-4afa-a9c6-e80f5e27888c","block_type":"box","text":"management policies and procedures,” below).","page_number":226,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"3e277e15-319f-409c-9f01-e6e5dd294fd8","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":226,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"8ff0923d-abc3-4933-95d4-16bee8485c6a","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":226,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"02d363d2-16af-480c-b78e-1937f9bafd6f","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":226,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"69192fb9-35a2-40f6-86d9-35855d4a5c38","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":226,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"f344665c-746f-42e0-90e6-e8c27180720c","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":226,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"9c0136c1-1622-4a30-8eae-8f02e78677c3","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":226,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"a089e9d6-9d74-438c-a7b5-bbd4f21a14bc","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":226,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"bb0ef407-7455-4d98-ad76-da92f4d45826","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":226,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"8e149e06-eb97-4096-9417-bfa5f7f67248","block_type":"box","text":"16","page_number":226,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"98999f59-160b-4ff5-ab8a-0ce9f9c35d8a","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":226,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"65516da9-063c-4ba4-983e-e7855ead130c","block_type":"box","text":"December 2025.","page_number":226,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"aff968ba-c3c9-4772-840f-7db65ec91a08","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"469d4844-6e6b-45e6-8b55-e5b7bbad100a","block_type":"box","text":"Global Principles | 12","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"14bbd332-a8fb-41c0-bdad-5f28b3ff02a8","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2504b90-1b3d-43e7-9887-957544e73b8c","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":227,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"5f7f4e88-34ff-49f7-b0ac-9e757e7b6000","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":227,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"34d239cc-2c47-4b49-b0ec-78ac19e3888b","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":227,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"230e9466-02c1-4235-a486-e21e132422e6","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":227,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"21d9b17e-42eb-4ab2-850c-f1c92f48b071","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":227,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"291f2c24-e698-490c-9b23-cf0f64983fc0","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":227,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"be29dc8a-99c3-40e7-84fc-6bb0a1e6c371","block_type":"box","text":"enterprise-level vendor management activities.","page_number":227,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"80488a25-87e4-4f86-baf5-87aa70da54de","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":227,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"476bf25f-db13-439f-9c92-a141c26f43c4","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":227,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"53815fd0-5b33-4e5f-93d8-e9b08cdf8de7","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":227,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"0125f852-35d3-4307-bf16-a3057573f70f","block_type":"box","text":"BlackRock employees.","page_number":227,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"fac7cd5f-6fe2-4390-ba16-037d7652bdd0","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":227,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"2c5a9628-8112-40fb-a119-01a6d9b6fee4","block_type":"box","text":"SECURITIES LENDING","page_number":227,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"75b047a4-bf00-405b-8100-a962f0004eb6","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":227,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"143d94ca-6aa8-48dd-8e67-1290dbe62746","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":227,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"9ecded95-5816-42e2-b27d-ae310b5dabc5","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":227,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"3a5f86f0-2b0a-4159-8aac-6f13d3f820c7","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":227,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"3d353abd-6057-4069-8af1-72a8cb4ce7cb","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":227,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"fb4c5729-4c26-4856-84f2-51581bc2c2ce","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":227,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"5a234d0d-ee82-4ecf-8c03-1d245dc31220","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":227,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"c849f2cb-ba9d-4ad2-ba42-08977c0c71e8","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":227,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"79a91311-2aee-4f1b-9d0d-8f55b14a1470","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":227,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"09b97402-f528-42ac-89d0-7bd3875f1785","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":227,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"dca10b68-4b52-4584-8211-21abddcc79f1","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":227,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"277929df-193d-415d-856c-3d0424fcb8d6","block_type":"box","text":"of recall consideration).","page_number":227,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"74f0f930-57c6-43d9-887d-b897fed5889d","block_type":"box","text":"17","page_number":227,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"2767ee5c-ff5d-48f0-98c5-cf0908e92962","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":227,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"4686ba24-83e3-4604-af71-723400f833c4","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":227,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"4c17a387-24b9-46dd-a402-940bd2530ff3","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":227,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"5c243342-48a4-4ada-b6ca-c74c346a0d87","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":227,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"e21290f5-cf7a-4d07-a791-7e9e4d58027f","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":227,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"2050081e-6476-4cbf-866f-17b842ef4bf8","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":227,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"4a60db44-4259-48fb-9071-2204df5dbfd0","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":227,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"d7d8770e-2cd2-4972-8899-a6f13f6b478f","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":227,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"468aeb4c-7b49-41c8-9b82-271132b2862d","block_type":"box","text":"and may modify it as necessary.","page_number":227,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"37b893eb-cd8a-46a4-9313-57765800023b","block_type":"box","text":"VOTING CHOICE","page_number":227,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"3fed9bc9-ec69-47cd-a5fb-12f21b8bef8b","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":227,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"16878890-205f-4f7a-9183-209bc5e0966b","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":227,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"65bd27b8-844b-4272-8cc9-4b153a13ce89","block_type":"box","text":"18","page_number":227,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"b2e58cc3-1892-4145-afb3-36f3820c3139","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":227,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"a7b0ea02-8e06-41ad-b3f0-c5de6a91be86","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":227,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"250cc772-c00e-4a02-bb39-e65119924448","block_type":"box","text":"17","page_number":227,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"51e9f5de-db59-4689-9874-333f572da42e","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":227,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"a7685892-0ce7-4980-a980-e6e6a43e0991","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":227,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"fead54cb-7518-45a8-a3ab-d3b8d9e8a5d9","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":227,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"e538655e-0e1e-428e-ac14-e59bf43b695f","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":227,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"7b927f4c-7cbc-4b39-859d-9ea2f16b4d9e","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":227,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"de53de89-aae2-4ea3-8706-c6d108578d76","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":227,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"4f6676cc-3501-4ffa-b455-846af1f04339","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":227,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"1e54854b-4420-437d-b904-7fe0d7a7d943","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":227,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"acf6d790-9596-49e9-baca-38d31f1c3076","block_type":"box","text":"18","page_number":227,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"b7741546-4d57-4ad9-80ac-cd1360734851","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":227,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"8bda2673-62fa-4485-9615-4f70c8916a4b","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":227,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"cf39c663-20ff-41bf-8e7e-b66363ccbf10","block_type":"box","text":"including the decision to lend securities.","page_number":227,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"8b756a88-686e-49a6-9b67-7ab6e48fad47","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"11b0c289-252e-419e-b844-23bf7493ad8d","block_type":"box","text":"Global Principles | 13","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"8d18356d-9e98-4605-b7fb-08f75899eb54","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a11fa741-90d8-40b4-a31a-aed05883c945","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":228,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"2b1c62e5-e6a2-4e8c-b6d4-2b471105d396","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":228,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"2fd4d8cb-8708-49b0-9555-90398446f2d9","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":228,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"a85ea8e9-ab14-4820-b869-8ded76267767","block_type":"box","text":"19","page_number":228,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"40f5f940-15a3-48dc-9e8c-ccfac50cec69","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":228,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"55a26966-fe2c-43fb-9ee4-d41fae44c3fe","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":228,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"0d96e403-56c3-4092-a61a-eabf949b2b53","block_type":"box","text":"20","page_number":228,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"28bf2178-fe01-4c33-b248-ad10cd6201a7","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":228,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"7788fdaa-c67b-4118-89ab-62523350ef76","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":228,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"5cf6118f-7056-44cd-b501-ae9e0e463557","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":228,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"8c8b2aa6-de27-468d-ad19-226c4fa87fee","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":228,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"c9ffd1bb-b69b-42d7-8e51-5c7de2eff206","block_type":"box","text":"21","page_number":228,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"02ee5b66-98a0-47fe-aee1-3c444942b005","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":228,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"88159b8b-22c2-4629-b660-da4d26d23ea6","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":228,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"6ce36b2d-4960-42a6-bfc0-d61cf5ddb8d3","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":228,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"ad0317a3-00a4-4d07-a322-bca0efd94427","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":228,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"fd87405d-18a4-417a-b75f-e2e54ac0336d","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":228,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"d6c24c36-2ba8-4c06-b2bf-61795bae3e5f","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":228,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"d198a8b5-1d8e-4537-b1e1-233b6acbeaaf","block_type":"box","text":"19","page_number":228,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"5e6b6278-1a85-4f96-85b5-b31ef03ebe2e","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":228,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"0a16a7f5-f9b6-45b6-8618-09895b72b78f","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. 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Fur ther, the Guidelines consider the","page_number":234,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"31a6acb0-f200-47a1-a817-26c5d8dfdd99","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":234,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"37b0093d-2b91-4c86-adb1-43fc89d0f1e0","block_type":"box","text":"does not.","page_number":234,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"544e7f3c-fc4a-497d-a077-0b55909885a4","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"8ca0e523-5b3b-46cd-b61a-c171ab0bfb5b","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":234,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"937848d8-4cea-4e9b-9f31-43b2d3a71d0c","block_type":"box","text":"limitations:","page_number":234,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"7d7e86f5-3d36-4df7-b404-902b031ab8eb","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":234,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"d63b4c83-d2ab-468e-bd83-8aa32e37a593","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":234,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"eaed2cd9-75be-456d-81d8-cdab736bc133","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":234,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"527b4a15-cc3e-44c5-9cad-a16ccf024e7d","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7febdcf2-ebca-431d-b1af-b42015f24a49","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":234,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"0f0ba705-22f8-4b0c-b5e0-fa2e158b0d94","block_type":"box","text":"The boards and executive leadership","page_number":234,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"9771c916-5fcd-45bc-9876-a9f5e2236540","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":234,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"9cf18cec-fbd4-4334-bfb7-3c3938507e68","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":234,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"42a29b67-d123-4cab-b529-10fa12ce4e6f","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":234,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"df554317-93bd-4d38-893a-5c34759bbcc5","block_type":"box","text":"Voting approach under the Guidelines","page_number":234,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"0207b172-f431-4684-a0bf-dbb96fd8ff00","block_type":"box","text":"12","page_number":234,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"a6a980d8-e53f-40cf-affa-6dbe4f9fdbfb","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":234,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"980fd9aa-bda5-4f32-b9a0-9cbf6304ae22","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":234,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"a6889975-041a-4199-985e-2c40ab663bb9","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":234,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"daa65305-634f-41cb-b062-f09aba5ffcfe","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":234,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"34632730-2be7-4b00-82cb-f0e97aa3ba8a","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":234,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"ed67ab13-6ab8-423b-be13-5b357ebde730","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":234,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"994f1e62-9cab-4ffa-91b8-be6e41ad32fc","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":234,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"be4e65ff-da2a-49fa-864d-04329cc01e0b","block_type":"box","text":"Corporate Disclosures","page_number":234,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"73dd9d3d-9f68-447f-9814-283a24ee5b52","block_type":"box","text":"13","page_number":234,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"558aadbd-a9e7-4f6a-98d6-d926d4d56912","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":234,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"9ac84d82-f2ae-459f-a326-e4bf3b1284a6","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":234,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"a45cf2a2-997f-4b39-a685-758e60e354a6","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":234,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"0b7f19a5-e611-43b8-9385-ce732320c303","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":234,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"fba59f07-ebf2-4825-a458-aff0daedbda5","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":234,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"fa0df0db-7078-47fc-99ca-9f19fb2522f8","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":234,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"c5472063-ce53-4c3e-a23c-9467e5d13bc1","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":234,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"5b8ea920-acdb-4f35-bc65-2a494ffb4b19","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":234,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"98ebbd59-b92d-479c-88b6-178ac767edfe","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":234,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"0fbc8a3d-1efd-4f96-aac1-d53efa00971f","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":234,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"76438097-6147-4d0a-ab6d-886f1fd2ab60","block_type":"box","text":"14, 15","page_number":234,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"530718b0-698c-4845-916a-4d02a606798f","block_type":"box","text":"IFRS","page_number":234,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"01d8a405-7993-498f-bebf-5b0672bfdea0","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":234,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"bf7170b4-1e16-4f20-8fda-49c595ebbcc0","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":234,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"a024362e-964c-42de-bbcd-50bb18e18093","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":234,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"4bc7b610-1623-4caf-86c9-482a71a946ad","block_type":"box","text":"and assurance standards are developed.","page_number":234,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"e2d2e0ab-acb6-4638-a1fa-11feaa8bb384","block_type":"box","text":"12","page_number":234,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"d9985b7f-0385-4785-943e-6a265ab07047","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":234,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"7d3eb4c6-1fea-4615-a531-fdeba8346e39","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":234,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"d5358b8e-2f0e-4701-a2c1-69c01efd1a37","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":234,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"261e69dc-d862-4ab6-aaa6-f8a9028939b7","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":234,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"a3f7534a-db05-4876-99d4-f907c1f27667","block_type":"box","text":"13","page_number":234,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"1cfa00da-e730-43b3-a8ff-3694a39c68ef","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":234,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"0d0ab3b7-234e-4d0e-bd13-6f353bb49ea7","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":234,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"7df2def4-171c-4af3-9e7c-16107c399635","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":234,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"764f16d8-7396-4bbb-aae8-dfd37c9d99e5","block_type":"box","text":"14","page_number":234,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"63456f5f-17b7-4f4c-93c3-2179e7d25ef6","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":234,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"fca65d06-dcec-462b-9890-73741658b96f","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":234,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"4404610f-6814-4c92-9c86-887ff1f35354","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":234,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"2d3901b0-5f8f-4382-a33b-d554edc1055a","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":234,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"88d3fff0-939b-4807-b8b6-dbd2aa513cab","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":234,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"bf287246-4784-4c15-af89-81f0ccd90d1a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":234,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"73ba869e-500b-45a1-a743-6856f4ed86b0","block_type":"box","text":"15","page_number":234,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"9530393c-eadd-4883-a581-188b55353bbc","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":234,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"e64f0348-0f14-4d0e-891d-760d96549c54","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":234,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"8da7cef9-bfc9-400b-af2d-33c998bda609","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":234,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"f3f0c4ea-ac57-45bd-aa48-6a8a197ac9e9","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":234,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"b1d29196-e6b7-4d04-bf3b-48d82713de84","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":234,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"d0a1d282-c8d6-4046-9386-16cda54e51ac","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a16b2709-0447-4485-87a6-0ec057dccd23","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":234,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"6844f531-dd1b-4489-b1f7-0a67b3f9e102","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52c8de6b-4f91-4488-975b-2599d2fc7225","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":235,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"c1950534-bfa3-47a4-ae78-4f8e0a839308","block_type":"box","text":"16, 17","page_number":235,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"d488a805-3178-48c8-98af-0b43b89b89bb","block_type":"box","text":"In addition, the dedicated team looks to","page_number":235,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"cea36050-e3c1-4f05-a3f6-e8debfe9c3c8","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":235,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"1a4f0458-3b2c-45d9-91fd-48c71b0ddb73","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":235,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"16afc64c-a1fc-48aa-a177-66124ade676b","block_type":"box","text":"scope 3 emissions reductions. 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For some companies that play an impor tant role in the low-carbon transition, scope","page_number":235,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"88eda5b6-25b0-4711-a071-4f409fc9e214","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":235,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"e66222d8-e5dc-48ab-873d-2376d2772ced","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":235,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"b1e123ee-49c1-4921-b33a-938c898c45c6","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":235,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"f6d016de-5b0c-469d-a6a8-0d651c6abcd8","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":235,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"391a3a51-0cab-4283-aa2e-aa5595f9981b","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":235,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"cbb0daf2-be77-499d-a4d9-40b92687e334","block_type":"box","text":"18","page_number":235,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"c1f67fda-729a-4c41-9760-fe6b08423d0e","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":235,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"1572c5ed-a3ea-45e0-bf4f-52efce32c222","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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BlackRock views transition plans as a method","page_number":235,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"e13f4654-311a-4290-bf33-3b067947b9b2","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":235,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"6926d07a-f00b-44dc-bba9-66636aa9d7e5","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":235,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"123f8038-efaf-4564-8cff-60f95d4ac77d","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Where the dedicated team","page_number":236,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"3c2707f0-3130-41d2-af75-5649b3fc5e6b","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":236,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"8476a403-bd57-41b9-832a-5dfb3f84efe6","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":236,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"f37d98d1-76f2-465c-9e34-d81e63c6ee9d","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":236,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"71aaa383-38a4-4926-ab2d-dc8c935087d9","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The research uses a definition of materiality from the GHG Protocol,","page_number":236,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"8fe73077-d06d-43b6-bdce-a2131dc83d44","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":236,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"717c428a-750f-4885-83aa-4de3bad40eac","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":236,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"fd5af68f-2841-49e2-a26d-5485eb3aa4f8","block_type":"box","text":"Website accessed in December 2025.","page_number":236,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"fa547383-1dd7-435a-9317-f35f143de271","block_type":"box","text":"22","page_number":236,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"def58a47-9497-4929-ad7d-506feeec4510","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":236,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"ea506233-3b5e-499c-86bb-512437c98f6a","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":236,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"e5dc042c-921b-49b5-a156-5da4540debd1","block_type":"box","text":"23","page_number":236,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"6d39b832-9a61-4cee-9d31-18139e9e1d02","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":236,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"1040c029-135a-4e2f-8330-8b9a96da94e8","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":236,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"e49df7f6-7588-4a31-b41e-2e0dd717c3c6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"277e01a7-3753-479c-aff0-c0f9341f321b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"9d72c562-f1c0-4d56-a448-079f6e3e7c7d","block_type":"box","text":"BNM1026U-6033397-19205814","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04d73019-f274-49ac-9f6b-bf0ab7fb2aa5","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":237,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"27cec807-5334-4f77-8073-cb181ecd45a8","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":237,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"4ad2b6c3-860d-41bc-a83d-fddb147afaa8","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":237,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"c8362b37-b4e8-419f-9165-2d6289e70f43","block_type":"box","text":"24","page_number":237,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"0870ffb6-5322-415b-ac66-b101a3cfbb26","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":237,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"43f96881-b13b-4735-b125-b2671afe3e91","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":237,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"99c5f83b-6e97-4c85-b37c-61663f007289","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":237,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"94c02b17-f285-486e-b5b2-34b4874ae93d","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":237,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"64d0f9a1-5468-400e-ac7c-fa2a517e5c9c","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":237,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"86214544-7c58-4268-b8ac-ddfab3137d58","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":237,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"ca912eb0-040d-4d0c-9ac7-22904c4b2efd","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":237,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"74d88bfb-936d-43ba-96d4-7a446807a326","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":237,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"b2725851-b424-48eb-b36c-c3d5903f8790","block_type":"box","text":"transition plan and targets.","page_number":237,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"31d6580f-3eae-4a93-8b7a-8c5c55cbeadc","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":237,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"6f8b62ae-58a6-4009-9d44-0b0205489520","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":237,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"9c181c41-c357-4877-a8cd-f7ad28a7904b","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":237,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"248963e2-1c38-4fe4-9d32-5e3a40581126","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":237,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"18904a07-e172-4521-ae28-e35bde8e790c","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":237,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"45648bb8-de6f-489b-9f1a-010070c74863","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":237,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"758cfaad-df15-4683-90ba-529ffbbdaf1a","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":237,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"ba07055b-15ef-4666-94ac-9247084b5709","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":237,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"1559456b-97e5-4963-866f-b13e4cd83136","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":237,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"28efa7ec-0579-4a98-ae72-a3630535f8f2","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":237,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"642e9ded-5eef-409f-80cf-e8f748043206","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":237,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"3e1573b1-cec3-4e4c-b96b-fcfa817d1d32","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"22377393-6175-4b53-ab3a-dc47ca70d6e0","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":237,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"a36886f7-b5a0-4a5a-a787-bba563f13ec4","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":237,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"fd69ac04-9917-487f-91cf-c5129b2f557b","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"9d4e077b-a186-4c92-95f9-06455cea0a3b","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":237,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"9ae68c57-a2a7-400a-84cb-d0a962c3e322","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":237,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"a6657ad3-3f2e-41fb-b530-b57cbfd785f4","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"adcdfd4f-337b-4f6c-9dfb-f5e3fd828110","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":237,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"f76f57a8-ea8e-468b-9156-d58a6eed192e","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"3fc7a5c7-961e-4f97-8800-a8e5c8934f47","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":237,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"39d18129-41df-46ac-980b-f01b9be4d151","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":237,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"21a3d9eb-a185-4446-a4c7-a5ff487bb844","block_type":"box","text":"25","page_number":237,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"6776f226-161b-4585-b96a-e69a09361da6","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":237,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"0957d4f1-f970-4c00-b7f3-9ddced46b6ff","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":237,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"53d2f016-456f-453a-8b5a-9ac148090b51","block_type":"box","text":"RELATED MATTERS","page_number":237,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"53167ad0-70e7-4e18-b525-ecf2127c323b","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":237,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"0365ca0f-82ae-40a9-b823-6d45cd3b004e","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. 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Generally, voting on these matters would","page_number":237,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"7c91f421-fbcc-4859-a11a-f8cbfca5dda9","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":237,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"f80e0d66-e5b3-48b3-8311-cdddbb5630f1","block_type":"box","text":"Executive compensation","page_number":237,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"8600ce1c-02ab-4627-a470-4b58dc3e906f","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":237,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"c7807e56-89b5-498f-810b-09b61afc5526","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":237,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"00309a09-aa37-43ea-84bc-87323db058e5","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":237,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"ef4b09bf-887d-4d7e-b352-a144931c11ce","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":237,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"46d91bcd-6f4d-4c9a-9a60-76acdc879379","block_type":"box","text":"24","page_number":237,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"f2e19dda-511f-4977-82fa-664d920ae90e","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":237,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"4679e223-8369-4649-a0e4-ce98f0125216","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":237,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"f7930eca-568b-426c-968d-5eaafd08183d","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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The economic transformation is being driven by changes in","page_number":239,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"ec9816e3-98eb-404c-9e38-ee61b71b434d","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":239,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"58b549e7-11b2-48e2-bf07-7b32e432c0be","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":239,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"3d646ffa-847b-4468-b2e5-56aba3f1ee0b","block_type":"box","text":"Decarbonization:","page_number":239,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"05a9310f-0579-4aac-a8c3-18b2ef5dc9d0","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":239,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"f8bf8a71-72f9-469b-971f-669235f757ec","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":239,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"627e4fae-636b-4c09-b599-bf757913caa0","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":239,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"0c4a0322-660a-4402-b174-28f90fc42395","block_type":"box","text":"e.g., methane.","page_number":239,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"6cdd066c-b403-4693-bf47-c07d64f0b944","block_type":"box","text":"Climate-related risks and opportunities:","page_number":239,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"5a8aae54-d906-408b-adfd-7b8bec1e4c0e","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":239,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"a86475ce-0387-485d-a05a-075d235152e3","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":239,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"1cf7a38a-a5e4-4c7e-93ac-61960587532e","block_type":"box","text":"to physical climate change.","page_number":239,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"685e6e54-c98c-4f74-8243-8205e62a049a","block_type":"box","text":"Climate-related transition plan:","page_number":239,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"f3e8ef4e-368a-4694-a35f-b10dc6894e92","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":239,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"6c399ef2-50c7-44c6-95b9-268594f4a828","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":239,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"7ae7d6db-68d2-42eb-a496-8232afb5c179","block_type":"box","text":"greenhouse gas emissions.”","page_number":239,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"177c90a3-bec6-4c44-8cb0-d20e2f2496e9","block_type":"box","text":"27","page_number":239,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"1ca29240-a4aa-4f4d-bd6f-9990ca3ac9cc","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":239,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"2ab49e34-7c03-4b6d-b630-4caeb944befc","block_type":"box","text":"Targets that “","page_number":239,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"450806cb-5c84-480d-a55d-0ef6f93cccdb","block_type":"box","text":"are in line with what the latest climate science","page_number":239,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"0cf02d46-737b-4dee-b07f-49b794b33e88","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":239,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"95a1ba03-d4b6-43b5-a065-bad8e623e209","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":239,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"37aa68ac-bbe1-4724-a4d5-b3af006c641e","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":239,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"04c92096-0bd4-442b-840b-e95eb2dc7dee","block_type":"box","text":"with the Paris Agreement goals.”","page_number":239,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"08fa8d88-2d69-44e6-a4b5-9966d25068cd","block_type":"box","text":"28","page_number":239,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"541bc666-3a8d-4a2f-b59f-459eb7a39eef","block_type":"box","text":"Scope 1:","page_number":239,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"bda7b050-7839-42c8-9e3b-f5c5bc329a80","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":239,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"f6051404-4831-4a22-8847-5f8d7fa00419","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":239,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"0006ac0f-2be0-4a5e-bbd3-9e5da771de9e","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":239,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"ea7e0db6-391d-475a-bdb2-3656b3d23418","block_type":"box","text":"29","page_number":239,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"0a6fe723-e604-439d-a8a7-2b224f0810ab","block_type":"box","text":"Scope 2","page_number":239,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"c5167b67-bfc8-4a73-9714-211893b4dd4c","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":239,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"f4501456-5770-41a7-8808-a16db359d0d0","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":239,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"39368840-c585-4475-97e7-ba7e4c0f879a","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":239,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"b30c7a9a-b9bd-4145-92eb-d83114454c87","block_type":"box","text":"30","page_number":239,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"7ae520ba-d58f-4f5a-86b9-65376a513dd0","block_type":"box","text":"Scope 3:","page_number":239,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"a3e06b5d-be43-4e1c-be5c-91ed5d5d39d9","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":239,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"39242925-9eff-4fa5-8605-bd025d68595d","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":239,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"3b730012-2f7d-4a32-8b52-71ce501d0371","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":239,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"73ea8996-b501-4662-8121-ef98fb0b26c5","block_type":"box","text":"31","page_number":239,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"375e1234-3ac8-4811-a072-a8920055f385","block_type":"box","text":"27","page_number":239,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"9d482423-df15-4032-89f6-27d93a67c0ab","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":239,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"7c2ad9f9-4604-46d2-afea-ab7042a79778","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":239,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"35f08411-79de-42b2-ab66-5850b4b4fc9e","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":239,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"ab7acffb-16b3-4c9e-8bdd-69b4baae396f","block_type":"box","text":"28","page_number":239,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"91edbfd4-f66d-479a-8fcf-757e86efd5d8","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":239,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"bd063add-f147-4f33-98a0-3be32fbe3d16","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. 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